Payday loans for students provide extra cash to cover unexpected financial shortfalls. But they’re extremely expensive and should only be used as a last resort, after exploring alternatives like cash advances and personal loans. Compare your options here, and find out where to get an instant loan for students.
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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 for students
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 $100 borrowed, which could amount to an APR of over 300%. But payday loans aren’t your only option as a student. There are also cash advances and personal loans to consider (see below).
{"userFilters":[{"config":{"MULTISELECT":true,"VALUES":"Alberta, British Columbia, Manitoba, Newfoundland and Labrador, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Quebec, Saskatchewan, Yukon"},"dataSelector":{"recordType":"product","fieldCode":"DETAILS.PROVINCES"},"dataType":"TEXT","label":"What province or territory do you live in?","order":1},{"config":{},"dataSelector":{"recordType":"product","fieldCode":"GENERAL.PROVIDER_ID"},"dataType":"UUID","label":"Provider","order":100}],"niche":{"currencySymbol":"$","decimalPoint":".","decimalPlaces":"2","thousandsSeparator":",","filterBoundsMap":{"product.DETAILS.PROVINCES":null,"product.GENERAL.PROVIDER_ID":null}},"prefilled":false,"experimental":false}
4 of 21 results
Compare cash advance apps for students
Cash advance 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.
3 of 3 results
Finder Score for cash advance apps
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.
3 of 5 results
Compare other products
We currently don't have that product, but here are others to consider:
How we picked these
Finder Score for personal loans
To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 40+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan—simple.
$35 per hour on average (depends on chosen tasks & engagement)
Sign up in minutes
Instant cash-outs from $2
$5 sign-up bonus when you start your first task
Key takeaways
Payday loans for students are easy to get but extremely expensive, costing $14 per $100 borrowed.
Cash advance apps and some personal loans offer safer, more affordable alternatives, with lower fees, no credit check and quick funding.
Students with steady income can qualify for multiple loan types, but should compare their options carefully and consider alternatives like student aid or help from family before taking on high-cost debt.
Can I get an instant loan for students?
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.
Here’s how quickly popular Canadian options deliver funds.
Lenders of instant loans
Lender
Turnaround time
KOHO
Instant
iCash
2 minutes
Nyble
Instantly for a fee or up to 3 business days
Bree
5 minutes for a fee or up to 3 business days
Personal loans offer larger amounts, but they’re not instant. Some lenders do offer same-day funding, but they may charge high rates — especially if you have less-than-good credit or no credit history at all.
Loan search platforms like Loans Canada and LoanConnect can help you find lenders in Canada that work with students. If you earn a 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.
Cost comparison: Cash advances, personal loans and payday loans for students
Here’s an example of how much a $300 loan may cost a student based on the different types of loans. Note that your actual costs will vary based on individual factors like your credit history and income, if applicable.
In this example, the payday loan is the most expensive, while the personal loan is the cheapest.
Loan
Term
Cost of borrowing
$300 payday loan (Ontario)
14-day term
$42 (365% APR)
$300 cash advance (instant)
30 days
$11.99/month (equivalent to about 49% APR)
$300 personal loan
6-month term
$52.50 (35% APR)
Keep in mind that if you choose standard three-day delivery for the cash advance, it comes out the cheapest with an APR of 0%.
Am I eligible for a private loan as a student?
You’re eligible for a student payday loan, cash advance or personal loan as long as you meet the following requirements:
You’re of the age of majority in your province (18 or 19).
You’re a Canadian citizen or permanent resident.
You have a steady source of income.
You have an active bank account.
How do I get a payday loan as a student with bad credit?
Getting a payday loan as a student with bad credit is possible because most lenders focus more on your income and spending habits than your credit score. To qualify, you’ll need to show you have a steady source of income, even if it’s part-time work or government benefits. Lenders also review your recent banking activity to make sure you can afford the loan.
To apply, you’ll typically need to go through instant bank verification. Once approved, funds can be deposited into your account within minutes.
Benefits of loans for students
Personal loans, cash advances and payday loans can offer students benefits like:
Fast access to money. Some lenders transfer money within minutes after receiving your signed contract, which can help in emergencies. Learn more about emergency loans.
Some loans are easy to qualify for. Payday loans and cash advances are easier to get approved for than many other types of funding.
No collateral. Most student loans are unsecured, so you don’t need to provide any assets to get a loan.
Online applications. Most lenders offer fully digital applications, making the process much more convenient.
Build credit. Some cash advance apps and personal loan lenders report your payments to the credit bureaus, which can help you build credit if you make payments on time.
Risks of loans for students
Personal loans, cash advances and payday loans also come with risks, such as:
Cycle of debt. Loans can be expensive when you have little or no income or credit history. Payday loans have excruciatingly high fees ($14 for every $100 borrowed) and short repayment terms. Make sure you can afford repayments, or you might find yourself needing another loan.
Credit score impact. If you don’t make your repayments on time, a lender may report you to the credit bureau, which means your credit score will take a negative hit.
Disreputable lenders. Only apply to a legitimate lender that’s licensed and follows loan regulations in your province.
High borrowing costs. Students with low or no credit may face high interest rates on personal loans.
What are some alternatives to personal loans and short-term loans for students?
If you’re strapped for cash, consider these alternatives to payday loans and personal loans first, as borrowing money can be costly and burdensome:
Student aid. Reach out to your school’s financial aid office to ask about student loans and grants you can apply for.
Financial assistance from non-profits. Non-profits near you might have grants available for people in need of emergency funding. Visit 211.ca to get connected to the right support.
Friends or family. It can be an uncomfortable conversation, but consider turning to your loved ones for help. Give them a detailed plan of exactly how you’ll repay them.
Credit counselling. If you’re struggling with debt, non-profits can give you free or low-cost advice on how to tackle your obligations.
Student credit card. If you haven’t gotten one yet, a student credit card will have a much lower interest rate than a payday loan.
Negotiate with your creditors. For example, you can ask your landlord if you can make a partial payment next month.
Credit card cash advance. This is an expensive option, but it’s cheaper than getting a payday loan. With a credit card cash advance, you withdraw cash from an ATM using your credit card. The moment you withdraw, there’s a fee, plus interest accrues at a rate of around 23%.
How to apply
If you believe a personal loan or a payday loan is right for you, follow these steps:
Fill out an application. Provide your name, address, employment and banking details and housing information. Some lenders may require references from your friends, family or employer.
Get a decision. Find out within minutes if you’re approved.
Review your contract. Review the repayment schedule, loan amount and overall borrowing cost.
Get funded. If approved, you’ll get money via e-Transfer or direct deposit.
Bottom line
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.
Frequently asked questions about loans for students
With a payday loan, you can borrow up to $1,500, but it depends on your income. Cash advance apps generally only give you access to $20 to $500.
Personal loans for students are based on how much you earn, whether you apply with a cosigner, your credit history (if you have any) and other factors. As a student, you may receive less than $5,000.
You can receive funds within a few minutes, hours or days, depending on the lender.
Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
See full bio
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
See full bio
Stacie's expertise
Stacie
has written
282
Finder guides across topics including:
Find out what loans you can apply for after bankruptcy.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
