Explore loans with instant approval & funding

If you’re looking for an instant loan, you can get a payday loan or cash advance. These loans have easy eligibility requirements, rapid online applications and instant funding, but watch out for steep interest rates for some of them.

In this guide, we highlight some of the fastest instant loans in Canada to help cover your urgent expenses.

Compare cash advances with instant approval and funding

Get a small loan online from a pay advance app. You pay no interest on these loans, but you may pay a monthly fee.

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. Compare fees and features of online payday loans with instant approval.

What are the best instant loans in Canada?

The best instant loan depends on your needs, as there isn’t a single best choice for everyone. However, here are licensed lenders that have established a track record for quick funding.

Lender	Instant approval	Instant funding	How to get your loan	Cost
KOHO cash advance	Yes	Yes	On the website or app	0% + monthly fee from $2
Nyble cash advance	Yes	Yes, if you sign up for their optional membership	On the website or app	0%
Cashco payday loan	Yes	Yes	On the website or app	$14 per $100 borrowed
Wagepay payday loan	Yes	Yes	On the website or app	$14 per $100 borrowed

Pros and cons of instant loans in Canada

How do instant loans work?

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 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 for every $100 borrowed, and you’ll need to repay the loan by your next payday.

The other option is cash advance apps, which can be much cheaper than payday loans, but they have smaller loan amounts.

Related: Loan apps

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 five 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, such as Money Mart and Cash Money, 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.

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 non-sufficient funds (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.

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 a guaranteed instant loans?

Guaranteed instant loans may sound like an easy way to borrow money, but there’s 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. Learn more about guaranteed approval loans.

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:

• Loan type

  The two common online instant loans in Canada are payday loans and early pay advances. Payday loans have higher loan amounts and higher rates, whereas early pay advances have lower loan amounts and lower rates.

• Interest rate

  Payday loans cost $14 for every $100 borrowed. Early pay advances have no interest, but may have a monthly subscription fee.

• Fees

  Don’t forget about other fees that may apply to a loan, such as NSF fees and late payment fees.

• Loan term

  Payday loans must be repaid by your next payday. If you pay back the loan on time, will you have enough room in your budget to cover all your essential expenses? If you won’t, you may find yourself needing another loan.

  Certain early pay advances, like Nyble and KOHO, on the other hand, allow you to roll over your loan to the following months, but you can’t borrow more until you pay off your first loan.

• Accepted incomes

  Lenders of instant loans can accept many types of income. However, your options will be more limited if your income is social assistance or government disability benefits because fewer lenders accept these.

• Open 24/7

  The lenders in our list above provide similar turnaround times if you apply during their business hours. They can provide instant approval and instant e-Transfer funding. However, most of them don’t have 24/7 online customer support.

• Funding methods

  Interac e-Transfer allows instant funding because this can be sent and received 24/7. You can register for free using your bank account. Some lenders offer direct deposit as well, but this will take 1–2 business days.

Dive deeper: Best online loans in Canada

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.

Frequently asked questions

• What loan can I get instantly?

  The loan that you can get instantly is a payday loan or cash advance. With these loans, you can get an instant decision and funding within a few minutes after approval.

• Can I get online payday loans with instant approval?

  Yes, you can apply online for instant approval payday loans in Canada as long as you go through bank verification, which is an automated process. If you opt for a manual review, getting approval will take longer.

• How will I receive the money for an instant loan?

  The funds will usually be sent to your account via Interac e-Transfer. However, if the lender has a branch near you, you can visit their store in person to collect the loan as cash.

• Can I get a no refusal instant loan?

  Be wary of no refusal instant loans. Legitimate lenders have eligibility requirements and will turn down certain applications. If you encounter a lender that says it doesn't refuse any applications, it could be a scam.