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 fastest 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.
We’ve chosen the products on this page based on licensed direct lenders available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. When choosing instant loans in Canada, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process, funding options and unique perks. No single loan will be the best choice for everyone, so compare your options before applying.
Speed
We prioritized lenders that have automated systems in place that allow them to give instant approval and instant funding via Interac e-Transfer.
Availability
We reviewed lenders’ business hours for weekdays and weekends and prioritized those with 24/7 customer support.
Eligibility requirements
Payday loans and early pay advances are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.
Reputation and customer feedback
The reputation of a payday loan or early pay advance matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores. Having BBB accreditation is a bonus.
Application process
We prioritized lenders that offer instant bank verification, which allows them to give instant approval without requiring any paperwork.
Customer support
We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.
Funding options
We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers.
Unique perks
We considered any unique features a loan product may have, such as credit score improvement, permitted rollovers, extra services, no interest and no late fees.
Compare cash advances with instant approval and funding
Get a small loan online from a pay advance app. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.
Loan provider
Interest rate
Loan amount
Loan term
Key features
Link
Early Pay
No interest or mandatory fees
$20 – $250
Next pay cycle (61 days max.)
24/7 instant approval and funding, no credit check
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.
Compare instant payday loans in Canada
Instant payday loans have higher loan amounts than pay advance apps, but they’re extremely expensive, so consider all your alternatives first.
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
Learn more about instant cash advances in Canada
Bree
What is Bree?
Bree entered the short-term loan marketplace in 2021. It offers early pay advances to help Canadians avoid overdrafts.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: 0%
Loan amount: $20 – $250
Loan term: Next pay cycle (61 days max.)
Minimum income: None
Incomes it accepts: Any valid and regular source of income
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.
Why it’s one of the best instant loans
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. Get funds in 1-3 business days with a free account. For $11.99 per month, get fast funds in 1-30 minutes plus a free Equifax credit report and identity theft protection.
Loan details
Interest rate: 0%
Loan amount: $30 – $150
Loan term: 30 days, extendable
Minimum income: None
Incomes it accepts: Any valid and regular source of income
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: 7 - 62 days
Minimum income: $800/month
Incomes it accepts: Employment and other types, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Serviced provinces: BC, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick and Prince Edward Island.
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Minimum income: No min. income
Incomes it accepts: Employment, CCB, disability tax credit, OAS, CPP and private pensions
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: 5 - 40 days
Minimum income: $1,000
Incomes it accepts: Employment, CCB, disability tax credit, OAS, CPP and private pensions
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $300 – $1,500
Loan term: Up to 62 days
Minimum income: No min. income
Incomes it accepts: Employment, EI, retirement income
Credit Club is a lesser-known payday lender that operates in ON, BC and NS. 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.
Why it’s one of the best instant loans
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Minimum income: No min. income
Incomes it accepts: Many types, including pension, disability, child tax credit, most other government benefits paid regularly
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.
Why it’s one of the best instant loans
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.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Minimum income: No min. income
Incomes it accepts: CPP, EI, WCB, non-government disability benefits
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).
Why it’s one of the best instant 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.
Loan details
Interest rate: Varies by province
Loan amount: $120 – $1,500
Loan term: 1 - 62 days
Minimum income: No min. income
Incomes it accepts: child tax credit, EI, disability and pensions
Serviced provinces: AB, BC, MB, NS, NT, ON, SK, YT
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.
Where can I get instant payday loans in Canada?
You can get instant payday loans online or in-store:
Online. Online applications take less than 5 minutes to fill out, and you can complete the entire process without ever needing to visit a physical location. Lenders allow electronic signatures and can send funds immediately after receiving your signed contract.
In-store. Some large-scale payday lenders have extensive reach across Canada, with physical storefront locations in most of the country. In this case, you can bring all of the required documentation to the store to apply in person and receive your funds on the spot once you’re approved.
The three biggest reasons why Canadians turned to payday loans in the first few months of 2023 to cover living expenses were:
Car loan payment (12.11%)
Groceries (6.05%)
Electricity bill (5.38%)
How can lenders offer instant approval loans?
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.
Some applications may need a manual review
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.
Can I get instant loans in Canada with bad credit?
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.
Tips to get instant approval loans with bad credit
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:
No NSF transactions. Try not to have NSF transactions in your bank account in the last 60 to 90 days.
Low debt-to-income (DTI) ratio. Your DTI is the percentage that gets taken out of your monthly income to pay for monthly debts. The lower the DTI, the better. Traditional lenders want to see a DTI under 40%, while alternative lenders are open to higher DTIs (40-60%).
Low loan amounts. Lenders are more likely to say yes to your application if you apply for a small loan.
Can I get an instant loan with no credit check?
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.
Can I get a guaranteed instant payday loans?
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.
