Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
5 fast and easy loans in Canada
Apply online and get your loan approved and paid in as little as 60 minutes with these easy loan options.
Some loans are easier to get than others, with lenient eligibility requirements, a rapid approval process and speedy funding. The catch? These easy loans in Canada come with high interest rates. Here’s a rundown of your options online if you’re looking to borrow money quickly.
1. Installment loans
Installment loans are a type of unsecured personal loan offered by online lenders. Just like a personal loan, you’ll receive a lump sum of cash, which you’ll repay in equal payments over a fixed term.
- How much you can borrow: Up to $15,000.
- Who it’s suited for: Anyone looking for a smaller amount of cash to borrow, to the tune of $2,500 or so.
- Why they’re easy loans in Canada: They’re designed for people who don’t qualify for bank or credit union loans. Minimum credit score and income qualifications are lower, and you don’t need to provide collateral.
- Risks: High interest rates and long loan terms can make your loan expensive.
- How fast you can get it: 2 to 48 hours.
- Available to people with bad credit: Yes (depending on the lender).
Compare installment loans with easy approval and funding
1 - 7 of 7
Online installment loans
2. Payday loans
Payday loans are one of the quickest and easiest ways to get your hands on cash. They cost between $15 and $25 for every $100 borrowed. You usually need to repay them by your next payday.
- How much you can borrow: Up to $1,500.
- Who it’s suited for: People who need a loan fast and have exhausted all other options for financing.
- Why they’re easy loans in Canada: These loans have lenient eligibility requirements, even more lenient than installment loans. Poor credit and a past bankruptcy are okay, with payday lenders prioritizing income. You can also use non-employment income to qualify.
- Risks: Incredibly high interest rates and quick repayment terms. Before getting a payday loan, make sure you’ll have enough income left for other debts or expenses once you repay your loan. Otherwise, you may find yourself needing another loan to cover the shortage.
- How fast you can get it: Typically within 1 to 2 hours
- Available to people with bad credit: Yes.
⚠️ 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 payday loan alternatives:- 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 payday loans
1 - 2 of 2
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 & Nova Scotia | $17 per $100 borrowed |
| Newfoundland and Labrador | $21 per $100 borrowed |
| Northwest Territories, Nunavut & the Yukon | Up to $60 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
3. Lines of credit
A line of credit is convenient to have on hand, providing you with an account to withdraw money from as needed. You can only withdraw up to a predetermined limit, and you’ll only pay interest on what you borrow. Easy lines of credit are available from online lenders only. If you apply to a bank or credit union, you’ll encounter strict eligibility requirements.
- How much you can borrow: Up to $15,000.
- Who it’s suited for: People who are disciplined with their finances, need constant access to funds as needed and can pay off the balance quickly.
- Why they’re easy loans in Canada: Online lenders typically require a combo of a fair or bad credit score and stable income.
- Risks: High interest rates, holding off on paying the balance and letting interest accumulate, and a risk of overspending.
- How fast you can get it: Within 24 to 48 hours.
- Available to people with bad credit: Yes (depending on the lender).
Compare easy online lines of credit
1 - 4 of 4
Lines of credit
4. Vehicle title loans
By using your car title (proof of ownership of your vehicle) as collateral, you’re able to secure the funding you need. You can keep driving your car, but if you default on your loan, your lender has the right to repossess it. Your car must be paid off in full to take this approach.
- How much you can borrow: Up to 25–50% of the value of your car.
- Who it’s suited for: Borrowers willing to use their car as collateral.
- Why they’re easy loans in Canada: Lenders take a smaller risk because you’ve provided an asset. Some lenders also offer no credit check, but make sure they’re legitimate.
- Risks: Steep interest rates, extra fees to get the loan and the potential to lose your vehicle.
- How fast you can get it: Within 24 to 48 hours.
- Available to people with bad credit: Yes.
Get a fast car title loan
1 - 1 of 1
Vehicle title loans
5. Credit builder loans
With this loan, you make on-time payments first to improve your credit score. You don’t receive the money at the beginning. Once you’ve paid off your loan amount, you’ll gain access to your loan.
