Compare $800 loans in Canada with fast decisions

Installment vs. payday loans—what's the right $800 loan for you?

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.

1 - 10 of 10
Product Finder Score APR Range Loan Amount Loan Term Broker Compliance Key Features
Finder score
9.99% - 34.95%
$300 - $35,000
6 - 84 months
Key features: Same-day funding, fast application
Finder score
9.99% - 35.00%
$500 - $50,000
3 - 60 months
Note: Loans Canada is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.
Key features: Loan search platform, largest lender network
Finder score
8.99% - 35.00%
$500 - $2,500
3 - 6 months
Note: LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.
Key features: Loan search platform, pre-approval in 5 minutes
Fat Cat Loans logo
Finder score
6.99% - 35.00%
$300 - $50,000
3 - 84 months
Note: Fat Cat is a loan search platform. Apply once to get matched with lenders based on your credit and borrowing requirements.
Key features: Loan search platform for all credit
LoansLoans.ca logo
Finder score
28.00% - 32.00% + broker fee
$500 - $1,000
3 - 12 months
Note: You may be charged a broker fee up to $300.
Key features: Fast no credit check loan
Money Mart logo
Finder score
29.90% - 34.28%
$500 - $18,000
6 - 60 months
Key features: Unsecured personal loans for bad credit
View details
24Cash logo
Finder score
22.00% + broker fee
$500 - $850
90 - 120 days
Key features: Quick no credit check loan
View details
Credito logo
Finder score
22% + broker fee
$500 - $850
90 - 120 days
Key features: Same day funding, no credit check
View details
Thunderloan Personal Loans
Thunderloan logo
Finder score
23% + fee
Up to $1,000
3 to 6 months
Key features: Fast approvals, no credit check required
View details
Lamina Loans
Lamina Loans logo
Finder score
Not Disclosed
Up to $1,500
90-210 days
Key features: Short term loan, fast approvals
View details
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Finder 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.

Read the full methodology

⚠️ 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.

1 - 8 of 8
Product Cost Loan Amount Loan Term Serviced Provinces Key Features
Wagepay logo
$14 per $100 borrowed
$100 - $1,500
Up to 62 days
BC, ON
Key features: 24/7 approval and e-Transfer, no credit check
More info
iCash logo
$14 per $100 borrowed
$100 - $1,500
7 - 62 days
AB, BC, MB, NB, NS, ON, PEI
Key features: 24/7 instant approval and e-Transfer, accepts bad credit
Venue Financial logo
$14 per $100 borrowed
$50 - $1,500
Up to 62 days
BC
Key features: Instant loans, no credit check
More info
Cashco Financial logo
$14 per $100 borrowed
$100 - $1,500
Up to 62 days
AB, BC, ON and SK
Key features: Instant approval, no credit check
More info
Lenditt logo
$14 per $100 borrowed
$250 - $1,500
Up to 62 days
Ontario
Key features: Instant soft approval, instant e-Transfer funding
More info
GoDay logo
$14 per $100 borrowed
$100 - $1,500
Up to 62 days
AB, BC, MB, NB, NS, ON, PEI, SK
Key features: Instant approval, accepts bad credit
More info
Money Mart logo
$14 per $100 borrowed
$120 - $1,500
1 - 62 days
AB, BC, MB, NS, NT, ON, SK, YT
Key features: In-store and online no credit check loans, accepts many income types
More info
Cash Money logo
$14 per $100 borrowed
$100 - $1,500
5 - 40 days
BC, MB, NL, NS, ON, SK
Key features: Instant approval, accepts bad credit
More info
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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

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To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.
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Writer

Gabriel Vito is a freelance personal finance writer for Finder. With over four years of experience, he has crafted helpful guides and articles covering various personal finance topics, including credit cards, investing and banking. Gabriel's work has been featured on Yahoo Finance, NASDAQ, GoBankingRates, and more. He has a Bachelor's Degree in English and is passionate about helping others navigate their financial journey. See full bio

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Gabriel has written 30 Finder guides across topics including:
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