If you’re looking for an instant loan, you can get a payday loan or early pay advance. These loans have easy eligibility requirements and rapid online applications, but watch out for steep interest rates for some of them.
In this guide, we highlight some of the best instant loans in Canada based on several factors. We choose the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend, which are listed first on this page. Read our advertiser disclosure for more info.
| Loan provider | Interest rate | Loan amount | Loan term | Key features | Link |
|---|---|---|---|---|---|
Payday loan | Varies by province | $100 – $1,500 | 7 - 62 days | Online instant loans 24/7 | Go to siteLearn more |
 Payday loan | Varies by province | $100 – $1,500 | Up to 62 days | Online instant loans | Go to siteLearn more |
 Payday loan | Varies by province | $100 – $1,500 | 5 - 40 days | Instant loans, apply online or in-store | Learn more |
Early pay | No interest or mandatory fees | $20 – $200 | Next pay cycle | Online instant loans 24/7, no credit check | Learn more |
 Small credit line | 0% interest, but there is a $4.99 - $7.99/month membership fee | $30 – $150 | Flexible | Online instant loans, no credit check | Go to siteLearn more |
 Payday loan | Varies by province | $300 – $1,500 | Up to 62 days | Instant loans 24/7, no credit check, apply online or in-store | Learn more |
Payday loan | Varies by province | $100 – $1,500 | Up to 62 days | Online instant loans 24/7, no credit check | Learn more |
 Payday loan | Varies by province | $100 – $1,500 | Up to 62 days | Online instant loans 24/7, no credit check | Learn more |
 Payday loan | Varies by province | $100 – $1,500 | Up to 62 days | Instant loans, no credit check, apply online or in-store | Learn more |
 Payday loan | Varies by province | $120 – $1,500 | 1 - 62 days | Instant loans 24/7, no credit check, apply online or in-store | Learn more |
| 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 | $14 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
With instant loans, you get the lender’s approval and receive your contract within minutes of submitting your application. Once you’ve reviewed and signed your contract, you’ll receive your money within a few minutes via Interac e-Transfer. If you apply in-store, you also have the option to receive your loan in cash.
Payday loans are among the fastest and most common instant loans in Canada because payday lenders automate their processes and have lenient eligibility requirements – a combination that enables them to give instant approval and funding. However, the price of this ease and convenience is very steep interest rates. Payday loans cost $14 to $17 for every $100 borrowed, and you’ll need to repay the loan by your next payday.
You can get instant payday loans online or in-store:
Recent data from the Finder: Consumer Sentiment Survey Q2, shows that 44% of respondents used a payday loan in the first three months of 2023.
The three biggest reasons why Canadians turned to payday loans in the first few months of 2023 to cover living expenses were:
Lenders use online bank verification to give instant approval. With bank verification, you connect your bank account through a secure third-party portal to allow the lender to view your bank statements and identity. This eliminates the need for you to send any documents and for the lender to manually review your application. Bank verification is a requirement for instant approval loans.
In some cases, a submitted application might be marked as pending if it needs a manual review from a staff member. An application can be delayed for various reasons, such as typos in the information you’ve submitted, a recent change of address or if you’ve only been in your current job for a short time.
A manual review of an application can take a few hours. To ensure you get the fastest approval, especially if you’re applying outside of regular business hours, you may want to apply to a lender that gives approval 24/7, 365 days a year. Not all payday lenders have staff operating 24/7. iCASH and PAY2DAY are examples of lenders that do.
Yes. Alternative lenders have generous lending criteria compared to traditional lenders, so getting instant approval loans with bad credit is possible. In many cases, people with bad credit turn to alternative lenders simply because they have limited options to get approved for a loan.
If you have bad credit, lenders will focus on the stability of your income and the amount of your current debts rather than your credit score.
While lenders of instant loans have flexible requirements, they can still turn down certain applications. Here are some tips to increase your odds of approval if you have bad credit:
Yes. Some lenders of payday loans and early pay advances can give instant approval and funding without checking your credit. If your lender doesn’t consider your credit score on an instant approval loan, it will focus on your income and debts instead. Before approving, the lender will need to check that you have room in your monthly budget to keep up with the loan repayment.
Make sure you apply for legitimate no credit check loans because scammers sometimes use the “no credit check” slogan to target people in desperate financial situations.
Guaranteed instant payday loans may sound like an easy way to borrow money, but there is no such thing as a guaranteed loan, and borrowers should proceed with caution if they come across lenders that advertise these loan products. While lenders of instant loans are lenient with their eligibility requirements and will accept poor credit scores, they still have other criteria that you must meet.
Be wary of any lenders that suggest their loans are “guaranteed” because they may be a scam, predatory or have fine print that actually doesn’t make them guaranteed. Borrowers searching for a guaranteed instant loan may be in a desperate financial situation, making them prime candidates for scammers. Avoid lenders that guarantee approval without examining your finances first.
