Quick short term loans

You don’t need to wait long to get the money you need. Find out how you can get a quick short term loan.

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Cash Money Payday Loan

Cash Money Payday Loan logo

Borrow from $100

  • Simple application process
  • Fast turnaround time
  • Extended business hours
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If something comes up and you find yourself in need of fast cash, you may want to consider a short term loan.

You can apply for a quick short term loan, also known as a payday loan, even if you have bad credit or receive government benefits. You can use your loan for whatever you need, as long as it’s for legitimate purposes.

Our guide below will help you determine if taking out a short term loan is a good option for you.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
  • Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
  • Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
  • Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.
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Cash Money Payday Loan

Apply online and get approved for up to $1,500. Receive your funds in as little as 15 minutes with INTERAC e-Transfer®.
  • Loan amount: $100 - $1,500
  • Loan term: 12-14 days (varies by province)
  • Borrowing costs: Varies by province (Between $15-$19 per $100 borrowed)
  • Bad credit borrowers: OK
  • Key requirements: 18+ years old, min. $1,000 net monthly income
Cash Money Payday Loan
  • Simple application process
  • Fast turnaround time
  • Apply online or in-store
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How do short term loans work?

A short term loan is a small loan that is designed to be repaid in a short period to help cover unexpected expenses. These are also known as payday loans.

The maximum amount you can apply for will depend on factors like the regulations in place for the province or territory where you reside, as well as proof that you can pay back the amount you want to borrow. There may also be restrictions on the annual percentage interest rate (APR), whether you can take out multiple payday loans at one time and if you can rollover a loan.

Quick payday loans are known for having high costs, so keep this in mind when applying. A late or missed payment could damage your credit score and end up costing you a lot of money in the form of extra fees.

Compare short term loans for 2020

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Max. Loan Amount Serviced Provinces/Territories Turnaround Time Loan Term Interest Rate
Cash Money Payday Loan
$1,500
Alberta
British Columbia
Manitoba
New Brunswick
Nova Scotia
Ontario
Saskatchewan
In as little as 15 minutes with INTERAC e-Transfer® if approved
12-14 days (varies by province)
Varies by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Alberta, Manitoba, New Brunswick or Saskatchewan applicants). Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store).
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Compare up to 4 providers

Maximum borrowing costs
You should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
Province Maximum allowable cost of borrowing
Alberta $15 per $100 borrowed
British Columbia $15 per $100 borrowed
Manitoba $17 per $100 borrowed
New Brunswick $15 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Ontario $15 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)
Saskatchewan $17 per $100 borrowed

How to apply for a quick short term loan?

How fast you can receive your money depends on whether you apply online or in person at a store. Online applicants will find filling out an application easy to do from the comfort of their own home or anywhere with an Internet connection, but they will generally have to wait at least a day for approved funds to be transferred into their bank account.

In-store applicants will have to bring all of the required documentation with them, but lenders are able to disperse funds shortly after approval in the form of cash, cheque or prepaid debit card.

No matter where you apply, you’ll likely need to provide following information:

  • Personal details, such as your name, date of birth, Social Insurance Number and a valid form of ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

When can you expect to receive money?

We’ve rounded up a list of payday loan lenders and information on their approximate fund turnaround times. Remeber to check the websites of any lenders you want to apply with to ensure that they operate in the province or territory where you reside.

ProviderWhat is the turnaround time to receive funds?
Cash MoneyIn as little as 15 minutes with INTERAC e-Transfer® if approved.
Captain CashIn under 24 hours.
iCASHWithin 5 minutes after signing your loan agreement if funds are sent by Interac e-Transfer.
GoDayIn as little as 1 hour from approval
MyCanadaPayday.comFunds will be sent immediately via Interac E-mail transfer.
Money MartVaries
Cash 4 YouIn 60 minutes with funds deposited via Interac e-Transfer
National PaydayWithin 30 minutes if your loan application is sent before 11:30am.

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

As of January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.

Payday loan regulations across Canada

What are the payday loan regulations in my province or territory?

Hover over your province in our interactive map to see if payday loans are regulated on the provincial or territorial level and the maximum cost per amount borrowed – darker shades correspond with a higher cost. You can also click on a province or territory to see its short term loan options.

What features do quick short term loans offer?

When you’re comparing loans, here are some of the features you should look out for.

  • Multiple options for borrowing money. There are many ways to take out payday loans in Canada, as well as a large selection of short term loans. Keep in mind that not all short term loan providers are equally quick in processing applications and releasing the loan.
  • Quick processing of your loan. Some short term lenders use the latest in technology to verify your credentials online and give you an answer within minutes.
  • Lower than normal fees. There are regulations to govern how much payday lenders can charge in fees, but some lenders charge less than others, so do your research. You may find lenders who charge lower fees and interest rates if you borrow with them multiple times, so consider this when looking for a loan.

Our guide on how to find the best payday loans

Types of loans that are available

You have a few different options when you need money quickly, including:

  • Short term loans. These are short-term loans that you have to repay by your next payday. The maximum amount you’re allowed to borrow and the terms of the loan will depend on a few factors including local legislation and your ability to pay the loan back.
  • Installment loans. With a quick installment loan you don’t have to repay the entire loan amount all in one go. You generally make equal payments over a set term, for example bi-weekly or monthly, in which can extend up to one year or more, depending on the loan and the provider.
  • Auto title loans. If you have a car or a motorcycle that you can use to provide security, you can consider getting an auto title loan. Your vehicle will work as collateral, but you’ll have continued access to your vehicle during the loan term.

Things to consider before applying

Here are some things to look for:

  • Fees and charges. Make sure you check your loan contract before accepting it, as there may be extra fees and charges you have missed. Once you accept, you’ll be liable to pay all associated costs.
  • Length of your loan. This will vary depending on government regulations. Ensure the loan you apply for conforms with the laws of your province or territory, as well as the needs of your budget. Longer loans accrue more interest, but shorter loans have higher payments. Only take out what you can afford to pay back.
  • How long until you get your cash. You’ll generally get your cash within the hour if you apply in person at a store. Applying online usually ensures the funds are deposited into your account by the next business day. Compare how long it takes for each lender to get the loan to you.
  • Interest rates. If you don’t need a loan immediately, be sure to compare interest rates between lenders. These vary, and it can mean spending hundreds of extra dollars if you don’t choose the loan or lender that’s right for you.

Always review a loan’s terms and conditions before accepting the contract so you know what additional fees and charges you may be expected to pay.

Lost Job

Woman on phone Jessica recently lost one of her jobs as a waitress. Her rent is due soon, and she knows she won’t be able to repay a short term loan on time. Instead, she looks for an installment loan with a low minimum.

Comparing lenders, she finds one who has a term of six months. To get the loan, she proves that she has a steady source of income – her second job as a cashier at the coffee shop – and she is financed the next day for the amount she needs to make her rent.

With six months to pay off her debt, Jessica is sure she’ll be able to find a new job in time.

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