When financial emergencies and unexpected costs arise, a cash loan can help. While they’re not long-term financial solutions, cash loans provide fast access to the money you need to get back on your feet. You can apply for funding online and, if approved, get access to cash as soon as the same day.
Read on for our guide to cash loans in Canada. We’ll cover how cash loans work, how much they cost, how to apply and what to watch out for.
The following providers offer instant cash loans that are easier to get than traditional personal loans. 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
Early Pay
No interest or fees to access cash advance, fee for express funding (varies based on advance)
$20–$250
Next pay cycle (61 days max.)
Easy to apply, no interest, same-day funding for a small fee, 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 payday loans in Canada
Payday loans are cash loans of up to $1,500. They’re extremely expensive with APRs typically over 300%, so only consider them as a last resort.
Loan provider
Interest rate
Loan amount
Loan term
Key features
Link
Payday loan
Varies by province
$100 – $1,500
7 - 62 days
Instant 24/7 approval and e-Transfer, accepts bad credit
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
I need cash urgently. Where can I apply?
If you need cash ASAP, the fastest lenders are payday lenders and cash advance lenders. They can give instant approval and e-Transfer funding. Learn more about in our emergency loans guide.
How do cash loans work?
A cash loan is a short-term loan that offers fast access to money in a financial emergency. These loans are usually small in size, typically allow you to get your loan amount within 24 hours, and may be sent directly to your bank account or be made available to collect as cash.
Repayment schedules are usually set according to your pay dates, and cash loans can be used for almost any purpose. Many cash loans are also available without a credit check, making them an option worth considering for borrowers with bad credit.
There are a few different types of fast cash loans available:
Payday loans.Payday loans are short-term loans of up to $1,500. The maximum loan term is 62 days, and you can collect cash in store or have it sent to your bank account within minutes via e-Transfer. But high fees apply, so payday loans should only ever be seen as last-resort solutions in financial emergencies.
Installment loans.Installment loans are personal loans provided by online lenders. These cash lenders have more lenient eligibility criteria than banks and credit unions, but this usually comes at the cost of higher rates. Loans of up to $10,000 are available and some lenders offer same-day funding, while terms range anywhere from 3 - 60 months.
Pay advances.Cash advance apps offer short-term cash loans that allow you to access a portion of your next paycheque before it’s paid by your employer. Loans are typically small amounts (around $20 – $250) to help you cover essential expenses, and your repayment is automatically deducted from your bank account on your next payday. There’s no interest charged on the money you borrow, but a monthly subscription fee may apply.
How to compare cash loans in Canada
The best cash loan for you will depend on your borrowing needs and your current financial situation. Remember to consider the following factors when comparing your options:
Lender legitimacy. Check whether a lender is licensed to operate in your province and that they abide by all regulations. For example, payday lending regulations vary between provinces, so check the rules that apply where you live. Avoid any lenders that show the telltale signs of a payday loan scam or personal loan scam.
Loan APR. Check the annual percentage rate, which combines the interest rate and loan fees, to find the true cost of a loan. Use it to compare the cost of loans from a variety of lenders.
Other fees. Find out how much you’ll be charged if you make a late payment or get slugged with an NSF fee. Also make sure there won’t be any penalty if you repay the loan ahead of schedule.
Loan amount. Check whether the lender’s minimum and maximum loan amounts suit your needs. For example, payday loans can be up to $1,500, but regulations in some provinces limit the amount to a certain percentage of your income.
Loan term. How long will you have to repay what you borrow? For example, if you take out an installment loan, choosing a shorter loan term will result in higher monthly payments that may be difficult to budget for. A longer term means a more manageable monthly payment, but you’ll also pay more interest in the long run.
Eligibility criteria. What will you need to do to qualify for a loan? For example, will you need to complete a credit check? Are there minimum income and employment requirements?
Turnaround time. Check how long it will take to access the loan amount. If you need cash in a hurry, some cash lenders offer approval and funding within minutes. Others may take 1-3 business days.
How to apply for cash loans
If you want to apply for an instant cash loan in Canada, here’s what you need to do:
Compare lenders and loans. Research lenders to find legitimate providers who offer loans that suit your needs. Compare loan APRs, additional fees, terms, repayment schedules, and how fast you can get access to cash. Don’t forget to make sure that you meet the minimum requirements outlined by the lender.
