Short Term Loans Montreal

Compare and Save With Loans Canada

Written by Bryan Daly

Best Short Term Loans Montreal (Online) August 2021

Lender directory

Compare the providers in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 22.99% 24 - 60
$1,000 - $3,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Credit Matik
$250 - $1,250 22% 3 - 6
$250 - $1,250
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Prêt Express 911
$250 - $1,250 22% APR -
$250 - $1,250
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
goPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Fina Capitale
Up to $30,000 28% - 32% 1 - 3
Up to $30,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash Depot
$300 - $1,500 32% APR 3 - 5
$300 - $1,500
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Fairstone
Up to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
TD Bank
- - 12 - 60
-
Accord Financial
$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
Loop
- - -
-
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
Auto Credit Deals
Up to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
Iceberg Finance
$1,000 - $3,000 12.99% - 29.99% 12 - 72
$1,000 - $3,000
Alphera Financial Services
- - -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
Up to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Referrer)
Up to $50,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
N/A N/A N/A
N/A (Referrer)
N/A
Peoples Bank
- 1.94% - 2.45% 12 - 60
-
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Turnedaway
- - -
-
REICO
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 3.89.% - 4.84% 12 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Note: Loans Canada does not arrange or underwrite mortgages or any other financial service. We are a simple referral website that provides free educational resources to help Canadians make better decisions.

Even though the cost of living in Montreal can be a bit cheaper than other major cities in Canada, your daily expenses can still be cumbersome, especially if you reside in or around the urban centre. While you might be making a decent income and credit cards can be a great help, it’s possible that you’ll need to apply for a loan someday.

In that case, a short term loan might be exactly what you need.

Common Short Term Loan Questions

If you’ve never applied for a short term loan in Montreal but are interested, here are a few of the common questions that the average Montreal borrower might have about the process:

What is a Short Term Loan?

A short term loan is a product that can be applied for through almost any type of lender, such as banks and credit unions (prime lenders), as well as private, alternative, and bad credit organizations (subprime lenders). These loans come in the form of a lump sum of cash, deposited directly into your bank account upon approval.

What’s the difference between a bank and a credit union? Find out here.

What Will the Payment Process Look Like?

A short term loan is an installment-based product. As such, when you’re approved, you and your lender will work out a payment schedule that best suits your financial profile. After you’ve received your loan, you’ll start paying it back with a series of equally timed and divided increments, including an interest rate for your lender’s service. While monthly payments are common, some lenders may offer the option of weekly, bi-weekly, or bi-monthly installment plans. Depending on the size of your loan, your total payment plan may last several months to a few years, which is shorter than other loan types.

Look here for some information about installment loans in Montreal.

What Interest Rate Will My Lender Charge?

As we mentioned, every short term loan in Montreal comes with an interest rate, which is a fee that your lender charges to make a profit. However, not all interest rates are the same. The rate you receive will be based on several elements, such as:

  • Your income and overall financial ability
  • Your employment status
  • The strength of your credit score and credit report
  • The value of your assets (if you offer any)
  • The financial strength of your cosigner (if you have one)

Generally, your interest rate will be based on your “creditworthiness”. The more you can prove that you’ll be able to afford your loan, the lower (more affordable) your rate will be. For example, having a good credit history and a decent income shows that you’ll be able to make payments on time and in full. As such, your lender will often reward you with a better rate than someone who has the opposite level of financial ability.

Check out this infographic for more information about credit scores.

What Credit Score Should I Have When I Apply?

The health of your three-digit credit score may also be important for the outcome of your short term loan in Montreal. This is because your score represents your ability to make payments for your active credit products. Your credit score ranges from 300-900. The closer your score is to 900, the more chance you’ll have to be approved for a larger loan amount and a more reasonable interest rate.

If you have bad credit (a score of 300-600) the opposite effect may occur. Although you can still get approved for a bad credit loan through a subprime lender, your approved amount will be lower and your interest rate higher the worse your credit is. For the best results, it’s best to apply when your credit score is at around 680 or more.

