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Compare short-term loans in Canada

Whether you're looking for loan terms as short as a couple of weeks or up to a couple of years, you have short-term loan options even if you have bad credit.


Nyble Credit Line

Nyble Credit Line logo
  • Access up to $150 to build credit
  • No credit history required
  • No interest or required fees
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Short-term loans can give you access to quick cash even if you have bad credit. These loans are designed for emergencies and should only be used if you run out of other options since they can be very expensive.

Follow this guide to learn more about short-term loan options in Canada and compare lenders.

The following are the various types of short-term loans and cash advances in Canada:

Get short-term loans from cash advance providers

One option to get a short-term loan is from a cash advance provider. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.

Loan providerInterest rateLoan amountLoan termKey features

Early Pay

No interest or fees to access cash advance, fee for express funding (varies based on advance)$20–$350Next pay cycle (61 days max.)Easy to apply, no interest, same-day funding for a small fee, no credit check

Credit Line

No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding$30 – $15030 days, extendableInstant approval, no credit check and funding within 30 minutes with a monthly subscription

Cash Advance

No interest but there’s a mandatory subscription fee starting at $2/month.$20–$250FlexibleEasy application, no credit check, instant access to funds

Get short-term loans from installment loan providers

Another short-term loan option is to apply online for an installment loan.

Loan providerInterest rateLoan amountLoan termKey features

Installment Loan

29.78% - 44.80% –$1,600Up to 36 monthsFast funding, easy application
Loans Loans

Installment Loan

28.00% - 32.00% + broker fee$500–$1,0003 monthsFunding within 24 hours of approval, no credit check
Spring Financial

Installment Loan

10.8% - 46.99%$500–$35,0006 - 60 monthsFast application, same-day funding
Loans Canada

Installment Loan

6.99% - 46.96%$300–$50,0003 - 60 monthsLoan broker, largest lender network

Installment Loan

8.99% - 46.96%$500–$50,0003 - 120 monthsLoan broker, pre-approval in 5 minutes
Fat Cat Loans

Installment Loan

4.84% - 35.99%$300–$50,0003 - 84 months84% chance of approval even with bad credit
SkyCap Financial

Installment Loan

12.99% - 39.99%$500–$10,0009 - 36 monthsExcellent service, fast approvals
Magical Credit

Installment Loan

19.99% - 46.80%$1,500 – $20,00012 - 60 monthsApproval in 24 hours, funding in 24 hours, accepts many types of income and bad credit
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call 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.

Get short-term loans in Canada from payday loan lenders

You can also get a short-term loan by applying online for instant approval from a direct payday lender.

Loan providerInterest rateLoan amountLoan termKey features

Payday Loan

Varies by province$100 – $1,5007 - 62 days24/7 approval and e-Transfer, accepts bad credit
Money Direct

Payday Loan

Varies by province$100 – $1,5007 - 62 daysConvenient operating hours at store locations
Money Mart

Payday Loan

Varies by province$120 – $1,5001 - 62 daysDeposited in as soon as 24 hours (excluding weekends)
Cash Money

Payday Loan

Varies by province$100 – $1,5005 - 40 daysInstant approval, e-Transfer in as little as 15 mins, accepts bad credit
Loan Express

Payday Loan

Varies by province$100 – $1,500Up to 62 daysFast funding: Within minutes via Interac e-Transfer
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

What are short-term loans?

Short-term loans in Canada are loans with terms typically lasting anywhere from 2 weeks up to 2 years. For comparison, standard personal loans often come with loan terms up to 5 years. You’ll need to make sure you can afford repayments, because these types of loans – especially short-term loans for bad credit – tend to come with very high interest rates.

Types of short-term loans

There are several types of short-term loans available to Canadians. The main differences between each type comes down to how long you have to pay back the loan and the interest or fees involved. The 4 main types are short-term loans are:

  1. Short-term installment loans: Loan terms of 3 months to 2 years
  2. Payday loans: Repayment by your next payday or up to 62 days
  3. Small cash advance apps: Repayment with your next paycheque or opt to rollover the loan
  4. Credit card cash advances: Flexible loan terms, but ideally repay as soon as possible

Option 1: Short-term installment loans

Installment loans are paid off with monthly payments and loan terms as short as 3 months, which makes them a potentially affordable short-term loan solution compared to payday loans.

