Short on cash and need a quick $100? There are a few quick options you can consider. 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.
Key Points
| Are $100 loans available in Canada? | $100 loans are available in Canada from online, alternative, and payday lenders. |
| How do you qualify for a $100 loan? | Qualifying for a $100 loan is easy and typically only requires a sufficient income and proof of Canadian residency. |
| Can you get a $100 loan with bad credit? | $100 loans are readily accessible to those with bad credit. |
Can You Get A $100 Loan In Canada?
Yes, $100 loans are available in Canada, usually from online private lenders, and payday lenders. Some lenders offer fast approval with same-day funding.
To find the best rates and terms, it’s a good idea to compare options using platforms like Loans Canada, which make shopping around simple and efficient
Types Of $100 Loans You Can Get In Canada
The following types of $100 loans are available in Canada:
Cash Advances
A cash advance is a short-term financing option that provides quick cash, usually in small amounts. Here are a few cash advance sources to consider:
| App | Key Features | Cost | Loan Amount | Reviews | |
| Bree | – Instant cash advance – No interest – No credit checks | – No interest – No mandatory fees | Up to $750 | – Trustpilot: 4.8/5 stars – App Store: 4.9/5 stars – Google Play: 4.7/5 stars | Learn More |
| KOHO Cover | – Interest-free – No credit check | – No interest – Fees staring at $2/month | Up to $250 | – Trustpilot: 1.4/5 stars – App Store: 4.8/5 stars – Google Play: 4.7/5 stars | – |
Small Lines Of Credit
Credit lines offer a flexible and revolving financing option for borrowers who may require regular access to additional funds.
If you’re in need of a very small amount, like $100, there are more affordable, interest-free options to consider, such as the following:
| App | Key Features | Cost | Loan Amount | Reviews | |
| MoneyUp | – No credit check – Instantly borrow money – Repay through automatic withdrawals | – 2.5% transaction fee for every $100 withdrawn | Up to $1,000 | – Trustpilot: N/A – App Store: N/A – Google Play: N/A | Learn More |
| Nyble | – No-interest – Build or repair credit – No credit check | – No interest- Free to use (upgrade available for an additional fee) | Up to $250 | – Trustpilot: 4.8/5 stars – App Store: 4.8/5 stars – Google Play: 4.8/5 stars | Learn More |
Credit Card Cash Advances
Another option is a credit card cash advance, which lets you withdraw money from your credit card’s credit account, up to your credit limit. It’s fast but expensive, with high fees and interest.
Payday Loans
A payday loan is a small, short-term, high-cost loan that’s typically repaid on your next payday. You can typically borrow between $50 and $1,500.
It must be repaid in one lump sum by the due date, which can be anywhere from 2 weeks to 62 days. Payday loans are very easy to qualify for and don’t typically require a credit check.
Where Can You Get A $100 Loan In Canada?
What Do You Need To Qualify For A $100 Loan?
To get a $100 loan, there are some criteria that most lenders consider. Just understand that all lenders have their own unique approval process
| Age | 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. |
| Income | You’ll need to show proof of income. Some lenders may accept income from government benefits. |
Can You Get A $100 Loan With Bad Credit?
Yes, you can get $100 bad credit loans. Payday loans are generally marketed toward those with poor credit because they don’t usually rely on credit checks and have low income requirements. Similarly, many other loan services like Bree, don’t require credit checks, making it easy to get the money you need, even with bad credit.
Can You Get A $100 Loan With ODSP In Canada?
It’s possible to get a small $100 loan in Canada using alternative forms of income such as ODSP. Depending on the lender they may accept many different income sources such as ODSP, OAS, CCB, EI, and other government benefits.
What matters most is that the income is consistent and enough to cover loan payments. While approval isn’t guaranteed, borrowers with non‑traditional income often have more options with private lenders than with major banks.
Learn more: Best Unemployment Loans In Canada
How Do I Apply For A $100 Loan?
To apply for a $100 loan, follow these steps:
Step 1: Complete The Application
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 and require minimal information.
Step 2: Provide Required Documentation
To apply online, you’ll require a valid email and an active bank account to receive the funds. Otherwise, you can find a lender near you, and apply in person.
| Instant Bank Verification (IBV) Instant bank verification is a digital process that allows a lender to quickly confirm your bank account details, income, and transaction history through a secure online connection. It speeds up approvals by removing the need for paper statements while still protecting your information through encrypted data sharing |
Step 3: Wait For Approval
After you provide your ID, pay stubs, and banking information, you can get quick approval. These lenders offer fast funding and quick service — you can receive approval on your $100 loan in as little as a few minutes.
Step 4: 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.
Learn How To Qualify For Other Loan Amounts
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 loans’. With these types of loans, you won’t be denied a loan specifically because of your credit score.
