Bad Credit Loans in Toronto for Fast Funding

Having bad credit can limit the types of loans you qualify for in Toronto, but there are still plenty of options to choose from. The four main types of bad credit loans available to you are installment loans, cash advance apps, payday loans and car title loans. Learn more about the features of each loan type and compare lenders to find the best option for your unique personal situation.

Jump to:

• Installment loans (harder to get)
• Cash advance apps (easier to get)
• Payday loans (easier to get)
• Car title loans (easier to get if you have an eligible car)

Option 1: Compare bad credit installment loans in Toronto

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Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Promoted Finder score 8.5 Great Spring Financial Installment Loan	Finder score 8.5 Great	9.99% - 34.95%	$300 - $35,000	6 - 84 months	Key features: Same-day funding, fast application	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.8 Great LoanConnect Installment Loan	Finder score 8.8 Great	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	Go to site More info Compare product selection Compare	loading
Promoted Finder score 8.6 Great Loans Canada Installment Loan	Finder score 8.6 Great	8.99% - 35.00%	$500 - $50,000	4 - 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	Go to site More info Compare product selection Compare	loading

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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

Option 2: Compare bad credit cash advance apps in Toronto

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Finder Score	Costs	Loan Amount	Loan Term	Rebate	Key Features
Finder score 8.7 Great KOHO Cover	Finder score 8.7 Great	0% + monthly fee from $2	$20 - $250	Flexible	Key features: Instant, no credit check or income required	Go to siteMore info Compare product selection Compare	loading
Finder score 8.8 Great Bree Early Pay	Finder score 8.8 Great	0%	$20 - $500	Next pay cycle	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading
Finder score 9.3 Excellent Nyble Credit Line	Finder score 9.3 Excellent	0%	$30 - $250	31 days, extendable	Use code CFIND1J to get 500 extra points and a $5 higher approval. T&Cs apply.	Key features: Instant e-transfers, 24/7, no credit check	Go to siteMore info Compare product selection Compare	loading

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Showing 3 of 3 results

Finder Score for cash advance apps

To make comparing even easier, we came up with the Finder Score. Interest rates, fees and features across 5+ cash advance apps 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

Option 3: Compare payday loans for bad credit in Toronto

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Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC, ON	Key features: 24/7 approval and e-Transfer, no credit check	Go to siteMore info Compare product selection Compare	loading
iCash Payday Loan	$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	Go to siteMore info Compare product selection Compare	loading
Lenditt Payday Loan	$14 per $100 borrowed	$250 - $1,500	Up to 62 days	ON	Key features: Instant soft approval, instant e-Transfer funding	More info Compare product selection Compare	loading

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Option 4: Compare bad credit car title loans in Toronto

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APR Range	Loan Amount	Loan Term	Broker Compliance	Key Features
Fast Access Financial Vehicle Title Loan	15.75% - 35.00%	Up to $10,000	12 - 36 months	ContinueMore info Compare product selection Compare	loading
Prudent Car Title Loan	19.99% - 34.99%	Up to $50,000	6 - 48 months	ContinueMore info Compare product selection Compare	loading

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How we picked these

What are installment loans?

Installment loans are a type of personal loan for Torontonians with bad credit. They come with lower interest rates and higher loan amounts than payday loans.

• Loan amounts: $500 to $10,000 for bad credit
• Loan terms: 3 - 60 months, sometimes shorter
• Interest rates: 18% to 35% for bad credit

Pros and cons of installment loans

Pros

• Easy application. You don’t have to visit a physical branch but can instead apply online in a few minutes by filling out a simple web-based application.
• Fast. Get a decision within minutes, and get your money within 24 to 48 hours.
• Longer term. You can pay your loan back over 3 - 60 months.
• Manageable rates. Starting APRs for installment loans are around 18%, which is much lower than what you’ll pay with payday loans.

Cons

• Interest rates are still high for bad credit. You’ll pay rates that are higher than what you’ll pay for a good credit loan. Short-term installment loans, such as Credito and 24Cash, may come with additional fees, including broker and surety fees.
• Stricter eligibility criteria than payday loans. You may need to meet a higher credit score or income requirement than you would with payday loans or cash advances.

