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.
Note: If you’re thinking about applying for a payday loan, please make sure you understand the consequences and read this article about payday loan alternatives first.
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.
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.
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.
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.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
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.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Wagepay is an online financial services platform that provides early payday advances, allowing consumers to access some of their upcoming paycheques before payday. The sign-up process takes just a few minutes, with up to $1,500 made available shortly after approval. No credit check is required, making it a great option for bad credit borrowers in need of cash but can't wait for their next paycheque to come in.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
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.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Pay2Day is an online payday lender in Canada that offers small, short-term payday loans for up to $1,500. The company has over 30 locations across Canada, giving borrowers the option to apply either in-person or online. Loan applications and approvals are available 24/7, with funding available in as little as 1 to 2 hours via e-transfer. No credit checks are required, making payday loans from Pay2Day accessible to bad credit borrowers. Pay2Day aims to make financial solutions more accessible, quick, and convenient for Canadians in need of fast cash but who don't have the credentials to secure a traditional loan.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
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
$14
$20
2 business days
Not allowed
British Columbia
$14
$20
2 business days
Not allowed
Alberta
$14
$20
2 business days
Not allowed
New Brunswick
$14
$20
48 hours (not including Sundays and holidays)
Not allowed
Manitoba
$14
$20
48 hours (not including Sundays and holidays)
Allowed
Saskatchewan
$14
$25
Next business day
Not allowed
Nova Scotia
$14
$20
Next business day (or 2 days for online payday lenders)
Not allowed
Newfoundland and Labrador
$14
$20
2 business days
Not allowed
Prince Edward Island
$14
$20
2 business days
Not allowed
Quebec
35% AIR
$20
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.
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.
You can get a $100 loan through a payday lender, but not as a personal loan lender. A $1000 loan is too small for lenders to undergo the necessary administrative procedures for a personal loan. To avoid payday lenders, you can use a bank overdraft, a credit card, or borrow from a friend to cover your costs.
Can I get a $100 loan online?
Yes, there are many payday lenders who offer $100 loans online. Other companies have both in-person and online services that offer $100 loans. If you use a digital approach, the funds go directly to your bank account. If you go in-person, you can get a cheque, deposit, or cash in hand.
What happens if I miss my $100 payday loan payment?
If you miss your $100 loan payment, you will likely face a late payment charge. This depends on the lender but is usually around $40. If you completely default on the loan, they may send your account to collections.
Will a $100 loan affect my credit?
Most payday lenders do not report to the two Canadian credit bureaus. But if you default on your loan and your account may be sent to a collections agency, which can negatively affect your credit scores.
How fast can I get a $100 loan?
Provided you meet all the necessary criteria, you can get a $100 payday loan in as little as an hour. Simply ensure, that you have proof of income, identification, and an active bank account. Altogether, you can easily get a $100 loan same-day.
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.
Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.
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