Lendly offers quick loans from $1,000 to $2,000 to employees on a payroll system in certain states. Loans can be funded in as little as 24 hours with repayments coming from future paycheques. While Lendly doesn’t charge any fees, its loans accrue interest on a daily basis and APRs can run as high as a typical payday loan.
Lendly isn’t available in Canada. But these alternatives to Lendly might help you get the money you need with competitive rates and flexible repayment terms.
Fill out a single loan application in less than 10 minutes on the Loans Canada website, and view loan offers from multiple lenders that work with borrowers with your financial needs. The free platform makes it easy to compare multiple types of financing, including personal loans, car loans, debt consolidation loans and home equity loans.
Loans for good and bad credit
Compare multiple lenders
APRs starting at 8.99%
Get funded in one to three business days
High rates for bad credit
Not a direct lender
Limited to Loans Canada's partner network
Loan Amount
$500 – $50,000
APR Range
8.99% – 35%
Loan Term
4 - 60 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian resident, age of majority in your province of residence
Alternative for bad credit borrowers: Spring Financial
Spring Financial is an option for those who have trouble getting approved by banks and other traditional lenders. Apply online with good or bad credit, and get funded within 24 hours if approved. You won't face any prepayment penalties if you decide to pay off your loan ahead of schedule to save on interest.
High-risk applications are okay
Flexible loan amounts from $500 to $35,000
No early repayment fees
Interest rates of up to 35% for bad credit
You may be offered a credit builder loan (The Foundation loan) instead of a personal loan
Loan Amount
$500 – $35,000
APR Range
9.99% – 35%
Loan Term
6 - 84 months
Serviced Provinces/Territories
All of Canada
Turnaround Time
Within 24 hours
Min. Credit Score
550
Fees
No fees except $30 NSF fee
Requirements
Min. income of $2,000, min. credit score of 550, 3+ months employed
Like Lendly, Green Loans offers fast, installment loans. There's no credit check required, and you can qualify with non-employment income.
Bad credit is okay
Fast access to funds
Easy online application
No collateral required
No early repayment fees
Brokerage fee applies
Self-employed workers are not eligible
Requires a minimum monthly income of $1,200
Loan Amount
$100 – $1,000
APR Range
22% – 35%
Loan Term
3 - 12 months
Serviced Provinces/Territories
all provinces except Manitoba
Turnaround Time
within 24 hours
Min. Credit Score
300
Fees
2.66% late fee
Requirements
• Share banking access via our secure IBV system (Instant Banking Verification) • Have a Canadian bank account open for 90+ days with online access • Be a Canadian citizen or permanent resident with a job • Be 18 or older (or provincial age of majority) • Earn at least $1,200 monthly in net income • Provide a valid phone number, email, and home address • You must not be in a bankruptcy or a consumer proposal. • You must not be planning to declare bankruptcy or a consumer proposal.
Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. You can choose to get premium perks like fast funding (within 30 minutes), a free Equifax credit report and identity theft protection for $11.99 per month.
Get funds within 30 minutes
Build your credit history
No interest or late fees
Easy application process
Rewards program
Option to extend your payment deadline
May take up to 3 business days to get funds if you're not a member
Monthly membership fee of $11.99
Amount may not be enough
Costs
0%
Loan Amount
$30 – $250
Loan Term
31 days, extendable
Credit Check
No
Turnaround Time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
KOHO Cover also offers interest-free cash advances to help you cover short-term financial needs without the hassle of making long-term loan repayments. Borrow funds instantly through KOHO's app, or withdraw money from an ATM. A small monthly subscription fee applies.
No credit check
No interest
Instant access to funds
No income required to qualify
Monthly subscription fee starting at $2
May have to pay a monthly KOHO plan fee
$250 may not be enough
Won't improve your credit score
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
Launched in 2021, Bree provides short-term cash advances to help you ride through small financial emergencies without going into the overdraft. Borrow funds with zero interest and zero fees if you opt for three-day delivery.
Easy to apply
No credit check required
No interest charges
$2.99 optional monthly membership fee for express funding if you need extra funding, plus extra transferfee
Small amount may not suit your needs
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
Lendly stands out for having an automated lending process that interfaces with US employers’ payroll systems, making it easy to get approved. The company has good customer reviews on Trustpilot from thousands of customers who mention that it’s easy to make repayments, because funds come directly out of their paycheques.
But like other payday lenders, APRs can run high with Lendly. The company doesn’t disclose APR ranges on its website. Because repayments are fully automated, customers can’t change their payment dates if their bank balances are low. If you live in Canada and need to borrow less than $500, you may find a zero-interest cash advance app cheaper to use.
Pros
No penalty for early repayments
Good customer reviews
Higher loan limits than most cash advance apps
Cons
Not available in Canada
Lack of transparency around costs
APRs can run high
Repayments are inflexible
Alternatives to cash advances and installment loans
If you’d rather skip installment loans and cash advance apps altogether, here are a few alternatives to consider.
Get a credit card advance. Credit card cash advances are a quick and convenient way to borrow and don’t require a link to your bank account or proof of direct deposits to qualify like some cash apps. Compare credit cards with a range of benefits.
Take out a personal loan. If you’re willing to borrow at least $1,000, a personal loan may offer better rates and terms than a payday lender like Lendly.
Use a buy now, pay later (BNPL) app. While not a cash advance, BNPL apps like Affirm, Afterpay and Klarna let you purchase items you need now and pay them off later.
Get a payday loan—as a last resort. If you’ve exhausted other options, payday lenders can get you cash as soon as the same day. But beware—a typical $500 payday loan can come with up to $70 in fees, and you could get stuck borrowing repeatedly to pay off existing debt.
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family.
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Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time.
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Here’s how to get a $500 loan to see you through until your next payday.
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