Borrow $20, $25, $30, $40+ With These Small Loans

Need a small loan to help you cover essential expenses before your next paycheque? There are several options to choose from. In this guide, we’ll take a look at a variety of quick, small loans in Canada to help you find the option that’s right for you.

Compare small loans in Canada

Lender	Cost	Loan amount	Loan term
Cash Advance	0% + monthly fee from $2	$20 – $500	Flexible	Go to site
Exclusive + Get a $75 digital Visa card when you open and fund a new KOHO account online through Finder as a first-time customer. Become a Finder member in seconds for free. Keep the account open until February 15, 2027. Offer ends December 30, 2026. T&Cs apply. Get Deal Learn more
Personal Loan	9.99% - 34.95%	$500 - $35,000	6 - 84 months	Go to site
Personal Loan	8.99% - 35.00%	$500 – $50,000	3 - 120 months	Go to site
Personal Loan	9.99% - 35.00%	$500 – $50,000	3 - 60 months	Go to site
Credit Line	0%	$30 – $250	31 days, extendable	Go to site
Early Pay	0%	$20 - $750	Next pay cycle (90 days max)	Go to site

Last resort option: A small payday loan

Payday loans are convenient for emergencies, but their very high costs may impact borrowers in the long run. If you have already explored alternatives and have decided a payday loan suits your situation, make sure the lender you choose is licensed.

Licensed payday lender	Interest rate	Loan amount	Loan term
Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	Go to site
Payday Loan	$14 per $100 borrowed	$100 – $1,500	7 – 62 days	Go to site

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Where can I get a small loan in Canada?

The best place to get a small loan depends on your individual circumstances. However, here are a few must-know features of small loan providers.

• KOHO (via Cover) is a cash advance that doesn’t require a credit check or an income. It charges no interest (but does charge a monthly fee from $2) and offers instant funding. Its Finder Score is 8.8.
• Nyble charges no interest and offers a free loan option. It also offers credit building, which other cash advance providers don’t offer. It has a Finder Score of 9.3.
• Bree is a cash advance service that, like Nyble, charges no interest and offers a free loan option. You can borrow up to $750, the highest among cash advance providers. Its Finder Score is 8.8.

Related: What is the Finder Score?

Where can I borrow $20, $25 or $40 through an instant app in Canada?

Cash advance providers specialize in microloans, making them the go-to for instantly borrowing small sums like $20, $25 or $40.

• KOHO. Borrow from $20 and pay a monthly fee starting at $2.
• Nyble. Borrow from $30 and pay $11.99 per month to access instant funding.
• Bree. Borrow from $20 and pay $2.99 – $45.99 for every instant transfer. The higher the amount you borrow, the higher the fee.

Related: Loan apps in Canada

What are the differences between small loans in Canada?

Not all small loans are the same. Below is a summary of the types of loans available in Canada, including typical features for each.

Loan type	Starting loan amount	Credit check	Speed	Sample lenders
Cash advance	$20	Not required	Instant or up to 3 days	KOHO, Nyble, Bree
Personal loan	Usually $500	Usually required (except with short-term installment loans)	Within 24 to 48 hours	LoanConnect, Spring
Payday loan	$100	Sometimes required	Instant	Wagepay, iCash
Credit card cash advance	$20	Not required	Instant at an ATM	N/A, visit any ATM
Overdraft protection	N/A	Required	A few business days if you don’t have it set up already	Your bank

1. Cash advance

Cash advance services let you instantly borrow as little as $20. There’s no credit check required and no interest to pay, and your repayment is automatically deducted from your bank account on your next payday.

While there’s no interest on the money you borrow, you’ll need to pay a small fee if you want instant funding.

Features of pay advances

• Loan amounts: $20–$750.
• Loan terms: By your next paycheque but can be extended, depending on the provider.
• Interest rates: No interest, but you may pay a fee for express service.
• How to get it online: Sign up for an account by providing your personal information and contact details. Provide your bank account details, so the pay advance service can verify your income. You also have the option of downloading the app.
• How long it takes: The turnaround is up to three days or instant for a fee.

Pros and cons of cash advances

• No credit check required
• No interest or late penalties
• Easy application process
• Instant approval
• May help build your credit history (Nyble)

• Limited options in Canada
• Instant funding is only available for a fee
• Borrow a small amount only

Eligibility requirements

• Have an income
• Have an active Canadian bank account

Dive deeper: Cash advances in Canada

2. Small personal loans

Are you looking for a small personal loan? If you need more than $2,000 or $3,000, you could apply to banks like the Big Six. But if you need to borrow less, you’ll have more luck with some credit unions and many alternative lenders.

