It’s possible to get a personal loan from an online lender on the same day you apply or the next day. Here’s what you need to know about getting fast personal loans in Canada plus alternative funding options to consider.
Fast personal loans online
One of the quickest ways to borrow funds is to get an unsecured personal loan from an online lender. Online lenders tend to have more flexible application requirements than banks, and some even offer loans for people with bad credit.
The quickest online lenders offer instant pre-approval or full approval within the same business day. Typically, you’ll receive funds within 24 hours.
Apply online. Provide personal, financial and employment info and consent to a credit check.
Pre-approval in minutes. Full approval the same or next business day. Funds deposited in 24-48 hours.
9.75%–46.96% yearly interest rate
Fast personal loans eligibility
To be eligible for a fast personal loan, you’ll usually need to meet the following requirements:
Be at least the age of majority in your province or territory
Be a Canadian resident or permanent resident with a valid Canadian address
Have a steady income
Meet minimum credit score requirements
Required documents
2 pieces of valid government-issued ID. Examples include a driver’s licence, passport or status card.
Proof of address. Examples include a utility bill, bank statement or driver’s license.
Proof of employment. Examples include your most recent pay stubs, bank statements or tax Notices of Assessment.
Steps for getting a fast personal loan
Apply online. Provide details like your name, contact info, employment info, Social Insurance Number (SIN) and housing situation.
Submit verification documents. If required, upload documents to your online application such as a scanned copy of your ID, proof of address and bank statements or pay stubs.
Wait for approval. Submit your application, and wait to get approved.
Verify your contract. Agree to the terms and conditions of your contract, and provide bank details for direct deposit.
Tips for speeding up your application
Verify your income online. Fast loan providers often let you verify your income by logging into your bank account online using an encrypted portal like Flinks or Inverite. Otherwise, you’ll have to manually upload documents, which will take longer.
Review your application twice. Make sure there are no errors or omissions on your application, as this can cause delays.
Apply at strategic times. Apply for personal loans in the morning to make sure your application can be processed the same day.
Fast personal loans for bad credit
Even if you have a bad credit score, you can apply for fast personal loans with online lenders. This is because online lenders often have more lenient eligibility requirements than banks and credit unions. To qualify, you’ll need a steady income and proof of employment.
You should be skeptical of any lender that offers guaranteed approval without checking your personal and financial information. These lenders are often predatory and may be running a scam or looking to charge you extremely high interest rates that you can’t afford.
The easier it is to get approved for a fast personal loan, the more cautious you should be. Start by checking your lender’s credentials and customer ratings online to make sure you’re dealing with a legitimate company.
Benefits and drawbacks of a fast loan personal loan
Benefits
Quick approval. Apply and, if approved, receive funds in as little as 24-48 hours.
Easier to qualify than a bank loan. You can typically qualify for fast personal loans with a reasonably low income.
Bad credit loans available. You may be able to get funding even with a less-than-excellent credit score.
Drawbacks
More expensive for poor credit. Borrowers with poor credit may get approved, but they’ll usually pay higher rates.
Potential for fraud. You have a higher chance of running into a fraudulent lender when you shop for fast personal loans online.
Can lead to high debt. You may end up saddled with debt you can’t afford, since fast loans are fairly quick and easy to get.
Alternatives to fast unsecured personal loans
If getting a fast personal loan isn’t an option for you, consider the following alternatives:
Early pay advance. Apps like Nyble and Bree can give small loans with no interest or late fees, but you may pay a subscription fee.
Payday loan.The best payday loans can be funded in as little as 2 minutes after approval, but they are extremely expensive and come with incredibly short repayment terms. Given this, payday loans should be a last resort.
Personal loan from your bank. If you apply during the workweek and not before holidays, you may get approved more quickly. Learn more about bank personal loans.
Credit card cash advance. Borrow money from your credit card for small amounts, as you don’t need to apply and you may pay less interest than with a personal loan (depending on your credit score).
Car title loan. You may be able to get a loan using a paid-off car as collateral. Usually, you’ll have to drive to your lender’s office or submit photos of your vehicle to get it appraised.
Overdraft protection. Pay a small fee to dip into your bank’s overdraft to access funds without paying high interest.
Negotiate with your creditors. If you need a quick loan to pay for bills, contact your creditors to see if they can extend your due date or create a repayment plan.
A number of online lenders offer fast personal loans in as little as 24-48 hours, but be careful to avoid lenders that pressure you into applying. Compare fees, loan terms and eligibility requirements between lenders to make sure you’re getting the best deal for your needs.
Frequently asked questions
The cheapest loans you can get quickly are from select online lenders (like SkyCap and Symple) and credit unions (like Vancity and Servus). These loans will have low loan amounts and higher rates than traditional personal loans, but you can get them on the same day or next day.
Yes, some lenders offer personal loans for borrowers with poor credit. But be aware that you might get high interest rates.
The best way to know if a lender is legit is to research the company thoroughly and view real customer reviews. Legitimate lenders will provide an email or phone number so you can contact them to ask questions and get more information.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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