If you have bad credit, a payday loan isn’t necessarily your only option for accessing money. You may also like to look into the following:
With many lenders to choose from, how do you get the best instant loan for you? Consider the following factors as you compare products:
Requirements to get an instant loan are flexible. You’ll typically need to meet the following criteria:
If you’re ready to apply for an instant loan, you can apply in person or online. Here’s what you’ll need to do to apply online:
iCASH provides instant payday loans in Canada, whether you’re applying during the day or in the middle of the night. It has been in business since 2014, has provided loans to over 500,000 customers and is one of the most well-known lenders in this space.
iCASH can give instant approval, and you can get your money via e-Transfer in as little as 2 minutes once you’ve submitted your contract. iCASH also has staff operating 24/7, including holidays and weekends. So if your application needs a manual review, iCASH can still give instant approval and funding any time.
GoDay is an online payday lender that’s been in business since 2012. It is accredited by the Better Business Bureau (BBB) with an A rating.
You can fill out GoDay’s application in less than 5 minutes and get an instant decision. If you’re approved, you can receive your loan in as little as 2 minutes via e-Transfer.
GoDay is open on weekdays, weekends and holidays but not 24/7. If you need an instant loan outside of its business hours, consider lenders with 24/7 staff, such as iCASH and PAY2DAY.
Cash Money has been providing loans since 1992 and has helped nearly 1.2 million Canadians. It offers lines of credit and payday loans. Apply for its payday loan if you need an instant loan, because its line of credit takes longer to approve.
Cash Money can provide instant approval for its payday loan and can consider your application as long as you have a recurring income, such as child tax credit, disability benefits and pensions. Once you’re approved, you can get your money in as little as 15 via Interac e-Transfer®.
Cash Money is available on weekdays and weekends online and in-store. However, it’s not open 24/7 except for a few store locations in Toronto.
Bree entered the short-term loan marketplace in 2021. It offers early pay advances to help Canadians avoid overdrafts.
Bree doesn’t charge any interest or mandatory fees and accepts any type of regular income, such as pensions, disability benefits, EI and social assistance. While you’re not required to pay any fees to access its loan, you’ll need to pay a small express fee if you want instant funding.
Bree can also give 24/7 approval and 24/7 funding.
Nyble offers small credit lines to Canadians that need to cover unexpected bill payments and other financial emergencies. It launched in Canada in 2022 and is based in Toronto, Ontario.
Nyble doesn’t charge any interest or late fees, doesn’t do credit checks, accepts many types of income and reports your payments to the credit bureau to boost your credit score. To access its credit line, you’ll pay a $4.99 - $7.99/month membership fee, which includes other services, such as identify theft coverage, ransomware protection and rewards. Nyble also charges an extra small fee for instant funding.
PAY2DAY is a popular lender that offers no credit check instant payday loans 24/7. It’s been providing loans for over 15 years and has a Trustpilot score of 4.8 out of 5 based on over 4,490 reviews.
PAY2DAY provides 24/7 instant approval and funding. It also has 24/7 online customer service available, so you can get support for your application any time you need it. If you prefer to visit a store, PAY2DAY has over 30 locations in BC and Ontario.
Credit Club is a lesser-known payday lender that operates in Ontario, British Columbia and Nova Scotia. It’s licensed in all these provinces and has been in business for over 10 years with a main office in Gatineau, Quebec, and another office in Ottawa, Ontario.
Credit Club has automated systems so you can get an instant loan in as little as 30 minutes during regular business hours. It’s also possible to get approved during holidays and weekends, but this is not guaranteed. Consider 24/7 payday lenders like iCASH if you need an instant loan outside regular business hours.
Loan Express is one of the most popular payday lenders in Canada, offering no credit check instant loans 24/7, 365 days a year. You can receive your money through e-Transfer or direct deposit, but direct deposit will take longer.
Loan Express is based in Mackenzie, BC.
Loan Express can provide instant loans without any documents required if you apply via online bank verification. It gives instant approval and funding in as little as 5 minutes. (It’ll take longer if you decide to fax or email your documents.)
Loan Express can fund loans 24/7. However, it only has staff operating 9am to 3pm PST Monday through Friday, so consider another lender if you need support outside of these hours.
Founded in 2002, Mr. Payday is a payday lender that offers instant loans in Canada with no credit check. Its office is based in Vancouver, BC.
Mr. Payday is one of the best instant loans in Canada because you can fill out an easy online application and get approved in about 30 minutes. Once you’re approved, you can get your loan within 30 minutes.
Mr. Payday is open 10am to 6pm PST Monday to Thursday, 9am to 6pm PST on Friday and 10am to 5pm PST on Saturday. If you need to get funded outside of these hours, consider lenders that offer 24/7 instant loans, such as PAY2DAY, iCASH and Bree.
Launched in 1982, Money Mart is one of the largest payday lenders in Canada. You can apply for instant loans online or at one of over 500 stores across Canada. Money Mart offers both installment loans and cash advances (which are its payday loans).
Money Mart offers 24/7 instant approval and funding and is open to many types of income, including child tax credit, EI, disability and pensions. You can also get approved if you have bad credit or a low income.
To get an instant loan, you’ll need to apply for the cash advance and choose the Express option. Express speeds up the process because it allows Money Mart to verify your income and identity through bank verification.
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