If you’ve come across Advance America and are wondering if there are any Canadian-based alternative lenders, you have options. It’s also important to comparison shop before deciding on a lender so you don’t end up spending more than you need to. Here’s a look at loans like Advance America that you can find in Canada.
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
Borrow up to $150 at 0% interest
Free &
paid accounts (with a 30-day free trial)
No credit check
Not a payday loan
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Get a zero-interest cash advance ranging from $20 to $250 when you pay a subscription fee starting at $2/month. You'll need a KOHO account to access this service. Full Review
No late fees
Zero interest
No impact to credit score
Free financial coaching available
KOHO account required
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
subscription fee starting at $2/month
Turnaround time
Immediately
Serviced provinces
All provinces and territories
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
iCash is one of the fastest payday lenders in Canada. It features an automated 24/7 instant approval process, 24/7 customer support and delivers loan funds within minutes via e-Transfer. You can apply and get the cash transferred to your account any time, day or night.
24/7 application, 24/7 approval, 24/7 customer support
Accepts many types of income including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Very expensive
Short repayment terms
Only available in AB, BC, MB, NB, NS, ON, PEI
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 - 62 days
Min. Turnaround time
As little as 2 minutes with INTERAC e-Transfer®
How to apply
Online In Store
Credit Check
Yes
Alternative for both in-store & online options: Cash Money
Cash Money accepts many recurring sources of income, including CPP, child tax credit, unemployment, disability, so you don't necessarily need to be employed to get approved. It also has over 140 store locations in provinces across Canada, so you have the option to go in store for your loan too. And if you're looking for other types of loans like Advance America offers, Cash Money also offers installment loans.
Apply online, in-store or over the phone
Get an instant decision
Receive funds quickly: As little as 15 minutes with INTERAC e-Transfer®
Very expensive
Very short repayment terms, typically by your next payday
Like other payday loan lenders in Canada, PAY2DAY offers convenient, fast pay advance loans up to $1,500. You also have the option to download the PAY2DAY app to apply quickly from anywhere on your mobile phone or tablet. You can speed up your application by validating your personal information through instant bank verification.
You can apply have funds transferred 24/7
Quick funds transfer: Within 1-2 hours via e-Transfer once approved
Accepts varying types of income like EI, retirement income
An expensive loan option
Short repayment terms
Only available in ON, BC, NS
Loan amount
$300 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
Within 1-2 hours via e-Transfer once approved
Credit Check
No
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
How Advance America compares
Advance America charges high interest rates and may be more pricey than other options like personal loans and cash apps. Here are the main pros and cons of this lender.
Pros
Payday loans as small as $50
Sometimes offers online title loans
Offers a convenient online calculator to understand loan costs
Cons
APRs run high
Faced previous lawsuits
Alternatives to payday loans
Payday loans like Advance America offers, while convenient, may not be the best option if you’re looking to save money on interest and get out of debt.
Did you know?
A $300 payday loan can typically cost between $342 and $351, depending on where you live.
The APR on a payday loan can easily hit over 300%.
The percentage of Canadians who used an online lender or payday loan to manage their daily expenses increased from 1.42% in August of 2020 to 4.52% in September in 2022.
Some cash advance apps don’t charge interest and personal loans may be a more affordable option to high interest payday loans. Compare the top cash advance apps and personal loan providers for bad credit to see if these alternatives can save you money.
Kat Aoki is a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
Borrowing $100 can be a quick and easy process. This guide covers how you can get a small loan in Canada, including benefits, drawbacks and eligibility requirements.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