Other options if you’re looking for instant payday loans with bad credit
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:
Early pay advances. Early pay advance apps like Nyble and Bree let you borrow a small amount to cover unexpected bill payments or avoid overdrafts.
Secured credit cards. These work like a regular credit card, only you pay a deposit that serves as collateral. If you default, the lender can take this deposit. Secured credit cards rebuild your credit when you make on-time payments.
Bad credit personal loans. Most online personal loan lenders offer fast approval. Although not instant, it’s usually within 24 hours. While some of these loans require a minimum credit score to apply, there are still many bad credit personal loans available. Learn more about the best bad credit personal loans.
Visit 211.ca. This free and confidential service connects you to government or community-based support.
Debt relief. If you are experiencing financial hardship and struggling to pay your debts, you may wish to look into more serious debt relief options.
How to find the best online instant loan
With many lenders to choose from, how do you get the best instant loan for you? Consider the following factors as you compare products:
The two common online instant loans in Canada are payday loans and early pay advances. Payday loans have higher loan amounts and higher rates, whereas early pay advances have lower loan amounts and lower rates.
Payday loans cost $14 to $17 for every $100 borrowed. Early pay advances have no interest, but you may a monthly subscription fee.
Don’t forget about other fees that may apply to a loan, such as NSF fees and late payment fees.
Payday loans must be repaid by your next payday. If you pay back the loan on time, will you have enough room in your budget to cover all your essential expenses? If you won’t, you may find yourself needing another loan.
Nyble’s early pay advance, on the other hand, allows you to roll over your loan to the following months, but you can’t borrow more until you pay off your first loan.
Lenders of instant loans can accept many types of income. However, your options will be more limited if your income is social assistance or government disability benefits because fewer lenders accept these.
The lenders in our best instant loans list above provide similar turnaround times if you apply during their business hours. They can provide instant approval and instant e-Transfer funding. However, most of them do not have 24/7 online customer support.
Interac e-Transfer allows instant funding because this can be sent and received 24/7. You can register for free using your bank account. Some lenders offer direct deposit as well, but this will take 1-2 business days.
Eligibility requirements for an instant loan
Requirements to get an instant loan are flexible. You’ll typically need to meet the following criteria:
Be at least 18 years old
Have an active bank account
Have proof of an income (via employment, government benefits, private pension, etc.)
How to apply for an instant loan
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:
Fill out an application. The first step is to complete an application with details such as your name, contact information and the amount you want to borrow.
Verify your bank account. Many online lenders use instant bank verification to check your account details and verify your income. Once you provide your account details, the lender can access an electronic copy of your bank statement and assess your income.
Get approved. Once the lender sends you a loan contract, make sure you read all of the details of the offer carefully before you sign.
Get your money. The loan amount will be sent to your bank account within minutes via Interac e-Transfer.
Summary: Pros and cons of instant loans in Canada
Pros
Fast access to funds 24/7. When you need cash now, instant payday loans allow you to apply, get approved and access your loan funds within minutes.
Easy to apply online. Apply and get the money you need without getting off your couch.
Get funds in cash or via e-Transfer. Many online lenders will send money to your bank account in minutes via Interac e-Transfer. But if you apply in-store, you can also access your loan amount as cash.
Bad credit accepted. You can qualify for an instant loan in Canada even if you have bad credit.
Use the funds for any purpose. Once you’re approved for a loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes.
Cons
High borrowing costs. Taking out a payday loan is a very expensive way to borrow money. Payday loans cost $14 to $17 for every $100 borrowed, so APRs of a whopping 300% or more are common.
Short repayment terms. Payday loans are known for being costly because of their quick repayment schedule. The maximum loan term is 62 days, but most lenders expect you to repay your loan by your next payday. Make sure you can comfortably cover your payments with your next paycheque before you apply.
Increases your chances of staying in a cycle of debt. Unless you have a clear-cut plan to pay off your loan by your next payday, you could end up in a spiral of debt. With steep interest rates and more penalties for not repaying your loan on time, payday loans can trigger a snowball of debt if you don’t have an exit strategy.
Sketchy lenders. You’ll need to be wary of providing your personal and financial details online. Scammers often target people who need money urgently, so make sure you’re applying for legitimate payday loans with a licensed lender.
How do I know if an instant payday loan lender is legitimate?
Read reviews about the lender on an independent review site.
Frequently asked questions
The loan that you can get instantly is a payday loan or early pay advance. With these loans, you can get an instant decision and funding within a few minutes after approval.
Yes, you can apply for an online payday loan and get instant approval as long as you go through bank verification, which is an automated process. If you opt for a manual review, getting approval will take longer.
The funds will usually be sent to your account via Interac e-Transfer. However, if the lender has a branch near you, you can visit their store in person to collect the loan as cash.
Be wary of no refusal instant loans. Legitimate lenders have eligibility requirements and will turn down certain applications. If you encounter a lender that says it doesn't refuse any applications, it could be a scam.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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