$300 Loans for Bad Credit, Good Credit or Low Income

Emergencies happen. If you need a $300 loan fast, you can apply for a payday loan, cash advance or installment loan, and get your money within minutes. However, these loans may come with high rates or fees.

Compare your options for $300 loans in Canada here.

• Get a $300 cash advance
• Get a $300 payday loan
• Get a $300 personal loan

Get a $300 loan via a cash advance app

To start borrowing, go to the website or download the app.

Compare $300 payday loans

Payday loans are quick to get because of their easy requirements and seamless online process. But they’re extremely expensive, so only consider them after you’ve exhausted all other options.

Compare $300 personal loans

These providers offer small personal loans online from $500. Apply and get your funds as soon as the same day.

Where to apply for a $300 loan?

If you only need a small, $300 loan, here are two providers to consider that are not payday lenders.

• Bree. Bree, a cash advance app available across Canada, lets you borrow $20 to $750 without a credit check, making it a strong option for a $300 loan if you have bad credit or no credit history. It charges 0% interest on advances, though a $2.99 – $45.99 fee applies if you choose instant funding. If you opt for standard delivery, you pay no fees. At the time of writing, Bree is the only cash advance app in Canada that offers $300 loans.
• Vancity. Live in BC? If you prefer a more structured option, Vancity’s Fair and Fast Loan is designed as an alternative to payday loans, suitable for smaller borrowing amounts like $300. Borrow $100 to $2,500 at a fixed 19% interest rate with no credit check. Terms range from 12 - 24 months but you can repay your loan at any time with no penalties.

What apps provide $300 instantly?

Popular apps in Canada that provide instant $300 loans are Bree, iCash and Wagepay. Bree is a cash advance app, while the other two are payday loan apps.

How to get a $300 loan instantly

You can get $300 instantly by applying to lenders like Bree and iCash. Here’s what to expect from the application process:

1. Apply. When you’ve decided on a lender, complete the online application, providing personal details like your name, contact info and job situation. In many cases, the lender will ask you to connect your bank account so it can review your bank statements.
2. Get a decision. Cash advance apps and payday loan lenders are fast, and you can get approved instantly.
3. Get your funds. Lenders can e-Transfer the money to you within minutes. Learn more about e-Transfer payday loans.

Can I get a $300 loan with bad credit?

Yes, you can get a $300 loan with bad credit. Alternative lenders such as payday lenders and cash advance apps have lenient eligibility requirements and often don’t conduct a credit check. Instead of focusing on your credit score, these lenders will look at your monthly income, debts and expenses. If you can demonstrate you have a positive cash flow, lenders can approve you.

Can I get a $300 loan with no credit check?

Yes, you can get a $300 loan with no credit check from lenders of payday loans and cash advances, such as Wagepay and Bree. Some brokers of short-term installment loans may also skip the credit check, such as LoansLoans and Thunderloan. Like payday loans, these brokers are very expensive because they charge broker fees, which are in the hundreds of dollars.

How much does a $300 payday loan cost?

A payday loan is $14 for every $100 borrowed.

Let’s say you got a $300 loan in Ontario for 2 weeks before your next pay. Since payday loan providers in Ontario can charge a maximum of $14 per $100 borrowed, you would be charged a $42 fee. That means the total amount you would have to pay back is $342, which translates to a whopping 365% APR.

	Payday loan example
Loan amount	$300
Loan term	14 days
Borrowing fee	$14 for every $100 borrowed = $42 (365% APR)
Repayment	1 full payment of $342 within 14 days
Total cost	$342

What to watch out for with $300 payday loans

The steep interest rate and short repayment term are the main drawbacks of payday loans. You typically repay payday loans by your next payday, so before you sign up for a $300 payday loan, check that you’ll have enough income left for other expenses once you repay your loan. Otherwise, you may find yourself needing another loan.

Also, make sure the lender is licensed and follows the payday loan regulations of your province.

Can I get a loan for $300 on social assistance?

Yes, there are several $300 loan options for people receiving social assistance. Payday lenders and cash advance apps can approve you for a $300 loan as long as your social assistance is paid directly into your bank account.

You can read our full guide to loans while on social assistance to learn more.

6 questions to ask yourself before choosing a $300 loan

Before taking out a $300 payday loan or other type of financing, ask yourself a few questions first:

1. Can I ask friends or family instead? This might put your relationship on the line, but it’s typically cheaper and more forgiving than any other $300 loan option. You can learn more about how to ask, the kinds of questions to ask and more by reading our guide to family lending.
2. Can I qualify? Make sure you meet the lender’s other eligibility criteria, such as employment and bank account requirements. For a loan of this size, some lenders may not even require a credit check.
3. How much does it cost? Most $300 payday loans come with a flat fee. Make sure to budget for that, as well as additional costs you might have to pay, such as late fees.
4. How long do I have to repay? Breaking your loan into installments can give you more forgiving repayments, but it often costs more.
5. When do I need the money? Faster options tend to be more expensive. Learn more about emergency loans.
6. Is this lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable company.

$300 payday loan eligibility requirements

Basic requirements to get a $300 payday loan include the following:

• Age. You must be the age of majority in your province or territory, which is 18 or 19 years old.
• Income. You need recurring income, whether that’s from employment, benefits or a pension.
• Residency. You need to be a Canadian citizen or resident.
• Bank account. You need an active bank account.

Alternatives to a $300 loan in Canada

• Your employer. Some employers offer pay advances. It often doesn’t hurt to ask if your employer is willing to give you a portion of your pay prior to payday.
• Bank account overdraft. Overdraft fees are typically fixed at around $5. But you might have to pay an additional $5 per day, week, month or item charged until you recover your balance.
• Credit card cash advance. If you already have a credit card, you can take out a cash advance from an ATM. On a $300 cash advance, you’ll pay a fee of around $6 and a rate of around 19% to 24% APR.

Bottom line

You have several options when you need a small amount to tide you over. Whether you take out a $300 payday loan, cash advance or installment loan, there are several ways to get a $300 loan. Payday loans are generally the most expensive.

You can learn more about your short-term loan options by reading our guide to short-term loans in Canada.

Frequently asked questions about $300 loans

• Is it possible to get a $300 installment loan?

  There are some lenders that offer $300 installment loans, like Vancity, but they're harder to come by.

• Am I ever guaranteed to get approved for a $300 loan?

  Whether you're looking for a $300 payday loan or some other type of loan, no lender can guarantee approval for a loan without checking your ability to repay first. Guarantees are a sign that your lender isn't legit. You can read about other red flags to watch out for with our guide to payday loan scams.

• Can I get an instant $300 loan?

  Yes, it's possible to get instant $300 loans in Canada. There are lenders in Canada that offer instant approval decisions within seconds or minutes of submitting your application. Learn more about instant loans.