Need a small loan to help you cover essential expenses and get through to your next paycheque? From personal and payday loans to pay advances and credit card cash advances, there are several options to choose from.
In this guide, we’ll take a look at a variety of small loans in Canada to help you find the option that’s right for you.
The providers below allow you to get a small, instant cash advance, whether you need $20, $25, $40 or more. To start borrowing, download their app or go to their website.
| Loan provider | Interest rate | Loan amount | Loan term | Key features | |
|---|---|---|---|---|---|
Early Pay | 0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance) | $20 – $350 | Next pay cycle (61 days max.) | Instant funding for a fee, no credit check | |
 Credit Line | 0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding | $30 – $150 | 30 days, extendable | Instant funding with a subscription, no credit check | |
 Cash Advance | subscription fee starting at $2/month | $20–$250 | Flexible | No credit check or income requirements, must sign up for a KOHO account |
These providers offer small personal loans online from $300. Apply and get your funds as soon as the same day.
| Loan provider | Interest rate | Loan amount | Loan term | Key features | |
|---|---|---|---|---|---|
 Installment Loan | 9.99% - 46.96% | $500–$35,000 | 9 - 84 months | Fast application, same-day funding | |
 Installment Loan | 28.00% - 32.00% + broker fee | $500–$1,000 | 3 - 12 months | Funding within 24 hours of approval, no credit check | |
 Installment Loan | 6.99% - 46.96% | $300–$50,000 | 3 - 60 months | Loan search platform, largest lender network | |
 Installment Loan | 8.99% - 46.96% | $500–$60,000 | 3 - 120 months | Loan search platform, pre-approval in 5 minutes | |
 Installment Loan | 29.78% - 44.80% | Up to $1,600 | Up to 36 months | Fast funding, easy application | |
 Installment Loan | 12.99% - 39.99% | $500–$10,000 | 9 - 36 months | Excellent service, fast approvals | |
 Installment Loan | 4.84% - 35.99% | $300–$50,000 | 3 - 84 months | Loan search platform for all credit |
Payday loans are quick to get because of their easy requirements and seamless online process. However, they are extremely expensive, so only consider them after you’ve exhausted all other options.
| Loan provider | Interest rate | Loan amount | Loan term | Key features | |
|---|---|---|---|---|---|
 Payday Loan | Varies by province | $100 – $1,500 | 7 - 62 days | 24/7 instant approval and e-Transfer, accepts bad credit | |
 Payday Loan | Varies by province | $100 – $1,500 | Up to 62 days | Instant approval, accepts bad credit | |
 Payday Loan | Varies by province | $100 – $1,500 | Up to 62 days | Lower interest than typical payday loans, 24/7 approval and e-Transfer, accepts bad credit | |
 Payday Loan | Varies by province | $100 – $1,500 | 5 - 40 days | Instant approval, accepts bad credit |
| 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 |
Pay advance apps 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 may need to pay a small fee to get instant funding.
Pay advance apps – or cash advance apps – are still in their early stages. Canadians were introduced to these services around two years ago, with the launch of Bree and Nyble. Recently, KOHO and Woveo launched their cash advances.
We may see product features change as these apps innovate and evolve.
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.
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.
In 2024, the maximum personal loan rate in Canada may drop from 47% APR to 35% APR. Experts in non-prime lending say that a drop in the maximum rate will cause lenders to be more selective with their approvals, which means fewer Canadians with low credit scores will be able to get a personal loan. Without access to personal loans, they could be forced to turn to payday loans. We will see more payday lenders entering the space as a result.
Currently, there are discussions about further lowering the maximum interest rate for personal loans.
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 your 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.
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.
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.
Yes, some pay advance apps and payday lenders offer small loans with no credit check. Instead of looking at your credit history, they assess your income to work out whether you’ll be able to afford loan repayments.
However, be very 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.
Yes, you can. Many online lenders 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.
The fastest way to get instant small loans in Canada is to apply for a payday loan. Some online lenders offer 24/7 applications and approvals, and with the funds deposited into your account via Interac e-Transfer, it’s possible to get cash within minutes. Alternatively, you can apply through a storefront lender and collect cash in person.
However, payday loans are a very expensive borrowing option and commonly have APRs of 300% or more. 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.
Thinking of applying for a small loan? Consider the following factors first:
First and foremost, ask yourself whether you really need to take out a loan. Is the expense you need to cover absolutely essential? Are there any other options you could consider before applying for credit?
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.
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 or NSF fees.
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.
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.
There are a few other options to consider if you need fast access to a small loan:
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:
Check out fees and features of these personal loan alternatives to CreditNinja in Canada.
How to access flexible financing with a line of credit in Canada, even if you have bad credit.
Compare personal loans in BC. Apply online and borrow up to $50,000.
Browse the best debt consolidation loans in Canada for bad to excellent credit.
Don’t have a job but need a loan? Find out how to get a loan that doesn’t require job verification.
Where to find the best interest rates for secured and unsecured lines of credit.
Read on and find out how to get a loan to take care of your sick pet.
Browse e-transfer loans that accept social assistance in Canada. Apply online and get fast approval.
Here are 6 easy loans to get in Canada, but watch out for high interest rates.
Get a $1,500 loan as either an installment or payday loan. Learn about the pros and cons of each, plus compare lenders and apply today.
