If you’ve got bad credit, it’s very hard to qualify for a regular credit card or loan. But the good news is that there are options available in the form of guaranteed approval credit cards and cash advance apps.
Keep reading to compare instant guaranteed approval credit cards with cash advance providers and find funding that’s right for you.
Summary of easy approval credit cards and alternatives
The Neo Secured Credit Card is one of the best instant guaranteed approval credit cards in Canada. You can apply for a Secured Neo Mastercard online and get approved instantly, then provide a security deposit (minimum $50) to set your credit limit. You'll get an instant virtual card so you can start spending straight away, and you can earn 1% cashback on gas and groceries as well as offer special cashback offers from Neo's retail partners. Best of all, Neo reports your payment history to the credit bureaus, so paying your credit card bill on time could help boost your credit score.
Easy approval
Instant approval
Helps build your credit score
Earn cashback rewards
Flexible credit limit
You need to provide a deposit
High interest if you have bad credit
$95.88 annual fee
Annual Fee
$95.88
Purchase APR
Cash Advance Rate
22.99%-31.99%
Balance transfer APR
N/A
Welcome offer
N/A
Rewards
Earn cash back at local and national Neo partners including food, clothing, footwear and homeware retailers. Earn 1% cash back on gas and groceries (3% cash back with a $5K+ Neo Money account balance or 4% with a $10K+ balance). Premium members earn an additional 2% cash back on gas and groceries.
As its name suggests, the Capital One Guaranteed Mastercard comes with guaranteed approval—provided that you can meet a few simple conditions. Once you've provided a security deposit to set a credit limit of up to $2,500, you can use your card just like a normal credit card. Capital One reports your payment behaviour to the credit bureaus too, so making on-time payments could help improve your credit score. And if you ever need help with your account, live support is available 24/7.
Please note: All information about Capital One Guaranteed Secured Mastercard has been collected independently by Finder and this product is not available through this site.
If you're searching for guaranteed approval credit cards for bad credit in Canada, there's a lot to like about the Home Trust Secured Visa. You can apply for this secured credit card online without a credit check, and then provide a security deposit to set a credit limit of between $500 and $10,000. In standard form, the card comes with a 19.99% interest rate and no annual fee. But if you want an even lower rate of 14.90%, you can access it by paying a $59 monthly fee.
No annual fee
Competitive 19.99% interest rate
Credit limit of up to $10,000 available
Use it to build credit
Minimum deposit of $500
No cashback rewards
Annual Fee
$0
Purchase APR
19.99%
Cash Advance Rate
19.99%
Balance transfer APR
N/A
Welcome offer
N/A
Rewards
N/A
Alternatives to guaranteed approval credit cards
Below are some options that let you borrow money with bad credit, and you don’t need to pay a deposit.
KOHO Cover is a credit card alternative that provides instant funding when you need a small loan. It offers fast cash advances of up to $250, and you can get approved for an advance without needing to pass a credit check or meet a minimum income requirement. You can then access the money straight away through the KOHO app or an ATM, and you have the flexibility to repay what you borrow at any time. To top it off, you won't pay a cent of interest on the money you borrow, though a subscription fee applies.
No credit checks
No income requirement
No interest charges
Get your money instantly
Flexible repayments
$250 may not be enough for your needs
Monthly KOHO Cover subscription fee from $2
Monthly KOHO plan fee may also apply
Won't help improve your credit score
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Nyble offers interest-free lines of credit of up to $250. You can apply online in a matter of minutes, and you can access your money instantly if you're willing to pay a monthly subscription fee. Just like many guaranteed approval credit cards for bad credit in Canada, Nyble can also help you build credit by reporting your payment history to the credit bureau. There are no late fees to worry about either, so it's easy to see why it's worth a look if you're searching for an alternative to a secured credit card.
Get approved without a credit check
Instant funding available
No interest charges or late fees
Can help you build credit
4.8/5 stars based on 8,100+ Trustpilot reviews
$250 may not be enough for your needs
Late payments could hurt your credit score
$11.99 monthly fee if you want instant funding
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
When you need extra cash to cover emergency expenses, Bree offers cash advances of up to $750. You won't need to pass a credit check to qualify, and you can access the money instantly if needed (fees apply). But if you don't mind waiting up to three business days to get funded, you won't need to pay any fees. And with no interest charged on your advance, there are lots of good reasons why Bree is an attractive alternative to a secured credit card.
