5 Alternatives to Neo Advance in Canada

Not sure whether Neo Advance is a good fit for you? Maybe you need a larger loan amount, you want to avoid a $9.99 monthly fee, or you just want overdraft protection without having to switch banks. Whatever the case may be, check out these Neo Advance alternatives to see if there’s a better option.

1. KOHO Cover: If you need money fast and don’t have an income

Compare Neo Advance vs KOHO Cover side by side and you’ll find plenty of similarities. Like Neo, KOHO charges a monthly fee for advances, and you’ll need a KOHO account in order to get funded. The application process is simple and straightforward with both providers too, with no hard credit checks to worry about.

But KOHO impresses by offering a higher maximum advance limit, and there is no minimum income requirement you need to meet to qualify for an advance. Best of all, if you’re approved you can access the money instantly.

KOHO Cover review

2. Nyble: If you want to build credit without a monthly fee

Neo Advance vs Nyble is an interesting comparison, as both are cash advances designed to help you build credit.

Nyble offers 0% interest lines of credit and reports your payments to the Equifax credit bureau. But unlike Neo, it doesn’t report to TransUnion, Canada’s other main credit bureau.

Nyble’s basic plan has no monthly fee, and there are no fees to worry about if you can wait one to three business days for the money. The maximum amount you can borrow is lower than with Neo, but the good news is you can keep your current bank account and still qualify for funding.

Nyble review

3. Bree: If you need more than Neo gives you

The maximum amount you can access with Neo Advance as a first-time borrower ranges from $20 to $120. If that’s not enough for your needs, Bree may be a better choice.

Bree’s cash advances let you borrow more and are completely interest-free. They also come with no mandatory fees, provided you can wait one to three business days to get the money.

Unlike Neo, Bree doesn’t report to the credit bureaus, so your cash advance won’t help you build credit. But you can keep your current bank account, which is why Bree is one of the top Neo Financial alternatives.

Bree review

4. Wagepay: If you want a no credit check payday loan

Wagepay is a payday lender, not a cash advance app, so it’s a more expensive Neo advance alternative. But if you’ve been turned down by the apps above or need to borrow more money, it may be worth checking out.

Wagepay is available to residents of BC, Alberta and Ontario. There are no credit checks and no late fees, and if you’re approved, you can get funded 24/7 by e-Transfer.

Wagepay review

5. iCash: If you have non-employment income

iCash is another payday lender worth checking out as a Neo Advance alternative. It offers payday loans in most Canadian provinces.

It accepts many non-employment incomes, such as EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance. And if you’re approved, you’ll get the money in a matter of minutes via e-Transfer.

iCash review

Selection criteria

We took into account the following key criteria when choosing these apps like Neo Advance:

• The cost of borrowing, including mandatory as well as optional fees.
• How quickly you can access the money (and whether instant funding incurs extra fees).
• The eligibility requirements you need to meet.
• Availability across Canada.
• Whether each of these Neo Advance alternatives is currently taking new customers.

It’s also worth noting that payday loans are only included as a last resort. They’re expensive and have short repayment periods, so be sure to consider other options first.

How much does each option really cost?

How much these apps like Neo Advance cost depends on your circumstances, because there are some fees you can skip and others you can’t:

• Optional fees. You can borrow from Nyble or Bree without paying any mandatory fees. But if you want instant funding, you’ll need to pay either a one-off fee or a monthly membership fee.
• Waived fees. You need a $9.99/month Build membership for Neo Advance, but that monthly fee is waived if you’re a Neo World Elite Mastercard holder.

And remember: cash advances need to be paid back. If you regularly borrow an advance just to cover day-to-day bills and expenses, you could end up trapped in a cycle of debt.

Let’s take a look at how much it costs to borrow $100 for two weeks from each lender.

	Neo Advance	KOHO Cover	Nyble	Bree	Wagepay	iCash
Loan amount	$100	$100	$100	$100	$100	$100
Cost of borrowing	$9.99 per month (or $0 with a Neo World Elite Mastercard)	From $2 per month	$0 (funding takes one to three business days) OR$11.99/month (instant funding	$0 (funding takes one to three business days) OR$2.99 – $45.99 (instant funding)	$14 per $100 borrowed	$14 per $100 borrowed
Free option available	Yes	No	Yes	Yes	No	No
Total cost	$109.99	$102+	$111.99	$102.99 – $145.99	$114	$114

Cash advance apps vs payday loans

Which apps can I use in my province?