- Who it’s suited for: Borrowers who can wait at least 6 months to get their loan and want to improve their credit score.
- Why they’re easy loans in Canada: Bad credit and no credit history are both acceptable. Some lenders also do not conduct any credit checks.
- Risks: You won’t get your loan right away, and you may hurt your credit score if you don’t stick to your payment schedule. Also, if you fail to make your repayments, the lender can keep the money or a portion of it.
- How fast you can get it: Within 24 to 48 hours.
- Available to people with bad credit: Yes.
Get a credit builder loan with no credit check
1 - 0 of 0
Credit builder loans
Am I eligible for easy loans in Canada?
Easy loans in Canada have a more lenient approval process than traditional loans. Basic requirements include the following:
- Be the age of majority in your province or territory (18 or 19)
- Be a Canadian citizen or resident
- Have a recurring income
- Have an active bank account
If you’re getting a car title loan, your car must be paid off and must not be past a certain year.
When should you avoid applying for easy loans in Canada?
The loan options above are easy to qualify for, but there are circumstances when they aren’t your best course of action. They include:
- Your financial need is not urgent. With high interest rates and plenty of trade-offs, these loans should be a last resort. If you aren’t facing a financial emergency, you’re better off improving your credit score to apply for a traditional personal loan with better terms.
- No room in your income to take on more debt. If your budget is already stretched thin, don’t hurt your credit situation by shouldering more debt you’ll have trouble paying off.
- You haven’t considered other options that may be available to you. Before diving into more debt, take stock of other options, such as taking on a side job, signing up for credit counselling, borrowing from friends and family, reaching out to a local credit union, negotiating with your creditors or contacting non-profits that can help with food or rent.
How to compare easy online loans in Canada
To help you compare your loan options, zero on these factors:
- APR. While the interest rate is how much you’ll pay in interest on the principal, the annual percentage rate (APR) takes stock of the true cost of your loan, because it includes the interest rate and other fees you need to pay to get the loan.
- Extra fees and charges. Pay close attention to the additional fees you may incur from each lender, which can drive up the cost of your loan. These can include loan origination fees (fee to process your loan), administrative fees, prepayment penalties or non-sufficient funds (NSF) fees.
- Speed. If time is a pressing matter, look at how quickly lenders can both approve you for a loan, then issue your funding. Those that provide Interac e-Transfers to send your funding can often get the job done the fastest.
- Legitimacy. The last thing you want to do is work with a shoddy lender. If you’re opting for a payday loan, make sure the lender is licensed in the province you live in and is operating by provincial payday loan regulations. Look at the lender’s website, making sure they have a physical address and customer service contact information. It’s worth checking out reviews before selecting your final pick, too.
Frequently asked questions
More guides on Finder
-
Money Direct payday loans review
If you’re currently employed, you can borrow up to $1,500 from payday lender Money Direct.
-
Better Than the Bank review
Better Than the Bank is an underwriting provider partnered with lenders that offer short-term loans.
-
4 loans like Speedy Cash
Speedy Cash is a payday lender that offers rapid approval and funding. Here are loans like Speedy Cash that offer the same benefits.
-
PrestoCash review
Read this PrestoCash review to help you decide whether you should apply.
-
Payday loans for low income
You can get a payday loan with a low income, but watch out for high interest rates.
-
Compare AISH payday loans
Some payday lenders accept AISH as a valid source of income. Find out where you can get approved for AISH payday loans.
-
Money Mart vs Cash Money
Compare the features of Money Mart vs Cash Money, two well-known alternative lenders in Canada.
-
Find payday loans in Hamilton
Browse your options for in-store or online payday loans in Hamilton.
-
Xcash Money Solutions review
Xcash Money Solutions provides different types of loans to Ontario residents, including payday loans, personal loans and car title loans.
-
Compare child tax loans in Alberta
You can take out an installment loan or payday loan in Alberta using your child tax benefit.