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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 - 5 of 5
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Installment Loan
8.00% - 46.96%
$500 - $50,000
4 - 60 months
Requirements: min. credit score 300
SkyCap Installment Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $1,666/month, full time employment/pension, min. credit score 575, no bankruptcy
Spring Financial Installment Loan
9.99% - 46.96%
$500 - $35,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Installment Loan
32.00%
$500 - $2,500
3 - 6 months
Requirements: min. credit score 300
Mogo Installment Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
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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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:
  • Visit 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • 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
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NL, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
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.
24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
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Maximum borrowing costs of payday loans 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 & PEI $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)
Payday loans in Canada

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
Name Product Interest Rate Loan Amount Loan Term Requirements
LoanConnect Line of Credit
19.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Loans Canada Line of Credit
9.90% - 21.50%
$5,000 - $35,000
6 months - 5 years
Requirements: min. credit score 300
Cash Money Line of Credit
46.93%
$500 - $10,000
No end dates
Requirements: min. credit score 560
MogoMini Line of Credit
47.42%
$1,000 - $3,500
No end dates
Requirements: min. income $13,000/year, min. credit score 500
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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 - 2 of 2
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Vehicle Title Loan
Loans Canada Vehicle Title Loan
5.4% - 29.99%
$500 - $35,000
4 - 96 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 300
LoanConnect Vehicle Title Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
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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.
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

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