Consumer protection and lending laws differ depending on where you live, and this affects which cash advance apps are available in your province. Quebec’s tight regulations mean that many apps aren’t available there, but it’s worth noting that you can borrow from Neo Advance, KOHO Cover and Nyble in Quebec.

Check the table below to see which cash advance apps are available in your province.

	Neo	KOHO	Nyble	Bree	Wagepay	iCash
Alberta	✅	✅	✅	✅	✅	✅
British Columbia	✅	✅	✅	✅	✅	✅
Manitoba	✅	✅	✅	✅	❌	✅
New Brunswick	✅	✅	✅	❌	❌	✅
Newfoundland and Labrador	✅	✅	✅	✅	❌	❌
Northwest Territories	✅	✅	✅	✅	❌	❌
Nova Scotia	✅	✅	✅	❌	❌	✅
Nunavut	✅	✅	✅	✅	❌	❌
Ontario	✅	✅	✅	✅	✅	✅
Prince Edward Island	✅	✅	✅	✅	❌	✅
Quebec	✅	✅	✅	❌	❌	❌
Saskatchewan	✅	✅	✅	❌	❌	❌
Yukon	✅	✅	✅	✅	❌	❌

Will a cash advance help or hurt my credit?

A cash advance could help improve or hurt your credit score, but it depends on who you borrow from and whether you repay on time.

You typically don’t need to complete a credit check to get a cash advance, so applying shouldn’t have any impact on your credit score.

But while some apps report your repayments to the credit bureau(s), others don’t. Neo reports your payment history to Canada’s two main credit agencies, Equifax and TransUnion, while Nyble reports to Equifax. Bree does not report to the credit bureaus.

So making on-time payments to Neo or Nyble could improve your credit score. But by the same token, late payments will also be reported, potentially hurting your score. Unpaid KOHO Cover balances may also be reported to a credit bureau, which could see your credit score take a hit.

How cash advance apps work

What if Neo declined me?

It may still be possible to get funding from another cash advance app, even if Neo has already said no.

Neo might decline you if your Neo Chequing Account is not in good standing, or if you’re in bankruptcy or a consumer proposal. But the good news is that eligibility requirements vary between apps, so some Neo Financial alternatives could still grant you approval.

For example:

• You’ll need to receive at least $1,000/month of income to get a Nyble line of credit.
• Bree checks for regular deposits to make sure you can afford your repayments.
• KOHO Cover has no minimum income requirement.

Each app has its own criteria, so check the fine print before you apply.

Bottom line

If Neo isn’t right for you, there are several Neo Advance alternatives worth checking out. But borrowing costs, loan amounts, and terms and conditions vary between providers, so it’s important to compare these apps like Neo Advance before deciding which one is right for you.

Frequently asked questions

• Is there a cash advance app with no monthly fee in Canada?

  Yes. Nyble and Bree both allow you to borrow money with no monthly fee, but you will need to pay a fee if you want instant funding.

• Is Neo Advance or Nyble better for building credit?

  Both are solid options. But while Nyble only reports your payments to the Equifax credit bureau, Neo reports to both Equifax and TransUnion. On the other hand, Nyble's credit building is available in the free membership.

• How does Neo Advance compare with KOHO Cover?

  Neo Advance and KOHO Cover both offer small, interest-free and instant cash advances. One main advantage of KOHO Cover is its flexible repayment terms, while a key benefit of Neo Advance is that it reports to the credit bureaus to help you build credit.

• Can I get a cash advance app in Quebec?

  Yes, Neo Advance, KOHO Cover and Nyble are all available in Quebec.

• Do cash advance apps check your credit?

  No. You will typically not need to undergo a credit check when you apply for a cash advance.

• What happens if I can't pay back a cash advance on time?

  Late or missed payments may be reported to the credit bureaus, negatively impacting your credit score. NSF fees may also apply, and you will not be able to access any new cash advances.