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Fast loans

Get quick access to money with fast loans, but be prepared to pay higher interest rates for the convenience.

Fast loans give you access to funds within 1 to 48 hours. They have more flexible eligibility requirements than traditional loans. Below is a breakdown of different types of loans with the fastest turnaround times.

Comparison table for quick loans in Canada

Type of loanTurnaround timeLoan amountLoan termInterest rates (APR)
Online unsecured personal loanSame day to 48 hours$500 to $10,000+6 months to 5 years10% – 47%Browse personal loans
Payday loan1 to 24 hours$100 to $1,500By your next paycheqeue300%+ in some casesBrowse payday loans
Vehicle title loanSame day to 48 hoursDepends on value of vehicle3 to 60 months300%+ in some casesBrowse car title loans
Pawnshop loanInstant at a pawnshopDepends on value of asset2 weeks to several yearsCan be over 200%Learn more about pawn loans

1. Fast personal loans from online lenders

Name Product Interest Rate Loan Amount Loan Term Requirements Link
Spring Financial Personal Loan
Finder Rating: 4 / 5: ★★★★★
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
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If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
LoanConnect Personal Loan
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Requirements: currents debts total less than 60% of income, min. credit score 300
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Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
Mogo Personal Loan
Finder Rating: 4.5 / 5: ★★★★★
OFFER
Mogo Personal 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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Get a free quote without affecting your credit score and get a loan on the same day. Track your credit score for free.
SkyCap Financial Personal Loan
Finder Rating: 4.1 / 5: ★★★★★
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,200/month, stable employment, min. credit score 550
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Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Unsecured Personal Loan
Finder Rating: 3.9 / 5: ★★★★★
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: able to make monthly repayments, min. credit score 560
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Get a free quote without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
ConsumerCapital Personal Loan
Finder Rating: 3.2 / 5: ★★★★★
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Requirements: min. income $1,900/month, 6+ months employed, no payday loan debt, min. credit score 600
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Complete an application in less than 10 minutes and get a decision within 24 hours.
Loans Canada Personal Loan
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
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A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
FlexMoney Personal Loan
Finder Rating: 4 / 5: ★★★★★
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Requirements: min. income $2,000/month, 3+ months employed, min. credit score 500
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More Info
Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
Loan Away Personal Loan
Finder Rating: 3.6 / 5: ★★★★★
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
Requirements: min. credit score 300
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A lender that approves loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Cash Money Line of Credit
Cash Money Line of Credit
46.93%
$100 (in store), $500 (online) - $10,000
No end dates
Requirements: min. credit score 560
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More Info
Residents in AB, BC, NL, NS, ON and SK can apply online. Residents of MB or NB can apply in-store only.
LendDirect Line of Credit
LendDirect Line of Credit
19.99% - 46.93%
$100 - $15,000
No end dates
Requirements: min. income $1,500/month, min. credit score 560
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More Info
If approved, receive access to funds in as little as 15 minutes.
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  • How it works: Apply for unsecured personal loans in less than 10 minutes, get pre-approved within minutes, get verified and then accept your loan offer.
  • How much can I borrow? You can typically borrow between $500 and $10,000, though you may be able to qualify for up to $50,000 if you have excellent credit.
  • How quickly will I get funds? The entire process can be completed on the same day or the next day with the fastest online lenders.
  • What will it cost? Expect to pay between 10% and 47% in yearly interest for private fast personal loans.
  • Sample lenders. Loans Canada, Spring Financial, Skycap Financial, Mogo, FlexMoney and LoanConnect.

2. Payday loans

⚠️ 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.
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
AB, BC, MB, NS, ON, SK
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check 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.

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.
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).

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.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
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 & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Payday loans are quick loans that come with extremely high interest rates (often exceeding 300% APR). You should only use these loans as a last resort option whenever possible.

  • How it works. Apply online or in person. Get your funds within a few hours, which you’ll need to repay by your next payday.
  • How much can I borrow? Borrow between $100 and $1,500.
  • How quickly will I get funds? Funds are distributed instantly as soon as you’re approved.
  • Sample lenders. Money Mart, Cash Money, iCash and GoDay.

Watch out for the cycle of debt

Payday loans can lead to a cycle of debt because of their high borrowing fees and short repayment terms. When a borrower repays a payday loan, they have less income at that point to pay for other debts. Because of this shortage, they may be compelled to get another payday loan. This is what causes the cycle of debt. Depending on which province you live in, lenders may be required to allow you to pay in installments to give you some breathing room. Become familiar with the payday loan regulations of your province before getting one.

3. Car title loans

Name Product Loan Interest Rate Max. Loan Amount Loan Term Requirements
Loans Canada Vehicle Title Loan
Loans Canada Vehicle Title Loan
0% to 29.99%
$35,000
3 - 96 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 300
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders. Bad credit, CERB and EI borrowers are considered.
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Vehicle title loans are quick loans that let you borrow against the title of your vehicle.

  • How it works. Apply online to borrow against the title of a vehicle you own. This means you use your car as collateral and can lose it if you fail to make your payments.
  • How much can I borrow? You can typically borrow 25% to 50% of your car’s value.
  • How quickly will I get funds? Funds can be distributed within 24 to 48 hours.
  • What will it cost? Title loans usually come with interest rates between 20% and 60%, but some may charge monthly interest (driving APR up past 300%).
  • Sample lenders. Car Title Loans Canada, Title Loans Online, local car title loan companies (just search in your area via Google).

4. Pawnshop loans

You may be able to borrow money from a local pawnshop if you have valuable items to secure your loan with.

