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Easy approval loans in Canada

Find easy approval payday and installment loans for bad credit or low income.

Looking for a payday loan? Compare lenders
Looking for an installment loan? Compare lenders

If you’re looking for easy approval loans in Canada, payday loans and installment loans are both options that you can apply for online. Payday loans might be the easiest loan to get approved for, but they are also the most expensive and should only be a last resort.

Our handy guide will help you determine which loan is right for you.

⚠️ 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 easy approval payday loans

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
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
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
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.

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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 $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Features of payday loans

  • Fast approval and funding. Getting a payday loan is an easy process. Lenders can give you a decision within minutes after submitting one simple application, and you get can your funds within minutes after approval.
  • Available across Canada. Payday loans are legal across Canada, but the province or territory you reside in will have its own regulations.
  • Flexible eligibility requirements. Payday loans have easier requirements than other loans. Borrowers with poor credit or low income are considered. You can also get a payday loan if you only have non-employment income.
  • Loan amount. Loan amounts are typically between $100 and $1,500, but there are some provinces, such as Ontario and BC, that limit the amount to a percentage of your income.
  • Loan term. Loan terms are extremely short. Payday loans must be repaid by your next payday, which is usually within 1 to 4 weeks.
  • Borrowing fee. The provinces have maximum borrowing fees. Provinces like Alberta, BC and Ontario have a limit of $15 for every $100 borrowed.

What to watch out for with easy approval payday loans

  • Extremely expensive. Make sure you can repay this loan by your next payday, or you may find yourself in a cycle of debt.
  • Short loan term. A short repayment period doesn’t give a borrower’s finances much time to recover, which is why it’s important to be certain that you can repay your loan.
  • Predatory lenders. The payday loan space is known to be predatory. If you’re certain you want a payday loan, choose a lender who abides by provincial regulations and properly evaluates your ability to repay a loan.

    Compare easy approval installment loans

    Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
    LoanConnect Installment Loan
    32% + brokerage fee
    $500 - $2,500
    3 - 6 months
    Currents debts must total less than 60% of income
    Min. credit score: 300
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    Get approved by different lenders in as little as 60 seconds with any credit score. Access resources to help you work toward better finances.
    FlexMoney Installment Loan
    18.90% - 46.93%
    $500 - $15,000
    6 - 60 months
    Min. income of $2,000 /month, 3+ months employed
    Min. credit score: 500
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    Apply online in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
    Loans Canada Installment Loan
    8.00% to 46.96%
    $500 - $50,000
    3 - 60 months
    No min. income or employment requirements
    Min. credit score: 300
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    An online broker with the largest lender network in Canada. Get matched with lenders for free through one quick application regardless of your financial situation.
    Mogo Installment Loan
    9.90% - 46.96%
    $200 - $35,000
    6 - 60 months
    Min. income of $13,000 /year
    Min. credit score: 500

    Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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    An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
    SkyCap Installment Loan
    12.99% - 39.99%
    $500 - $10,000
    9 - 36 months
    Min. income of $1,200 /month, stable employment
    Min. credit score: 550
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    An online lender offering installment loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
    Fairstone Installment Loan
    $500 - $25,000
    6 - 60 months
    Able to make monthly repayments
    Min. credit score: 560
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    More Info
    Receive a personalized no-obligation loan quote in minutes without affecting your credit score. Finalize your loan application online and receive your funds as quickly as the same day.
    Cash Money Installment Loan
    $500 - $10,000
    6 - 60 months
    Stable source of income
    Min. credit score: 560
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    Cash Money offers installment loans up to $10,000 for Alberta, Manitoba and New Brunswick residents. Online installment loans are available in Alberta only. Residents of Manitoba and New Brunswick must apply in-store.
    Loan Away Installment Loan
    19.90% - 45.90%
    $1,000 - $5,000
    6 - 36 months
    No min. income or employment requirements
    Min. credit score: 300
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    More Info
    Get approved for an installment loan in as little 20 minutes. Get affordable monthly repayments no matter your credit score.

