Some payday and online lenders advertise “no refusal loans” in Canada, but you should be very wary of these types of offers. There is no such thing as a guaranteed or no refusal loan, so steer clear of any lender that promises loans that sound too good to be true.
The good news is that there are reputable lenders that have much more lenient eligibility requirements than traditional lenders like banks. So if you’ve got bad credit or no credit history, it’s still possible to qualify for a loan. Let’s take a look at some options that are closest to no refusal loans in Canada.
9 no refusal loan alternatives in Canada
The lenders and brokers below still have eligibility criteria you’ll need to meet to get approved for a loan. But those criteria are far less strict than the requirements you need to satisfy to get funding from a bank or credit union.
The lenders below offer bad credit loans to borrowers, sometimes without a credit check. They focus on your income rather than your credit score when assessing your ability to repay a loan, and they often also accept income from non-employment sources. So if you’re looking for no refusal payday loans or installment loans, these lenders are suitable options.
1. Nyble
Loan amount: $30 – $150
Loan term: 30 days, extendable
APR: 0%
Serviced provinces: All provinces and territories
Accepted incomes: Any steady income paid into your bank account
Accepts bad credit or no credit: Yes
Min. income: No min. income
24/7 approval: Yes
24/7 funding: Yes
How are they similar to no refusal loans in Canada?
Nyble provides small credit lines with no credit check. You don’t have to employed to get approved. As long as you have income deposited regularly into your bank account, Nyble can consider your application. To increase your chances of approval, avoid NSF transactions in your bank account in the last 60 to 90 days.
APR: No interest or fees to access cash advance, fee for express funding (varies based on advance)
Serviced provinces: All provinces and territories
Accepted incomes: Any recurring income paid into your bank account
Accepts bad credit or no credit: Yes
Min. income: None
24/7 approval: Yes
24/7 funding: Yes
How are they similar to no refusal payday loans in Canada 24/7?
Bree does not offer payday loans and instead offers early pay advances of up to $250. But like payday lenders, Bree offers small loans with no credit check, which are easier to get approved for than larger loans. They are also open to bad credit as well as any recurring income. You can get approved and get e-Transfer funding 24/7.
Loans Canada is an online loan search platform where you can compare installment loans from multiple lenders. Some of these lenders have much easier requirements than banks since they specialize in providing loans to people with poor credit.
Established in 2012, Loans Canada has an A+ rating from the Better Business Bureau and is BBB accredited. It has a large network of 60+ lenders.
How are they similar to no refusal loans in Canada?
Another BBB-accredited provider with an A+ rating, LoanConnect works with multiple lenders to help you find an installment loan that meets your needs. Bad credit is accepted, while you can also apply if you’ve got a past bankruptcy or consumer proposal to your name. Once you’ve applied, you can get your loan amount within 24 to 48 hours.
Serviced provinces: BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT
Accepted incomes: Many types
Accepts bad credit or no credit: Yes
Min. income: $35,000/year
24/7 approval: No
24/7 funding: No
How are they similar to no refusal loans in Canada?
Vancouver-based fintech Mogo was founded in 2003. One of its product offerings is the MogoMini line of credit, which it markets as a payday loan alternative, to suit bad-credit and low-income borrowers who need flexible funding. You’ll need an income of at least $35,000/year to apply, and you can prequalify within minutes.
Be sure to pay off the balance as soon as possible and only get this product if you seriously need to. The MogoMini’s open term and high interest rate can make your loan especially costly.
Serviced provinces: AB, BC, MB, NB, NL, NS, ON, PEI, SK
Accepted incomes: Any
Accepts bad credit or no credit: Yes
Min. income: N/A
24/7 approval: No
24/7 funding: No
How are they similar to no refusal personal loans in Canada?
Get Loan Approved is a lender of car title loans, which are personal loans with your car as collateral. Since it bases its approval on your car, it’s lenient with income and credit score. This lender doesn’t do any credit checks. Instead, to get approved, your car must be paid off, not leased, in good condition and not older than 10 years.
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.
The next no refusal loan options are payday loans. Keep in mind that they’re extremely expensive and are only suitable as a last resort.
7. iCash
Loan amount: $100 – $1,500
Loan term: 7 - 62 days
APR: Varies by province
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI
Accepted incomes: Many types, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Accepts bad credit or no credit: Yes
Min. income: $800
24/7 approval: Yes
24/7 funding: Yes
How are they similar to refusal payday loans in Canada 24/7?
iCash is an online payday lender that was established in 2014. It offers emergency loans to borrowers with bad credit or no credit and accepts non-employment income such as government benefits. You can apply 24/7 and get funded 24/7, with funds available within minutes of submitting your signed loan agreement.
Accepted incomes: Many types, including pension, disability, child tax credit, most other government benefits paid regularly
Accepts bad credit or no credit: Yes
Min. income: N/A
24/7 approval: Yes
24/7 funding: Yes
How are they similar to no refusal payday loans?
