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Easy Online Loans

Author: Lisa Rennie

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Lisa Rennie

Senior Contributor at Loans Canada

Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:

• Personal finance
• Real estate
• Mortgage financing
• Investing

Reviewed By: Caitlin Wood, BA

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Caitlin Wood, BA

Editor-in-Chief at Loans Canada

Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:

• Personal finance
• Consumer borrowing
• Credit improvement
• Debt management

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Updated On: January 2, 2025

ⓘ Ad Disclosure

Online loans are becoming a popular option for many consumers in Canada for very good reasons. Debt happens. Online lenders have many fresh ideas for how they do business which benefits consumers immensely in conjunction with many other advantages. Before deciding if an online loan is right for you, take the time to find your credit score, learn about what they are, how you can benefit from them, and how they work.   

What Are Easy Online Loans?

An easy online loan is just what it sounds like: a loan that’s easy to get. Here are some features of an easy online loan: 

Simple Requirements

Easy online loans don’t require the same stringent criteria that conventional lenders demand. More specifically, you may be able to qualify for an online loan with lower income or low credit scores. Some lenders may also approve your loan application without steady employment, as long as you have some form of alternative income to cover your loan payments, such as government benefits or a pension. 

Online Application

The loan application process is completed online. Because of this, you can typically apply for an online loan within a few minutes, and send your required documents directly through the lender’s website. As such, you usually don’t have to wait long before you get an answer about loan approval.  

Online Funding

With an easy online loan, funds are usually accessible within a few hours after loan approval, and sometimes even sooner. Plus, the money is deposited directly into your account via direct deposit or e-Transfer, so it’s readily available. 

Where Can You Get An Easy Online Loan? 

Filters

Province AlbertaBritish ColumbiaManitobaNew BrunswickNewfoundlandNova ScotiaOntarioPrince Edward IslandQuebecSaskatchewanNorthwest TerritoriesNunavutYukon Territory

Employment Status Full timePart timeSelf-EmployedGig WorkerUnemployedRetiredBenefits / EI / CERB

Monthly Income Less than $1500$1500 Or More$3000 Or More$4500 Or More

Credit Range GoodFairLowUnknown

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Loans Canada

Amount

Up to $50,000

Rate

Prime to 35%

Term

3-60 months

APPLY NOW

Spring Financial - Best User Experience

Amount

Up to $35,000

Rate

9.99% – 34.95%

Term

9 – 78 Months

APPLY NOW

Spring Financial is an online consumer lending company that offers innovative financial and credit-building solutions designed to give Canadians the opportunity to build credit, save money and borrow responsibly. With many Canadians struggling with high-interest debt and limited financing options, Spring Financial strives to provide Canadians with affordable and accessible financial products that can help them achieve greater financial freedom. Among their growing suite of smart money solutions, Spring Financial offers $1,500 cash advances, personal loans up to $35,000, and a credit-building program that helps you build credit and save money.

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iCash - Best Quick Option

Amount

Up to $1,500

Rate

$14 per $100

Term

Up to 62 days

APPLY NOW

Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.

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Mogo Finance - Highest Approval Chance

Amount

Up to $5,000

Rate

34.37%

Term

–

APPLY NOW

The MogoMini line of credit offers Canadian consumers a great personal loan alternative. Borrowers can access up to $5,000, spend what they need when they need it, make the automatic minimum payments, and finally control their own principal payments. This Mogo product is flexible and users can test drive their line of credit for 100 days to see if it’s the right fit. Access their easy online application via your MogoMoney dashboard and get pre-approved in 3 minutes with no impact on your credit.

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easyfinancial - Best Overall

Amount

$500 – $150,000

Rate

9.99% – 34.99%

Term

9 - 240

APPLY NOW

easyfinancial offers a variety of loan products, including secured and unsecured personal loans. easyfinancial offers unsecured personal loans from $500 to $20,000 and secured loans between $15,000 to $150,000. Qualifying with easyfinancial is relatively easy compared to many banks and credit unions in the country. Moreover, online applications only take a few minutes to fill out and are normally accepted 24/7.

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Fairstone Financial - Best For Homeowners

Amount

Up to $60,000†

Rate

19.99% – 34.99%*

Term

6 – 120 months

APPLY NOW

Fairstone is a great choice for consumers looking for loans with affordable payments that meet their needs and budget. As Canada’s leading non-bank lender of personal loans, consumers can get unsecured loans up to $25,000. Homeowners can choose a secured loan (backed by the value of their house) to borrow more money and access lower payments compared to an unsecured loan. Whether you’re looking to consolidate debt into one simple monthly payment, cover unexpected expenses or something else altogether, Fairstone is a great option.

