Fast Approval Short Term Online Loans

Fast Approval Short Term Online Loans

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated October 21, 2022

More likely than not, you’ve all experienced a financial issue or setback and it’s even more likely that you’ve all had problems gaining access to the money you needed to deal with the issue. This is where short-term loans can truly help. A short-term loan from any reputable online lender will not only allow you to cover the cost of any issues you’re currently experiencing but will afford you the short approval time you need.

Keep reading to learn everything you need to know about short-term online loans.

What Is A Short-Term Loan?

A short-term loan is just that, a loan that is typically paid back within a short period of time. Obviously, there are exceptions, but most short-term loans are paid off anywhere from four months to two years. Two years might not seem like a short period of time to some, but compared to say a mortgage, which can be amortized for up to 40 years, two years is quite short.

Can You Get A Short-Term Loan Online?

Yes, there are hundreds if not thousands of online lenders available in Canada. Potential borrowers can fill out a loan application online in their own free time and typically without too much involvement from the lender. Many lenders have automated their underwriting process which has also led to fast approvals and funding.

Where Can You Get A Short-Term Loan Online With Fast Approvals?

While approval time varies by lender, the following lenders are some of the best in the industry:


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $35,000
9.99% - 46.96%
6 - 60 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

Types Of Fast Approval Short-Term Loans

There are many different credit products you can apply for, each with their own approval requirements, interest rate and payment conditions. For instance, here are some of the most common fast-approval loans that are available online in most parts of Canada:

Short-Term Installment Loans

A short-term installment loan is a lump sum of unsecured cash that you can borrow from almost any lender. These loans have terms that range between 6 months to 5 years with loan amounts as high as $35,000. 

Like with a personal loan, the funds get sent to your bank account via direct deposit. The loan amount is then divided into equal installments, which you must repay over a set period (plus interest/fees). 

How Fast Can I Get Approved For A Short-Term Installment Loan?

While the approval time and funding vary by lender, most short-term installment loan lenders provide approvals within 1 – 2 business days (about 2 – 48 hours). Moreover, the entire loan application can be completed online, making it an extremely convenient option.

Payday Loans

Payday loans are small, high-interest cash loans ($100 – $1,500) you can get online or in stores all over Canada. Each province has different regulations that dictate how much payday lenders can charge; ranging from $15 to $25 per $100 borrowed. Once you have it, you must repay the full loan, plus interest and fees by your next payday (usually between 14 – 30 days). 

How Fast Can I Get Approved For A Payday Loan?   

The approval speed depends on the lender and when/where you apply. If you apply online, some lenders offer approval within 1 – 2 hours, while others take a maximum of 24 hours. After approval, some payday lenders are able to send you the funds within 30 minutes via e-transfer.  

Lines of Credit

A line of credit gives you access to a revolving credit limit that you can withdraw from as needed and pay back monthly (with interest). You also get to make minimum or partial payments to avoid penalties. These products are normally only available with banks and credit unions but some alternative lenders offer fast lines of credit online. Other factors:   

This is a good option for borrowers (with good credit and incomes) who need regular access to cash. People with home equity can also apply for a Home Equity Line of Credit (HELOC), where the funds are secured against that equity.   

How Fast Can I Get Approved For A Line Of Credit?   

While it may take a week or more for a bank to provide a response, an alternative lender may provide approval within 1 to 2 business days (24 – 48 hours).

Vehicle Title Loans

This secured loan lets you leverage your car’s title (proof of ownership) as collateral in exchange for financing. This can be particularly helpful when you need a large loan, but can’t qualify for an unsecured loan. The car title acts as security for the lender, leading to better approval odds and rates. In general, you can borrow up to 25% to 50% of the car’s value and terms range between 3 months to 3 years. 

Do note, that while these loans are easy to qualify for, they come with high-interest rates and fees. Moreover, your vehicle can be repossessed if you default on your payments. 

How Fast Can I Get Approved For An Auto Title Loan?

The average approval time varies by lender, but many provide approval within 1 to 2 business days (24 – 48 hours). Your funds will be sent shortly after approval via direct deposit or e-transfer. 

What Do You Need To Get A Fast Approval Short-Term Loan Online? 

While requirements vary by lender, you generally require the following to apply for a fast approval short-term loan online in Canada:

  • Be a Canadian permanent resident or citizen
  • Be at least the age of majority in your province or territory (18 or 19+)
  • Have a regular source of income (employment, government benefits, etc.)
  • Have an active bank account with direct deposit and pre-authorized debits 

How To Compare Short-Term Loans Online With Fast Approvals?