Established in 2006, Loan Express offers no credit check payday loans in most provinces. This lender accepts income from CPP, private pensions, CCB and disability benefits, and you can apply online 24/7. Same-day funding is available too, and Loan Express has an A+ BBB rating.
Established in 2002, Mr. Payday is a Vancouver-based online lender with an A+ BBB rating. Borrowers with bad credit, no credit or past bankruptcy are still able to get approved for a Mr. Payday loan, while several forms of non-employment income are also accepted. In some cases, it’s also possible to get approved and funded within an hour.
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
What should I know about no refusal payday loans in Canada?
Tread carefully with any lender that promises a no refusal payday loan. These no refusal payday loans may be a scam, predatory or false advertising.
Ultimately, there is always a chance of getting refused when you apply for any kind of loan. Responsible lenders should evaluate your income before approving you for funding. If a lender doesn’t verify your information or doesn’t attempt to determine if you can afford the loan, they may not be legitimate.
Bad credit loan options in Canada
If you’ve got poor credit, don’t be lured into a sketchy lender’s trap with the promise of no refusal loans in Canada. Instead, there are two main loan types available from legitimate lenders:
Installment loans. Many online lenders offer bad credit installment loans. You can access unsecured loans of up to $10,000 in some cases, and lenders will focus on your income rather than your credit score when assessing your application. Instead of making one lump-sum payment, you will make repayments in installments over a set period of time. However, you’ll need to settle for higher interest rates than on a conventional personal loan.
Payday loans from legitimate payday lenders. While you should steer clear of no refusal payday loans, legit payday loans could be the solution if you need fast access to a small loan. You can borrow up to $1,500 and you may not need to pass a credit check to qualify. Some lenders even offer instant payday loans, which refers to how long it takes to get approved and funded. In this case, they’re still verifying your income and identity before approving you for financing. However, high fees and short repayment periods make payday loans an extremely expensive option.
Some online lenders will also allow you to access a line of credit as a payday loan alternative. This allows you to access flexible funding and only pay interest on the money you use, not the total amount available. However, once again you’ll need to keep an eye out for high interest rates and fees.
Example: How much does a $500 no refusal loan cost in Canada?
The cost of a $500 no refusal loan depends on the lender you go with. If you apply to a payday lender, you’ll pay $14 to $17 for every $100 borrowed depending on your province. In Ontario, for example, you’ll pay $15 for every $100 borrowed, which means your $500 no refusal loan will cost you $575 in total.
If you get a no refusal installment loan, the $500 loan will cost you around 30% interest plus a broker or surety fee of up to $300. Both the interest and fee will be included in your monthly payments.
How to spot an illegitimate lender of no refusal loans
There are many legitimate lenders that provide bad credit loans in Canada, but there are also plenty of scammers. With this in mind, keep an eye out for these red flags that could indicate a loan scam:
Online lenders have more lenient eligibility requirements than banks and credit unions. But while this makes it easier to qualify for a loan, legitimate lenders cannot guarantee a loan without assessing your income and financial situation.
Watch out for any lenders that ask for payment upfront. Legitimate lenders do not charge fees before you’re approved for a loan. Any one-time fees for establishing the loan should only be charged after you’re approved and you have received your funds.
If you’re taking out a payday loan, check whether the lender has a payday loan licence in your province. When comparing lenders, you may notice that most lenders prominently display their licence numbers on their website and before you proceed with an application. If they don’t, they may not be a legitimate payday lender.
From how much you can borrow to how long you have to repay your loan, each province has different payday lending laws lenders must abide by. For example, Alberta has a minimum loan term of 42 days. Check with your provincial consumer protection office to find out about the payday loan regulations where you live, and only deal with lenders that follow those rules.
Legitimate lenders will be completely transparent about the total cost of a loan before you sign a loan contract. Steer clear of any lender that doesn’t clearly state the APRs, borrowing fees and total repayment amount upfront.
Negative reviews (or even a lack of information) online can point to a loan scam. Always check for contact information, head office locations, social media presence, accreditations and reviews from Google, Trustpilot and the Better Business Bureau.
Thinking of applying for an installment loan from an online lender? These are the features you can expect:
Lenient eligibility criteria. Online lenders tend to have more relaxed eligibility criteria than banks and credit unions, and that’s especially true if you choose a lender that offers bad credit loans. But be very wary of any lender that claims to offer no refusal installment loans. Rather than meeting credit score requirements to qualify for a loan, you’ll need to show that you have a steady source of income and stable employment.
Smaller loan amounts than traditional lenders. The minimum personal loan amount from many banks is $3,000 to $5,000, but installment loans from online lenders can start at $500.
High interest rates. There are steep interest rates for bad credit borrowers — potentially up to 47%.
Extra fees may apply. You’ll also need to check the fine print to find out what fees apply, such as admin fees, NSF fees and late payment fees.
