If you need fast cash in an emergency, you can apply online for a payday loan, cash advance or personal loan. These urgent loans often come with high interest rates but can put cash in your bank account within a few minutes after approval. Payday loans and cash advances are faster and easier to get. You can get them with bad credit, you don’t need to be employed, and some lenders offer instant approval and funding 24/7. However, they can be more expensive than personal loans.
Compare speedy providers of emergency loans in Canada to learn which one might be best for you.
The emergency cash providers below allow you to get a small instant loan with no credit checks involved. You pay no interest on these cash loans, but you may pay either an optional or required monthly fee depending on the provider.
Apply online within minutes.
Loan provider
Interest rate
Loan amount
Loan term
Key features
Early Pay
No interest or fees to access cash advance, fee for express funding (varies based on advance)
$20 – $250
Next pay cycle (61 days max.)
Instant approval and funding 24/7 with a fee, no credit check, must have no NSF transactions in your bank account
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.
Compare emergency payday loans
Another type of loan to consider is a payday loan, which provides instant approval and funding. However, they are extremely expensive and are only suitable as a last resort.
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
How we selected fast emergency loans in Canada
We’ve chosen the products on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loans are not representative of the entire market. We focused on alternative lenders because they are generally faster than financial institutions. To select fast emergency loans, we went through lenders’ application processes and reviewed any customer feedback they received about their speed and reliability.
Learn more about emergency personal loans
If you’re not sure which lender is right for you, below is a breakdown of these lenders offering emergency loans in Canada, including who they are, how fast you can get their loan and what their requirements are.
1. Spring Financial
Spring Financial is a major alternative lender that offers emergency personal loans online. It’s been in business since 2014 and is based in Vancouver, BC.
How fast you can get it: Get an offer within minutes after you apply and receive your money on the same day or the next day.
Loan details
Interest rate: 10.8% - 46.99%
Loan amount: $500 – $35,000
Loan term: 6 - 60 months
Minimum income: $1,800/month
Incomes it accepts: Employment
Minimum credit score: 500
Serviced provinces: All of Canada
Accepts bad credit: Yes
Instant approval: Approval within 15 to 30 minutes
Credit check required: Yes
Tips to get your money fast
Have your phone ready. You’ll get a phone call from a Spring representative right after you apply.
Prepare your information. Have your banking details, employment information and pay stubs ready.
Launched in 2012, Loans Canada is headquartered in Toronto. As a loan search platform, Loans Canada has the largest lender network in Canada. The Loans Canada process is simple: Fill out one application and get matched with multiple lenders that provide emergency loans. It’s also possible to get urgent loans for bad credit from lenders on Loans Canada’s platform.
How fast you can get it: Get a rapid loan via Loans Canada within 24 to 48 hours.
Loan details
Interest rate: 6.99% - 46.96%
Loan amount: $300 – $50,000
Loan term: 3 - 60 months
Minimum income: $1,000/month
Incomes it accepts: Varies by lender
Minimum credit score: 300
Serviced provinces: All of Canada
Accepts bad credit: Yes
Instant approval: Not available. You can get instant pre-approval, but the lender you choose will need to verify your income and identity before giving approval.
Credit check required: Some of the lenders you’re matched with may check your credit. You’ll need to withdraw your consent if you don’t want this.
Tips to get your money fast
Be ready to answer your phone. Once you apply, an agent will contact you. Be prepared to answer the call if you want a faster application process.
Send your documents in quickly. To speed up the approval process, get the required documents ready to send to the agent.
easyfinancial is one of the largest alternative lenders in Canada, and it won the Alternative Lender category in our Finder: Personal Loans Best-in-Class Awards 2024. According to easyfinancial, on average applications receive pre-approval within 10 minutes and a final decision within 30 minutes. Apply for its unsecured personal loan online for fast approval, or visit a branch near you for face-to-face service.
How fast you can get it: Get your money as soon as today.
