Most Canadian cash advance apps require you to have direct deposit for your paycheques. But this can be a stumbling block if you’re a gig worker, freelancer or don’t have direct deposit set up. A few apps in Canada offer payday loans and cash advances with no direct deposit required. Here are your options.
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Depending on the cash advance app, you don’t need direct deposit to get a small loan. However, you might be charged a monthly subscription fee, and there may be an extra fee for fast transfers.
Cash advance apps are pretty easy to use. Simply download the app, provide basic personal information to create an account and link your external bank account. The cash advance app determines if you’re eligible and how much you can get. It’s important to note that not everyone is eligible, and not all eligible users will be approved for the app’s maximum advance amount.
If you need a cash advance to get you to your next paycheck, request it directly through the app. If you’re eligible, you’ll receive funds immediately or within a few days, depending on the available transfer options. Sometimes, you can pick a date to repay the advance or one is assigned to you, and you’ll usually have to repay it within one to two weeks.
While you may not need to have your paycheques directly deposited to benefit from a cash advance app, there are some basic requirements to meet, which vary depending on the app. In general, you’ll need:
Like any financial transaction, there are benefits and drawbacks to using cash advance apps that don’t require direct deposit.
If your advance limits are initially low, keep using the app for cash advances. Your advance limits typically get higher (up to a maximum limit) as you demonstrate regular and responsible borrowing.
Payday loans are one of the most expensive borrowing options out there and should be treated as a last resort. APRs are typically over 300%, and, with some exceptions, you’re expected to repay the full amount when you receive your next paycheque. But it’s easy to qualify for a payday loan in Canada, making it an option if you’re having trouble getting approved by other lenders.
There are many Canadian loan apps to choose from, depending on your needs. Borrowing requirements vary, and not all lenders require that you receive income by direct deposit.
| Cash advance app | Requires income via direct deposit? | |
|---|---|---|
No | ||
Yes | ||
Yes | ||
Undisclosed |
| Payday loan app | Requires income via direct deposit? | |
|---|---|---|
No | ||
No | ||
No | ||
No | ||
Generally no (may be required for some applicants) | ||
No | ||
Yes | ||
Yes | ||
Yes (you must receive income via direct deposit or cheque) | ||
No | ||
Yes | ||
No |
If you’re not eligible for cash advances or need a larger amount than you qualify for, there are other options to consider.
Some cash advance apps require users to have direct deposit for their paycheques. But a few Canadian apps like Bree and Nyble provide short-term loans in the form of cash advances for borrowers without direct deposit. You don’t have to pay interest and, depending on the provider, you could get funds instantly (although a small fee may be required).
Along with some payday loan providers, this presents a great way for freelancers, gig workers and others who don’t have direct deposit enabled to get a hold of funds to cover short-term financial gaps.
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