    Compare up to 4 providers

    Features of installment loans

    • Interest rates. Interest rates range between 8% and 47% based on your personal factors.
    • Predictable repayment schedules. You’ll work with your lender to decide on your repayment terms so you’ll know when payments are due and for how much. With these fixed terms, you can plan and budget accordingly.
    • Loan amounts. You can typically borrow between $500 and $10,000.
    • Loan terms. Terms are often between 6 months and 5 years.
    • No prepayment penalties. Depending on the lender, you can pay off the loan early without facing any fees.
    • Good and bad credit are generally accepted. It is possible to get an installment loan whether you have good credit (over 660) or fair/bad credit (below 660).

    What to watch out for with easy approval installment loans

    • Potential for high interest rates. You could face high interest rates if you have a poor credit score. Your rate will depend on your personal factors.
    • Credit check. The lender may require a credit check.
    • Fees. See if the loan has any extra charges like late payment fees or admin fees.

    How to apply for easy approval loans online

    There are some basic eligibility criteria that you’ll need to meet in order to take out a payday or installment loan:

    • Be at least 18 years of age, or the age of majority in your province or territory.
    • Be a Canadian citizen or a permanent resident with a valid Canadian address.
    • Have proof of a regular income. Some lenders may require employment income.
    • If applying online, you will likely need a working bank account.
    • Meet the minimum credit score (for installment loans).

    Steps to making sure you’ll be approved

    In order to streamline your loan application process, take the following steps:

    • Compare. Compare a range of lenders and loans to find one that best meets your financial needs. Compare interest rates, loan terms, additional fees and eligibility requirements.
    • Prepare. Gather the necessary information, including your personal and financial details. Lenders usually want to make sure that you have a working bank account and a steady source of income in order to make your repayments, but you’ll also need to include basic contact information in order to confirm your identity.
    • Apply. Complete your application, providing as much information as possible when requested. The more information you provide, the more your lender has to work with when determining whether or not you’ll be approved.

    How to compare easy approval loans online

    The term “easy approval loan” covers a wide range of different lenders and loan types, but it’s important to realize the differences between them and know what factors matter when comparing your options. Below, we’ve listed some factors that you should consider when deciding which lender to approach and which loan type might be right for you.

    • What is the cost of the loan? Easy approval loans usually have higher interest rates than standard loans due to the higher borrowing risk involved. When determining the cost of a loan, look at the annual percentage rate (APR). APR is a combination of your interest rate and financing fees expressed as a percentage.
    • What is the loan term? You want to get a loan term that is as short as possible so you pay less interest overall, but at the same time, you don’t want a term that is so short that you can no longer afford the repayments.
    • What are the eligibility requirements? Check whether you meet the lender’s requirements, such as minimum income and minimum credit score.
    • Are there extra fees or charges? Examples include origination fees (fee to process your loan), prepayment penalties and late payment fees.
    • What is the actual approval period? With an easy approval payday loan or installment loan, you can apply online and know if you’ve been approved within minutes, but you may not receive your funds until a few hours later or the next business day. Storefront payday lenders will generally take a bit longer to process your application, but you’ll have the option of receiving your loan as cash or a cheque before you leave the store.

    Things to avoid with loans

    • Avoid missing a payment. Paying late will likely incur charges that will cause your loan to cost more than you originally anticipated. Also, a lender may choose to report you to one of the two credit bureaus. You’ll end up paying extra for the loan and damaging your credit score at the same time.
    • Avoid just skimming over your loan offer. All loans are required to come with terms and conditions that outline how much you’ll be paying. Not reading the fine print on an easy approval loan could expose you to unexpected costs.
    • Avoid taking on more debt than you can handle. Exercise caution throughout the loan process. There are plenty of risks associated with easy approval loans, and you should always confirm that the lender you choose is reputable before working with them. Also, only take out the loan amount that you need.

    Bottom line

    Payday and installment loans are both easy approval loans in Canada that borrowers with bad credit or low income can apply for, but they are expensive. Before applying for a payday or installment loan, make sure you can afford the repayments and understand the true cost of the loan. Compare lenders so you can find the right financing for your situation. Compare payday loans and installment loans.

    Frequently asked questions

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