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.
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).
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Compare cash advance apps for students
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.
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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.
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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.
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.
Cost comparison: Cash advances, personal loans and payday loans for students
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
Am I eligible for a private loan as a student?
You are eligible for a student payday loan or personal loan as long as you meet the following requirements:
You’re at least 18 or 19, depending on your province.
You’re a Canadian citizen or permanent resident.
You have a steady source of income (even if it’s part time).
You have an active bank account.
Benefits and risks of personal loans and payday loans for students
Some loans are easy to qualify for. Payday loans and cash advances are easier to get approved for than many other types of funding.
Cycle of debt. Loans can be expensive when you have little or no income or creidt 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.
What are some alternatives to personal loans and payday 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%.
Installment loan. Installment loans are high-interest loans with the benefit of breaking up your payments over several months. This gives you some breathing room in your monthly budget. Learn about the best installment loans.
How to get personal loans or payday loans for students
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 payday 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 several hundred dollars.
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, but some lenders offer as little as $500 and as much as $50,000. Bear in mind that you won't qualify for a large amount if you don't earn a livable income or have a good credit score.
Yes. Some payday lenders provide instant loans for students—although this is a very expensive option. Most online payday lenders offer online applications, instant approval decisions and e-Transfers directly to your bank account. The entire process can often be completed in only a few minutes.
Cash advance apps are relatively new to Canada, but many offer instant access to funds, sometimes for a small fee.
This varies depending on the lender. Some lenders offer same-day loans and will deposit funds into your bank account in hours, provided you meet certain requirements. Other lenders have the money deposited into your bank account within one business day. Applying in person at a store usually means you can walk out with cash in hand.
Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
Leanne's expertise
Leanne has written 185 Finder guides across topics including:
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 284 Finder guides across topics including:
Where to find loans like payday loans in Quebec, and how to choose the loan that’s right for you.
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