My Lender Offer Me Guaranteed Approval. Should I Accept?

Be very careful when it comes to the notion of “guaranteed” approval! While there are plenty of ways to increase your financial ability to the point when approval is a more of a sure thing, a 100% guarantee for a short term loan in Montreal is not something any real lender will offer. In fact, such offers are illegal in Canada.

In reality, every lender needs to analyze your financial strength before granting you a loan. Good strength equals a good chance of approval. However, if any supposed short term lender tells you that they’ll approve you with no effort, stay away from them! They may be a scam artist trying to force you into buying fake loan insurance for the purposes of stealing your money and financial information.

Should I Consider a Payday Loan Instead?

Actually, a payday loan is a short term product that you should be extremely cautious about applying for. While they can be efficient under the direst of circumstances, such as when you have terrible credit or when you need money for an immediate financial emergency, they can also do massive damage to your finances.

Unlike a regular short term loan in Montreal, a payday loan comes with a non-negotiable payment term of 14-days following approval. If you miss your payment date, you’ll be subject to a hefty penalty. In addition, interest rates for payday loans are extremely high, no matter what your financial strength looks like. Even further, payday loan websites are another place where scamming and predatory lending are strong possibilities. In fact, all these dangers have led to payday loans being effectively banned in the province of Quebec.

How to Break The Payday Loan CycleCheck out this infographic for even more information about the payday loan cycle. 

Are There Other Ways to Increase My Chances of Approval?

Like we said, one way to gain easier access to a short term loan is by improving your credit as much as possible. There are also a few other tricks you can use to boost your approval odds, earn a larger loan amount, and get lower interest rates, such as:

  • Ask your employer for a pay raise or extra hours at work.
  • Prepare paychecks, bank statements, and other relevant financial documents for your lender to inspect.
  • Check your credit report regularly to monitor your credit health
  • Dispute any errors or signs of identity theft or fraud you find
  • Pay down any outstanding debts (credit card bills, other loans, etc.)
  • Create a proper budget and cut down on unnecessary expenses
  • Compare lenders in Canada. Choose one that’s reputable and has your financial needs in mind.  

Look at this list of 20 ways to secure a loan

Benefits and Drawbacks of Short Term Loans In Montreal

As it is with any credit product, a short term loan in Montreal does come with a few benefits and drawbacks that need to be considered prior to applying, as they may have an impact on your financial health in the long run.

Benefits (Pros):

  • If you have healthy financial strength, most lenders will be open to some negotiation in terms of your payment plan and payment amounts
  • They’re a good solution for small to large one-time expenses
  • They can help you reduce your credit card debt
  • You won’t have to use up your savings right away
  • Loan deposits are generally received within 1-2 business days
  • The application process is simpler compared to larger loans  
  • You’ll build and improve your credit score whenever you make a responsible payments

Drawbacks (Cons):

  • Unless you offer collateral, interest rates are sometimes higher than other loan types, given your shorter payment term
  • Scamming, fraud and identity theft are possibilities if you’re not cautious
  • Failure to make responsible payments may result in damage to your finances and credit health

The True Cost of Borrowing

Learn all about the true cost of borrowing, click here

Where Should My Short Term Loan Be Invested?

Since your short term loan is a lump sum of cash, you can use it for almost any cost. That said, a short term loan will also put you in debt. Therefore, it’s far better to only invest your money in expenses that are essential, such as:

  • Consolidating high-interest debt
  • Health costs not covered by insurance (medications, elective surgeries, etc.)
  • Covering a car accident or other financial emergency
  • Home repairs, new appliances, or other household costs
  • Building good credit for your financial future

Getting a Short Term Loan in Montreal

If you’re convinced that a short term loan is the way to go for your expenses in Montreal, you’ve come to the right place. When you apply with us, you’ll be swiftly connected with the right short term loan lenders for your situation. Contact us today!  

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.