$500 Loans: Explore Fast, No Credit Check Options

If you need a $500 loan in Canada, including no credit check options, there are three main types of loans available: installment loans, payday loans and cash advances. Keep reading to learn more about each option and choose the right $500 loan for you from our curated lists of lenders.

Jump to:

• Installment/personal loans
• Payday loans
• Cash advance apps

Get a $500 personal loan

Get a $500 payday loan

Get a $500 cash advance

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

Getting a no refusal $500 loan in Canada is challenging. Legitimate lenders typically need to review your finances before approving a loan. One exception is KOHO, which doesn’t require a credit check, job or income and advertises guaranteed approval for its Cover product.

That said, there are other lenders with flexible requirements, where approval is very likely.

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 Credito and Green Loans. If you’re looking for a legitimate no credit check payday lender, consider Cashco Financial or Wagepay.

There aren’t many cash advance apps in Canada yet, but all three — Bree, Nyble and Koho Cover — don’t conduct credit checks.

Related: Nyble vs Bree vs KOHO

How do $500 installment loans work in Canada?

Installment loans are a type of personal loan that often come in amounts as small as $500. These loans are offered by alternative lenders and come with higher rates but easier eligibility requirements than traditional personal loans.

You’ll pay back a $500 installment loan in equal payments over the preset loan term. Many lenders offer the option to save on interest by paying off your $500 installment loan early without facing any early repayment penalties or fees.

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.
• 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.

Compare $500 installment loans

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 — like the ones we’ve listed here — 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.

Compare $500 payday loans

Consider cash advance apps before payday loans

Cash advance apps let you borrow a small amount of money, typically between $20 and $500, 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 apps

• 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 $500, 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 approved 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.

Compare cash advance apps

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

How much will you borrow?

According to data collected in the Finder: Consumer Sentiment Survey August 2023, 12% of respondents who stated they are planning to take out a loan in the next three months are looking to borrow between $500 and $999.

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.

Related: Explore ways to make $500

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. 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.