Loan details
Interest rate: 9.99% - 46.96%
Loan amount: $500 – $100,000
Loan term: 9 - 120 months
Minimum income: $1,200/month
Incomes it accepts: Many types, including full-time, part-time or self-employed income, disability and pension
Minimum credit score: 300
Serviced provinces: all provinces
Accepts bad credit: Yes
Instant approval: Final approval in as little as 10 minutes
Credit check required: Yes
Tips to get your money fast
Make sure your income qualifies. You need to be earning at least $1,200/month, and $1,000 of that must be full-time, part-time, self-employed, disability or pension.
Send your documents in quickly. Prepare your photo ID, proof of income, proof of address and void cheque (or pre-authorized debit form) in advance.
LoanConnect is a BBB-accredited business that was founded in 2016 and operates out of London, Ontario. As a loan comparison platform, LoansConnect helps match you with loan offers based on your unique profile. Get pre-approved for up to $50,000.
How fast you can get it: You can get an urgent loan via LoanConnect within 24 to 48 hours.
Loan details
Interest rate: 8.99% - 46.96%
Loan amount: $500 – $50,000
Loan term: 3 - 120 months
Minimum income: No min. income
Incomes it accepts: Varies by lender
Minimum credit score: 300
Serviced provinces: All provinces
Accepts bad credit: Yes
Instant approval: Not available. You can get instant pre-approval, but the lender you choose will need to verify your income and identity before giving full approval.
Credit check required: You can find out your matches without a credit check, but the lender you choose may check your credit history.
Tips to get your money fast
Have your documents ready. Have your ID, direct deposit information, bank statement, most recent pay stubs and proof of address ready.
SkyCap Financial was founded in 2013 and provides emergency personal loans up to $10,000 to Canadian clients. This lender has stricter eligibility criteria than others in this list. You’ll need fair to good credit to get approved.
How fast you can get it: Get this quick loan within 24 to 48 hours.
Loan details
Interest rate: 12.99% - 39.99%
Loan amount: $500 – $10,000
Loan term: 9 - 36 months
Minimum income: $1,666.67/month
Incomes it accepts: Employment, pension
Minimum credit score: 575
Serviced provinces: All provinces and territories except Quebec and Nova Scotia
Accepts bad credit: No
Instant approval: Available. To get an instant loan decision, do not skip any steps on the application.
Credit check required: Yes
Tips to get your money fast
Apply early in the morning. You’re more likely to get same-day approval if you apply early, during normal business hours.
Create an account. Sign up for an account in advance and be ready with your ID when you fill out your application.
Get Loan Approved specializes in personal loans with your car as collateral (also known as a car title loan). This lender is lenient with income and credit score because your car’s value is used as collateral. To get approved, your car must be paid off and less than 10 years old. A Get Loan Approved agent will evaluate your car.
How fast you can get it: Get this emergency car title loan in 1 to 2 business days.
Loan details
Interest rate: 9.95% - 29.00%
Loan amount: $1,000 – $50,000
Loan term: 12 - 72 months
Minimum income: None
Incomes it accepts: Any
Minimum credit score:
Serviced provinces: AB, BC, MB, NB, NL, NS, ON, PEI, SK
Accepts bad credit: Yes
Instant approval: No
Credit check required: No
Tips to get your money fast
Make sure your car is eligible. Make sure your car is fully paid off, not leased and not older than 10 years.
Get your car appraised. If you live in Ontario or BC, Get Loan Approved has a mobile agent who can come to you. If you don’t live in Ontario or BC, you’ll need to drive to a Get Loan Approved agent near you. This lender is partnered with many agents across Canada, and the average drive is about 20 minutes.
Bree is a new entrant in the short-term-loan marketplace, having launched in Canada in 2021. It offers a fast cash advance at no interest, but you’ll pay a fee to get express loan funding.
How fast you can get it: Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery.
Loan details
Interest rate: 0%
Loan amount: $20 – $250
Loan term: Next pay cycle (61 days max.)