Bad credit installment loans, if you prefer to visit a Toronto branch

If you prefer to walk into a branch so you can get face-to-face service, there are several options in Toronto. Fairstone and easyfinancial offer personal loans for bad credit, while Cash 4 You, Money Mart and Usolve Financial offer both personal loans and payday loans.

Make sure to have your documents ready, such as pay stubs, bank statements and government-issued ID.

Cash advance apps: A solid option for people with bad credit

Cash advance apps let you borrow small amounts of money before your next paycheque, often with no interest or credit check. Instead, the apps may request tips (optional), subscription fees or express delivery fees. These apps are designed to help cover short-term expenses and prevent overdraft fees, but they’re not a long-term financial solution.

• Loan amounts: $20–$500
• Loan terms: Next pay cycle or flexible
• Interest rates: 0%

Pros and cons of cash advance apps

Pros

• Quick access to funds. Once you’re approved, funding takes up to three days or instantly for a fee.
• Easy eligibility criteria. Cash advance apps don’t conduct credit checks and generally only require you to have a steady source of income.
• No interest. Since cash advance apps don’t charge interest, they’re cheaper than installment, payday and car title loans.
• Build your credit. Some cash advance apps report your payments to credit bureaus, so on-time payments can improve your credit score.

Cons

• Small loan amounts. The maximum cash advance apps offer is between $250–$500, which may not be enough to cover your expenses.
• Added fees. You may have to pay extra for instant funding.

Your third option: Payday loans

Payday loans are another bad credit loan option in Toronto, and sometimes they don’t require credit checks. They are the most expensive loan type in Ontario.

• Loan amounts: $100 to $1,500
• Loan terms: Repay by your next payday, up to 62 days. But if you take out three payday loans in Toronto within 63 days, your lender must let you pay your third loan and (loans after that) in installments.
• Interest rate: $14 for every $100 borrowed, which works out to APRs in the triple digits

Pros and cons of payday loans

Pros

• Easy application. Most payday loan lenders who operate in Toronto allow you to apply online in under five minutes.
• Fast. Get approved almost instantly, with funds often provided through Interac e-Transfer within a couple of minutes. The fastest payday loans are completed within one hour of applying. Learn more about instant loans.
• Bad credit doesn’t matter. Your credit score truly doesn’t matter for most payday loans.
• Easy eligibility criteria. As long as you have a steady source of income, including non-employment income in some cases, you can qualify.

Cons

• Very expensive. You’ll pay a maximum fee of $14 for every $100 borrowed, which can add up to an APR of 300% or more (an extremely high cost compared to installment loans and cash advance apps).
• Small amounts. It’s only possible to borrow up to $1,500, so it may not be suitable for those who need a larger loan.
• Strict terms. If you miss paying your loan by your next payday, you’ll pay an NSF fee and a late payment fee.
• Doesn’t help to build credit. Your credit score won’t improve when you make repayments on a payday loan.
• Missed payments damage credit score. In addition to high fees, your credit score will go down if you fail to make on-time repayments.

Prefer to visit a Toronto payday loan branch? Check out these options

What about car title loans?

Car title loans are a secured, bad credit loan option for Torontonians. The loan uses your vehicle as collateral, which means you may get access to lower rates compared to unsecured personal loans.

• Loan amounts: $1,000 to $50,000
• Loan terms: 3 – 60 months
• Interest rates: 9% to 35%

Pros and cons of car title loans

Pros

• Bad credit is accepted. Since your vehicle’s title is acting as collateral on the loan, you can qualify with a bad credit score. Many lenders even skip the credit check.
• Easy to qualify. Vehicle title loans are generally quite easy to qualify for. You’ll just need to fill out an online application and provide proof of vehicle ownership and condition, along with proof that there are no outstanding liens on the car.
• Receive funds quickly. If you apply for a car title loan at a physical location in Toronto, you can generally receive approved funds as soon as you sign the loan’s contract. Apply with an online car title loan lender to have your funds transferred into your bank account by the next business day.
• Plenty of options. Many car title loan lenders are available in Toronto.

