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Fast personal loans in Canada

Online lenders offer fast funds, but watch out for high rates—especially if you have bad credit.

It’s possible to get a personal loan from an online lender on the same day you apply or the next day. Here’s what you need to know about getting fast personal loans in Canada plus alternative funding options to consider.

Fast personal loans online

One of the quickest ways to borrow funds is to get an unsecured personal loan from an online lender. Online lenders tend to have more flexible application requirements than banks, and some even offer loans for people with bad credit.

The quickest online lenders offer instant pre-approval or full approval within the same business day. Typically, you’ll receive funds within 24 hours.

Compare fast personal loans

1 - 6 of 6
Name Product Ratings APR Range Loan Amount Loan Term Broker Compliance Requirements
Loans Canada Unsecured Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.00% - 46.96%
$300 - $50,000
4 - 60 months
Loans Canada 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.
Requirements: min. credit score 300
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.8% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Unsecured Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$100 - $50,000
3 - 120 months
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.
Requirements: min. credit score 300
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $35,000/year, min. credit score 600
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $35,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
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Fast personal loans features

Loan amountsTypical termsHow to applyTypical speedExpected cost
$500-$10,000 (may be more with excellent credit)3 - 60 monthsApply online. Provide personal, financial and employment info and consent to a credit check.Pre-approval in minutes. Full approval the same or next business day. Funds deposited in 24-48 hours.9.75%–46.96% yearly interest rate

Fast personal loans eligibility

To be eligible for a fast personal loan, you’ll usually need to meet the following requirements:

  • Be at least the age of majority in your province or territory
  • Be a Canadian resident or permanent resident with a valid Canadian address
  • Have a steady income
  • Meet minimum credit score requirements

Required documents

  • 2 pieces of valid government-issued ID. Examples include a driver’s licence, passport or status card.
  • Proof of address. Examples include a utility bill, bank statement or driver’s license.
  • Proof of employment. Examples include your most recent pay stubs, bank statements or tax Notices of Assessment.

Steps for getting a fast personal loan

  1. Apply online. Provide details like your name, contact info, employment info, Social Insurance Number (SIN) and housing situation.
  2. Submit verification documents. If required, upload documents to your online application such as a scanned copy of your ID, proof of address and bank statements or pay stubs.
  3. Wait for approval. Submit your application, and wait to get approved.
  4. Verify your contract. Agree to the terms and conditions of your contract, and provide bank details for direct deposit.

Tips for speeding up your application

  • Verify your income online. Fast loan providers often let you verify your income by logging into your bank account online using an encrypted portal like Flinks or Inverite. Otherwise, you’ll have to manually upload documents, which will take longer.
  • Get pre-approved. Apply to online lenders that offer instant personal loan pre-approval.
  • Review your application twice. Make sure there are no errors or omissions on your application, as this can cause delays.
  • Apply at strategic times. Apply for personal loans in the morning to make sure your application can be processed the same day.

Fast personal loans for bad credit

Even if you have a bad credit score, you can apply for fast personal loans with online lenders. This is because online lenders often have more lenient eligibility requirements than banks and credit unions. To qualify, you’ll need a steady income and proof of employment.

Can I get guaranteed fast personal loans?

You should be skeptical of any lender that offers guaranteed approval without checking your personal and financial information. These lenders are often predatory and may be running a scam or looking to charge you extremely high interest rates that you can’t afford.

The easier it is to get approved for a fast personal loan, the more cautious you should be. Start by checking your lender’s credentials and customer ratings online to make sure you’re dealing with a legitimate company.

Benefits and drawbacks of a fast loan personal loan

Benefits

  • Quick approval. Apply and, if approved, receive funds in as little as 24-48 hours.
  • Easier to qualify than a bank loan. You can typically qualify for fast personal loans with a reasonably low income.
  • Bad credit loans available. You may be able to get funding even with a less-than-excellent credit score.

Drawbacks

  • More expensive for poor credit. Borrowers with poor credit may get approved, but they’ll usually pay higher rates.
  • Potential for fraud. You have a higher chance of running into a fraudulent lender when you shop for fast personal loans online.
  • Can lead to high debt. You may end up saddled with debt you can’t afford, since fast loans are fairly quick and easy to get.

    Alternatives to fast unsecured personal loans

    If getting a fast personal loan isn’t an option for you, consider the following alternatives:

    • Early pay advance. Apps like Nyble and Bree can give small loans with no interest or late fees, but you may pay a subscription fee.
    • Payday loan. The best payday loans can be funded in as little as 2 minutes after approval, but they are extremely expensive and come with incredibly short repayment terms. Given this, payday loans should be a last resort.
    • Personal loan from your bank. If you apply during the workweek and not before holidays, you may get approved more quickly. Learn more about bank personal loans.
    • Credit card cash advance. Borrow money from your credit card for small amounts, as you don’t need to apply and you may pay less interest than with a personal loan (depending on your credit score).
    • Car title loan. You may be able to get a loan using a paid-off car as collateral. Usually, you’ll have to drive to your lender’s office or submit photos of your vehicle to get it appraised.
    • Overdraft protection. Pay a small fee to dip into your bank’s overdraft to access funds without paying high interest.
    • Negotiate with your creditors. If you need a quick loan to pay for bills, contact your creditors to see if they can extend your due date or create a repayment plan.

    Bottom line

    A number of online lenders offer fast personal loans in as little as 24-48 hours, but be careful to avoid lenders that pressure you into applying. Compare fees, loan terms and eligibility requirements between lenders to make sure you’re getting the best deal for your needs.

    Frequently asked questions

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