When financial emergencies and unexpected costs arise, a cash loan can help. While they’re not long-term financial solutions, cash loans provide fast access to the money you need to get back on your feet. You can apply for funding online and, if approved, get access to cash as soon as the same day.
Read on for our guide to the best cash loans in Canada. We’ll also explain how cash loans work, how much they cost, how to apply and what to watch out for.
We’ve chosen the cash loan products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These cash loans are not representative of the entire market.
When choosing our picks for the best cash loans in Canada, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, eligibility requirements, customer support and feedback, associations, accreditations and perks for borrowers. No single cash loan will be the best choice for everyone, so compare your options before applying.
Compare 15 best fast cash loans in Canada
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
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
How do cash loans work?
A cash loan is a short-term loan that offers fast access to money in a financial emergency. These loans are usually small in size, typically allow you to get your loan amount within 24 hours, and may be sent directly to your bank account or be made available to collect as cash.
Repayment schedules are usually set according to your pay dates, and cash loans can be used for almost any purpose. Many cash loans are also available without a credit check, making them an option worth considering for borrowers with bad credit.
There are a few different types of fast cash loans available:
Payday loans.Payday loans are short-term loans of up to $1,500. The maximum loan term is 62 days, and you can collect cash in store or have it sent to your bank account within minutes via e-Transfer. But high fees apply, so payday loans should only ever be seen as last-resort solutions in financial emergencies.
Installment loans.Installment loans are personal loans provided by online lenders. These cash lenders have more lenient eligibility criteria than banks and credit unions, but this usually comes at the cost of higher rates. Loans of up to $15,000 are available and some lenders offer same-day funding, while terms range anywhere from 3 to 60 months.
Pay advances.Pay advance apps offer short-term cash loans that allow you to access a portion of your next paycheque before it’s paid by your employer. Loans are typically small amounts (around $100-$200) to help you cover essential expenses, and your repayment is automatically deducted from your bank account on your next payday. There’s no interest charged on the money you borrow, but a monthly subscription fee usually applies.
How to compare cash loans in Canada
The best cash loan for you will depend on your borrowing needs and your current financial situation. Remember to consider the following factors when comparing your options:
Lender legitimacy. Check whether a lender is licensed to operate in your province and that they abide by all regulations. For example, payday lending regulations vary between provinces, so check the rules that apply where you live. Avoid any lenders that show the telltale signs of a payday loan scam or personal loan scam.
Loan APR. Check the annual percentage rate, which combines the interest rate and loan fees, to find the true cost of a loan. Use it to compare the cost of loans from a variety of lenders.
Other fees. Find out how much you’ll be charged if you make a late payment or get slugged with an NSF fee. Also make sure there won’t be any penalty if you repay the loan ahead of schedule.
Loan amount. Check whether the lender’s minimum and maximum loan amounts suit your needs. For example, payday loans can be up to $1,500, but regulations in some provinces limit the amount to a certain percentage of your income.
Loan term. How long will you have to repay what you borrow? For example, if you take out an installment loan, choosing a shorter loan term will result in higher monthly payments that may be difficult to budget for. A longer term means a more manageable monthly payment, but you’ll also pay more interest in the long run.
Eligibility criteria. What will you need to do to qualify for a loan? For example, will you need to complete a credit check? Are there minimum income and employment requirements?
Turnaround time. Check how long it will take to access the loan amount. If you need cash in a hurry, some cash lenders offer approval and funding within minutes. Others may take 1-3 business days.
How to apply for cash loans
If you want to apply for an instant cash loan in Canada, here’s what you need to do:
Compare lenders and loans. Research lenders to find legitimate providers who offer loans that suit your needs. Compare loan APRs, additional fees, terms, repayment schedules, and how fast you can get access to cash. Don’t forget to make sure that you meet the minimum requirements outlined by the lender.
Gather your documentation. Make sure that you have all the required information before applying. You’ll need to prove your identity, income, address and bank account details when applying online.
Submit your application. Apply online if you want to get your loan via e-Transfer or direct deposit, or apply in store if you want to collect your loan as cash.
Review your loan offer. If you’re approved, make sure you review the details of any loan offer carefully before you accept it.
Get funded. Some cash lenders provide access to your funds within minutes, while same-day funding is available from a variety of lenders.