Minimum income: None
Incomes it accepts: Any valid recurring income
Minimum credit score: None
Serviced provinces: All provinces and territories
Accepts bad credit: Yes
Instant approval: Yes
Credit check required: No
Tips to get your money fast
Connect your bank account. You’ll need to go through bank verification so Bree can verify your income and identity.
Income paid by direct deposit. To qualify, your income must be regularly paid into your account by direct deposit.
iCash provides payday loans to people looking for urgent loans with bad credit. It’s one of the largest and most popular lenders in this space. Since 2014, iCash has provided emergency payday loans to more than 500,000 customers across Canada. As a payday lender, iCash provides 24/7 online customer support, which is a feature most payday lenders in Canada do not offer.
How fast you can get it: Get this loan online within 30 to 60 minutes of applying, 24/7, via Interac e-Transfer.
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: 7 - 62 days
Minimum income: $800/month
Incomes it accepts: Employment and other types, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Minimum credit score: None
Serviced provinces: BC, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick and Prince Edward Island.
GoDay is a BBB-accredited payday lender that first began operations in 2012. It has automated systems to approve and process online loans in Canada 24/7, and you won’t need to email any documents to get approved.
How fast you can get it: You can get an emergency payday loan in as little as 60 minutes, 24/7, via e-Transfer. However, if you apply outside of business hours and GoDay’s system flags your application for manual review, the loan will take longer. (Consider iCash for 24/7 customer support.)
Loan details
Interest rate: Varies by province
Loan amount: $100 – $1,500
Loan term: Up to 62 days
Minimum income: No minimum income
Incomes it accepts: Employment, CCB, disability tax credit, OAS, CPP and private pensions
Minimum credit score: None
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
Accepts bad credit: Yes
Instant approval: Yes, offers instant loans in Canada
Credit check required: Yes
Tips to get your money fast
Be prepared to connect your bank account. Instead of sending documents, you’ll provide GoDay with a snapshot of your bank statements via bank verification.
Use the Express Re-Loan application. If you’re a returning customer, log into your GoDay account and submit an Express Re-Loan application online for faster approval.
PAY2DAY started payday lending in 2006 and offers emergency payday loans with no credit check. Even if you have bad credit, you can still apply either online or at one of its stores. Like other payday lenders, you don’t necessarily need to have a job to get approved.
How fast you can get it: Get this urgent loan in as little as 60 minutes, 24/7. PAY2DAY also offers 24/7 online customer service.
Loan details
Interest rate: Varies by province
Loan amount: $300 – $1,500
Loan term: Up to 62 days
Minimum income: No min. income
Incomes it accepts: Employment, EI, retirement income
Minimum credit score: None
Serviced provinces: ON, BC, NS
Accepts bad credit: Yes
Instant approval: Yes, offers instant loans in Canada
Credit check required: No
Tips to get your money fast
Use online banking verification. Accelerate your application by validating your personal information through instant bank verification. You’ll need to provide one government-issued ID.
Download the app. Get the PAY2DAY app to apply quickly from your mobile phone.
Easy application. Complete an application in less than 10 minutes. Since many lenders don’t require a credit check, approval for this type of loan is usually instant.
Bad credit is OK. Payday loans are one of the easiest options if you need a loan urgently, but you’ve been denied by traditional lenders because of your low credit score.
Cons
Incredibly expensive. Payday loans come with exorbitant fees. Expect to pay between $14 to $17 for every $100 borrowed, depending on where you live.
Small amounts. Borrow up to $1,500 only.
Short terms. You’ll usually need to repay your loan by your next payday. If you don’t, you could incur more fees.
Doesn’t help to build credit. Payday loans can’t be used to build credit because payday lenders don’t report payments to the credit bureau.
Chance of fraudulent lenders. You could run into a fraudulent or predatory lender if you apply online. These lenders may not be licensed to operate in your province and may sell your personal information or charge you predatory fees. Learn more about payday loan scams here.
