How to Get Instant Personal Loans in Canada

If you’d like to learn more about instant personal loans in canada, you have come to the right place.

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Do you need a loan fast? You are one step away from opening your dream business or even covering up your bills with the loans that Canadian providers offer you.

In Canada, instant personal loans are short-term loans designed to assist individuals who need additional funds to cover unexpected expenses or emergencies. Considering this, the application process and approval process move at an expedited pace. Generally, Canadians can apply and get approved in a matter of minutes.

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personal loans in Canada

What is an instant loan?

Instant loans are those types of loans that do not require too much documentation, and they are also approved quickly without any asset showcase. The process for instant loans is minimal and convenient compared to traditional bank loans. Instant loans can also be called personal loans OR quick loans.

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Things to Consider before applying for instant personal loans in Canada 

When it comes to instant personal loans in Canada, there are a lot of lenders you can borrow from. However, you need to consider the following factors to choose the right lender for you.

  • Loan amount
  • Fees
  • Interest rates
  • Term Length
  • Terms of repayment

Top 6 Best Payday Loans Online in Canada

Searching for the best payday loans in Canada for your specific needs can be a tricky process, especially having so many options available to you. Below is a list of online direct lenders of payday loans to help you get started.

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1. GoDay Payday Loan

Loan amount: $100 – $1,500

Loan Term: 1 – 62 days

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GoDay payday loan is an online direct lender. In May 2022, GoDay has an excellent rating on Trustpilot, with 4.5 out of 5 stars from 1,831+ reviews, with 75 percent of reviews falling into the excellent category, with another 13 percnet ratings the online lender as great.

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2. CashMoney Payday Loan

Loan amount: $100 – $1,500

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Loan Term: 5 – 40 days

Cash Money loan payday is an online direct lender that accepts several types of income, including unemployment, disability, Canadian child benefit and social assistance.

3. iCASH Payday Loan

Loan amount: $100 – $1,500

Loan Term: 7 – 62 days

iCASH payday loan is an online direct lender which provides instant approval and e-transfer 24/7, this making iCASH one of the best at processing payday loans.

4. Money Mart Payday Loan

Loan amount: $120 – $1,500

Loan Term: 1 – 62 days

Money Mart payday loan is an in-store and also an online direct lender. You can apply for a payday loan through its website, app or store location.

5. My Canada Payday Payday Loan

Loan amount: $100 – $1,500

Loan Term: N/A

My Canada Payday loan is an online direct lender that doesn’t do credit checks. Instead, one will need to provide proof of stable income, like your pay stubs and bank statements.

6. Loan Express payday loan

Loan amount: $100 – $1,500

Loan Term: Up to 62 days

Loan Express payday loan is an online direct lender. You can get your loan via e-transfer or direct deposit. If you opt for the e-transfer, you will get your money within five minutes after approval. If you opt for the direct deposit, Loan Express has three cutoff times during the day.

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List of 5 Canadian loans for bad credit

If you have ever been refused a loan or a credit card, declared bankruptcy, or failed to make payments on a debt, it is likely that you are one of over 1+ million Canadians with bad credit. Having bad credit can affect every area of your life: It can make it difficult to get approved for a credit card, take out a loan such as a mortgage or an auto loan, or sometimes even to get a job.

You may think that having bad credit shows that you don’t have a lot of choices for your instant personal loans in Canada. In truth, even with your bad credit, you can still apply for a loan or a secured credit card if your goal and aim are to rebuild your credit. We have researched and assure you that several lenders are willing to approve bad credit instant personal loans in Canada. Here is our top list of loan companies for bad credit in Canada, but make sure to also look at more bad credit lenders below in this article.

LOAN TYPE LOAN AMOUNT APR Range
LoanConnect Both $500 – $50,000 10% – 46.96% APR based on personal credit
Loans Canada Both $500 – $300,000 3% – 46.96%
Easy Financial Unsecured $500 – $45,000 19.99% – 46.96%
Loan Away Unsecured $1,000 – $5,000 19.99% – 45.9%
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1. LoanConnect

Eligibility Requirements:

  • Be over the age of majority in your province
  •  Be a Canadian citizen or a permanent resident

2. Loans Canada

Eligibility Requirements:

  •  Be over the age of majority in your province
  •  Be a Canadian citizen or a permanent resident

3. Loan Away

Eligibility Requirements:

  •  Be at least 18 years of age
  • Be a Canadian citizen or a permanent resident
  • Be employed for at least the past three months
  • Not have any active bankruptcy proceedings 

4. EasyFinancia

Eligibility Requirements:

  •  Be at least 18 years of age
  • Be a Canadian citizen or a permanent resident
  •  have a verifiable bank account
  • Be in employment for at least the past two months

5. Prudent Financial

Eligibility Requirements:

  •  Be employed full time for at least the past six months in a business that has at least ten employees
  • To be able to show computerized pay stubs with deductions
  •  Earn a minimum income of $18/hourly or $38,000 yearly

An instant personal loans in Canada can get you cash quickly, sometimes within the same day, even when you do not have strong credit. Getting fast cash for emergency costs like a car repair or medical bill can feel like a solution. However, instant personal loans in Canada put you on a slippery slope of repayment that you may not be able to sustain financially.

Let’s have your view on the instant personal loans in Canada discussed in this article.

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