If you need a $500 loan in Canada, including one with no credit check, there are 2 main types of loans available: installment loans and payday loans. Installment loans are a type of personal loan offered by alternative lenders. They have higher rates but easier eligibility requirements than traditional personal loans. Some don’t even require a credit check. Payday loans are small loans that you can get within an hour, many times without a credit check, but they’re also extremely expensive so be sure to consider alternatives before you get one.
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.
Get a $500 payday loan
Emergency loan
Interest rate
Loan amount
Loan term
Key features
Link
Payday Loan
Varies by province
$100 – $1,500
7 - 62 days
Instant loans 24/7, accepts bad credit, easy requirements
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
Features of $500 payday loans in Canada
Quick approval and funding. Many payday lenders can fund you within an hour of applying.
Bad credit is okay. It’s possible to get a $500 payday loan with bad credit under 560. Some payday lenders offer $500 loans with no credit check in Canada.
Regulated by each province. Each province has its own rules for payday loans, such as how much you can borrow and how much you can be charged. Choose a licensed lender that follows all of them.
Expensive. Depending on your province or territory, payday loans cost $14 to $17 for every $100 borrowed.
Loan amount. Payday loans in Canada range from $100 up to a maximum of $1,500.
Loan term. You typically repay in full by your next payday, up to 62 days. In Alberta, however, you have a minimum of 42 days, and you repay in at least 2 installments.
Am I eligible for $500 payday loans?
Payday loans have lenient eligibility requirements, including some lenders that provide $500 loans with no credit check. You’ll need to meet the following:
Be 18 years old, or the age of majority in your province or territory
Be a Canadian citizen or permanent resident
Have an active bank account
Have a recurring income, whether that’s from employment, government assistance, private disability and others
How to apply for a $500 payday loan
The application process for payday loans is straightforward. Follow these steps to get your $500 loan:
Fill out the application. Provide your name, address, housing situation, job title, income and payment frequency. You may be asked to provide one or two references with some payday lenders.
Get a decision. Get instant approval if you’re eligible.
Review the contract. Read your contract carefully, taking into account the repayment schedule and costs. Sign when you’re ready.
Get funded. You’ll get your money within minutes via Interac e-Transfer. If you choose direct deposit, you’ll get your money within a business day.
Features of $500 installment loans in Canada
Fast approval and funding. Installment loans are not as fast as payday loans, but you can get one within 24 to 48 hours.
Bad credit is considered. You could still be eligible for an installment loan if you have bad credit, including from a selection of installment lenders that offer $500 loans with no credit check in Canada.
Interest rates. Interest rates typically range from 18% to 47%. Be prepared for high interest rates if you have bad credit.
Loan amounts. This varies among lenders, but it’s usually $500 to $10,000.
Loan terms. Term lengths usually last between 3 - 60 months.
Equal payments. You’ll make equal payments on your $500 loan.
No prepayment penalties. You can save on interest by paying off your $500 installment loan early without facing any fees. If a lender is charging you prepayment penalties, you might want to go with a different one.
Am I eligible for a $500 installment loan?
Installment loans are harder to get than payday loans, but they have easier requirements than traditional personal loans:
Be 18 years old, or the age of majority in your province or territory
Be a Canadian citizen or permanent resident
Have a bank account
Have a steady income (employment income preferred)
Meet the minimum credit score for lenders who do credit checks
How to apply for a $500 installment loan
The application process is also straightforward with installment loans:
Fill out the application. Provide your name, address, housing situation and employment information.
Get pre-approved. Find out whether the lender wants to proceed with your application. Get your $500 loan offer.
Get verified. Provide access to your bank statements via instant bank verification, and submit to a credit check.
Receive your contract. Review the payment schedule and make sure you can afford the monthly payments. Be aware of any extra charges you might encounter.
Get funded. Get your money via Interac e-Transfer or direct deposit.
Can I get a $500 loan with no credit check in Canada?
Yes, you can get a $500 loan with no credit check in Canada, but watch out for steep interest rates because lenders will assume you have a bad credit history. Also, be sure to apply to a legitimate no credit check lender. Legitimate no credit check $500 loan lenders will check that you can afford to repay the $500 loan by looking at your recent bank statements and pay stubs. They’ll also be transparent about their rates and fees.
An example of an installment loan lender that offers $500 loans with no credit check is LoansLoans.ca. If you’re looking for a payday loan, Money Direct is an example of a legitimate no credit check payday lender.
Can I get a no refusal $500 loan in Canada?
While there are some lenders who offer no refusal $500 loans in Canada, you’ll need to be careful getting a loan from one of these lenders. Any responsible lender will want to thoroughly assess your finances before approving a loan. If a lender offers a $500 guaranteed loan, it might be a predatory lender.
