When you need $800 quickly, two common options are installment loans and payday loans. While both offer fast access to cash, payday loans should only be considered as a last resort due to high costs and short repayment terms. Let’s dive into the options available to you.
Compare $800 installment loans
Installment loans allow you to repay $800 over time through scheduled payments, making them a more manageable and cost-effective option than payday loans.
Compare other products
We currently don't have that product, but here are others to consider:
How we picked theseFinder 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.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Compare $800 payday loans
Payday loans are quick but come with higher costs and shorter repayment periods, often making them a riskier choice.
Can I get an $800 loan with bad credit?
Yes. There are lenders that provide $800 loans to those with bad credit. Payday loans, such as iCash, and installment loans, like those from Spring Financial, often have more lenient eligibility requirements, making them accessible to borrowers with poor credit. However, these loans typically come with higher interest rates and fees, so it’s essential to review the terms carefully before applying.
Can I get an $800 loan with no credit check?
Yes. Some lenders offer $800 loans with no credit check, making them accessible to those with poor credit or limited credit history. For example, Wagepay provides payday loans without a credit check, while Loans Canada connects borrowers to installment loan options that may not require a credit check. However, like loans for those with bad credit, these loans often come with higher interest rates or stricter income verification requirements, so it’s important to review the terms carefully.
How to get an $800 loan today
- Check eligibility requirements. Ensure you meet the lender’s criteria, such as proof of income, an active bank account and government-issued ID.
- Compare lenders. Use comparison tools to find the best rates, fees and terms for your needs. Compare $800 loans now.
- Apply online. Visit the lender’s website and complete the application form.
- Get an instant decision. Most lenders provide approval within minutes.
- Review and sign your contract. Carefully read the loan agreement before signing.
- Receive your funds. For faster access, choose e-Transfer funding, which is quicker than direct deposit.
- Plan for repayment. Ensure you have a strategy for repaying the loan on time to avoid late fees or additional interest charges.
Tips to succeed
- Avoid NSF (non-sufficient funds) transactions. Try to maintain a clean banking history for the past three to six months.
- Ensure your income is deposited regularly. Lenders prefer stable income streams deposited directly into your bank account.
- Be ready to verify your income and identity. Instant bank verification and documents like recent pay stubs or bank statements may be required.
- Aim for a low debt-to-income ratio (DTI). Ideally, keep your DTI under 40%. Some alternative lenders may accept DTIs as high as 55%–60%.
- Build a positive banking history. Avoid overdrafts and maintain a steady account balance to increase your chance of approval.
- Choose the right lender. Focus on lenders that specialize in small loans or bad credit options if necessary.
- Limit your existing debt. Paying down current obligations can improve your DTI and overall eligibility.
$800 payday loans vs. $800 installment loans: Which one is right for you?
Feature | $800 payday loan | $800 installment loan |
---|---|---|
Cost | $14 for every $100 borrowed | 18% - 35% and a broker fee may apply depending on the lender |
Loan term | up to 62 days | Typically less than 12 months |
Repayments | Typically one payment in full on your next payday | Broken up into installments that coincide with the days you get paid |
Instant decision | Available | Available |
Ease of approval | Easier than installment loans | Harder than payday loans |
No credit check options | Available | Available |
Example: Alex needs an $800 loan in Ontario
Alex, a full-time retail employee in Ontario, needs $800 to cover unexpected car repairs. Alex doesn’t have enough savings to pay the repair bill upfront and needs funds quickly to get her car back on the road for the daily commute. Alex has three potential loan options to consider:
Option 1: Payday loan
Alex could opt for a payday loan, which offers quick approval and funding. The total repayment amount would be $912 after 14 days with an APR of 365%. While the process is straightforward, the high cost and short repayment period could strain Alex’s budget.
Option 2: Installment loan from a broker
Another option is an installment loan from a broker. Over three months, Alex would pay $1,059.35, including a 20% interest rate and a $225 broker fee. Although more expensive than the payday loan, spreading out the payments over time may make it easier for Alex to manage.
Option 3: Installment loan from a local credit union
A local credit union offers Alex an installment loan with a 20% interest rate and no additional fees. Over three months, the total repayment amount would be $826.81, making this the most affordable option. However, credit union loans may have stricter membership requirements, so Alex would need to qualify first.
Option 1 (payday loan) | Option 2 (installment loan from a broker) | Option 3 (installment loan from a local credit union) | |
---|---|---|---|
Loan amount | $800 | $800 | $800 |
Interest rate | $14 for every $100 borrowed = $112 | 20% + $225 broker fee | 20%, zero fees |
Loan term | 14 days | 3 months | 3 months |
Total repayment amount | $912 | $1,059.35 | $826.81 |
APR | 365% | 185.65% | 20% |
If Alex needs funds immediately and has no other options, the payday loan might work, although it comes with a steep cost. The broker’s installment loan offers longer repayment terms but adds significant fees. The credit union loan is the most affordable and offers manageable repayment terms, making it the best option if Alex qualifies.
Bottom line
When comparing $800 loans in Canada, it’s important to prioritize affordability and manageable repayment terms. Payday loans may seem convenient, but high costs and short repayment periods make these loans a risky option for most borrowers. Installment loans, particularly those from credit unions or reputable lenders, are generally more budget-friendly and flexible.
Carefully review interest rates, fees and loan terms to choose the option that aligns with your financial situation and repayment capacity. Borrow responsibly to avoid unnecessary financial stress.
Frequently asked questions
More guides on Finder
-
Youdge review: Is it legit?
Wondering if Youdge is legit? Here’s what to expect from this new loan comparison platform in Canada.
-
Fig loans review: Pros, cons & alternatives
Find out about the loan fees, features, and pros and cons of Fig Financial.
-
Instant Funding review: Is it legit?
Before you apply with instantfunding.ca, read this review to help you make an informed decision.
-
Personal loans in BC: Compare rates & terms
Compare personal loans in BC. Apply online and borrow up to $50,000.
-
Personal loans in Alberta: Compare rates & terms
Compare personal loans available in Canada’s resource-rich province.
-
Loans for CPP recipients: No credit check options available
Compare CPP loans you can get approved for.
-
Emergency loans for rent—plus your alternatives
Compare lenders that can help you get a loan for rent, but you’ll want to make sure you consider all your financial options first.
-
Compare personal loans in Ottawa
Compare personal loans in Ottawa for good and bad credit scores.
-
E-Transfer loans you can get while on social assistance
Browse e-Transfer loans that accept social assistance in Canada. Apply online and get fast approval.
-
Get a $1,000 loan
If you need $1,000 for an unexpected financial expense, here are lenders who offer quick, unsecured $1,000 loans.