Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Instant approval loans for bad credit

Compare lenders and find out how to get approved for a loan quickly with bad credit.

Need cash right away? Compare payday loans
Can wait 24 hours for approval? Compare personal loans

When you have bad credit, it can be difficult to take out a loan and get your hands on the money you need quickly. While difficult, you may be able to qualify for a bad credit loan in a matter of minutes with some lenders. Just keep in mind that these loans typically come with higher interest rates and fees.

⚠️ 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 payday loans you may qualify for with bad credit

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

1 - 4 of 4
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer
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.
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).
Have your banking details ready to get a loan in 2 hours. 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
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.
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.
loading

Compare up to 4 providers

How do instant approval loans work?

Instant approval loans are usually for small amounts (between $500 and $5,000) and often come with high interest rates and fees. They’re typically used to help pay for unexpected or emergency expenses, such as surprise car repairs.

Most of the time, lenders will require you to show that you have enough income coming in to pay the money back. This will mean providing them with pay stubs, tax statements or proof of other money coming in (such as your pension, EI or the Canada Child Benefit).

Once you’re approved you’ll need to pay your loan back in monthly installments or (depending on the size) all at once. You’ll need to be careful to stay on top of payments to avoid defaulting since this could damage your credit score further.

Can I still get approved if I have bad credit?

Yes, you can still get approved with bad credit, and many lenders will even offer loans without a credit check. This means your credit score won’t even factor in. The number one thing that most lenders care about when they approve your loan is how much money you have coming in.

You’ll usually need to show them that your income (minus your current debts) is enough to make payments on a loan. Some lenders will only offer no credit check loans if you put up some form of collateral or asset to secure your loan or find a cosigner to guarantee your payments.

How to compare instant approval loans

There are a number of factors you should compare before you sign on with a lender to make sure you’re getting the best deal.

  • Interest rates. Aim for the lowest rates but make sure that the cheapest loan is also the overall best fit for you.
  • Fees. Reputable lenders won’t usually charge fees, so you may want to keep looking if your lender is asking for extra payment.
  • Repayment terms. Search for a lender that offers flexible repayment terms and is willing to renegotiate your contract if your financial situation takes a turn for the worse.
  • Customer service. You’ll want to see that you’re working with a reputable lender. You can usually find this out by doing a bit of online research, checking reviews and seeing how your lender compares to similar companies.

How to apply for an instant approval loan with bad credit

If you’ve decided that a bad credit loan is the right fit for you, then you’ll need to follow a couple of simple steps to apply.

  1. Check your credit score. You should start by checking your credit score to see where you fall on the bad credit range. The closer you are to 600, the more likely you are to be approved.
  2. Compare lenders. Once you know your credit score, you should compare three to four lenders (at least) to find the best interest rates and terms for your loan.
  3. Fill out your application. When you’re ready to apply, most places will ask you to provide your personal and banking info through an online or in-person application.
  4. Submit additional documents. You may also need to supply certain documents like a government-issued piece of ID, tax records, pay stubs or bank statements to prove your income and identity.

Additional money options for those with bad credit

  • Government subsidies. You can look into low-income funding programs sponsored by your province or the federal government to help you cover the cost of your basic needs
  • Credit builder loans. These loans are offered by credit unions to help you build your credit score by reporting your on-time payments.
  • Credit counselling services. There are credit counselling services in every province that can help you make a budget and manage or consolidate your debts.
  • Borrowing from friends or family. If you’re swamped with debt, you may be able to ask your family or friends for a no interest loan to tide you over between paycheques.
  • Regular online personal loans. Most online personal loan lenders offer fast approval. Although not instant, it’s usually within 24 hours. While some of these loans require a minimum credit score to apply, there are still many available for bad credit. You can compare lenders below.

Compare online personal loans for bad credit

Make sure you meet the minimum credit score requirements before applying.

1 - 17 of 17
Name Product Interest Rate Loan Amount Loan Term Requirements Link
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
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
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
Go to site
More Info
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
Secured from 1.90%, Unsecured 5.75%-46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
More Info
Fill out one application with this broker and get pre-approved by different lenders in 5 minutes.
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
Go to site
More Info
Apply in less than 10 minutes for an unsecured loan and if approved, receive financing in as little as 24 hours. Pay off your loan any time without penalty.
Fairstone Unsecured Personal Loan
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Requirements: min. income $1,000/month, min. credit score 525
Go to site
More Info
Get a free quote without impacting your credit score. Receive funds for an unsecured loan within as little as 24 hours. No prepayment fees.
Money Mart Installment Loan
29.90% - 46.90%
$1,000 - $15,000
12 - 60 months
Requirements: min. credit score 300
Go to site
More Info
Receive your loan via Interac e-transfer in as little as 2 hours.
Loans Canada Line of Credit
9.90% - 21.50%
$5,000 - $35,000
6 months - 5 years
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
Spring Financial Installment Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
More Info
If you're not eligible for an unsecured loan, you may be offered a credit builder loan to help improve your credit score.
MogoMini Line of Credit
47.42%
$1,000 - $3,500
No end dates
Requirements: min. income $13,000/year, min. credit score 500
Go to site
More Info
Apply online and get pre-approved in just 3 minutes. Non-employment income also accepted. Pay back loan at any time.
LoanConnect Installment Loan
32.00%
$500 - $2,500
3 - 6 months
Requirements: min. credit score 300
Go to site
More Info
Get approved by different lenders in as little as 60 seconds with any credit score.
Loans Canada Installment Loan
8.00% to 46.96%
$500 - $50,000
3 - 60 months
Requirements: min. credit score 300
Go to site
More Info
A broker with the largest lender network in Canada. Fill out one application and get matched for free with lenders.
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.
Go to site
More Info
Get a free quote without affecting your credit score and get a loan on the same day. Track your credit score for free.
SkyCap Installment Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,200/month, stable employment, min. credit score 550
Go to site
More Info
Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Fairstone Installment Loan
26.99%-39.99%
$500 - $25,000
6 - 60 months
Requirements: able to make monthly repayments, min. credit score 525
Go to site
More Info
Get a quote in minutes without affecting your credit score. Finalize your loan application online and get your funds as quickly as the same day.
Loan Away Installment Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
Requirements: min. credit score 300
Go to site
More Info
A lender that approves loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Refresh Financial Credit Builder Loan
19.99%
$1,250 - $10,000
3-5 years
Requirements: min. credit score 300
Go to site
More Info
No funds are provided by Refresh upfront. Instead, funds are placed into a secured account to be accessed later. Payments are reported to the credit bureaus, potentially impacting your credit score.
Magical Credit Installment Loan
19.99% - 46.80%
$1,500 - $20,000
6 months - 5 years
Requirements: min. income $1,200/month, min. credit score 300
Go to site
More Info
Loans are not available in Manitoba, Quebec or Saskatchewan.
loading

Compare up to 4 providers

Bottom line

If you have bad credit and need to be approved quickly for a loan, you have options. Learn what kind of instant approval loans you might be eligible for and compare lenders to find the right loan for you.

Frequently asked questions

More guides on Finder

Go to site