Short Term Loans Review April 2021 | Finder Canada
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Get access to emergency cash in under 24 hours with a short-term loan from this online lender. offers short-term personal loans for amounts ranging between $500 and $1,000.


Min. Loan Amount


Max. Loan Amount

3 months

Loan Term

Please note: All information about has been collected independently by Finder and this product is not available through this site.

If you need an injection of cash to make ends meet until your next paycheque, you could benefit from taking out a short-term personal loan with This alternative lender offers quick approval for loans under $1,000, with no collateral required to secure financing.

It’s important to note that these loans are similar to payday loans and come with high fees and interest rates. For this reason, you should make sure you can pay the money back on time before you apply in order to avoid financial hardship.

What types of loans does provide? offers short-term personal loans for amounts ranging between $500 and $1,000. These loans come with high annual interest rates (APR), and you’ll typically pay them back over a maximum term of 90 days. You can apply for these loans online in less than 15 minutes, and you don’t need perfect credit to qualify.

While these loans come with higher rates and fees, the upside is that it’s easy to qualify for a loan and you can pay it back as quickly as you want. You’ll also be able to access your money almost as soon as your application is approved.

How much will I pay for my loan?

The rates you’ll pay for your loan will be between 28% and 32% APR, which is around 10% higher than what you might pay for a credit card. You’ll also be charged a number of fees for certain services. For example, you may pay a brokerage fee when your loan is issued or a default fee if you can’t make a payment due to insufficient funds.

If you find that you’re unable to repay your loan for any reason, will try to work with you to find a solution. If you choose not to cooperate with the repayment process, your loan will be sent to collections for further processing and possible legal action.

What can I use my loan for? doesn’t regulate how you can spend the money you borrow. Some examples of what you might use your loan for are listed below.

  • Monthly expenses. Use the money you borrow to pay for the cost of monthly expenses like rent, utilities and groceries.
  • Emergency expenses. Get the funds you need to cover unexpected or emergency expenses like car repairs, health care bills or funeral costs.
  • One-off payments. Top-up your cash flow to pay for large purchases like furniture, home renovations, vacations, tuition and more.
  • Debt repayment. Use your loan to pay off your current debts so that your credit score doesn’t suffer due to late payments or bounced cheques.

What are the benefits of a short-term loan with

Taking out a short-term loan with has a number of benefits, including the following:

  • Online application. It’s easy to apply for a loan from the comfort of your own home in less than 15 minutes,
  • Fast approval. Your application will typically be reviewed in a matter of minutes and you’ll usually receive your money in less than 24 hours (when approved).
  • Direct deposit. Once all of your documents go through, your money will be deposited directly into your bank account.
  • No collateral required. You won’t have to secure your loan with an asset like your home or vehicle.
  • Bad credit doesn’t matter. Most lenders that works with won’t check your credit score before approving you for a loan.
  • No fee for early pay-outs. You’ll be able to pay off your balance at any time without any extra fees or charges.

What should I watch out for?

While there are many benefits to taking out a short-term loan, you’ll want to keep an eye out for some of the potential drawbacks you might encounter as well.

  • High interest rates. The interest rates you’ll pay for a short-term loan are typically much higher than what you’ll pay for a traditional loan.
  • Small amounts. You’ll only be able to qualify for a loan of up to $1,000, which may not be enough to cover your expenses.
  • No funding for self-employed. If you’re self-employed, you typically won’t qualify unless you receive your income through direct deposit.
  • Automatic withdrawals. Your payments will be taken automatically from your bank account, which means you have to budget accordingly to avoid late charges.
  • Minimum income requirements. You need to be gainfully employed to qualify, with a minimum income of $1,200 per month.

What should I know before I apply

How to apply

If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow the steps below:

  1. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
  2. Review and submit your application.
  3. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

Bottom line is a reputable loan provider that offers short-term loans with fast approval times. Just be aware that the interest rates for these loans are higher than what you’ll pay for a traditional loan. Find out what you need to qualify and start your application today.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
  • Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
  • Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
  • Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.

Compare other payday loans

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Max. Loan Amount Serviced Provinces Turnaround Time Loan Term Interest Rate
iCASH Payday Loan
British Columbia
New Brunswick
Nova Scotia
In as little as 2 minutes with INTERAC e-Transfer® if approved.
14 - 62 days (varies by province)
Varies by province
Get up to 20% in cash back once your iCASH Payday Loan is fully repaid. Conditions apply.
Cash Money Payday Loan
British Columbia
Nova Scotia
In as little as 15 minutes with INTERAC e-Transfer® if approved
12-14 days (varies by province)
Varies by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Saskatchewan applicants). Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store).
GoDay Payday Loan
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, Saskatchewan
In as little as 2 minutes with INTERAC e-Transfer® if approved
Up to 62 days
Varies by Province
To apply for a GoDay payday loan, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.

Compare up to 4 providers

Maximum borrowing costs
You should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
Province Maximum allowable cost of borrowing
Alberta $15 per $100 borrowed
British Columbia $15 per $100 borrowed
Manitoba $17 per $100 borrowed
New Brunswick $15 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Ontario $15 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)
Saskatchewan $17 per $100 borrowed

Frequently asked questions

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