Loan terms. The length of the loan term varies depending on the lender you choose and the amount you borrow. You’ll generally have 3 - 60 months to pay back the loan.
Fast turnaround time. It’s possible to apply, get approved and get funded within 24 hours with some lenders.
Features of payday loans
Payday loans are one of the most convenient ways to get your hands on cash when you’re in a financial pinch. Here are their key features:
Bad credit accepted. You won’t need to complete a credit check to get a payday loan. Payday lenders will instead check to see whether you have sufficient income to pay back what you borrow.
Caps on how much you can borrow. Payday loans have a maximum amount of $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income.
Short repayment terms. Payday loans are known for being costly because of their quick repayment schedule. Terms max out at 62 days for payday loans, but most lenders expect you to repay your loan by your next payday.
Incredibly steep interest rates. Payday lenders can charge anywhere from $14 to $17 for every $100 borrowed, depending on the province or territory you live in. This often works out an annual percentage rate (APR) of 300% or more, making payday loans an incredibly expensive financing option.
Fast turnaround time. A major selling point with payday loans is how quickly you can gain access to your funding. You can get your money immediately after approval if you apply in-store, and most online lenders can e-transfer your payday loan to your bank account within a few minutes.
Whether you choose a payday loan, installment loan or even a line of credit, if your credit score is poor, you can expect steep interest rates. That’s why you should ask yourself these key questions before signing up for a payday loan:
What do I need this cash for?
Some people take out short-term loans to take care of a one-time financial emergency, while others use them to pay for bills or to tie them over until their next payday. Ask yourself if you need this cash now and if there are alternatives to payday loans you can consider instead of turning to a loan with such steep interest rates. You may also want to take steps to improve your credit score to enhance your future borrowing prospects.
Do I qualify for a loan?
Before applying for any type of financing, you must make sure you meet the lender’s eligibility requirements, including criteria such as your age, monthly income, existing debts and residency.
Will I be able to repay this loan on time?
Payday loans in particular come with very short repayment periods, and most payday lenders expect you to repay your loan by your next payday. Do the math and make sure you have a concrete plan on how you’ll repay this loan by your next paycheque without going into the red again. You may find taking out a payday loan will trigger a cycle of debt that’s hard to get out of.
Is this lender legitimate?
Disreputable lenders know borrowers are grappling with financial problems and bad credit, and they may take advantage of your circumstances. Make sure you’re working with a reputable lender that’s fully licensed, follows your province’s regulations and assesses your ability to repay what you borrow rather than promising no refusal loans.
Watch out for predatory lending
The payday loan space is notorious for predatory lending. Predatory lenders may try to impose unfair fees and loan terms, or they may falsely advertise to lure borrowers in without showing you the fine print. Ultimately, they’re counting on the borrower taking on a loan they’ll default on so the lender can charge more fees.
Make sure you’re working with a legitimate lender that discloses its payday licence in the province it’s operating in and is transparent about the loan’s fees, terms and conditions. A reputable lender will also do its due diligence to check that you can responsibly repay the loan and will not guarantee approval.
Bottom line
If a lender claims to offer no refusal loans, beware — this is a big red flag that could indicate a predatory lender or a scam. Reputable lenders will always check your financial situation, such as your income and credit history, before approving you for any type of financing.
Finally, make sure you compare a range of options to find the right loan for you.
Your income and employment situation are the most common reasons why applicants are denied a payday loan. If you aren't employed, your income is too low, or it's not stable enough (e.g., you've been employed for less than three to six months), your loan application may be rejected.
While eligibility criteria vary between lenders and provinces, the following minimum criteria will usually need to be met:
You must be the age of majority in your province or territory.
You must be a Canadian citizen or a permanent resident, with a valid Canadian address.
You'll need proof that you have some form of income, whether it's employment income or government benefits.
You will need a working bank account to set up an automatic withdrawal to repay your loan.
If a lender claims to offer no refusal loans, the safest option is to avoid them altogether to avoid being scammed. However, there are many legitimate payday lenders who will consider your income and financial situation before deciding whether to approve or reject your loan application.
No. Reputable lenders do not offer guaranteed loans. If a lender promises "no refusals", this is a red flag that could indicate a loan scam. Steer clear of these questionable lenders and consider legitimate payday loans in Ontario instead.
While you can't get no refusal loans, there are several reputable payday lenders in Canada that have lenient eligibility requirements and also approve and fund loans 24/7. These lenders often use automated approval systems to speed up the application process, and send funds via e-Transfer so you can access your loan in minutes.
Installment loans offer longer loan terms, larger loan amounts and lower APRs than payday loans. They're also paid back in installments over a period of months or years, while payday loans typically need to be repaid by your next payday. Find out more about the differences between these two loans in our payday vs installment loans guide.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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.
Read our guide to payday loan regulations in your province or territory.
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