If you’re facing an emergency and need to borrow money fast, you can get a payday loan, cash advance or personal loan online. Lenders of these loans may charge high rates or fees, but they can send cash to your bank account within minutes.
Payday loans and cash advances have more lenient eligibility requirements. You can get them with bad credit, you don’t need to be employed, and many lenders offer instant approval and funding 24/7.
Compare fast providers of emergency loans in Canada to learn which one might be best for your situation.
The emergency cash providers below allow you to get a small instant loan with no credit checks involved. You pay no interest on these loans, but you may pay a monthly fee.
Apply online within minutes and get your money instantly for a fee.
Loan provider
Interest rate
Loan amount
Loan term
Key features
Cash Advance
0% + monthly fee from $2
$20 – $250
Flexible
Instant loan, no income or job requirements, no credit check
+ Get a $75 digital Visa Card when you open and fund a KOHO account online through Finder. Become a Finder Member in seconds for free to claim your reward. Offer ends May 2, 2026. T&Cs apply.
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.
Last resort option: Emergency payday loans
Another type of loan to consider is a payday loan, which provides instant approval and funding. But they are extremely expensive and are only suitable as a last resort.
Licensed payday lender
Interest rate
Loan amount
Loan term
Key features
Payday Loan
$14 per $100 borrowed
$100 – $1,500
Up to 62 days
Instant approval, no credit check, must have employment income
Popular online providers of emergency loans in Canada include Spring Financial, Loans Canada, iCash, KOHO and Nyble.
The three main types of emergency loans are personal loans, cash advances and payday loans. Each type offers varying approval times, eligibility criteria and costs.
Emergency loans provide instant or same-day access to money, often with simple online applications and lenient credit requirements. But they may come with high interest rates or fees, potentially leading to a cycle of debt if not managed responsibly.
Emergency loans are accessible even to those with bad credit, but eligibility often depends on factors like income and existing debts.
Where to apply for an emergency loan?
If you’re not sure which lender is right for you, below is a breakdown of emergency loan lenders worth exploring.
1. KOHO
KOHO is an established fintech company that offers various products and services. Its KOHO Cover allows KOHO account holders to receive emergency funding with no job or income required.
How fast you can get it: Once you have a KOHO account, you can access its cash advance instantly.
Loan details
Interest rate: 0% interest with a subscription fee starting at $2/month
Loan amount: $20 – $250
Loan term: Flexible
Minimum income: No min. income
Incomes it accepts: No income requirements
Minimum credit score: None
Serviced provinces: All provinces and territories
Accepts bad credit: Yes
Instant approval: Yes
Credit check required: No
Tips to get your loan fast
Sign up for a KOHO account in the morning. Once you have an account, you can get instant access to its cash advance. You’ll only be approved for a small amount first.
Set up direct deposit. You need this in order for your KOHO account to be free. Otherwise, a monthly fee applies.
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Become a Finder Member & open and fund a KOHO account through Finder to receive a $75 digital Visa card. Offer ends May 2, 2026.
Separate T&Cs apply.
Spring Financial is a major alternative lender that offers emergency personal loans online. It’s been in business since 2014 and is based in Vancouver, BC.
How fast you can get it: Get an offer within minutes after you apply and receive your money on the same day via e-Transfer (an uncommon perk).
Loan details
Interest rate: 9.99% - 34.95%
Loan amount: $500 – $35,000
Loan term: 6 - 84 months
Minimum income: $2,000/month
Incomes it accepts: Employment
Minimum credit score: 550
Serviced provinces: All of Canada
Accepts bad credit: Yes
Instant approval: Approval within 15 to 30 minutes
Credit check required: Yes
Tips to get your loan fast
Have your phone ready. You’ll get a phone call from a Spring representative right after you apply.
Prepare your information. Have your banking details, employment information and pay stubs ready.
LoanConnect is a BBB-accredited business that was founded in 2016 and operates out of London, Ontario. As a loan comparison platform, LoanConnect helps match you with loan offers based on your unique profile. Get pre-approved for up to $60,000.
How fast you can get it: Within 24 to 48 hours.
Loan details
Interest rate: 8.99% - 35.00%
Loan amount: $500 – $60,000
Loan term: 3 - 120 months
Minimum income: No min. income
Incomes it accepts: Varies by lender
Minimum credit score: 300
Serviced provinces: All provinces
Accepts bad credit: Yes
Instant approval: Not available. You can get instant pre-approval, but the lender you choose will need to verify your income and identity before giving full approval.
Credit check required: You can find out your matches without a credit check, but the lender you choose may check your credit history.
Tips to get your loan fast
Have your documents ready. Have your ID, direct deposit information, bank statement, most recent pay stubs and proof of address ready.
Wagepay is a fairly new payday lender in Canada. It first started in Australia, where it has built a reputation for fast emergency loans.
