Payday Loans for Students (Plus Alternatives)

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.

Jump to:

• Payday loans for students
• Cash advance apps for students
• Personal loans for students
• Where can I get an instant loan for students?

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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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC and ON	Key features: 24/7 approval and e-Transfer, no credit check	Go to siteView details Compare product selection Compare	loading
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteView details Compare product selection Compare	loading
Venue Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	BC	Key features: Instant loans, no credit check	View details Compare product selection Compare	loading
Cashco Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	AB, BC and SK	Key features: Instant approval, no credit check	View details Compare product selection Compare	loading

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Showing 4 of 23 results

Compare cash advance apps for students

Cash advance comes in small amounts, typically $20 to around $750. 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	Costs	Loan Amount	Loan Term	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	$75 REWARD Go to siteView details Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $750	Next pay cycle	Refer a friend and get a $20 credit limit increase on your next withdrawal. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-Transfers, 24/7, no credit check	Go to siteView details Compare product selection Compare	loading

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Showing 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.

Read the full methodology

Compare personal loans for students

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	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 60 months	Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.	Key features: Loan search platform, largest lender network	Go to site View details Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	8.99% - 35.00%	$500 - $60,000	3 - 120 months	Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Key features: Loan search platform, pre-approval in 5 minutes	Go to site View details Compare product selection Compare	loading
Finder score 7.9 Great Green Loans	Finder score 7.9 Great	22.00% - 35.00% + broker fee	$300 - $1,000	3 - 12 months	Key features: Quick online loans with instant approval.	Go to site View details Compare product selection Compare	loading

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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.

Read the full methodology

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

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.

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:

1. 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.
2. Get a decision. Find out within minutes if you’re approved.
3. Review your contract. Review the repayment schedule, loan amount and overall borrowing cost.
4. 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

• How much can I borrow with personal loan, cash advance or payday 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 $750.

  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.

• When will my loan be available?

  You can receive funds within a few minutes, hours or days, depending on the lender.

To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.

Written by

Rebecca Low

Writer

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

Co-written by

Stacie Hurst

Associate editor

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

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