If you’re worried that your finances or credit score will prevent you from getting a $500 loan, you don’t have to opt for a no refusal loan, you have options. Payday loan lenders tend to have very lenient credit score and income requirements. Compare legitimate $500 payday loan lenders above.
Alternatively, you could opt for an installment loan, which can be much more affordable than payday loans while still having flexible eligibility requirements. Lenders like LoansLoans.ca offer $500 loans with no credit check.
How much would a $500 payday loan cost vs an installment loan?
For illustrative purposes, let’s take a look at how much a $500 payday loan costs in Ontario and Nova Scotia and how much a $500 installment loan at 46.93% would cost at 3 vs 6 months.
$500 payday loan in Ontario
$500 payday loan in Nova Scotia
$500 installment loan over 6 months
$500 installment loan over 3 months
Loan amount
$500
$500
$500
$500
Cost of loan
$15 per $100 borrowed = $75 (391.07% APR)
$17 per $100 borrowed = $85 (443.20% APR)
46.93% APR
46.93% APR
Loan term
14 days
14 days
6 months
3 months
Payment amount
One full payment of $575
One full payment of $595
$95.10 for 6 months
$179.87 for 3 months
Total loan cost
$575
$595
$570.63
$539.61
In this example, the $500 loan with the 3-month term at 46.93% APR is the cheapest option.
The $500 installment loan with the 6-month loan term is nearly as expensive as the $500 Ontario payday loan. The key difference is the loan term. An installment loan spreads out your repayments for a longer period of time. If paying $95.10 for 6 months is more manageable than paying back $575 or $595 within 14 days, then an installment loan is the better choice.
If you choose a payday loan, make sure you’ll have enough income left to pay for other debts and expenses once you repay your $500 loan. Otherwise, you may find yourself needing another payday loan.
How to get the best $500 loan in Canada
Consider these features as you search for $500 loans to apply for:
APR. This is the interest plus fees you must pay to get the loan. If you’re looking for an installment loan, watch out for loans that have a low interest rate–but they have fees you must pay. This will drive up the APR. Focusing on the APR from the start will help you compare the costs of different loans.
Fees. Fees to watch out for include NSF fees, late payment fees, administration fees and membership fees.
Repayment flexibility. The loan repayment schedule should work with your monthly budget, and as mentioned before, be sure to get a loan that you can pay off early without penalty.
Lender reputation. Not all lenders of $500 loans are the same. You’ll want to work with a lender that is clear about the terms of the loan and doesn’t use high-pressure sales tactics to get you to sign. Visit independent review sites to see what people have to say about the lender, and if you notice a recent pattern of complaints, you might want to apply somewhere else.
Summary: Pros and cons of $500 loans
Quick turnaround time. If your need is urgent, you can get a payday loan in an hour and an installment loan within 24-48 hours.
Easy approval. People with low income, non-employment income, bad credit or no credit history can get approved.
High interest rates. $500 loans can come with high interest rates, so make sure you can afford it before you apply.
Disreputable lenders. Some lenders will take advantage of people who desperately need cash. Make sure you apply to a legitimate lender, and watch out for personal loan scams and payday loan scams.
Alternatives to get $500 in Canada
If you’re looking for that little extra help to get by until payday, a $500 loan with no credit check is not your only option. Consider these other – and possibly cheaper – options to get fast access to $500 cash:
Credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest payday loan alternative. But it’s still cheaper than a payday loan as long as you pay off the balance fast.
Sell your things. If you take a close look around your house, you’ll probably find a lot of things that you haven’t used in a while, making them perfect candidates for selling on sites like Kijiji and Facebook Marketplace. Whether it’s an old bookcase, lamp, or toaster oven, someone out there will probably be willing to pay you for it. A few of these sales could easily get you the $500 cash you need.
Cash out vacation time. If your employer allows it, see if you can get your vacation time paid out to you instead of actually taking the days off of work. The extra money may be added to your next paycheque.
Get a line of credit. If you have a good credit score, getting a line of credit from a bank or credit union will be much cheaper than getting a payday loan or installment loan from an alternative lender.
Frequently asked questions about $500 loans
No. Bank personal loans tend to start at $3,000 to $5,000. However, you can apply for an overdraft.
It depends on where you live because each province has its own rules about maximum borrowing costs. For example, in Ontario the cost is $15 for every $100 borrowed, while in Newfoundland the cost is $14 for every $100 borrowed.
It depends on the lender. Lenders that provide $500 payday loans are lenient with credit scores and can approve those with a bad credit score under 560. If you're looking for a $500 installment loan, minimum credit scores vary among lenders.
While some lenders may offer $500 loans with guaranteed approval, it's ill advised to get it. Legitimate lenders will review your finances before approving, even for a small $500 loan. Be wary of lenders promising guaranteed approval. This could be a scam, predatory or it has fine print that actually doesn't make it guaranteed.
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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