Dave, Brigit and EarnIn are mobile banking apps that provide access to cash advances of up to $500, with no interest charges or credit checks to worry about.
Unfortunately, these providers aren’t available in Canada. So if you need access to a small loan fast, check out these instant loans like Dave, Brigit and EarnIn.
| Loan amount | $30 – $150 |
|---|---|
| APR | Starting at 0% |
| Term | 30 days, extendable |
| Fees | 0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding |
| Origination fee | $11.99 |
| Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
| Loan amount | $20 – $250 |
|---|---|
| APR | Starting at 0% |
| Term | Flexible |
| Fees | subscription fee starting at $2/month |
| Turnaround time | Immediately |
| Serviced provinces | All provinces and territories |
| Loan amount | $20 – $350 |
|---|---|
| APR | Starting at 0% |
| Term | Next pay cycle (61 days max.) |
| Fees | 0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance) |
| Turnaround time | Within 8 hours with express delivery (fee is based on the advance amount) and up to 3 business days for standard delivery |
| Loan amount | $100 – $1,500 |
|---|---|
| APR | Varies by province |
| Term | 7 - 62 days |
| Min. Turnaround time | As little as 2 minutes with Interac e-Transfer |
| How to apply | Online In Store |
| Credit Check | Yes |
| Loan amount | $100 – $1,500 |
|---|---|
| APR | Varies by province |
| Term | 5 - 40 days |
| Min. Turnaround time | As little as 15 minutes with INTERAC e-Transfer |
| How to apply | Online In Store |
| Credit Check | Yes |
| Loan amount | $300 – $1,500 |
|---|---|
| APR | Varies by province |
| Term | Up to 62 days |
| Min. Turnaround time | Within 1-2 hours via e-Transfer once approved |
| Credit Check | No |
| Province | Max. cost of borrowing a $100 payday loan | Cooling off period to cancel loan | Max. penalty for returned cheque or pre-authorized debit |
|---|---|---|---|
| Alberta | $15 | 2 business days | $25 |
| British Columbia | $15 | 2 business days | $20 |
| Manitoba | $17 | 48 hours excluding Sundays and holidays | $20 |
| New Brunswick | $15 | 48 hours excluding Sundays and holidays | $20 |
| Newfoundland and Labrador | $14 | 2 business days | $20 |
| Nova Scotia | $15 | Next business day (2 days for online loans) | $40 (default penalty) |
| Ontario | $15 | 2 business days | $25 |
| Prince Edward Island | $15 | 2 business days | N/A |
| Quebec | Limit of 35% AIR | N/A | N/A |
| Saskatchewan | $17 | Next business day | $25 |
Apps like Dave, Brigit and EarnIn offer short-term loans that allow you to access a portion of your next paycheque, usually between $100 and $500, before you receive it from your employer. This fast access to cash is designed to help you cover any emergency expenses that arise before your next payday. Other similar providers include MoneyLion and Chime.
At the time of writing, Dave, Brigit, EarnIn, MoneyLion and Chime are not available in Canada.
There’s typically no credit check to apply, but you’ll need to connect your bank account to the pay advance app. The lender will then assess how much you’re paid and how often to determine the amount you qualify to borrow.
The funds you borrow are typically available instantly, sometimes for a fee, and you can use the cash to cover your unexpected expenses. No interest is charged on the cash you borrow and your loan repayment is automatically deducted from your bank account when you get your next paycheque.
Many providers don’t charge any late fees, but there may be a monthly subscription fee to access cash advances. Other apps give you the option to leave a tip if you’re happy with the service they provide.
Pay advance apps in Canada allow you to borrow a percentage of your salary before it is actually paid into your bank account. On the other hand, payday loan apps are designed to make it convenient to apply for a short-term loan.
Payday loans allow you to borrow up to $1,500 and then repay it over a short period. Terms of up to 62 days are available, but in many cases, the loan repayment will be due on your next payday (hence the name).
Along with short loan terms, the main feature of payday loans is that they’re extremely expensive. Provincial regulations restrict how much lenders can charge you, but you’ll pay $14 to $17 for every $100 borrowed. This commonly results in APRs of 300–400% or more, so it’s worth considering other options before applying through a payday loan app.
To help you get a better idea of the costs involved, let’s take a look at how a pay advance app compares to the total cost of repaying a $100 loan in Ontario.
| Pay advance app | Payday loan | |
|---|---|---|
| Loan amount | $100 | $100 |
| Loan term | 7 days | 7 days |
| Cost of borrowing | $10.98 ($7.99 monthly fee + $2.99 fee for instant cash) | $15 per $100 borrowed |
| Total cost | $110.98 | $115 |
If you’re thinking of applying for a payday loan, make sure you’re aware of the risks involved with this sort of financing:
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