Features of small personal loans

• Loan amounts: Starts at $200 to $500.
• Loan terms: Starts at 3 months.
• Interest rates: From 18%.
• Where to get it: Mostly alternative lenders.
• How to get it online: Fill out an application form with your personal details, contact information and proof of income. You’ll also need to verify your ID, while many lenders offer online bank account verification to speed up the application process.
• How long it takes: Same-day funding available.

Pros and cons of small personal loans

• Quick and easy to apply online
• Fast loan approval
• Bad credit options available
• Low minimum loan amounts available

• The lower the amount, the less selection you have of lenders
• Watch out for high rates
• Watch out for broker or surety fees from some alternative lenders

Eligibility requirements

• Have a regular source of income
• Meet any credit score requirements
• Meet any minimum income requirements

Related: Best personal loans in Canada

3. Payday loans

Payday loans are short-term loans of up to $1,500. You can apply online or in-store and get instant approval, but high APRs mean this is an extremely expensive way to borrow.

Features of payday loans

• Loan amounts: Starts at $100.
• Loan terms: Up to 62 days.
• Interest rates: $14 for every $100 borrowed.
• Where to get it: Licensed payday lenders in your province.
• How to get it online: Fill out an application form with your name and contact details. You’ll need to provide proof of ID and income, and many lenders offer instant bank verification online.
• How long it takes: As little as 30 minutes.

Pros and cons of payday loans

• Easy to apply
• Fast access to funds
• Bad credit accepted
• Instant approval
• 24/7 funding available

• Exorbitant rates
• Short repayment terms
• Easy to get into a cycle of debt
• Watch out for sketchy lenders

Eligibility requirements

• Meet minimum income requirements
• Have an active Canadian bank account

Related: Best payday loans in Canada

4. Credit card cash advances

With a credit card cash advance, you can access funds from your card balance. It’s a quick and convenient option that allows you to get cash from your bank or an ATM, but a cash advance fee applies. Make sure you only borrow a small amount because interest accrues the moment you withdraw, and the interest rate is high.

Features of credit card cash advances

• Loan amounts: No minimum.
• Loan terms: No due date, but interest accrues daily.
• Interest rates: Around 23% plus a fee.
• Where to get it: Credit card providers.
• How to get it: Use your existing credit card, or apply for a new card by providing your name and contact details and then completing a credit check.
• How long it takes: If you already have a credit card, you can access your money straight away.

Pros and cons of credit card cash advances

• Easy and convenient
• Fast access to funds
• No minimum amount limit

• Cash advance fee applies
• High interest rates, and cash advances aren’t eligible for interest-free days
• Daily, weekly and monthly limits may apply

Eligibility requirements

The cash advance amount must be smaller than the remaining credit limit on your card. The card provider may also impose daily, weekly and monthly cash advance limits, so check your card’s terms and conditions.

5. Overdraft protection

The next option is to choose overdraft protection on your chequing account. This allows you to cover the cost of small purchases even if there are insufficient funds in your account, which means you can avoid NSF fees. But keep in mind that overdraft fees and interest apply.

Features of small overdrafts

• Loan amounts: No minimum.
• Loan terms: You must bring your account into a positive balance every 90 days.
• Interest rates: Around 21% plus a $5 monthly fee, or 21% plus a $5 fee per use.
• Where to get it: Banks and credit unions.
• How to get it online: Fill out an application form to get overdraft protection on your account. You’ll need to provide details of your income and expenses and submit to a credit check.
• How long it takes: Automatically applies to eligible transactions.

Pros and cons of small overdrafts

• Convenient option
• Avoid applying for a loan from another provider
• Your transaction goes through normally

• Overdraft fees apply (and may apply even if your account isn’t overdrawn)
• High interest rate applies to the overdraft amount
• Can lure you into the trap of over-spending

Eligibility requirements

• Meet minimum income requirements and have your income deposited directly into your account
• Have a good credit rating
• Have an eligible account with the bank (or be eligible to open one)

Can you get a small loan with no credit check?

Yes, some cash advance apps and payday lenders, such as Nyble and Cashco, offer small loans with no credit check. Instead of looking at your credit history, they assess your income to work out if you’ll be able to afford loan repayments.

However, be wary of any lender that promises guaranteed loan approval. A reputable lender will always examine your ability to repay a loan before providing approval, so keep this in mind when comparing your options.

Dive deeper: Guide to guaranteed approval loans in Canada

Can you get a small loan with bad credit?

Yes, you can. Many online lenders, such as iCash and KOHO, are willing to provide small loans to borrowers with bad credit. In fact, lenders are actually more likely to approve you for a small loan amount than a large one, so you’ll find plenty of options to choose from.

Rather than focusing on your credit score, these lenders will consider your income and your ability to repay what you borrow. However, be aware that you’ll be offered higher interest rates than borrowers who have good to excellent credit.

