$500 Loans: Explore Fast, No Credit Check Options

Need a $500 loan fast? Installment loans, cash advances and payday loans are available. Installment loans let you break up payments, but a high fee might be included. Payday loans offer instant access to funds but are extremely expensive. Cash advances don’t require credit checks and offer more flexible repayment schedules and lower costs than payday loans.

Explore your options here.

Compare $500 loans

Looking for a no credit check loan? Bree and KOHO skip the credit check.

Lender	Cost	Loan amount	Loan term
Cash Advance	0% + monthly fee from $2	$20 – $500	Flexible	Go to site
Exclusive + Get a $75 digital Visa card when you open and fund a new KOHO account online through Finder as a first-time customer. Become a Finder member in seconds for free. Keep the account open until February 15, 2027. Offer ends December 30, 2026. T&Cs apply. Get Deal Learn more
Personal Loan	9.99% - 34.95%	$500 - $35,000	6 - 84 months	Go to site
Personal Loan	8.99% - 35.00%	$500 – $50,000	3 - 120 months	Go to site
Personal Loan	9.99% - 35.00%	$500 – $50,000	3 - 60 months	Go to site
Credit Line	0%	$30 – $250	31 days, extendable	Go to site
Early Pay	0%	$20 - $750	Next pay cycle (90 days max)	Go to site

Last resort option: A $500 payday loan

Payday loans are convenient for emergencies, but their very high costs may impact borrowers in the long run. If you have already explored alternatives and have decided a payday loan suits your situation, make sure the lender you choose is licensed.

Licensed payday lender	Interest rate	Loan amount	Loan term
Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	Go to site
Payday Loan	$14 per $100 borrowed	$100 – $1,500	7 – 62 days	Go to site

Compare more $500 loans

Where to apply for a $500 loan?

The right loan depends on your personal situation, but here are a few options:

• KOHO. Funds are available instantly in your account once you’re set up. However, a $2+ monthly fee applies.
• Spring Financial. If you need $500 fast, Spring offers same-day e-Transfer funding. Payments are reported to the credit bureaus to help build your credit.
• LoanConnect. It’s a loan search platform that matches you with suitable lenders, including bad credit options.
• Bree. It offers a free loan option: pay no interest or mandatory fees if you choose standard funding, which takes one to three business days. The downside is that Bree might not approve you for $500 if you’re a new customer who hasn’t yet built up a history of on-time payments with them.

Can I get a no refusal $500 loan in Canada?

Getting a no refusal $500 loan in Canada is challenging. If you see someone advertising “no refusal,” be cautious because it could be a scam. Legitimate lenders need to examine your finances before approving a loan. One exception we’ve found is KOHO, which doesn’t have credit check or income requirements for its Cover product.

Payday lenders like Wagepay also have lenient eligibility requirements, but since they’re very expensive, it’s best to avoid them.

Dive deeper: No refusal loans in Canada

Can I get a $500 loan with no credit check in Canada?

Yes, you can get a $500 loan with no credit check from select installment loan, payday loan and cash advance lenders in Canada. Rather than performing a credit check, these lenders will examine your bank statements.

Examples of installment loan lenders that offer $500 loans with no credit check are Vancity and Credito. However, while Vancity doesn’t check credit, it still places importance on your ability to keep up with debt and bill payments.

Licensed payday lenders that don’t check credit include PAY2DAY, Wagepay and Money Mart.

For cash advance lenders, Bree and KOHO don’t check credit.

Related: Nyble vs Bree vs KOHO

How do $500 installment loans work in Canada?

An installment loan is a lump sum of money you borrow and repay over a set period through a series of scheduled, fixed payments. You can get $500 installment loans from online direct lenders or brokers.

Features of $500 installment loans

• Funding turnaround time: Within 24 to 48 hours.
• Bad credit accepted? Yes, and some lenders offer no credit check $500 loans.
• Interest rates: Typically range from 18% to 35%, with rates on the higher side for bad credit.
• Fees: If you’re applying to a broker of short-term, no credit check installment loans, like Credito and Green Loans, a broker fee applies, which typically costs in the hundreds of dollars. It’s added to your loan payments and significantly drives up the cost of your loan.
• Loan amounts: Usually $500 to $10,000.
• Loan terms: Term lengths usually last between 3 - 60 months.

