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10 instant approval and funding loans in Canada

Get your money in as little as 30 minutes – from application to funding.

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Bree Early Pay

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  • Access up to $250
  • No interest or required fees
  • No credit check required
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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.

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 providerInterest rateLoan amountLoan termKey featuresLink

Bree

Early Pay

No interest or mandatory fees$20 – $250Next pay cycle (61 days max.)24/7 instant approval and funding, no credit checkGo to siteLearn more

Small Credit Line

0%$30 – $15030 days, extendable24/7 instant approval and funding, no credit checkGo to siteLearn more
⚠️ 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.

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.

Loan providerInterest rateLoan amountLoan termKey featuresLink

iCash

Payday Loan

Varies by province$100 – $1,5007 - 62 daysOnline instant loans 24/7Go to siteLearn more
GoDay

Payday Loan

Varies by province$100 – $1,500Up to 62 daysOnline instant loansLearn more
Cash Money

Payday Loan

Varies by province$100 – $1,5005 - 40 daysInstant loans, apply online or in-storeLearn more
PAY2DAY

Payday Loan

Varies by province$300 – $1,500Up to 62 daysInstant loans 24/7, no credit check, apply online or in-storeLearn more

Credit Club

Payday Loan

Varies by province$100 – $1,500Up to 62 daysOnline instant loans 24/7, no credit checkLearn more
Loan Express

Payday Loan

Varies by province$100 – $1,500Up to 62 daysOnline instant loans 24/7, no credit checkLearn more
Mr. Payday

Payday Loan

Varies by province$100 – $1,500Up to 62 daysInstant loans, no credit check, apply online or in-storeLearn more
Money Mart

Payday Loan

Varies by province$120 – $1,5001 - 62 daysInstant loans 24/7, no credit check, apply online or in-storeLearn more
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
  • Serviced provinces: All provinces and territories
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

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Dive deeper Bree early pay review

Nyble

What is Nyble?

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
  • Serviced provinces: All provinces and territories
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

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Learn more about instant payday loans

iCash

What is iCash?

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.
  • Instant approval: Yes
  • Instant funding: Yes
  • Accepts bad credit: Yes
  • Credit check required: Yes

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GoDay

What is GoDay?

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
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: Yes

Dive deeper GoDay review

Cash Money

What is Cash Money?

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
  • Serviced provinces: BC, MB, NL, NS, ON, SK
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: Yes

PAY2DAY

What is PAY2DAY?

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
  • Serviced provinces: ON, BC, NS
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

Dive deeper PAY2DAY review

Credit Club Loans

What is Credit Club?

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 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
  • Serviced provinces: ON, BC, NS
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

Loan Express

What is Loan Express?

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
  • Serviced provinces: AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

Dive deeper Loan Express review

Mr. Payday

What is Mr. Payday?

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
  • Serviced provinces: AB, BC, ON
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

Dive deeper Mr. Payday review

Money Mart

What is Money Mart?

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
  • Accepts bad credit: Yes
  • Instant approval: Yes
  • Instant funding: Yes
  • Credit check required: No

What is an instant loan?

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.

Why Canadians turned to payday loans

Recent data from the Finder: Consumer Sentiment Survey Q2, shows that 44% of respondents used a payday loan in the first three months of 2023.

The three biggest reasons why Canadians turned to payday loans in the first few months of 2023 to cover living expenses were:

  1. Car loan payment (12.11%)
  2. Groceries (6.05%)
  3. 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:

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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?

  • Check for BBB accreditation.
  • See if the lender is transparent about fees.
  • Check that the lender abides by the payday lending regulations in your province or territory.
  • Check that the lender has a licence.
  • Read reviews about the lender on an independent review site.

Frequently asked questions

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