Benefits of cash loans
Why apply for a fast cash loan? There are plenty of reasons why this type of loan is worth considering:
Quick turnaround. Cash loans are known for providing fast access to funds and require less documentation than loans from traditional lenders. If you need an instant cash loan, some lenders allow you to access the money you need within minutes.
Easy to apply. It’s quick and easy to apply for a cash loan online, while some lenders also have store locations if you want to apply in person.
Lenient eligibility criteria. Online lenders have less strict eligibility requirements than banks and credit unions, so it’s possible to qualify for a loan if you have bad credit or no credit history.
Available 24/7. Some lenders use automated loan approval systems, which means you can apply for a loan and get fast cash when you need it.
Help in a financial emergency. When you’re in urgent need of funds to help cover an unexpected expense, a cash loan can help you get through to your next paycheque.
What to watch out for with cash loans
There are a few drawbacks you need to be aware of before applying for a cash loan:
Higher costs. The interest rates and fees on cash loans are higher than on loans from traditional lenders, and costs can mount quickly.
Short repayment terms. Cash loans are used for short-term financial needs, so you won’t have long to pay back what you borrow. This can make it difficult to budget for high repayment amounts, which can force some borrowers to take out a second loan and potentially get trapped in a cycle of debt.
Disreputable lenders. Unlicensed predatory lenders target unsuspecting borrowers in times of financial distress. That’s why it’s important to research cash lenders to make sure they’re legitimate and licensed to provide loans in your province or territory.
Borrowing unnecessarily. Due to faster processing and lenient eligibility requirements, these loans might give a feeling of “easy money”. This can lead to spending money on things you don’t need, like new gadgets or expensive vacations. Instant cash loans should only be seen as short-term solutions to financial emergencies.
Borrowing more than you can afford. Carefully consider whether you will be able to afford loan repayments on top of your regular expenses before you apply. If you’re experiencing financial difficulties, consider credit counselling for advice on the best way to manage debt and get your finances back on track.
iCash is an online lender that offers 24/7 cash loan applications, approvals and funding. You can apply via the iCash website or mobile app, and the lender also accepts a variety of non-employment income sources, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance.
4.8/5 stars based on over 2,100 Trustpilot reviews
GoDay is an online payday lender that offers instant cash loans via e-Transfer. Apply online without needing to send any documents and get approved even if you have bad credit. This lender has been providing quick cash loans since 2012 and is BBB-accredited with an A- rating.
Instant approvals and funding
Paperless process
4.4/5 stars based on over 2,100 Trustpilot reviews
LoansLoans.ca is an online loan broker that helps you find a fast cash loans of up to $1,000. There's no credit check to worry about, but watch out for a broker fee of up to $300. The company has been in business for over 15 years, and its office is based in Quebec.
Fast approval
Funding in 24hours
No credit checks
Expensive
High broker fee
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Loans Canada is an online broker where you can compare cash loans across a network of more than 60 lenders. It takes roughly 10 minutes to fill out an online application, and 1-3 business days in total to be matched with a lender and get access to your cash. The company has been operating since 2012 and is now one of the biggest loan providers in Canada.
LoanConnect is an online broker designed to make it easy to compare multiple loans in one place. Loans of up to $2,500 are available and it's possible to get funded within 24-48 hours. Get a cash loan with a loan term as short as 3 months.
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
No interest charges
No late fees
No credit checks
Roll over your loan to next month
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Spring Financial is a personal loan provider that offers same-day funding and amounts of up to $35,000. Bad credit is accepted, but if you don't qualify for a cash loan, Spring may offer you its credit builder loan. With The Foundation credit builder loan, you won't access any of the loan funds until after you make on-time payments.
Loanz offers cash loans of up to $15,000. You can apply online within minutes and get same-day funding. Loanz has a longer minimum loan term compared to others on this list (12 months). However, unlike some lenders on this list, your on-time payments will be reported to the credit bureaus to help you improve your credit score.
Fast access to funds
Easy application process
Rebuilds credit score
Longer loan terms
You may be referred to another lender if you don't qualify
Cash Money is one of the biggest and most popular lenders in the cash loan marketplace. It offers payday loans online and in person and accepts bad credit borrowers or those with non-employment income. Get an instant decision and receive your cash via e-Transfer in as little as 15 minutes.
4.2/5 stars based on over 2,100 Trustpilot reviews
Money Mart is an alternative lender that allows you to apply for cash loans online or in over 500 store locations. It is one of the largest lenders in this space and has been around since 1982. Bad credit is accepted, while support for e-Transfers means you can access your cash fast.