Am I eligible for a $500 installment loan?

Installment loans are harder to get than payday loans, but they have easier requirements than traditional personal loans:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have a bank account
• Have a steady income (employment income preferred)
• Meet the minimum credit score for lenders who do credit checks

How to apply for a $500 installment loan

The application process is also straightforward with installment loans:

1. Fill out the application. Provide your name, address, housing situation and employment information.
2. Get pre-approved. Find out whether the lender wants to proceed with your application. Get your $500 loan offer.
3. Get verified. Provide access to your bank statements via instant bank verification, and submit to a credit check.
4. Receive your contract. Review the payment schedule and make sure you can afford the monthly payments. Be aware of any extra charges you might encounter.
5. Get funded. Get your money via Interac e-Transfer or direct deposit.

Second option: Payday loans

Payday loans are small loans that you can get within an hour, and sometimes with no credit check. That said, payday loans are an extremely expensive option, so be sure to consider your alternatives before applying for one.

Each province has its own rules for payday loans, such as how much you can borrow and how much you can be charged. Choose a licensed lender that follows all of them.

Features of $500 payday loans

• Funding turnaround time: Within a few minutes after submitting your contract.
• Bad credit accepted? Yes. Plus, no credit check loans are also available from some lenders.
• Cost: Payday loans cost $14 for every $100 borrowed.
• Loan amount: Usually between $100 and $1,500.
• Loan term: You typically repay in full by your next payday, up to 62 days. In Alberta, however, you have a minimum of 42 days, and you repay in at least two installments.

Am I eligible for $500 payday loans?

Payday loans have lenient eligibility requirements. You’ll need to meet the following:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have an active bank account
• Have a recurring income, whether that’s from employment, government assistance, private disability and others

How to apply for a $500 payday loan

The application process for payday loans is straightforward. Follow these steps to get your $500 loan:

1. Fill out the application. Provide your name, address, housing situation, job title, income and payment frequency. Some payday lenders may also request one or two references from you.
2. Get a decision. Get instant approval if you’re eligible.
3. Review the contract. Read your contract carefully, taking into account the repayment schedule and costs. Sign when you’re ready.
4. Get funded. You’ll get your money within minutes via Interac e-Transfer.

Consider cash advance apps before payday loans

Cash advance apps let you borrow a small amount of money, typically between $20 and $750, before your next payday. Unlike payday loans, these apps often charge little to no interest and may instead request an optional tip or membership fee. They’re designed to help cover short-term expenses and prevent overdraft or late payment fees.

Features of cash advance providers

• Funding turnaround time: Up to three business days or instant.
• Bad credit accepted? Yes, most cash advance apps don’t even check your credit score; they review your income instead.
• Cost: Many apps don’t charge traditional interest, but may include optional tips or monthly membership fees of $2 - $12.
• Loan amount: $20 to $750, though some cash advance apps only offer up to $250.
• Loan term: You typically need to repay a cash advance by your next payday, but some apps offer extensions or renewals.

Am I eligible for a $500 cash advance?

Eligibility for cash advance apps is simpler than for traditional loans. Most platforms approve borrowers based on income consistency rather than credit history. To qualify, you’ll typically need to:

• Be the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have an active Canadian bank account
• Have a steady source of income

KOHO is an exception, as it doesn’t have any job or income requirements.

How to apply for a $500 cash advance

Each cash advance app has its own application process, but you typically need to:

1. Download the app and create an account. Enter basic personal information like your name, address and banking details.
2. Connect your bank account. Most apps use secure, read-only access to verify your income and spending patterns.
3. Apply for a cash advance. Select the amount you want to borrow and when you can pay it back.
4. Get a decision and receive funds. If you’re approved, you should receive your funds within one to three business days unless you pay extra for instant funding.
5. Repay the loan. Most cash advance apps automatically withdraw the repayment amount on your next payday or on the date you selected. Be sure to double-check your repayment terms, though, so you don’t miss any payments.

