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Mobile loans

Need some cash on the go? Apply for a loan on your cell phone.

Looking for a payday loan? Compare lenders
Looking for a personal loan? Compare lenders
Cell phones play an important role in our lives. And today, if you need a loan, you can use your cell phone to acquire one.

Many lenders across Canada have mobile-friendly websites and apps through which they offer mobile loans. Applying for a loan using your cell phone requires that you have access to an Internet-enabled mobile phone. If you’re considering applying for a mobile loan, we cover some of the important things to keep in mind in our guide below.

⚠️ 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.

Payday loans you can apply for using your phone

LoanServiced provincesWays to apply using your phoneMax. loan amount
Cash MoneyBC, NS, ON, SK
  • Apply online.
  • Apply over the phone by calling 1-877-526-6639.
iCASH Payday LoanAB, BC, MB, NB, NS, ON, PEI
  • Apply online.
  • Download the app on your Android or Apple device.
GoDay Payday LoanAB, BC, MB, NB, NS, ON, PEI, SK
  • Apply online.
My Canada Payday Payday LoanAB, BC, MB, NS, ON, SK

  • Apply online.
  • Apply over the phone by calling:
    • Vancouver: 604-630-4783
    • Halifax: 902-332-3579
    • Toronto: 289-472-5204
    • Edmonton: 780-652-1419
    • Toll Free: 877-730-8406
Money Mart Payday LoanAB, BC, NS, ON, SK
  • Apply online.
  • Apply through the app if you want an installment loan.
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)

Personal loans you can apply for on mobile

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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More Info
Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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More Info
An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500

Mogo offers a 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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More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.

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What is a mobile loan?

Mobile loans are loans you can apply for using your cell phone, provided it has access to the Internet. By applying for a loan on your cell phone, you don’t have to visit a location in person or use a laptop or desktop computer. These loans work the same way as online loans, but you can easily apply using the browser on your smartphone or an app from a specific lender.

To apply for a mobile loan, submit an application through the lender’s website or via an app. Upon approval, the lender presents you with a loan contract. Thoroughly read over the terms and conditions of the contract before you accept, and remember that you are under no obligation to accept a loan contract. Once you’ve accepted the contract, the lender will transfer the approved funds into your bank account.

You will then have to repay the loan in accordance with a predetermined repayment plan.

What loans can you apply for on your cell phone?

If you’re looking to apply for a loan on your cell phone, you have a few different options to choose from:

  • Personal loans. Traditional lenders like banks and credit unions offer personal loans and many of these institutions let you apply using mobile devices. Additionally, many banks in Canada have their own mobile apps. To apply for one of these loans, you typically need a good credit score. You can also apply for online personal loans, especially if you have fair or bad credit.
  • Payday loans. If you have a poor credit score, you can think about applying for a mobile payday loan. Lenders who offer payday loans typically consider your ability to repay the loan instead of your credit score, so you need some sort of income in order to get approved for this type of loan. Usually, you have to repay a payday loan when you next get paid, but this varies between lenders and the amount of money that you borrow. Payday loans are regulated in most provinces, so check to make sure the lender you choose abides by any existing laws.
  • Installment loans. If you’re looking for a longer loan term than two weeks or one month, you can consider an installment loan. You have to repay these loans in equal installments over a scheduled time period.
  • Auto title loans. If you have a car, RV, boat or motorcycle, you can consider an auto title loan, where your vehicle’s title secures the loan. Since you’re providing security, you don’t need a good credit score to apply. You usually have to outright own your vehicle and remember that this type of loan is risky since your vehicle can be repossessed if you fail to pay back your loan. One benefit of this type of loan is that the interest rates are typically more competitive than unsecured loans.

Personal vs. payday mobile loan: Which is right for me?

A payday loan is one of the most expensive types of loan and should only be a last resort. Consider a personal loan first if you qualify for it.

Loan featurePersonal loanPayday loan

Interest rate

Annual percentage rate (APR) typically ranges between 6% and 47%Fee is $15 to $25 for every $100 borrowed, depending on your province. Expressed as an APR, it would be in the triple digits.
Loan termTypically 6 months to 5 yearsBy your next payday, usually within 1 to 4 weeks
Eligibility requirementsStricter than payday loans, but there are online lenders that can approve borrowers with bad creditMore lenient than personal loans
Turnaround timeUsually within 1 to 3 business daysUsually within hours or the next business day

Want to apply for mobile loans? Consider the benefits and drawbacks first

  • Multiple options. If you have a cell phone with Internet access, there are various loan options available to you, including personal loans, payday loans, installment loans and auto title loans.
  • Apply from anywhere. Your physical location doesn’t matter since you can apply from anywhere as long as you have Internet access. Additionally, you can find many mobile loan lenders that don’t require you to fax or scan any documents because they can verify your credentials online.
  • Receive funds directly into your account. Once your loan application has been approved, you don’t have to visit a physical location to collect your money. Instead, the lender will transfer the money directly into your bank account, usually by the next business day.
  • No physical locations. Some providers of mobile loans limit their operations to the online world only. This may be a deal-breaker if you prefer to have face-to-face interactions.
  • Security concerns. The online world brings with it threats in the form of viruses, hacker attacks, phishing, malware and scams. Always make sure you’re dealing with a reputable lender in order to avoid falling prey to a scam.

What should you look for on a mobile loan website?

When you’re looking to apply for a loan on your cell phone, various aspects require your attention:

SecurityThis is one of the biggest concerns of online loans. Good providers use the latest in encryption technology to keep your information secure. They make use of bank-level security measures and they don’t share your information with third parties.
Online toolsSome mobile loan websites offer loan calculators. You can use these calculators to find out what your repayments will look like ahead of time, allowing you to borrow only as much as you can afford to repay.
Application processSome financial institutions allow their existing customers to apply for mobile loans by logging into their accounts, minimizing the information you have to provide. If you have to go through an identity verification process, find out if you can complete it online.
Applying for a mobile loan shouldn’t take more than a few minutes if you have the necessary information on hand. However, it’s important that you take some time to compare your options before you apply for a loan.

Discover more about payday loans in our guide

Bottom line

There are many ways to apply for a loan using your cell phone. Your two main options are payday loans and personal loans. Payday loans are faster and more convenient, but they are also much more expensive, so they should only be a last resort.

When searching for mobile loans, be sure to choose a reputable lender who takes your privacy seriously.

Frequently asked questions

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