Short on cash and need a quick $100? You’ve likely considered a payday loan.
While a payday loan is ultimately the easiest choice. It is also a choice that can be more expensive than you thought and cause further financial stress.
Whether you need a loan because of low income, rising prices, or debt issues it’s important to consider all your options. Here’s everything you need to know about $100 loans so you can make an informed decision for yourself.
How To Get A $100 Loan From A Payday Lender?
The first thing to do when planning on getting a payday loan is to choose a reliable lender. To offer this service, the lender must register with the federal government, meaning you can easily check that it’s a qualified lender by checking if they have a licence. Provided you take these measures, you can dive right into the application process, as follows:
1. Apply
The easiest way to apply for a $100 loan is online. Once you find a suitable lender with amenable loan terms, navigate to their website and complete the application. These are designed to work quickly, require minimal information, and get your $100 payday loan to you efficiently. To apply online, you’ll require a valid email and an active bank account to receive the funds.
Another approach is to go to the payday lender in-person, though this can be tricky since not all lenders have brick and mortar locations. If you need cash immediately, don’t have a bank account, or can’t get online, you can apply in person — just make sure you have all the paperwork you need.
2. Wait For Approval
After you provide your ID, pay stubs, and banking information, you can get quick approval. Payday lenders offer fast funding and quick service — you can receive approval on your $100 loan in as little as two minutes. Some companies err on the safe side, quoting an hour maximum or 15 minutes. In any case, it won’t leave you waiting for long.
3. Get Funded
Once you receive approval for your $100 loan, simply wait for the Interac e-Transfer payment to come through, either via text or email. You receive the link and follow it through the e-Transfer process. This deposits the funds directly into your account. If you need the $100 loan in cash, you can withdraw the money at an ATM. It takes only a few minutes to process the transfer on the lender’s end, but when you add on the time it takes for the bank to process it, you could be waiting as long as an hour for an e-Transfer email to come through. For direct deposits, it can take up to a business day, not due to the payday lender, but rather a part of the bank’s procedure.
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Requirements For A $100 Payday Loan
To get a $100 loan, there are some criteria that most lenders take into consideration. Just understand that all lenders have their own unique approval process
- Age: To get a loan, you must be of the age of majority in your province.
- Location: Even if you’re using a digital service, companies can only operate in certain jurisdictions. Make sure you apply for a loan from a lender in your area.
- Employment: Payday lenders require you to have proof of employment. The standard is three previous pay stubs to show that you have a regular income.
- Income: It’s not usually an issue with $100 loans, but the amount you can borrow is based on what you earn. In the case of government benefits used as income, there are more restrictive borrowing requirements.
A note on credit scores: A credit check is not a requirement for a payday. But, if you’re looking to apply for an installment loan. Or, you want to work toward building your credit, with the goal of accessing affordable loans in the future. You should know what your credit score is. You can check our own credit using free sites like CompareHub.
Where Can You Get $100 Loans?
The easiest place to get a $100 loan is a payday lender, a company that specializes in short-term, small-scale financing. Payday loans usually offer loans between $100 to $1,500, with term lengths varying based on your pay structure — usually between 14 and 30 days. These prevalent financial institutions offer quick-cash options to those who can’t use more traditional means. Usually, there’s no credit check involved. Some lenders require you to have an active bank account, while others may provide cash in hand.
$100 Loans In Canada
| Loan Amount | Interest Rate | Term | Province Availability | ||
 Bree | up to $350 | 0% | up to 65 days | Across Canada | Learn More |
 LoanMeNow | Up to $1,000 | Max 32% | Max 90 days | All of Canada | Learn More |
 Consumer Capital Canada | $500 - $12,500 | 19.99% - 34.99% | 12 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 iCash | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
 MoneyMart | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
 Captain Cash | $500 - $750 | Varies by province* | 90 to 120 days | BC, AB, ON, PEI | Learn More |
 GoDay | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NB, NS, PEI | Learn More |
 CashMoney | Up to $1,500 | Varies by province* | Up to 62 days | BC, AB, ON | Learn More |
 My Canada Payday | $50 - $1,500 | Varies by province* | 14 days | BC, AB, SK, MB, ON, NS | Learn More |
 Pay2Day | $50 - $1,500 | Varies by province* | Up to 31 days | BC, ON, NS | Learn More |
 Speedy Cash | $200 - $1,500 | Varies by province* | Next payday | BC, AB, SK, NS, YT, NT, NU | Learn More |
 Cash4You | Up to $1,500 | Varies by province* | Next payday | BC, ON | Learn More |
Payday Loan Maximum Borrowing Costs
Payday loans, even something as small as a $100 loan, can spiral out of control without regulations in place. To prevent a debt snowball and protect consumers, there is strict payday loan regulation across Canada. Each province and territory has different caps on borrowing costs for each $100 loan issued.