Some examples of direct lenders are and Spring Financial, while brokers include Loans Canada and LoanConnect. Short-term installment loans come with the following features:

  • Unsecured (no collateral required)
  • Loan terms of up to 2 years
  • Loan amounts of up to $5,000
  • Rates typically between 18% and 46.96%

Pros and cons of short-term installment loans


  • Lower rates than payday loans
  • High amounts (up to $5,000)
  • Bad credit may qualify
  • Repay in installments
  • Get funded in 1 to 2 business days
  • Easily apply for this short-term loan online


  • More expensive than personal loans
  • Credit check usually required
  • Some loans come with hidden fees
  • Stricter eligibility requirements than payday loans

Am I eligible for short-term installment loans?

You may need to meet these eligibility criteria to qualify for short-term installment loans:

  • Be a Canadian citizen or permanent resident
  • Be the age of majority in your province
  • Have a source of income and regular employment
  • Have a Canadian bank account
  • Be willing to get a credit check
  • Meet credit score requirements

Compare short-term installment loans

Option 2: Short-term payday loans

Payday loans in Canada come with very high interest rates and are typically paid back by your next payday – making them viable short-term loans for people looking for quick, emergency cash.

If your prioirty is a fast turnaround time, consider payday loan providers like iCASH and GoDay that can e-transfer funds directly to your account within 2 minutes. Some other payday lenders that offer short-term loans in Canada include Loan Express, Speedy Cash and My Canada Payday.

Payday loans come with the following features:

  • Unsecured (no collateral required)
  • Short loan terms of up to 62 days
  • Loan amounts of up to $1,500
  • Borrowing fee of $14 to $17 for every $100 borrowed

Pros and cons of short-term payday loans


  • Easy to qualify
  • Funding in as little as 1 hour
  • Borrow up to $1,500
  • Can apply online for this short-term loan
  • No credit check required in some cases
  • Regulated in each province
  • Non-employment incomes are valid income
  • Get your payday loan via e-transfer


  • Extremely high fees
  • Full repayment of this short-term loan is due by your next payday
  • High costs for missed payment (NSF fees and late fees)
  • May not have enough income left once you repay your payday loan

Am I eligible for short-term payday loans?

You’ll typically have to meet these criteria to qualify for short-term loans like payday loans:

  • Be a Canadian citizen or permanent resident
  • Be the age of majority in your province
  • Have a source of income and/or regular employment

Compare short-term payday loans

Option 3: Short-term cash advance apps

These are small, short-term loans that typically must be paid back with your next paycheque. Nyble and Bree are examples in Canada. Both apps don’t charge any interest, but Nyble has a membership fee of $11.99 per month and Bree allows customers the option to leave a tip. These types of apps tend to have the following features:

  • Unsecured (no collateral required)
  • Amounts are typically capped at $150 or $200
  • Turnaround time is anywhere from less than 30 minutes to a few days
  • There are usually no loan fees or interest, but you may need to pay for a monthly subscription
  • Repayment is typically made with your next paycheque, but you may be able to roll over to next month

Pros and cons of short-term pay advance apps


  • 0% interest
  • More affordable than other types of short-term loans
  • No credit check required
  • Convenient apps available for iOS and Android
  • Possibility to increase borrowing amount up to $500 from Nyble


  • Can take up to several days to receive funds
  • Very small short-term loan amounts
  • Pay extra for faster funding

Am I eligible for short-term loan via pay advance apps?