Apply in minutes with no credit check
No compulsory fees
No interest charges
Instant funding available if needed
4.8/5 based on 6,800+ Trustpilot reviews
$750 may not be enough for your needs
$2.99 monthly fee if you want instant funding and other perks
Transfer fee also applies for instant funding
Won't improve your credit score
Costs
0%
Loan Amount
$20 – $750
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
A secured credit card is a credit card that you can use to pay for expenses and build credit. To qualify for this type of card, you will need to provide money as collateral. This collateral is known as a security deposit, and the amount you deposit becomes the credit limit for your card.
Secured credit cards are designed for people with poor or limited credit. They reduce the risk for the card issuer because if you fail to repay what you spend on your card, the issuer will keep your deposit.
Are there requirements I need to meet for guaranteed approval credit cards?
Yes. Even if a card is advertised as a guaranteed approval credit card, every card provider has basic requirements for new customers. You will still need to meet certain conditions to qualify for a card, but the good news is that these conditions are typically minimal.
You will generally need to:
Be a permanent Canadian resident.
Be the age of majority in your province or territory.
Not be in bankruptcy.
Not be prohibited from accessing credit for any reason.
Be able to pay the minimum security deposit.
So even if a card is promoted as offering guaranteed approval, you will still need to check the eligibility criteria before applying.
Many card providers don’t explicitly offer guaranteed approval. Instead, they may use language that implies it’s easy for you to be approved. You might see phrases like “no minimum credit score” instead. You may still be denied for the card, but you generally have better odds of qualifying than with most other providers.
Can I get a credit card with bad credit and no deposit?
Typically, no. If you have bad credit, you usually won’t be able to qualify for a conventional credit card. You will instead need to provide a security deposit for a secured credit card or consider applying for a prepaid credit card.
If you’re a student with no or limited credit, it’s also possible to qualify for a student credit card without providing a deposit or passing a credit check.
Are there guaranteed approval credit cards with $1,000 limits?
Yes. Several secured credit cards offer guaranteed approval with a $1,000 limit (or higher).
For example, you can access a credit limit of up to $2,500 with the Capital One Guaranteed Secured Mastercard, while the Home Trust Secured Visa has a maximum credit limit of $10,000.
Just note that you’ll need to put down a security deposit as collateral. So if you want a guaranteed approval credit card with a $1,000 limit, you’ll need to provide a $1,000 deposit. Then, if you don’t repay the money you’ve spent on your card, your card provider will take your deposit.
Can I get instant approval?
Yes, instant guaranteed approval credit cards are available in Canada. These card providers use automated systems to assess credit card applications and provide you with a fast decision. Once you’ve provided your personal information and contact details in an online application, you can get approved within minutes.
Some cards, such as the Neo Secured Mastercard, also offer access to an instant virtual card so you can start paying for purchases with your new card straight away.
Cash advance apps also offer instant approval, and you can get funding 24/7.
Bottom line
Bad or limited credit doesn’t have to stop you from getting a credit card or accessing a short-term cash advance. Secured credit cards and cash advance apps have lenient eligibility criteria, and you can often qualify without completing a credit check. Compare your credit options to find one that’s right for you, but make sure you’re aware of the full cost of borrowing before you apply.
Frequently asked questions
Secured credit cards are generally the easiest to get approved for. They have lenient eligibility criteria and a simple online application process, and you can still get a card if you have less-than-perfect credit. However, you will need to put down a security deposit to qualify for a card. Student credit cards are also easy to get if you have limited or no credit, but you will typically need to be a full-time student to qualify.
Generally, no. You will typically need to provide a deposit and get a secured credit card if you have bad credit. Alternatively, you could apply for a short-term cash advance from an app like Nyble, KOHO or Bree. There are no credit checks required, and the eligibility requirements are lenient, but the maximum advance amount of $250 or $500 may not be enough for your needs.
Applying for a cash advance won't affect your credit score. Cash advance apps don't conduct credit checks, so you can get approved and funded without it impacting your score. KOHO and Bree don't report your payment history to the credit bureau, so paying off what you borrow won't affect your credit score either. But Nyble does report your account activity to the credit bureau, so making on-time payments could improve your credit score, while missed payments could see your score take a dip.
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.
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