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 loansPayday 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
|Loan||Serviced provinces||Ways to apply using your phone||Max. loan amount|
|Cash Money||BC, NS, ON, SK||$1,500|
|iCASH Payday Loan||AB, BC, MB, NB, NS, ON, PEI||$1,500|
|GoDay Payday Loan||AB, BC, MB, NB, NS, ON, PEI, SK||$1,500|
|My Canada Payday Payday Loan||AB, BC, MB, NS, ON, SK
|Money Mart Payday Loan||AB, BC, NS, ON, SK||$1,500|
Maximum borrowing costs per provinceAlways 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
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 feature||Personal loan||Payday loan|
|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 term||Typically 6 months to 5 years||By your next payday, usually within 1 to 4 weeks|
|Eligibility requirements||Stricter than payday loans, but there are online lenders that can approve borrowers with bad credit||More lenient than personal loans|
|Turnaround time||Usually within 1 to 3 business days||Usually 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:
|Security||This 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 tools||Some 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 process||Some 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.|
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
More guides on Finder
How to buy goeasy stock in Canada
Find out how to buy GSY stock in Canada and compare Canadian stock trading platforms.
Niftex is an innovative NFT platform that allows users to fractionalize NFTs. Find out how fractionalization works, what the advantages are.
310-LOAN payday loan review
Borrow up to $1,500 from 310-LOAN with no credit check.
E-transfer payday loans
Find out which licensed lenders can e-transfer payday loans.
National Bank Direct Brokerage Review
Trade commission-free with this large Canadian bank. Plus, it’s good for beginners and pros alike.
Tax-loss selling can help reduce your tax bill when a capital gain is incurred. Find out when and how to do it.
Best cheap stocks to buy now
Stock trading doesn’t have to be expensive. Using Finder’s proprietary algorithm, we’ve identified the best cheap Canadian and US stocks to buy now.
Easy payday loans
Payday loans are considered easy to get, but they’re also expensive. Before you apply, here’s what you need to know.
Payday loans with government benefits
Find out where you can apply for payday loans with government benefits.
Compare 2-month payday loans
Compare 2-month payday loan options, including rates and total costs.