These are the most basic requirements you’ll need to meet to be eligible to get a short-term loan from pay advance apps:

  • Be the age of the majority in your province
  • Have an active bank account
  • Meet minimum income requirements
  • Legal resident of Canada

Compare short-term pay advance apps

Option 4: Credit card cash advance short-term loans

Credit card cash advances let you borrow money against the credit limit on your credit card, which can be a viable short-term loan option for Canadians. They come with the following features:

  • Unsecured (no collateral required)
  • Amounts capped at a percent of your credit limit
  • Comes with 17.99% to 29.99% interest
  • Payment due up to 21 days after you receive your statement
  • Can get cash directly from an ATM – no application

Pros and cons of using credit card cash advances as short-term loans


  • No application for cardholders
  • Can often get a credit card cash advance online
  • Lower rates than payday loans
  • No credit check required
  • Quick and easy to get


  • Interest accrues as soon as you withdraw
  • Usually comes with additional fees
  • Eats up the balance on your credit card

Am I eligible for a credit card cash advance?

If you want to use a credit card cash advance as a short-term loan solution, you’ll typically need to meet the following criteria:

  • Be a Canadian citizen/resident and age of majority
  • Have a credit card that offers cash advance services (or be able to qualify for one)
  • Have available space on your credit card
  • Be able to visit a bank or ATM in person to withdraw money

How much do short-term loans cost?

Below is an example of how much a $700 loan would cost if you get a short-term installment loan, payday loan or credit card cash advance.

Representative example: Mark, a resident of Ontario, needs $700

Mark, an Ontario resident, needs to borrow $700 for some urgent car repairs. He searches for short-term loans in Ontario and compares the cost of his 3 short-term loan options.

Short-term installment loanPayday loanCredit card cash advance
Loan amount$700$700$700
Loan term6 months14 days14 days
Interest rate46.96%$15 for every $100 borrowed22.99% + 5% fee
Repayments$133.16 per month for 6 months ($98.94 interest)1 full payment of $805 ($105 interest)1 full payment of $741 ($41.17 interest)

What can I use short-term loans for?

You can use short-term loans in Canada for anything, but they’re designed for financial emergencies. You may want to use the money you borrow for car repairs, hospital bills or other expenses that come up unexpectedly between paycheques. It’s best to avoid using borrowed money for vacations, shopping sprees, investing or other unnecessary costs.

Can I get short-term loans for bad credit?

Yes, there are many short-term loans for bad credit borrowers, but just keep in mind that you’ll be charged higher interest rates. Many short-term installment loan lenders, like, Spring Financial and Mogo, offer bad credit loans. Pay advance app providers also tend to focus more on your income than your credit score. Pay advance apps like Nyble don’t check your credit score at all during the approval process.

Can I get short-term loans with no credit check?

You can get a short-term loan with no credit check from installment loan, payday loan and pay advance loan providers. Some online short-term loan providers, like, offer no credit check installment loans, which have much smaller APRs than payday loans. Pay advance apps, like Nyble, also don’t do credit checks.

Before you apply for short-term loans with bad credit

Follow these tips when applying for short-term loans with bad credit to avoid common pitfalls:

  • Know how much the loan will cost you
  • Check the payday lender is licensed and follows regulations
  • Make sure you can pay off an installment loan early without any penalties
  • Pick a lender that doesn’t guarantee approval (which could imply they’re fraudulent or charge extremely high fees)
  • Don’t be pressured into signing a contract
  • Watch out for payday loan scams and personal loan scams

How can I tell if an online short-term loan provider is legit?

When browsing short-term loans online, make sure you apply with a legitimate lender by looking for the following features:

  • The lender displays its licence prominently on its website
  • The lender is upfront about interest rates and fees
  • The lender does not guarantee approval
  • The lender reviews your income to make sure you can repay the loan

How to apply for short-term loans online

Follow these steps to apply online for short-term loans in Canada:

  1. Visit the website for the lender you’re interested in by clicking the green “Go to site” button in the table of lenders above
  2. Click on the link for the application form (usually under “Apply now” on the home page)
  3. Input contact information such as full name, address, phone number and email
  4. Provide income and employment information (pay stubs, bank statements, etc.)
  5. Send in the required documents to support your application
  6. Submit the application package and wait for an agent to contact you
  7. Read your loan agreement carefully and sign it to finalize the transaction
  8. Get your funds deposited into your bank account (or pick them up in store)
  9. Repay your loan in full on your payday or with regular installments

Frequently asked questions about short-term loans in Canada

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