Maximum Cost Of A $100 Payday Loan By Province
| Province | Max cost per $100 borrowed | Max Penalty for Returned Cheque | Cooling Off Period | Loan Rollover or Extension |
| Ontario | $15 | n/a | 2 business days | Not allowed |
| British Columbia | $15 | $20 | 2 business days | Not allowed |
| Alberta | $15 | $25 | 2 business days | Not allowed |
| New Brunswick | $15 | $20 | 48 hours (not including Sundays and holidays) | Not allowed |
| Manitoba | $17 | $20 | 48 hours (not including Sundays and holidays) | Allowed |
| Saskatchewan | $17 | $25 | Next business day | Not allowed |
| Nova Scotia | $15 | $40 (default penalty) | Next business day (or 2 days for online payday lenders) | Not allowed |
| Newfoundland and Labrador | $14 | $20 | 2 business days | Allowed |
| Prince Edward Island | $15 | n/a | 2 business days | Allowed |
| Quebec | 35% AIR | n/a | 10 days | Not allowed |
Can You Get A $100 Bad Credit Loan?
Yes, you can. Payday loans are generally marketed toward those with poor credit because they don’t usually rely on credit checks and have low income requirements. Even though a $100 payday loan is easy to get approved for, still be wary of companies who advertise guaranteed approval. The best way to protect your interests is to ensure that it’s a valid lender.
Can You Get A $100 No Credit Check Loan In Canada?
Yes, credit checks are not a part of the payday loan approval process. It’s relatively easy to get approved for a $100 loan in Canada, just be wary of the total cost of the loan, all the terms and conditions, as well as any fine print.
Can You Get A $100 No Refusal Loan In Canada?
While you should be wary of any type of lender that advertises guaranteed approval, you may come across the term no refusal. A no refusal loan often means that there are fewer requirements or no credit check required, which means a higher percentage of applicants are likely to get approved.
Can You Get Instant Approval For $100 Loans In Canada?
Yes, many payday lenders offer a quick application process and instant approvals for $100 loans. You simply need to fill in a few details regarding your finances and you should get a response instantly. After that, you simply need to finish your application which the lender will review.
If the lender is able to verify your information, you should be approved and funded within the day. In fact, there are payday lenders who may fund your loan within minutes of your approval via Interac e-transfer.
Do Lenders Offer No Bank Verification On $100 Loans?
Whether you don’t have a bank account or simply don’t want to share your bank statements with your future lender, there are ways to get a $100 loan with no bank verification. For example, you can apply for a $100 no bank verification loan with a payday lender who offers funding via cash or a prepaid card. Do note, that your lender will still require some proof of income, whether that’s through your pay stubs or tax slips.
Pros And Cons Of $100 Loans From Payday Lenders
As with any other type of borrowing, there are some advantages and downsides to getting a $100 loan from a payday lender. By considering them before you borrow, you can make a fully informed decision.
Pros
- Fast Cash: Unlike personal loans, payday loans get cash in hand quickly. In many cases, convenience is why consumers choose to take on the risk that comes with payday loans.
- Low Requirements: Compared to other loans, payday lenders have very low requirements, making it easy for anyone to get a $100 loan, even those with poor credit.
- No Credit Check: Bad credit is the single biggest barrier to receiving funding. Payday lenders don’t run credit checks, so bad credit won’t stop anyone from getting approved for a $100 loan.
- Access to Services: Many payday loan operators also offer other financial services that are hard to access for large sections of the population. For example, cheque cashing.
Cons
- High Cost: The price of payday loans grew so extreme that the government stepped in to regulate the prices. Even now, the interest on a $100 loan is enormous and can range from 300% to 600% (APR).
- Predatory Lenders: Even with the regulations in place and access to information, predatory lenders sneak through the cracks. Consumers must beware, debt can quickly spiral out of control if you run into high fees and extreme interest rates. Be sure to vet your lenders, check their registration, and look into reviews before selecting your $100 loan service.
$100 Loan FAQs
Can I get a $100 personal loan?
Can I get a $100 loan online?
What happens if I miss my $100 payday loan payment?
Will a $100 loan affect my credit?
How fast can I get a $100 loan?
Final Notes
For many payday lenders, a $100 loan is the minimum borrowing amount. This short-term financing is meant as a convenience, a way to tide you over until your next payday. As long as you understand the potential ramifications if you’re unable to repay the loan, it can be a suitable way to meet your needs.
To pursue this type of financing, make sure that it is the most affordable option. In some cases, you can get an advance through your employer, go into overdraft, use a credit card, or turn to family and friends. When these options aren’t available, a $100 payday loan should be a last resort option.
