In an ideal world, we’ll always have a little extra in cash or savings to cover life’s emergencies, big and small. But things happen, and sometimes we need a little help.
Same-day cash loans can be a useful source of funding when you’re in a tight spot, but with so much choice and some scarily high interest rates for some of them, it’s worthwhile taking the time to explore your options.
Same-day personal loans in Canada
Best for: People who can apply in the morning during standard business hours.
Spring Financial is an online direct lender offering a range of personal loans, credit-building programs and mortgages. It's based in Vancouver, BC, and it has been operating since 2014.
How fast you can get the loan
Spring can send money as soon as the same business day.
Other loan details
Serviced provinces: All of Canada
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
100% online
Various loan amounts available
No prepayment penalties
High rates for bad credit
You may be offered a credit-building loan instead
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
Loans Canada hosts the country's largest lending network and has been operating since 2012. The process is straightforward and allows you to access a big network of lenders with one application, including those offering bad credit or emergency loans.
How fast you can get the loan
Loans Canada is partnered with lenders that can send money as soon as the same business day.
Other loan details
Serviced provinces: All of Canada
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
Large lending network
Good and bad credit options
Easy application
High rates for bad credit
Be wary of scammers posing as Loans Canada
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
LoanConnect was founded in 2016 in London, Ontario. A loan search platform, LoanConnect works to help you get approved for up to $60,000 by matching you with suitable lenders based on the details of your application.
How fast you can get the loan
LoanConnect is partnered with lenders that can send money as soon as the same business day.
Other loan details
Serviced provinces: All provinces
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
Fast pre-approval
Options for good and bad credit
Secured and unsecured loans
High rates for bad credit
Not a direct lender
Loan Amount
$500 – $60,000
APR Range
8.99% – 35%
Loan Term
3 - 120 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Receive funds in as little as 24 hours.
Min. Credit Score
300
Fees
No application, origination or brokerage fees
Requirements
Canadian citizen or permanent resident, age of majority in your province of residence, current debts must total less than 60% of your income
easyfinancial is an alternative Canadian lender, offering a range of loan products to individuals who might traditionally struggle to get credit from banks. The company even won the Alternative Lender category in our Finder: Personal Loans Best-in-Class Awards 2024. You can apply for a loan online with approval coming in as little as 10 minutes or visit a local branch for in-person service.
How fast you can get the loan
easyfinancial can provide approvals in as little as 10 minutes, and you can get your money as soon as the same day.
Other loan details
Serviced provinces: All provinces
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
Secured and unsecured loans
Fast approval process
Bad and no credit options
Interest rates can be high
Potential for additional fees
Loan Amount
$500 – $150,000
APR Range
9.99% – 35%
Loan Term
9 - 240 months
Serviced Provinces/Territories
All provinces
Turnaround Time
Approval within 30 minutes
Min. Credit Score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Requirements
Be a Canadian citizen. Meet the minimum age requirement, which varies from province to province. Be able to demonstrate an ability to make repayments. Min. monthly income of $1,200.
Vancity is a credit union based in Vancouver, with more than 50 branches throughout BC. The credit union offers a range of loan products including short-term emergency loans, often with competitive rates and terms.
How fast you can get the loan
Vancity can give funding in as little as 10 minutes.
KOHO is one of Canada's leading fintech companies. In addition to its basic services, the company is now offering an emergency cash advance service called Cover, available to KOHO account holders.
How fast you can get the cash advance
Immediately—as long as you sign up for a KOHO account first.
Other loan details
Fees: A subscription fee starting at $2/month
Serviced provinces: All provinces and territories
Accepts bad credit: Yes
Requires credit check: No
Same-day deposit available: Yes
No interest
No credit check
Quick access to funds
Monthly Cover fee ($2)
Monthly KOHO plan fee ($4 - $19)
$250 limit
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
Bree is a relatively new Canadian fintech company that offers a single service: fast cash advance loans. With no interest and no credit checks, Bree offers emergency cash coverage to help you get through to your next paycheque.
How fast you can get the cash advance
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.