Cons

• Could possibly lose your car. If you default on the loan, the lender has the right to repossess your car and sell it to repay the loan.
• High interest and fees. In addition to interest, you may pay title search and vehicle appraisal fees.

Can I get loans in Toronto with no credit check?

Yes, it’s possible to get loans in Toronto with no credit check. Cash advance apps and car title loan lenders are less likely to perform credit checks than payday lenders and personal loan lenders.

Examples of lenders that don’t do credit checks include KOHO, Nyble, Bree, PAY2DAY, 24Cash, Credito, Credit Club Loans and Focus Cash Loans.

Can I get loans with guaranteed approval in Toronto?

Not really. Even if you find bad credit loans in Toronto advertising “guaranteed approval,” they likely won’t be legitimate. Guaranteed approval loans are one of the most common sources of loan fraud. The lenders offering these loans may promise to give you money so they can collect fraudulent upfront fees. One exception we’ve found is KOHO, which does advertise “guaranteed approval” and is a well-known, legitimate fintech.

Tips to pick the best bad credit loan

Compare the following features to get the best loan for your situation:

• Annual percentage rate (APR). APR is the interest rate you’ll pay plus financing fees. It helps you see the true cost of a loan.
• Fees. Read the fine print to make sure you don’t get saddled with additional fees. These include NSF fees, late payment fees, broker fees, surety fees, origination fees, prepayment penalties or fees for loan insurance.
• Repayment flexibility. Look for a lender that will let you pay the loan back on your own schedule.
• Lender reputation. Checking a lender’s online presence and customer reviews can give you a good indication of the quality of service you can expect. If you notice a pattern of complaints, that could be a red flag. Learn more about personal loan scams and legit lenders.

What are the eligibility requirements for bad credit loans in Toronto?

Eligibility requirements vary by lender and loan type, but you typically need to meet the following criteria to apply for a bad credit loan:

• Be the age of majority. You have to be at least 18 years old.
• Steady source of income. Most lenders require a minimum income, but they may accept employment earnings as well as benefits.
• Meet the minimum credit score. If a credit check is required, lenders typically look for a score of at least 550 to 570.
• Valid bank account. You’ll need to provide a void cheque or fill out a pre-authorized debit form to link your bank account.
• Car title in your name. If you’re applying for a car title loan, the vehicle must be in good condition, paid off and registered to you.

How to apply for bad credit loans

Each lender has its own application process, but here are the general steps you can follow to apply for bad credit loans in Toronto:

1. Check your credit. Get a free copy of your credit report from Equifax or TransUnion. This will help you figure out if you meet the eligibility criteria for various loans. You can also get your credit score from companies that offer credit score monitoring.
2. Compare lenders. Look at features like APRs, loan amounts and the eligibility requirements to find the right fit for you.
3. Fill out an application. Pick the best lender for your needs and fill out an application. This should take only a few minutes.
4. Connect your bank via instant bank verification. To verify your identity and income, your lender may ask you to connect your account through instant bank verification. This allows your lender to securely access a read-only copy of your bank statements to confirm your information.
5. Review and sign your final loan offer. Once your lender verifies your identity and income, you’ll receive your final loan offer. Read it over carefully before signing.
6. Get your funds and start repaying your loan. Your funds should be available instantly or within a few business days, depending on the loan type. Set up automatic payments or payment reminders to avoid late fees and protect your credit score.

Frequently asked questions

• How do I get approved for bad credit loans?

  To get approved, you'll need to demonstrate a steady source of income that will be enough to cover your loan repayments. Finding a cosigner or securing your loan with an asset like a vehicle can also increase your chances of approval and lower your interest rates.

• How will bad credit loans affect my credit score?

  On-time payments will help boost your credit score as long as you choose a lender that reports payments to the credit bureaus. Missed payments will be reported and can bring down your credit score.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise

Leanne has written 175 Finder guides across topics including:

• Personal Loans
• Car Loans
• Business Loans
• International Money Transfers
• Make Money Online

Co-written by

Rebecca Low

Writer

Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel. See full bio