Gather your documentation. Make sure that you have all the required information before applying. You’ll need to prove your identity, income, address and bank account details when applying online.
Submit your application. Apply online if you want to get your loan via e-Transfer or direct deposit, or apply in store if you want to collect your loan as cash.
Review your loan offer. If you’re approved, make sure you review the details of any loan offer carefully before you accept it.
Get funded. Some cash lenders provide access to your funds within minutes, while same-day funding is available from a variety of lenders.
Benefits of cash loans
Why apply for a fast cash loan? There are plenty of reasons why this type of loan is worth considering:
Quick turnaround. Cash loans are known for providing fast access to funds and require less documentation than loans from traditional lenders. If you need an instant cash loan, some lenders allow you to access the money you need within minutes.
Easy to apply. It’s quick and easy to apply for a cash loan online, while some lenders also have store locations if you want to apply in person.
Lenient eligibility criteria. Online lenders have less strict eligibility requirements than banks and credit unions, so it’s possible to qualify for a loan if you have bad credit or no credit history.
Available 24/7. Some lenders use automated loan approval systems, which means you can apply for a loan and get fast cash when you need it.
Help in a financial emergency. When you’re in urgent need of funds to help cover an unexpected expense, a cash loan can help you get through to your next paycheque.
What to watch out for with cash loans
There are a few drawbacks you need to be aware of before applying for a cash loan:
Higher costs. The interest rates and fees on cash loans are higher than on loans from traditional lenders, and costs can mount quickly.
Short repayment terms. Cash loans are used for short-term financial needs, so you won’t have long to pay back what you borrow. This can make it difficult to budget for high repayment amounts, which can force some borrowers to take out a second loan and potentially get trapped in a cycle of debt.
Disreputable lenders. Unlicensed predatory lenders target unsuspecting borrowers in times of financial distress. That’s why it’s important to research cash lenders to make sure they’re legitimate and licensed to provide loans in your province or territory.
Borrowing unnecessarily. Due to faster processing and lenient eligibility requirements, these loans might give a feeling of “easy money”. This can lead to spending money on things you don’t need, like new gadgets or expensive vacations. Instant cash loans should only be seen as short-term solutions to financial emergencies.
Borrowing more than you can afford. Carefully consider whether you will be able to afford loan repayments on top of your regular expenses before you apply. If you’re experiencing financial difficulties, consider credit counselling for advice on the best way to manage debt and get your finances back on track.
Bottom line
Cash loans provide fast and convenient funds when you experience short-term financial pain. However, they often come with high interest rates and/or fees, so they’re not a long-term solution if you’re struggling financially.
Ultimately, if you decide that a fast cash loan is right for you, be sure to consider a range of options before you apply.
Frequently asked questions
We found a payday loan licence for Quality Cash Loans in BC, but not the other provinces.
Yes — provided you only ever deal with a legitimate lender. Before you apply, research the lender thoroughly to find out whether they're properly registered and licensed to offer loans in your province. You can also read customer reviews and check whether the lender is BBB accredited to make sure they're a reputable provider.
Yes. Cash lenders have more lenient eligibility requirements than traditional lenders like banks, but they tend to charge higher interest rates and fees. Cash loans also have short repayment terms, which increases the APR that applies.
Yes. Many online and in-store lenders offer bad credit cash loans. Rather than focusing on your credit score, they look at your income, employment and ability to pay back the loan before approving your application. However, be aware that higher interest rates and fees apply. Learn more about bad credit loans in Canada.
It depends on the lender you choose. Some lenders allow you to apply, get approved and get funded within minutes, either online or in person. Other lenders offer same-day approval, while it may take 1-3 business days to get funded with some installment loan providers.
If you can't meet your loan repayment by the due date, contact the lender as soon as possible. The lender should attempt to work with you to sort the issue out. Remember that these forms of finance are generally used for emergency situations, so always compare your options before applying online.
No. Be wary of any lender that promises guaranteed approval as this could be a sign of a loan scam. A legitimate lender will always assess your income and financial situation before deciding whether to accept or refuse your loan application. Learn more about no-refusal loans.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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