Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Cash advance loans

Do you need funds fast? Whether you have good or bad credit, you can consider a cash advance loan.

Cash advance loans can give you access to quick cash when you have temporary financial setbacks or unexpected expenses. These types of loans, also known as payday loans, are short term solutions that you repay in full by your next payday.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Compare cash advance options and apply securely

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by Province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
loading

Compare up to 4 providers

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

How does a cash advance loan work?

A cash advance loan is another way of describing a payday loan. These types of loans are known for their high interest rates and fast payback speeds. Additionally, you might have to pay extra in the form of fees and charges, so be sure to compare your options before taking out a loan.

The money you receive from a cash advance loan can be used for just about anything, as long as it’s for legitimate purposes. Whether you need to pay bills or cover your everyday expenses until your next paycheque, you can use your loan to cover it.

Borrowing a cash advance loan is relatively simple. Most lenders will approve even those with bad credit for a cash advance loan, since they focus more on your ability to repay the loan as opposed to your credit history. While a steady income is necessary for most lenders, it’s possible to find a cash advance loan when you have other forms of income, like welfare payments, self-employment income or investment income.

If you’re approved for the loan, you’ll be able to receive your money as cash if you apply in-store or directly into your bank account if you apply online. If you get approved online, you’ll usually receive your loan by the next business day, while applying in-store can have you leaving with the funds shortly after.

Which features should I consider?

In order to find the best cash advance loan for you, you should keep the following features in mind:

  • The ease of applying online. You don’t need to visit a physical location and fill out and sign forms. The application can usually be completed in a few minutes online, and once you’re approved, you can receive your loan in your bank account by the next business day. If you want cash today, it’s best to apply in person at a lender location.
  • Competitive loan fees may be available. Not all cash advance loan providers charge the same fees, so compare different lenders and pay attention to any fee differences before you take out a loan.
  • Your choice of various store locations. If you’re looking for a same day cash advance, find lenders who allow in-store pick-ups. Certain cash advance lenders have extensive store networks across most provinces in Canada, meaning you can apply online and receive your funds in cash.
  • Province and territory specific fees. Provincial/territorial laws and the amount you borrow affect the fees you end up paying, and lenders can also charge loan fees differently. Choose a lender who has fees you can easily pay back.
  • Lenders who accept bad credit. While receiving a conventional loan with bad credit isn’t easy, most online cash advance lenders have less strict criteria when compared to traditional loans given by banks and credit unions.

Unexpected funeral

John John found out he had to travel across the country to attend a funeral, but he didn’t have enough money to cover the flight. His paycheque was still three weeks away and he had just paid all of his bills for the month. The funeral was in three days, so applying for a traditional personal loan was not an option and his credit card was maxed out. He searched online and compared some of his cash advance loan options.

He needed $600 for the return flight, which he wanted to repay over the course of his next two paydays. He found a lender who offered terms to suit his needs and applied for a cash advance loan. The money was in his chequing account by the following business day. He made his payments on time, incurred no extra fees and managed to pay off the cash advance in two months as planned.

What are the pros and cons of taking out a cash advance loan?

Pros

  • You can use the money for any purpose. You’re free to use the money you receive through a cash advance loan for just about any worthwhile and legitimate purpose, like buying groceries, paying bills or repairing a car.
  • It’s a quick and easy process. Online cash advance loans require you to submit a simple application that you can complete in less than 10 minutes, where you usually receive your funds in your bank account by the next business day. Applying in person at a store is just as quick, however you can usually leave cash in hand within the hour.
  • There’s no collateral required. You don’t have to provide any kind of collateral or security to apply for a cash advance loan.

Cons

  • You’ll be charged high fees. Cash advance loans have considerably higher interest rates when compared to conventional loans. You may also have to pay additional fees if you don’t repay your loan on time.
  • The loan will have to be repaid quickly. You won’t have much time to repay your cash advance loan, which can put a bit of a strain on your budget. Make sure you work out whether you can afford to repay the loan before you sign the contract and accept the loan.
  • Untrustworthy lenders. While many loan providers follow the laws, there are some online cash advance lenders who do not. Before you take out a loan, be sure to confirm that the lender you’re dealing with is practising legally and is a reputable provider.

What you should try to avoid

  • Avoid a loan you can’t repay. If you think you’ll have trouble repaying your loan, don’t take it out. Late or missed payments will lead to extra charges, costing you more money, and ultimately throwing you into the vicious cycle of debt.
  • Skimming your loan offer document, instead of studying it. Before you accept the loan, take time to go through the terms and conditions carefully. This should give you a clear picture of the fees and charges you might have to pay under various circumstances.
  • Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

At the time of writing in January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in the territories at the federal level only.

Find out how much lenders can charge across Canada

What other cash advance option is available?

If you’re looking to apply for a cash advance, consider the following option:

  • Credit card cash advance. If you have an existing credit card, you can use it to get a cash advance. Remember the cash advance fee, which can be either a flat fee or a percentage of the amount you withdraw from your card, can be high.

Questions you might have about cash advance loans

More guides on Finder

Go to site