The payday loan cycle of debt
Before you apply for an emergency payday loan, ensure that you won’t have problems repaying your loan by the due date, and after repaying you’ll have enough income left to pay for other debts and expenses. Otherwise, you might find yourself needing to apply for another payday loan.
Are emergency personal loans better than payday loans?
It depends on your needs, but in general, personal loans are a better choice than payday loans. They have lower interest rates and longer loan terms that make them more manageable. The downside is that they are harder to get than payday loans, and they’re slower to process. While payday loans can provide instant approval and funding, sometimes even 24/7, emergency personal loans take 24 to 48 hours.
Looking ahead: More payday lenders in 2024
The maximum personal loan rate in Canada may drop from 47% APR to 35% APR this year. 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.
Currently, there’s a possibility that the payday loan borrowing fee will be lowered to $14 for every $100 borrowed for all provinces (which is still very expensive).
How do I pick the best urgent loans for bad credit in Canada?
Look at the following features when picking the best emergency bad credit loan:
Interest rates. Compare several annual percentage rates (APRs) to get a true sense of what you’ll pay for interest and admin fees. Urgent bad credit loans will often come with high interest rates. Compare personal loan rates in Canada.
Extra fees. Consider any extra fees you may pay (outside of those included in your APR), such as NSF fees, broker fees and membership fees.
Loan term. While a longer loan term will give you lower monthly payments, you will pay more interest over the life of the loan. Choose a loan term that allows you to pay off the debt faster but using manageable repayments.
Turnaround time. When speed is a priority, find a lender that can give you instant loan approval and transfer funds within 24 hours. Learn more about fast and easy loans.
Improves your credit score. If you’re applying for a personal loan, check whether your lender will report your on-time payments to the credit bureaus.
Company reputation. Look for a lender with a solid reputation for customer service. Check online reviews on sites like Google, Trustpilot and the Better Business Bureau, or check out the Finder: Personal Loans Customer Satisfaction Awards 2023.
Can I get guaranteed approval on an emergency loan with poor credit?
No, you can’t get guaranteed approval on an emergency loan. Even if the lender has an automated approval process, they will still require you to meet certain criteria if they’re a legit lender. Those promising guaranteed approval may be doing so to collect fraudulent upfront fees, to collect personal private data or to get you to agree to a loan that you can’t afford.
It can be difficult to get an emergency loan if you’re unemployed unless you have another source of income. Some lenders will accept alternative forms of income such as EI, pension, disability, child tax credit or maternity benefits to help you meet income requirements. Check with the lender you want to apply with to find out what income they accept.
You can use the following options to borrow money in an emergency if you don’t want a personal loan or payday loan:
Line of credit: Apply for a line of credit with an online lender, and it’s usually much faster than the bank. Just be prepared to pay higher rates.
Credit card cash advance: Take money out of your credit card balance. You’ll usually pay around 21.99% in interest, which is expensive, but there’s no application, and you can borrow instantly.
Pay advance apps: Borrow up to $250 with pay advance apps such as Nyble and Bree.
Car title loans: Use your paid-off car as collateral. You can continue to use your car as you make your loan payments.
Frequently asked questions
If speed is your top priority, the fastest lenders are payday lenders like iCash and GoDay, or pay advance apps like Nyble and Bree.
You can get emergency funds through several different payment methods. The fastest will be in cash if you apply in-store or through Interac e-Transfer if you apply online. If you want your instant loan funds deposited by direct deposit, it will usually take longer.
The fastest way to get an emergency loan is to apply online with a lender that has an automated 24/7 system. You'll need to fill out all of your information accurately and completely and come prepared with the necessary documents. Make sure you meet eligibility requirements and sign up by instant bank verification if that option is available.
Some providers of emergency loans do not do credit checks. Instead, they will look at your bank statements to examine your current income and debts. Some might require collateral, such as your car. Learn more about no credit check loans.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University.
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