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Get a $50 loan instantly in Canada

Compare convenient loan options when you need an instant $50 loan.

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Nyble Credit Line

Nyble Credit Line logo
  • Access up to $150 to build credit
  • No credit history required
  • No interest or required fees
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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.

Compare providers of $50 loans in Canada

1. Nyble small credit line

$30 – $150
Loan amount
Starting at 0%
APR
30 days, extendable
Term
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. Full Review
  • 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 No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time 1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces All provinces and territories

1. KOHO Cover

$20 – $250
Loan amount
Starting at 0%
APR
Flexible
Term
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. You'll need a KOHO savings account to access this service. Full Review
  • No late fees
  • No impact to credit score
  • Get free financial coaching services when you subscribe to Cover
  • There is a subscription fee starting at $2/month
  • KOHO savings account required
Loan amount $20 – $250
APR Starting at 0%
Term Flexible
Fees subscription fee starting at $2/month
Turnaround time Immediately
Serviced provinces All provinces and territories

3. Bree early pay

$20 – $350
Loan amount
Starting at 0%
APR
Next pay cycle (61 days max.)
Term
Bree provides cash advances of up to $350 to help you get through to your next paycheque. You can apply online on its web app within minutes and there's no credit check required, and you pay back what you borrow in a single installment on your nominated repayment date. Full Review
  • Quick and easy to apply
  • No credit checks
  • No interest
  • Same-day funding available (for a small fee)
  • You'll need to pay a fee to get your loan nearly instantly
  • Monthly membership fee if you want access to Bree's budgeting tool
  • Limited customer reviews
Loan amount $20 – $350
APR Starting at 0%
Term Next pay cycle (61 days max.)
Fees No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Serviced provinces All provinces and territories

4. MogoMini line of credit

MogoMini Line of Credit
Finder Score:
★★★★★
Customer Survey:
★★★★★
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$1,000 – $3,500
Loan amount
Up to 47.42%
APR
No end dates
Term
MogoMini is a flexible line of credit of up to $3,500. You can withdraw money up to your credit limit as needed, and only pay interest on the funds you withdraw. It's also available to borrowers with a less than perfect credit history. Full Review
  • 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
Loan amount $1,000 – $3,500
APR Up to 47.42%
Term No end dates
Min. credit score 600
Fees None
Serviced provinces BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT

5. Loans Canada line of credit

Loans Canada Line of Credit
Finder Score:
★★★★★
Customer Survey:
★★★★★
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$5,000 – $35,000
Loan amount
9.9% – 21.5%
APR
Open
Term
Loans Canada is an online broker 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 amount within 1 to 3 business days. Full Review
  • 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
Loan amount $5,000 – $35,000
APR 9.9% – 21.5%
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 of Canada

6. LoanConnect line of credit

LoanConnect Line of Credit
Finder Score:
★★★★★
Customer Survey:
★★★★★
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$500 – $50,000
Loan amount
19.99% – 46.96%
APR
Open
Term
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. Full Review
  • 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.

What do I need to get approved for a $50 loan?

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.

Pros

  • No credit check needed
  • Quick and easy to apply

Cons

  • Steep interest rates
  • 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

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Written by

Tim Falk

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 profile

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