Must read: Best bad credit loans in Canada

What is the quickest way to get a small loan online?

The fastest way to get instant small loans in Canada is to apply for a payday loan or cash advance. Some online lenders offer 24/7 applications and approvals, and, with funds deposited into your account via Interac e-Transfer, it’s possible to get cash within minutes.

However, payday loans are a very expensive borrowing option and commonly have APRs 365%. So, if you need an instant small loan and you’re looking for something more affordable, a fast personal loan from an online lender could be the answer. With fast approvals and e-Transfers available, it’s possible to access your loan amount within 24 hours.

What to consider before getting a small loan

Thinking of applying for a small loan? Consider the following factors first:

Is it essential?

First and foremost, ask yourself if you really need to take out a small loan. Is the expense you need to cover essential? If so, are there any other options you could consider before applying for credit?

Compare a range of options

Don’t fall into the trap of choosing the quickest or most convenient option available to you. Remember to compare a variety of options to find the loan that is the best fit for your financial situation.

Consider the APR and any extra fees

Don’t just look at the interest rate when comparing your small loan options. Check out the annual percentage rate, which combines the interest rate and loan fees to show you the true cost of borrowing. Also, don’t forget to check the fine print for any other fees that may apply, such as late payment fees, broker fees and NSF fees.

Watch out for disreputable lenders

Do your research to make sure you only deal with legitimate and properly licensed lenders. If a lender makes promises that sound too good to be true or there are other red flags that could indicate a personal loan scam, look elsewhere.

Read the loan contract carefully

Make sure you thoroughly review the loan’s terms and conditions before accepting the loan and signing the contract. This will ensure that you understand the full cost of the loan and help you avoid any nasty surprises.

Other ways to borrow a small amount of money

There are a few other options to consider if you need fast access to a small loan:

• Get a line of credit. A line of credit provides access to funds you can use when needed. You only pay interest on the money you use, not the full credit limit, and line of credit rates are often better than credit card interest rates. There are even lines of credit for bad credit available.
• Reach out to friends and family. Another option is to ask a close friend or family member for a short-term loan. Doing so can be awkward and can put a strain on your relationship, but it can offer a simple way of getting your finances back on track without taking on an interest-accruing debt. Make sure to repay your loan on the agreed-upon deadline to avoid damaging your relationship.
• Ask your employer for an advance. You could also consider asking your employer for an advance on your next paycheque. If you’re a long-term employee with a reputation for reliability, they may help you out.

Alternatives to taking on more debt

If you’re stuck in a financial bind, there are a host of other options you might like to consider before getting deeper into debt:

• Sell unwanted items. Got a few items that you no longer use lying around the house, such as your old TV or maybe that treadmill you bought during the lockdown? List them for sale on popular sites like Kijiji or Facebook Marketplace to get some cash in your pocket.
• Negotiate with your creditor. If you haven’t done so yet, talk to your creditor first. They may be willing to offer you an extension or partial payment plan.
• Credit counselling. Some credit counselling agencies offer free counselling services to help you get out of debt. A counsellor can take the time to assess your situation and help you come up with a plan to get your finances back on track.
• Visit 211.ca. This free and completely confidential service connects you to government or community-based support for your financial needs.
• Get a side hustle. There are various ways to make money online, including freelancing, filling out surveys and providing virtual assistance.

Compare more small loans

We searched the market for lenders that provide small loans, with starting amounts between $20 to $500, and organized them in the tables below. Payday loans offer small amounts, but it’s best to leave them as a last resort.

• Personal loans
• Cash advances
• Payday loans

Frequently asked questions

• How do I apply for a small loan online?

  With many small loans online, you can apply by providing your basic information and then linking your bank account via instant bank verification.

• What is the smallest personal loan you can get?

  The smallest personal loan you can get in Canada is typically $200 to $500, but few lenders offer loan amounts this low.

• How long does it take to get a small loan online?

  It's possible to apply, get approved and get funded for a small loan on the same day. Some payday lenders will even provide access to cash in less than an hour.

• How much are small loans in Ontario?

  If you take out a small payday loan in Ontario, the maximum amount the lender is allowed to charge you by law is $14 for every $100 borrowed. The maximum loan term is 62 days. Learn more about payday loans in Ontario.

• How much are small loans in Alberta?

  If you take out a small payday loan in Alberta, the maximum amount the lender is allowed to charge you by law is $14 for every $100 borrowed. The loan term must be between 42 - 62 days. Learn more about payday loans in Alberta.

• How much are small loans in BC?

  If you take out a small payday loan in BC, the maximum amount the lender is allowed to charge you by law is $14 for every $100 borrowed. The maximum loan term is 62 days. Learn more about payday loans in BC.