$700 Loans With Same-Day Funding

If you’re searching for a $700 loan in Canada, you have options. Many online lenders offer $700 loans in the form of installment loans, payday loans and cash advances. If you have bad credit, these loans are available to you as well.

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Compare $700 installment loans

Compare $700 payday loans

Get a $700 cash advance

You pay no interest on these loans, but you may pay a monthly fee.

Interest rates vary between lenders and are based on your financial situation, so keep reading for details on how to find the best $700 loan for you.

Can I get a $700 loan with bad credit?

Yes. If your credit score is lower than you’d like, it’s still possible to qualify for a $700 loan. Online lenders often specialize in installment loans for people with bad credit, and they’ll look past your credit score to consider your income and whether you can afford to pay back what you borrow.

Many payday lenders and cash advance apps don’t even check your credit score when assessing your loan application and will instead consider your income and bank balance before deciding whether to offer you a loan.

Related: Best bad credit loans in Canada

Can I get a $700 loan on the same day?

Yes, it’s possible to get a $700 loan on the same day through payday lenders, cash advance apps and some personal loan lenders. Payday loans are often approved and funded instantly, while cash advance apps may offer instant access for a fee. Some personal loan lenders also provide instant decisions and same-day or fast e-Transfer funding.

Can I get guaranteed approval on a $700 loan?

It’s not possible to get guaranteed approval because legitimate lenders must check your identity and financial information first. However, you may be able to get almost guaranteed approval from lenders with lenient eligibility requirements, such as iCash and Bree.

What’s the cost of a $700 loan?

The cost of a $700 loan depends on the interest rate, fees and loan term.

To give you an idea of what sort of repayments you can expect, let’s take a look at the cost of repaying a $700 payday loan and a $700 cash advance vs a $700 installment loan with a six-month term and two different APRs.

	Payday loan	Cash advance app (Bree, standard delivery)	Installment loan with 12.99% APR	Installment loan with 19.99% APR
Loan amount	$700	$700	$700	$700
Payment	One payment of $798	One payment of $700	$121.13 per month	$123.56 per month
Total cost of the loan	$798 ($98 interest)	$700	$726.76 ($26.76 interest)	$741.37 ($41.37 interest)

As you can see, not only is the payday loan the most expensive option, but it also needs to be paid back within two weeks. The installment loan provides a more manageable monthly payment over six months, but a higher rate can make a sizeable difference to the total cost of the loan. So if you only need $700, the cash advance app is the cheapest option in this scenario.

Do I qualify for a $700 installment loan?

Out of the three loans, installment loans are the hardest to qualify for. While eligibility requirements vary between lenders, you’ll generally need to meet the following criteria:

• Have a steady source of income (employment income preferred)
• Meet the minimum credit score, typically over 560

Some personal loan lenders have minimum loan amounts of $1,000 or higher, so you’ll need to look for a lender that provides small loan amounts.

Good vs bad credit

If you have a good or excellent credit score, you’ll find it much easier to qualify for an installment loan and access lower interest rates. However, many alternative lenders also offer personal loans for borrowers with bad credit; rather than looking at your credit history, they look for borrowers with a steady source of income and an acceptable level of debt so they can afford to repay the loan.

How to get a $700 installment loan

You can get a $700 loan in Canada by completing the following steps:

1. Check your credit score

Review your credit score to find out whether you have good or bad credit and to work out what type of lender to approach. If your score leaves a little to be desired, you might want to work to increase your credit score before borrowing any money.

2. Research lenders

Next, make sure you only consider loans from reputable lenders. Check whether a lender is properly registered and licensed, check what other customers have to say about the lender on independent review sites, and watch out for any red flags that could indicate a sketchy lender (like promising guaranteed approval). Check out our guide to personal loan scams for more info.

3. Compare loans

Now it’s time to look at the specifics of different loans to find one that suits your needs. Some lenders offer personal loan pre-approval, which essentially allows you to view a “quote” that details roughly how much the loan will cost. This can be very useful when comparing loans, but check that it won’t affect your credit score before you apply. Consider the APR, any fees such as prepayment penalties that may apply, the loan term, your monthly payment and the total cost.

4. Submit an application

You can fill out an online application with your name, date of birth and contact details. You’ll also need to provide proof of ID, details of your income and employment and your bank account details.

5. Review the loan offer

If your application is approved, take the time to double-check the loan details before you sign on the dotted line. Make sure you know how much your loan will cost you overall.

6. Get funded

You’ll get your money on the same day you apply or the next day via Interac e-Transfer or direct deposit.

Compare $700 installment loans

What about $700 payday loans?

