Payday loans for students provide extra cash to cover unexpected financial shortfalls. But these are extremely expensive and should be treated as a last resort after alternatives like cash advances and personal loans. Compare your options here, and find out where to get an instant loan for students.
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Payday loans are among the most accessible form of funding for borrowers with little or no credit history, although you need consistent income to apply. Many payday lenders don’t require a credit check, and it’s possible to apply online and get funded the same day.
The catch? You’ll pay $14 for every $100 borrowed, which could amount to an APR of over 300%. But payday loans aren’t your only option as a student. There are also cash advances and personal loans to consider (see below).
Cash advances comes in small amounts, typically $20 to around $500. There’s no interest, and you don’t need a credit check to get approved. But you might need to pay a subscription fee to access funding. To get an instant loan for students, you might also need to pay an express transfer fee.
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
Unlike payday loans and cash advances, personal loans for students can come in higher amounts and have longer repayment terms. Interest rates are lower than payday loans, and you might qualify for an even lower rate by applying with a cosigner like a friend or family member.
The difficult part is qualifying for funding, as personal loan providers often have tougher eligibility requirements, and you likely won’t qualify without any income. But some lenders cater to those with little or no credit history, like students.
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How we picked theseTo make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 70+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
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If you’re looking for an instant loan for students, a cash advance or payday loan might be the answer. These are easy to qualify for and typically provide fast or even instant funding after approval. The downside is that cash advances are pretty small, and payday loans are enormously expensive.
Personal loans may solve both of these problems, but not all lenders offer same-day funding with minimal application requirements. Those that do may charge high rates—especially if you have less-than-good credit or no credit history at all.
Brokers like Loans Canada and LoanConnect can help you find lenders in Canada that work with students. If you earn regular income, even part-time, easyfinancial and Spring Financial might accept you with no credit history. But expect to pay more for borrowing funds until you’ve built up a strong credit score.
Here’s an example of how the fees for a student payday loan in Ontario could compare to a cash advance and a personal loan. Note that your actual costs will vary based on individual factors like your credit history and income, if applicable.
In this example, a payday loan is the most expensive, while a cash advance is the cheapest. A personal loan comes out in between.
| Loan | Term | Example cost |
|---|---|---|
| $300 payday loan (Ontario) | 14-day term | $42 (365% APR) |
| $300 cash advance | Next pay cycle | $3/month (optional fee for instant funding) |
| $300 personal loan | 6-month term | 35% APR |
You are eligible for a student payday loan or personal loan as long as you meet the following requirements:
If you’re strapped for cash, consider these alternatives to payday loans and personal loans first, as borrowing money can be costly and burdensome:
If you believe a personal loan or a payday loan is right for you, follow these steps:
While you may be able to qualify for a personal loan or payday loan as a student, borrowing money comes with risks. Make sure you can afford repayments, and consider less expensive options like visiting your school’s financial aid department, using a cash advance app or getting a credit card cash advance.
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