How fast you can get it: Get funded in a matter of minutes 24/7.
Loan details
Interest rate: $14 per $100 borrowed
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Minimum income: Min. $400/week income
Incomes it accepts: Employment
Minimum credit score: 300
Serviced provinces: BC and ON
Accepts bad credit: Yes
Instant approval: Yes
Credit check required: No
Tips to get your loan fast
Be prepared to connect your bank account. Instead of sending documents, you’ll provide Wagepay with a snapshot of your bank statements via bank verification.
Apply elsewhere if you don’t have a job. Unlike other payday lenders, such as iCash, Wagepay only accepts employment income.
Easy application. Lenders of emergency loans have simple applications that you can complete online within minutes.
Money is delivered quickly. You can get your loan within minutes of submitting your contract if the lender offers e-Transfer funding.
Bad credit is OK. Lenders of urgent loans often have lenient eligibility requirements.
Cons
Can be incredibly expensive. Emergency payday loans come with exorbitant fees. Expect to pay $14 for every $100 borrowed.
Small amounts only. Larger amounts require more time for the lender to review your application, since they would be taking on a bigger risk.
Short terms. If you get a payday loan, you’ll need to repay your loan by your next payday. If you don’t, you could incur fees.
Chance of fraudulent lenders. You could run into a fraudulent or predatory lender online. Payday lenders who are legit must be licensed to operate in your province. Learn more about payday loan scams here.
The payday loan cycle of debt
Before you apply for an emergency payday loan, make sure you won’t have problems repaying your loan by the due date, and after repaying you’ll have enough income left to pay for other debts and expenses. Otherwise, you might find yourself needing to apply for another payday loan.
Are emergency personal loans better than payday loans?
It depends on your needs, but in general, personal loans are a better choice than payday loans. They have lower interest rates and longer loan terms that make repayments more manageable. The downside is that they are harder to get than payday loans, and they’re slower to process. While payday loans can provide instant approval and funding, sometimes even 24/7, emergency personal loans take 24 to 48 hours.
Economic conditions are causing Canadians the most financial stress
In the Finder: Consumer Sentiment Survey January 2024, Canadians were asked to select up to three factors causing them the most financial stress. The most common factor among respondents was economic conditions, such as inflation and high housing/rent prices, selected by 43% of respondents, followed by having limited savings, selected by 27% of respondents.
How do I pick the best urgent loans for bad credit in Canada?
Look at the following features when picking the best emergency bad credit loan:
Interest rates. Compare several annual percentage rates (APRs) to get a true sense of what you’ll pay for interest and admin fees. Urgent bad credit loans will often come with high interest rates. Compare personal loan rates in Canada.
Extra fees. Consider any extra fees you may pay (outside of those included in your APR), such as NSF fees, broker fees and membership fees.
Loan term. While a longer loan term will give you lower monthly payments, you will pay more interest over the life of the loan. Choose a loan term that allows you to pay off the debt faster but using manageable repayments.
Speed. If you need money ASAP, find a lender that can give you instant loan approval and funding.
Improves your credit score. If you’re applying for a personal loan, check whether your lender will report your on-time payments to the credit bureaus.
Company reputation. Look for a lender with a solid reputation for customer service. Check online reviews on sites like Google, Trustpilot and the Better Business Bureau.
Can I get guaranteed approval on an emergency loan with poor credit?
No, you can’t get guaranteed approval on an emergency loan. Even if the lender has an automated approval process, they will still require you to meet certain criteria if they’re a legit lender. Those promising guaranteed approval may be doing so to collect fraudulent upfront fees, to collect personal private data or to get you to agree to a loan that you can’t afford.
It can be difficult to get an emergency loan if you’re unemployed unless you have another source of income. Some lenders will accept alternative forms of income, such as EI, pension, disability, child tax credit or maternity benefits, to help you meet income requirements. Check with the lender to find out what incomes they accept.
You can use the following options to borrow money in an emergency if you don’t want a personal loan, cash advance or payday loan:
Line of credit: Apply for a line of credit with an online lender, and it’s usually much faster than the bank. Just be prepared to pay higher rates.
Car title loans: Use your paid-off car as collateral to boost your chances of approval. You can continue to use your car as you make your loan payments.
You can get a 24/7 loan from payday lenders like iCash and PAY2DAY or cash advance apps like Nyble and Bree.
The fastest way to get an emergency same-day loan is to apply online with a lender that has an automated system for approving. You'll need to fill out all of your information accurately and completely and come prepared with the necessary documents. Make sure you meet eligibility requirements and sign up by instant bank verification if that option is available. Learn more about same-day loans.
You can get emergency no credit check loans from Bree, Nyble, KOHO and Green Loans.
Leanne Escobal is a senior publisher at Finder with more than 13 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.
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Find out if you’re eligible for a $3,000 or even $3,500 loan, and learn how to compare your loan options in Canada.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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