How much would a $500 payday loan cost vs an installment loan and cash advance app?

For illustrative purposes, let’s take a look at how much a $500 payday loan costs in Ontario, how much a $500 cash advance from Bree costs and how much a $500 installment loan at 35% would cost for a six-month term.

	$500 payday loan (in Ontario)	$500 installment loan	$500 cash advance (from Bree, standard delivery)
Loan amount	$500	$500	$500
Cost of loan	$14 per $100 borrowed = $70 (365% APR)	35% APR	0% APR
Loan term	14 days	6 months	14 days
Payment amount	One full payment of $570	$92.04 for 6 months	One full payment of $500
Total loan cost	$570	$552.26	$500

How to choose the best $500 loan in Canada

Consider these features as you search for $500 loans to decide which is the best option for you:

• APR. This is the interest plus fees you must pay to get the loan. If you’re looking for an installment loan, watch out for loans that have a low interest rate as they also have fees you must pay. This will drive up the APR. Focusing on the APR from the start will help you compare the costs of different loans.
• Fees. Fees to watch out for include NSF fees, late payment fees, administration fees and membership fees.
• Repayment flexibility. The loan repayment schedule should work with your monthly budget, and as mentioned before, be sure to get a loan that you can pay off early without penalty.
• Lender reputation. Not all lenders of $500 loans are the same. You’ll want to work with a lender that’s clear about the terms of the loan and doesn’t use high-pressure sales tactics to get you to sign. Visit independent review sites to see what people have to say about the lender, and if you notice a recent pattern of complaints, you might want to apply somewhere else.

Pros and cons of $500 online loans

Are Canadians in a stronger financial position now than 12 months ago?

If you’re worried about money, you aren’t the only one. A recent survey shows that more and more Canadians are feeling the pinch. In 2024, about 27% of people said they were in a weaker financial spot than the year before. That number grew to 30% in 2025, and by 2026, it jumped up to 37%.

Alternatives to getting a $500 loan in Canada

If you’re looking for that little extra help to get by until payday, installment loans, payday loans and cash advance apps aren’t your only option. Consider these other — and possibly cheaper — options to get fast access to $500 cash:

• Credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest loan alternative. But it’s still cheaper than a payday loan as long as you pay off the balance fast.
• Sell your things. If you take a close look around your house, you’ll probably find a lot of things that you haven’t used in a while, making them perfect candidates for selling on sites like Kijiji and Facebook Marketplace. Whether it’s an old bookcase, lamp, or toaster oven, someone out there will probably be willing to pay you for it. A few of these sales could easily get you the $500 cash you need.
• Cash out vacation time. If your employer allows it, see if you can get your vacation time paid out to you instead of actually taking the days off work. The extra money may be added to your next paycheque.
• Get a line of credit. If you have a good credit score, getting a line of credit from a bank or credit union will be much cheaper than getting a payday loan or installment loan from an alternative lender.
• Take on a side hustle. If you don’t need the $500 right now, dedicate some time to a side hustle to boost your income. Learn more about making $500.

Compare more $500 loans

Need to borrow $500? You have many options to explore, which we’ve gathered and organized below.

Many $500 payday loans are available, but they’re extremely expensive, so apply only as a last resort.

• Personal loans
• Cash advance apps
• Payday loans

Bottom line

If you need a $500 loan no credit check in Canada, consider your options carefully. Installment loans, payday loans and cash advance apps each have different costs, approval requirements and repayment terms, so choosing the right one depends on your budget, credit and urgency.

Frequently asked questions

• Can you get a $500 loan from a bank?

  Typically, no. Bank personal loans tend to start at $2,000 to $5,000. However, you can apply for an overdraft.

• How much would a $500 payday loan cost?

  Canada implemented a cap on payday loan costs at $14 per $100 borrowed, which equates to a 365% APR with a 14-day term. This means a $500 payday loan will cost $570.

• What credit score do I need to get a $500 loan?

  It depends on the lender. Lenders that provide $500 payday loans are lenient with credit scores and can approve those with a bad credit score under 560. Most cash advance apps don't even check your credit score. If you're looking for a $500 installment loan, minimum credit scores vary among lenders.