Before you apply for any sort of easy loan in your province or territory, remember to do lots of research, look at different lenders and compare these important factors: 

  • Interest (APR) Your interest rate is the amount of interest you’re paying to borrow the loan principal. However, the Annual Percentage Rate (APR) is the real cost of a loan, including its total interest and fees. If you apply for a loan when you have bad credit or a low income, you may only qualify for higher rates. 
  • Extra Fees and Charges – Some lenders will also charge fees for administrative services and processing your loan (origination), as well as penalties for late payments, early payments (prepayments) and non-sufficient funds (NSF). When combined with your interest rate, these fees can drive the cost of your loan up.     
  • Approval Speed – Don’t forget to verify the lender’s approval times and hours of operation too. Even if their loans normally have fast approval times, you may only receive the funds by the next business day if you apply on a weekend or holiday. Plus, there’s no point in applying for a loan if you can’t use it for an urgent expense. 
  • Legitimacy – Make sure your lender is a legal business with good reviews, a confirmable address and a valid license to operate in that region.   

Can You Get A Fast Loan If You Have Bad Credit?

If your credit is particularly bad, causing your applications to be denied, or you simply don’t want to go through the process of a credit check, you can also seek out other loans such as the following:

Guarantor loan

A guarantor loan involves finding a cosigner who has good credit and financial aptitude to co-sign your loan. A cosigner is someone who agrees to take responsibility for the loan in the event you default on it. This helps lower your lender’s risk, which can help you qualify for the loan and may help you get a lower interest rate.

Pros of Guarantor Loans

  • While your credit won’t be checked initially (your co-signer’s will instead), you’ll still be improving your credit gradually with every responsible loan payment you make.
  • Since your interest rate is likely to be lower than with most typical bad credit loans, it may help you save money over the course of your loan term.

Cons of Guarantor Loans

  • If you stop making payments or don’t honor your loan agreement, it will affect your cosigner, which can sour the relationship. 

Credit Builder Loans

If you’d like to finance something in the future, a credit builder loan may be worthwhile. It can not only help you save money to finance or cover your expense, but it can also help you build your credit. 

A credit builder loan is specifically designed to help you save and improve your credit in the process. With a credit builder loan, you don’t get any money upfront. Rather you make payments to the lender who will put a portion of your payments aside in a secured account. Each payment you make will be reported to Canada’s credit bureaus, which can help raise your credit score. Once your term ends, the lender will give you back your payments minus interest and fees. 

Should You Get A Fast Approval Short-Term Loan Online?

No matter how easy it can be to qualify for the products above, there are plenty of scenarios when applying for them is NOT the best course of action, including:

  • You don’t need financing right away 
  • You don’t have enough income or savings to cover your payments
  • You already have debts pending with other lenders 
  • You haven’t considered all your options yet

Fast Approval Short-Term Loans FAQs

Is it easy to get approved for a loan?

This really depends on which lender you qualify with, as well as your financial health. For example, if you have good credit and a reliable income, it’s usually easier to qualify with banks or credit unions. However, if your creditworthiness isn’t great, you may only be eligible for the loans above, which are often easy to get, but expensive to borrow.  

Can I get a fast bank loan with bad credit?

Most bank loans have strict approval requirements and aren’t easy to qualify for. You’ll probably need a decent credit score (about 660 – 300), a steady job, and low debt levels to get a loan with an affordable interest rate. If your finances or credit aren’t in good shape, you might have to apply for your loan with an alternative lender instead.  

Which loan can I get approved the fastest with bad credit?

In general, these are the loans with the easiest requirements in Canada:
  • Payday loans (you’re paying high rates but there’s no minimum credit score)
  • Credit builder loans (which are meant for people with bad or no credit) 
  • Car title loans (because you’re offering collateral, it reduces the lender’s risk)      

Do lenders require a credit check for short term online loans?

There are countless online lenders who provide short term loans that do not require a credit check. This is great for those who have experienced past financial difficulties and for those who have low credit scores

Bottom Line

Fast approval short-term loans online are smaller in size and therefore have shorter terms. They’re often faster and easier to get approved for too. While approval time will depend on the lender you work with, most lenders that offer short term loan options can and will work to get you the financing you need within a day or two

If you’re interested in applying for a short term loan, you can fill out our online application by clicking the button below.

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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