If you ever find yourself strapped for cash, a fast $50 loan can sometimes be all you need to get through to your next payday. And if you want to get a $50 instant loan in Canada, there are several options to choose from — even if you have bad credit.
In this guide, we’ll compare $50 instant loans and show you how to increase your chances of getting approved for a fast loan.
Bree provides cash advances of up to $350 to help you get through to your next paycheque. You can apply online within minutes and there's no credit check required, and you pay back what you borrow in a single installment on your next payday.
How to get instant approval and funding
Download the app or go to Bree's website. Connect your bank account. This allows Bree to quickly assess your application and give an instant decision. Get instant funding 24/7 once you're approved.
Quick and easy to apply
No credit checks
No interest
Same-day funding available (for a small fee)
$2.99 monthly membership fee
You'll need to pay a fee to get your loan nearly instantly
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance)
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
How to get instant approval and funding
Download the Nyble app or apply on the website. Connect your bank account to get an instant decision. Access funding any time once you're approved.
No credit check
No interest
Can improve your credit score
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Get overdraft protection of up to $20, which can increase to up to $250 as you continue to pay a subscription fee starting at $2/month.
How to get instant approval and funding
You'll need a KOHO account first, which may come with a monthly fee, to access its cash advance. Once you get a KOHO account, you can get an instant cash advance through the KOHO app or you can withdraw from an ATM.
No late fees
No impact to credit score
Get free financial coaching services when you subscribe to Cover
MogoMini is a flexible line of credit of up to $3,500. You can withdraw as little as $50 and only pay interest on the funds you withdraw. It's also available to borrowers with a less-than-perfect credit history.
How to get instant approval and funding
Apply online and prequalify within minutes. Once you're approved, access your line of credit any time. Overall, however, Mogo's process is slower than those of cash advance providers.
Only pay interest on the money you use
Bad credit accepted
Low minimum income requirement
You need to be disciplined to make sure you don't overspend
Watch out for high rates
Check the fine print for additional fees that may apply
Loans Canada is an online loan search platform where you can find lenders that match your borrowing needs. By filling out a single loan application, you can compare suitable loan offers from a network of over 60 lenders. You'll then be able to access your loan, which can be as little as $50, within one to three business days.
How to get instant approval and funding
You can get your lender matches instantly, but approval is not instant and may take a business day or two. If you need a $50 loan as soon as possible, consider cash advance apps.
Options for all types of credit
Largest lender network in Canada
Easy to apply and compare loan offers
Better Business Bureau accredited and has an A+ rating
High rates for bad credit
Not a direct lender
Be wary of spending more than you can afford to repay
LoanConnect is an online broker where you can access loans from a network of more than 20 lenders. It's quick and easy to apply, and opening a line of credit means you only pay interest on the money you actually use.
How to get instant approval and funding
Like Loans Canada, you have instant access to lender matches, but approval may take a few hours, up to a day or two. Once you're approved, however, you can access your line of credit any time and borrow as little as $50.
Compare loans from over 20 lenders
Options for good and bad credit
Get pre-approved in minutes
Better Business Bureau accredited with an A+ rating
High interest rates if you have bad credit
Not a direct lender
You'll need to be disciplined to avoid overspending
Loan amount
$500 – $50,000
APR
19.99% – 46.96%
Term
Open
Min. credit score
300
Fees
No application, origination or brokerage fees
Turnaround time
Receive funds within as little as 24 hours.
Serviced provinces
All provinces.
Where can you get an instant $50 loan?
For many Canadians, pay advance apps such as Nyble, Bree and KOHO offer the best way to get an instant $50 loan online in Canada. Other loan types have higher minimum loan amounts, such as payday loans (which start at $100) and personal loans (which start at $500).
Pay advance apps allow you to access a small portion of your next paycheque in the form of an instant loan. You can apply for a cash advance through the app or online, and there are no credit checks required. You’ll instead need to earn regular income to prove that you can repay your loan.
Loan amounts ranging from around $20 to $350 are typically available, and there’s no interest charged on the money you borrow. However, monthly fees and express transfer fees may apply.
The loan repayment is then automatically debited from your bank account on your next payday.
The exact requirements you’ll need to qualify for an instant $50 loan in Canada vary between lenders and apps. However, as a general guide you will need to:
Be at least 18 years of age
Have an active Canadian bank account
Have a reliable source of income
You may need to provide a valid form of government-issued ID when applying for a $50 loan in Canada, for example your driver’s licence or passport.
Can I get a $50 loan instantly with bad credit?
Yes. While a bad credit score will stop you getting a loan from some lenders, that’s not always the case.
There are many online lenders that specialize in loans for borrowers with all types of credit, and pay advance apps also don’t require a credit check. Rather than focusing on your credit history, these lenders will instead focus on your income, your existing debt and your ability to afford loan repayments.
However, be aware that if you open a line of credit, you’ll be hit with higher interest rates than borrowers who have good to excellent credit.
But it’s important to be careful with an open line of credit because the constant access to credit can lead to financial trouble if you find it difficult to control your spending.
Tips to get approved for a $50 instant loan with no credit check
If you want to get a $50 loan instantly with no credit check, there are a few simple things you can do to increase your chances of getting approved. These include:
No NSF transactions in the last 60-90 days. A history of NSF transactions on your bank account will indicate to the lender that you may struggle to repay what you borrow.
Acceptable debt-to-income (DTI) ratio. The ratio of your existing debt payments to your monthly income is an important indicator of your ability to afford to repay a loan. Traditional lenders typically require borrowers to have a DTI ratio of under 40%, but alternative lenders are open to a 40-60% DTI ratio range.
Instant bank verification. Many lenders offer instant bank verification, which allows them to check your income by reviewing your bank statement electronically. This removes the need for you to upload any paperwork and speeds up the application process.
Other ways to get a $50 loan fast in Canada
Check out these other ways to get a $50 loan – but watch out for high rates.
Credit card cash advance
How it works: A credit card cash advance lets you withdraw money from your card balance — it’s as simple as visiting an ATM or your bank and withdrawing the cash you need. It’s a convenient way to get cash instantly, and you can pay off the debt with the rest of your card balance. But fees and high interest rates apply, so make sure you’re aware of the total cost before you choose this option.
Pros
No credit check required
Easy and convenient way to access cash fast
No need to apply for new credit
Cons
A cash advance fee of up to 5% may apply
Minimum and maximum limits apply
Cash advances attract high interest rates, typically up to 22%, and there are no interest-free days
Pawn shop loans
How it works: Pawn shop loans let you borrow small amounts (usually up to $150) when you provide a valuable as collateral. Terms of up to a few months are available, and you’ll need to surrender your collateral to the pawn shop until you pay back what you borrow.
You can only borrow a small percentage of the item’s value
You’ll lose your collateral if you fail to repay the loan
Frequently asked questions
If you need an instant $50 loan, apps such as Bree, Nyble and KOHO all offer this service.
It's possible to get money instantly through a pay advance app, but in some cases you may need to pay a fee to access a fast transfer. If you don't want to pay a fee, you may have to wait up to three business days to get the money.
No. Pay advance apps, lines of credit, credit card cash advances and pawn shop loans allow you to access small loan amounts of $50. However, other types of loans and lenders have higher minimum loan limits. For example, if you're applying for a personal loan, many online lenders have a minimum loan amount of $500, while traditional lenders such as banks have a $1,000 minimum loan amount.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio
If you need $1,000 for an unexpected financial expense, here are lenders who offer quick, unsecured $1,000 loans.
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