  • How it works. Bring items such as jewellery or electronics into your local pawnshop and they will hold onto the item as collateral until your loan is repaid.
  • How much can I borrow? You can typically borrow between 25% and 60% of the item’s assessed value (usually a few hundred dollars or less).
  • How quickly will I get funds? Funds are distributed instantly if the pawnshop agrees to the deal.
  • What will it cost? Most pawnshops charge between 20% and 25% interest each month plus additional fees (which can work out to over 200% APR).
  • Sample lenders. Local pawnshops in your area.

How should I compare quick personal loans?

Consider the following factors when comparing quick personal loans to make sure you get the best loan for your personal situation:

  • Turnaround times. Payday loans are the quickest loan to get. Some payday lenders operate 24/7, giving instant approval and e-transfer funding. But you pay for the ease and convenience with APRs in the triple digits. If you can wait 24 to 48 hours, a personal loan is the better option.
  • Amount. The amount typically ranges from $100 to $10,000 for same-day approval. Look for the lender offering the money you need at the lowest rates.
  • Term. Terms usually last from 2 weeks to 3 years – choose the shortest term you can to avoid paying high interest rates for an extended period of time.
  • Interest rates. Fast loans often come with very high interest rates that can range from 10% to 47% on average (or over 300% APR for payday, pawnshop and car title loans). Aim to get a personal loan to avoid paying exorbitant fees.

Fast loans vs traditional loans

Learn about the difference between quick loans and traditional loans in the table below:

FeatureFast loansTraditional loans
Turnaround time1 to 48 hours1 to 4 weeks
Amount$100 to $10,000$1,000 to 300,000
Term2 weeks to 3 years1 to 7 years
Interest rates (APR)20% to over 300%6% to 47%
Eligibility criteriaIdentity check, proof of income/employmentIdentity and credit check, proof of income/employment, financial assessment

Fast personal loans for bad credit

You can usually benefit from fast loans in Canada even if you have a low credit score. This is because you won’t typically need to submit to a credit check when applying for quick loans for bad credit. The only thing you may need to qualify for most types of fast personal loans for bad credit is a decent income and proof of employment.

Can I get guaranteed quick loans?

You may be promised guaranteed quick loans by a lender, but you should be skeptical of any company that offers to give you money without checking your personal and financial information first. These lenders are usually predatory and may be running a scam or looking to charge you extremely high interest rates.

A good rule of thumb to remember is that the easier a lender makes it to get approved, the more cautious you should be. You may want to start by checking your lender’s credentials and customer ratings online to make sure that you’re dealing with a legitimate loan company.

Benefits of fast loans

There are many benefits to quick loans that you won’t get with traditional loans:

  • Instant approval. Get the money you need deposited into your bank account in a matter of minutes or hours with some lenders.
  • Fewer eligibility requirements. You can typically qualify for fast loans with a reasonably low income.
  • Approval for bad credit. You have a decent chance of getting approved for quick loans for bad credit if your credit score is low.

What to watch out for

Consider the following factors before applying for a fast loan:

  • More expensive. You’ll usually pay much higher interest rates with fast loans (sometimes even exceeding 300% APR).
  • Potential for fraud. You have a higher chance of running into a fraudulent lender when you shop for quick personal loans online.
  • Can lead to high debt load. You may end up saddled with debt you can’t afford since fast loans are easier to get approved for and more expensive to pay back.

Steps to apply for quick loans in Canada online

You can apply for most quick loans in Canada by following these steps:

  1. Shop around. Compare multiple lenders for quick loans in Canada to find the option that will give you the lowest interest rate.
  2. Do your homework. Read reviews and check your chosen lender’s credentials to make sure you settle on a legitimate company.
  3. Apply online. Input personal information such as your name, email address, proof of ID and relevant documents.
  4. Submit documents. Attach requested documents to your application such as your ID, proof of address, employment history or pay stubs.
  5. Wait for approval. Submit your application and wait for approval.
  6. Verify your loan contract. Agree to the terms and conditions of your contract, and provide banking details so your loan can be deposited.

Eligibility criteria and documents

You’ll usually need to meet the following requirements to get approved for fast loans:

  • 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 a steady income.
  • Meet credit score requirements if applicable.

Required documents

Required documentsExamples
Two pieces of IDPassport, driver’s licence, status card
Proof of addressUtility bill, bank statement, driver’s licence
Proof of income/employmentPay stubs, bank statements, tax documents, letter from employer

Tips to speed up the process for getting quick loans in Canada

You may want to consider following these tips to speed up your application:

  1. Organize documents in advance. Get your required documents such as your pay stubs, utility bills and proof of ID together before you apply to get a head start.
  2. Review your application twice. Make sure there are no errors or omissions on your application as this can slow down the approval process.
  3. Apply at strategic times. Apply for personal loans early in the day or week to make sure your application can be processed on the same day.

Alternatives to getting fast loans in Canada

Consider the following options to avoid taking out quick personal loans with high interest rates.

  • Get pre-approved for a traditional loan. Getting pre-approved for a traditional loan is one of the best ways to avoid taking out loans at the last minute.
  • Apply for a line of credit. Take out a line of credit to get access to a revolving pool of emergency funds that you can use at your discretion, whenever you need them.
  • Use a credit card advance. Borrow money from your credit card for small amounts as you’ll often pay less interest and there’s no need to apply.
  • Get overdraft protection. Pay a small fee to dip into your bank’s overdraft to get access to funds without paying extremely high interest rates.

Bottom line

Fast loans can be helpful in an emergency but should generally be avoided since most come with very high interest rates. Aim for a private personal loan or a credit union loan if you do need to apply for a quick loan in Canada in order to pay more reasonable rates. You should also make sure to compare several loan options before picking a lender to lock in the best deal.

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