4.5/5 stars based on over 3,700 Trustpilot reviews
Access funds in as little as two hours
Apply online or in store
High cost of borrowing
Short repayment period
Customer complaints lodged with Better Business Bureau
Cash 4 You is an alternative lender that provides fast cash loans. It's been in business since 2001 and has a registered office in Cambridge, Ontario. You can apply online or at an Ontario store location, with your loan amount available in cash or via Interac e-Transfer.
4.9/5 stars based on over 17,200 Trustpilot reviews
Established in 2001
Same-day funding
Only available in Ontario and BC
High fees
Short repayment terms
Loan amount
$120 – $1,500
APR
Varies by Province
Term
Up to 62 days
Min. Turnaround time
In 60 minutes with funds deposited via INTERAC e-Transfer.
PAY2DAY offers fast cash loans online and in store. Online approvals and funding are available 24/7, and you can apply for an instant cash loan without completing a credit check. Pay2Day is one of a few lenders in this space who offer 24/7 customer support.
4.8/5 stars based on over 4,200 Trustpilot reviews
Operating since 2005, Loan Express is one of the most popular payday lenders in Canada. It offers instant cash loans that are available 24/7. You can apply online without having to provide any paperwork and get your funds within minutes after approval, and bad or no credit won't stop you from getting approved.
4.8/5 stars based on over 5,100 Trustpilot reviews
Mr. Payday is an online lender based in Vancouver. It's been in the payday loan business for over 20 years. It's easy to apply for a cash loan online and you can get approved and funded within an hour, even if your credit history is less than perfect.
A+ BBB rating
4.8/5 stars based on over 1,400 Trustpilot reviews
Fast cash loans
Only available in Vancouver
Doesn't accept social assistance, government disability benefits or self-employment income
High cost of borrowing
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
30 minutes to get approved during business hours, and another 30 minutes to get an e-mail transfer once approved
Speedy Cash is a Canadian lender that offers funding as soon as the next business day if you apply online, or within minutes if you apply in store. It has store locations in Alberta, BC, Nova Scotia and Saskatchewan. While Speedy Cash offers rapid approval and funding for its cash loans, it may ask for more information and documents compared to other payday lenders on this list.
4.8/5 stars based on over 5,100 Trustpilot reviews
Bad credit accepted
Fast access to cash if you apply in store
High fees
Short repayment period
Not available in all provinces
Loan amount
$250 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
24-hour application process with funding on the spot for in-person payday loan approvals, and up to 1 business day to e-Transfer for online applications
Credit Check
Yes
Bottom line
Cash loans provide fast and convenient funds when you experience short-term financial pain. However, they often come with high interest rates and/or fees, so they’re not a long-term solution if you’re struggling financially.
Ultimately, if you decide that a fast cash loan is right for you, be sure to consider a range of options before you apply.
Frequently asked questions about cash loans in Canada
Yes — provided you only ever deal with a legitimate lender. Before you apply, research the lender thoroughly to find out whether they're properly registered and licensed to offer loans in your province. You can also read customer reviews and check whether the lender is BBB accredited to make sure they're a reputable provider.
Yes. Cash lenders have more lenient eligibility requirements than traditional lenders like banks, but they tend to charge higher interest rates and fees. Cash loans also have short repayment terms, which increases the APR that applies.
Yes. Many online and in-store lenders offer bad credit cash loans. Rather than focusing on your credit score, they look at your income, employment and ability to pay back the loan before approving your application. However, be aware that higher interest rates and fees apply.
It depends on the lender you choose. Some lenders allow you to apply, get approved and get funded within minutes, either online or in person. Other lenders offer same-day approval, while it may take 1-3 business days to get funded with some installment loan providers.
If you can't meet your loan repayment by the due date, contact the lender as soon as possible. The lender should attempt to work with you to sort the issue out. Remember that these forms of finance are generally used for emergency situations, so always compare your options before applying online.
No. Be wary of any lender that promises guaranteed approval as this could be a sign of a loan scam. A legitimate lender will always assess your income and financial situation before deciding whether to accept or refuse your loan application.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
Borrowing $100 can be a quick and easy process. This guide covers how you can get a small loan in Canada, including benefits, drawbacks and eligibility requirements.
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