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MDG

Amount

Up to $20,000

Rate

19.8% – 34.99%

Term

36 – 85 months

APPLY NOW

Cash Money - Best Quick Cash Option

Amount

Up to $10,000

Rate

Varies by product

Term

Varies by product

APPLY NOW

Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.

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Fora - Best Line of Credit

Amount

$1,000 – $15,000

Rate

19.9% – 34.9%

Term

–

APPLY NOW

If you’re looking for an open-ended line of credit with credit limits up to $15,000, Fora is the best choice. Fora’s line of credit lets you withdraw funds from your available credit, and repay and redraw as needed. This makes it an excellent option for those seeking flexibility and quick access to cash as needed. Moreover, interest rates start as low as 19.9% and are only charged on the amount you withdraw.

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Bree - Best Interest-Free Option

Amount

Up to $500

Rate

No Cost!

Term

Up to 65 days

APPLY NOW

If you’re short on cash, Bree offers cash advances of up to $500 with zero interest. Bree is an online financial platform that provides interest-free cash advances to help consumers avoid overdrafts and NSF fees. Their mission is to be a dependable and accessible financial source that consumers can trust when they need financial support. Moreover, you can access the money you need with Bree without having to worry about credit checks, interest charges or late fees.  

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Money Mart

Amount

$500 – $25,000

Rate

29.9% or 34.28%

Term

6 – 84

APPLY NOW

Money Mart is a Canadian financial services provider that specializes in offering short-term financial products, including payday loans, cheque cashing, wire transfers, and installment loans. They're available both in person and online, providing borrowers with different options to apply for loans and access their borrowed funds. Their Payday Boost products are available for up to $1,500, and installment loans are available for up to $25,000. They're known for their easy-to-use services and same-day cash options, making Money Mart a great option for those who have little time to wait for much-needed funding.

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Nyble - Best Credit Building Help

Amount

$250

Rate

No Cost!

Term

–

APPLY NOW

Nyble helps users quickly access a line of credit of up to $250 without credit score requirements. This is a good option for anyone who wants to avoid overdrafts or needs a small amount of cash quickly. Approval is instant and funding takes up to 3 days. But if you upgrade to a paid membership for $11.99 a month, you can receive your money within 30 minutes. Nyble reports your payment history to the credit bureau monthly and approves you for large amounts as you build trust with the platform. You can also track your credit score, earn reward points for improving your score, and access other features such as credit monitoring and digital identity theft protection.

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LoanMeNow - Best For Low Credit

Amount

$500 – $1000

Rate

Up to 32%

Term

3 months

APPLY NOW

LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.

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goPeer

Amount

$1,000 – $25,000

Rate

Term

APPLY NOW

GoPeer is a peer-to-peer lending platform that connects borrowers with individual investors who fund loans. Through GoPeer, you can get a personal loan for up to $35,000, with flexible repayment terms and competitive interest rates. Interest rates start at 8.99%, depending on your credit profile. GoPeer's unique peer-to-peer model allows consumers to benefit from a more personalized borrowing approach. The online application process is quick and easy, and funds can be deposited into your account in as little as 7 days.

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Types Of Easy Online Loans

There are a few easy online loan options available, some easier to get approved for than others. Here are a few options you can access online if you’re in need of fast cash:

Installment Loans 

Installment loans are a type of personal loan that provides you with a lump sum of money to cover any type of expense. They’re called “installment” loans because the money you borrow — plus interest and fees — must be repaid in installment payments according to a specific payment schedule and over a certain period of time. 

Installment loans from online lenders are easy to get for a number of reasons. For starters, you often don’t need good credit if you work with a bad credit lender, though having a good score will afford you a lower interest rate. Easy installment loans online also don’t typically require any collateral, so you won’t have to put up any asset of value at risk. 

Payday Loans

Payday loans are one of the easiest and fastest loan options available. Unlike installment loans, you must repay the full loan amount and all fees by your next paycheque, which is why they’re called “payday” loans. You can get approved and funded within hours or even minutes. Plus, they’re very easy to qualify for and often do not require any credit checks, which means bad credit is ok.