However, there’s still a chance to get turned down if you don’t meet other requirements, like a minimum income.
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.
How Can You Get Your $100 Loan Quickly?
Choosing Interac e‑Transfer is the fastest option, as long as your bank account is set up to receive it. Since e‑Transfers move money within minutes of your contract being approved, they’re typically much quicker than waiting for a direct deposit. Again, online lenders tend to deliver funding very quickly compared to more traditional loan options.
How Much Will A $100 Loan Cost?
The cost of a $100 loan will vary depending on the exact loan type and the lender.
To help you understand how much you might pay on a $100 loan, let’s compare the different loan options:
| Sample Loan Cost | |
| $100 Payday Loan | $114 |
| $100 Cash Advance | $104 |
| $100 Line Of Credit | ~$101 |
Cost Of A $100 Payday Loan
Payday loans cost $14 per $100 borrowed in most provinces. That means a $100 loan on a 14-day term would cost you $114. If you live in Quebec, your lender can charge you up to 35% AIR. In this case, a $100 loan would cost you $101.
Cost Of A $100 Cash Advance
Cash advance apps like Bree come with zero interest and no mandatory monthly fees. However, there is an optional express funding fee for faster access to funds.
If you opt for a credit card cash advance, you’ll pay interest on the withdrawn funds immediately after withdrawing, as well as a cash advance fee, which is typically around 3% to 5% of the withdrawn amount. For example, a $100 credit card cash advance with a 3% fee and 22.99% rate could cost you roughly $104 over a 30-day period ($1.92 in interest + $3 advance fee).
Cost Of A $100 Line Of Credit
As an example, let’s say you take out a $100 line of credit with a rate of 8%. Over a 30-day period, your credit line would cost you roughly $0.66 in interest, with a total repayment amount of $100.66. Again, the exact cost will vary from lender to lender, depending on what they charge.
Things To Remember When Getting A $100 Loan
Consider the following before applying for a loan:
- Cost: The price of a $100 loan, particularly payday loans, can be quite high. Ensure you can afford the loan before applying to avoid further financial stress. Consider lower-cost options, like cash advance apps or small credit lines.
- Predatory Lenders: Even with the regulations in place and access to information, predatory and fraudulent lenders sneak through the cracks. Be sure to vet your lenders, check their registration, and look into reviews before selecting your loan service.
- Bank Account Requirements: One of the typical requirements of a loan is to have an active bank account. Without one, your loan options will be very limited, especially with the increasing use of instant bank verification (IBV). Plus, if fast funding is what you need (typically via e-Transfer), a bank account is required.
- Penalties For Non-Payment: Make sure you’re financially capable of covering loan payments every billing cycle. Missing payments can result in additional interest or fees, plus a ding on your credit report.
| How To Know If A Lender Is Legit Given the potentially higher risk of being exposed to a predatory lender in this industry, consider the following red flags: – Check for proper licensing in your province or territory; legitimate lenders must be registered to operate. – Look for transparent fees and terms, including interest rates, repayment dates, and total cost of borrowing. – Verify secure contact information, such as a real phone number, physical address, and professional website. – Read independent reviews to see how other borrowers describe their experiences. – Avoid lenders promising guaranteed approval, as reputable companies always assess your eligibility. Learn more: How To Check If A Company Is Legitimate In Canada |
Pros & Cons Of $100 Loans
Here’s a clear breakdown of the pros and cons of $100 loans to help you decide whether to apply for one:
Pros:
- Fast Access To Cash: Many lenders offer near‑instant approval and quick funding.
- Simple Eligibility Requirements: Small loans often accept alternative income or lower credit scores.
- Useful For Minor Emergencies: A $100 loan can cover short‑term gaps like transit costs or small bills.
- Convenient Online Applications: Most lenders let you apply from your phone in minutes.
Cons:
- Higher Fees Or Interest: Short‑term loans can cost more than traditional credit options, unless you opt for one of the cash advance apps mentioned above.
- Short Repayment Timelines: You may need to repay the full amount by your next payday.
- Risk Of Repeat Borrowing: If money is tight, it’s easy to fall into a cycle of taking new loans to cover old ones.
- Limited Borrowing Amounts: These loans only solve very small financial needs.
Is A $100 Worth It?
A $100 loan is only worthwhile in the following scenarios:
- You’ve explored alternatives, and none seem to work.
- You’re able to boost your income with a small side gig to avoid taking on new debt.
- You’ve already reviewed your expenses, but can’t cut anything out to free up more cash.
- You’re in an urgent situation, but don’t have the money to cover it.
Final Thoughts
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. However, consider this financial option as a last resort after looking at other solutions.