Eligibility criteria vary from one lender to the next, but most payday lenders don’t carry out credit checks. To qualify for a payday loan, you’ll generally need to meet the following criteria:

• Have a steady source of income, whether that’s from employment income or benefits
• Have a valid Canadian bank account

The risks of payday loans

There are a few key risks you should be aware of before taking out a payday loan:

• They’re expensive. With high interest rates and fees, payday loans are very expensive to repay. These loans commonly have APRs of over 300%, so there are much more affordable ways to borrow money.
• They have short loan terms. Payday loans are designed to provide the money you need until your next paycheque arrives. They have very short loan terms of 62 days or fewer, so you’ll need to get the money together quickly to repay the loan on time.
• They can suck you into a cycle of debt. Thanks to their high cost and short terms, payday loans are difficult to pay back on time. This can lead you to borrow more money to make ends meet before your next paycheque arrives. Before long, you could find yourself in a cycle of debt.
• There are some dodgy lenders out there. Payday loans are notorious for being associated with disreputable lenders and scammers. Make sure any lender you use has a payday lending licence in your province, is transparent about loan costs and abides by all the payday lending regulations where you live. Learn more about payday loan scams and legit lenders.

How do I access cash advance apps like Bree?

If you’d like to get a cash advance instead of a payday loan or installment loan, you’ll need to have these:

• Regular income being paid into your bank account (minimum $1,000 for Bree)
• Enough funds after your next paycheque to repay the cash advance
• Have a Visa or Mastercard debit card with a CVV (for Bree)

Dive deeper: Cash advance apps in Canada

How to apply for a cash advance

If you need $700, Bree is your best option as it offers cash advances up to $750. There are two other cash advance apps in Canada, but they offer smaller cash advances. KOHO Cover offers up to $250, while Nyble is capped at $250.

Here’s how to apply for a cash advance from Bree:

1. Head to Bree’s website and select Sign Up.
2. Input your name and email and set a password to create an account.
3. Verify your phone number and email address.
4. Connect your debit card.
5. Once your account is set up, you can request a cash advance and select a repayment date, which must be within 90 days.
6. Choose between Express Delivery for a fee of $2.99 – $45.99 if you want an instant transfer or Standard Delivery for free, if you don’t mind waiting 1–3 business days.
7. Submit your application and wait for the funds to be deposited into your linked bank account.

Should I get a payday loan, a cash advance or an installment loan?

The right type of loan for you will, of course, depend on your personal financial situation. Generally, both installment loans and payday loans are very expensive options. A cash advance app (Bree) may be the best option as it comes with no interest and no fees, as long as you opt for standard three-day delivery. If you choose instant funding, a subscription fee and transfer fee apply, which can cost over $20 in total.

Other ways to access $700

Here are some alternative ways to get $700:

• Credit card cash advance. A credit card cash advance allows you to access cash from your card balance. They tend to attract a higher interest rate than credit card purchases — but lower than the rate on a payday loan or bad credit installment loan — and you’ll often also need to pay a cash advance fee.
• Line of credit. A line of credit allows you to withdraw money as you need it, but up to a pre-determined limit. You can use as much of your approved credit limit as you want, while interest is charged only on the money you borrow rather than the full credit limit. Interest rates are typically lower than on personal loans and credit cards, but watch out for any fees that also apply.
• Side hustle. Rather than applying for more debt, it may be better to supplement your income instead with a side hustle.

Dive deeper: Have time? Compare 40+ personal loans

Bottom line

If you need a $700 loan, your best option depends on how quickly you need the money, your credit score and your budget. Payday loans are the most expensive and should be a last resort. Installment loans can be more manageable with monthly payments, but often come with high interest if your credit isn’t great. For short-term needs, cash advance apps like Bree are usually the cheapest and fastest option, with no interest — just a small subscription or membership fee. Always compare costs, terms and your ability to repay before borrowing.

Frequently asked questions

• How do I borrow $700 fast?

  It's possible to get approval and funding for an installment loan within 24–48 hours. Payday lenders can provide access to funds in as little as one hour, but they come with high interest rates, high fees and very short loan terms. Cash advance apps typically offer instant funding for a fee. Otherwise, you'll have to wait 1–3 business days.

• Can I get a $700 loan with no credit check?

  Yes, some payday lenders will allow you to borrow $700 without requiring a credit check. However, payday loans are very expensive and have short loan terms, so they should only be used as a last resort. Cash advance apps typically don't conduct a credit check either.

• How will I get my $700 loan?

  The money you borrow will usually be sent to your bank account via Interac e-Transfer or direct deposit.