However, payday loans are among the most expensive loan types out there. You could be paying an APR as high as 546%, depending on your situation. As such, payday loans should be a last resort after you’ve exhausted all other options. 

Be Careful When Applying For Payday Loans

• Debt Cycle – Using payday loans can result in a downward cycle into debt. People often begin to rely on these loans to pay their bills and other living costs. The reliance on payday loans for regular living expenses becomes problematic because individuals can’t pay the loans they took out,  causing them to take on more loans to cover the debt.
• Predatory Lenders – Many fake payday loan lenders prey on individuals who are desperate for cash. Desperation makes people think unclearly meaning you’re willing to believe you found an amazing deal when really you’re being deceived. 
• High Cost – It can be extremely challenging to pay back a payday loan on time when you’re already struggling financially. Once you miss a payment, interest will accrue rapidly which you will owe on top of the principal. Many fail to understand how difficult it is to repay payday loans on time and how high the interest rates are relative to market standards.  

Car Title Loans

If you own a vehicle outright with no outstanding car loan balance, you can use the car to get approved for an easy online loan. A car title loan requires that you use your car title as collateral to reduce the lender’s risk. 

These loans are suitable for those who may have bad credit and can’t get approved for a loan without collateral. You can keep your car, but the lender can repossess it if you default on the loan.

With a car title loan, you can borrow up to 25% to 50% of the vehicle’s value. But these loans come with high interest rates, so be sure to budget accordingly. 

Requirements For A Easy Online Loan

To qualify for an easy online loan, you’ll need to meet the following criteria:

• Be the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have a steady job and reliable income
• Have an active bank account

How To Apply For Easy Online Loans In Canada?

To apply for an easy online loan, follow these steps:

Step 1: Compare Loan Options

Use an online loan aggregator to pull up a list of lenders and the loans they offer. From there, you can quickly compare loans side by side to find the lowest interest rates and best loan terms. 

Step 2: Get Your Documents Ready

Once you’ve narrowed down your options, gather all the required documents the lender needs to verify your identity and ability to repay the loan. Documents required for a loan typically include the following:

• Pay stubs
• Bank statements
• Letter of employment
• Tax receipts
• Government-issued photo ID

Step 3: Apply

With all necessary documents in hand, you’re ready to apply for a loan with your preferred lender. If approved, you’ll receive the funds either via e-Transfer or direct deposit within 24 to 48 hours, sometimes less.

Advantages Of Easy Online Loans

There are numerous benefits to applying for a loan online, including the following:

Competitive Interest Rates

While online lenders do charge higher interest rates than banks, they still offer relatively affordable interest rates depending on your financial and credit profile. Rates vary between 3% and 35% on average, but no lender may legally charge more than 35% APR.

Rapid Approval Time

Many online lenders have automated their underwriting process which has made the approval process for online loans very quick. Most lenders will provide a response within 24-48 hours while others may provide an offer the same day. 

No Collateral Required

A great thing about online loans is they’re rarely secured by collateral. This means you don’t need to pledge assets, like your home or car, to obtain financing. Without collateral, borrowing is much safer as you aren’t risking losing your assets in the event you default on the loan. 

Easy To Get Approved

Banks and other traditional lenders don’t like risk which has caused them to be conservative on who they lend money to. While those with excellent credit and strong finances can qualify, those with bad credit or poor finances generally won’t qualify. Thankfully, online lenders have more flexible requirements. Many won’t put as much weight on credit scores as banks will. Moreover, they will use other information to evaluate creditworthiness such as income, job stability, debt level and overall financial health.

No Hard Credit Checks

A hard credit check can damage your credit score. Banks and other traditional lenders will always do a hard credit check on every loan candidate because it is a major part of their due diligence. Online lenders, particularly payday lenders, will not do a hard credit check. Instead, they’ll use other information to determine your creditworthiness. 

Additional Reading

Best Personal Loan Interest Rates In Canada

How To Get Guaranteed Approval Loans For Poor Credit In Canada

Instant Loan Approval? Is It Possible If You Have Bad Credit?

Bottom Line

If you’re looking for financing, it is wise to shop around and seriously consider online lenders as an option. Take a hard look at your current financial state and financial goals to determine if online lending aligns with your financial needs. If you decide that online lending is for you, Loans Canada can help match you with the right online lender and financial product today.

Easy Online Loan FAQs