Other loan details
Fees: 0%
Serviced provinces: All provinces and territories
Accepts bad credit: Yes
Requires credit check: No
Same-day deposit available: Yes
Easy to apply
No interest
No late fees
Instant transfer requires fee
Need to connect your bank account to the Bree app
$500 funding limit
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
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.
Wagepay is an online payday lender founded in Australia in 2020, and it has been operating in Canada since 2023. Although the lender currently only services residents of BC and Ontario, Wagepay does have plans to expand throughout the country in the future.
How fast you can get the loan
Wagepay provides instant funding 24/7.
Other loan details
Serviced provinces: BC, ON
Accepts bad credit: Yes
Requires credit check: No
Same-day deposit available: Yes
Loan funding within minutes
Easy application
No late fees or credit checks
Expensive ( and APR)
Short repayment terms
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
No
Requirements
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
iCash has been operating since 2014 and provides payday loans with interest rates that vary by province. iCash provides same-day payday loans to over one million customers across Canada, and it also offers 24/7 customer support.
How fast you can get the loan
iCash's systems are automated, so you can get instant approval and funding 24/7.
Other loan details
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
Payday loan in an hour or less
Bad credit is okay
Very expensive
Short repayment terms
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
GoDay is a dedicated Canadian payday lender, offering emergency cash loans of up to $1,500 across several provinces. It has an automated, fast approval system and the process is completely online.
How fast you can get the loan
GoDay provides instant approval and funding in as little as 2 minutes
Other loan details
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
Accepts bad credit: Yes
Requires credit check: Yes
Same-day deposit available: Yes
Get funded in minutes
Accepts CCB, disability tax credit, OAS, CCP and private pensions
E-transfer and direct deposit available
Incredibly high interest rates
Short repayment terms
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI, SK
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- Canadian resident over the age of 18 - Valid email address and phone number - Have an open bank account with a Canadian bank or credit union
The best same-day loans in Canada depend on your financial situation. Spring Financial and Vancity are top contenders for borrowers who have fair to excellent credit and are looking for a personal loan. Nyble, Bree and KOHO are solid options for a small loan, especially when you need some leniency due to a low credit score, low income or unstable employment.
Risks of same-day loans
If you’re considering a same-day loan to cover any kind of expense, be aware of the risks involved. Remember that same-day loans with high interest rates, such as payday loans, should always be considered only as a last resort.
High interest rates and fees. These loans often come with extremely high interest rates, far more than you would ever have with a credit card or traditional personal loan. On top of that, late fees and other penalties can severely increase the total cost of borrowing.
Risk of entering a debt cycle. Borrowers who take on same-day loans risk getting trapped in a cycle of debt, whereby they need to take out additional loans to pay off the first one on time.
Short repayment terms. Same-day loans often carry short, restrictive payment terms, meaning you’ll have to repay the full amount usually within 30 days.
Predatory lenders. Some lenders offering same-day loans may try to conceal the full terms and conditions of a loan offer, as they look to take advantage of a customer’s need for emergency cash.
Tips to get a same-day loan fast
When it comes to landing your same-day loan funding as quickly as possible, it can help to keep the following points in mind:
Check your eligibility. It’s a good idea to start by making sure you can meet the lender’s eligibility criteria before applying for any loan product.
Apply online. The fastest same-day loans are going to come through online lenders, or at the very least, a lender that offers the chance to be approved via an online application.
Look for e-Transfer lenders. Lenders that offer funding through e-Transfer will typically send your loan to you faster than others. Learn more about e-Transfer payday loans.
Consider membership perks. Some apps and same-day lenders like Nyble allow you to receive instant loan funding only if you sign up for a membership. Check with your chosen lender to see if there are any extra steps you need to take to receive your funding as quickly as possible.
Bottom line
There is no shortage of dedicated same-day lenders in Canada. Choosing the right one for you comes down to how long you can wait for emergency funding, how much interest you’re willing to pay and how much funding you need. No matter where you’re at, watch out for potential scams and predatory loan offers. If it seems too good to be true, it probably is.
Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver.
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Here’s how to get a $500 loan to see you through until your next payday.
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