If you’re short on a bill and need an extra $100 to get through the week, there are options available. Whether you need a $100 because of low income, rising prices, or just chance and circumstance, it’s important to consider all your options. While a payday loan is ultimately the easiest choice, it is also a choice that can end up being more expensive than you thought and causing further financial stress in the future. Here’s is everything you need to know about taking out a $100 payday loan so you can make an informed decision.
The easiest place to get a $100 loan from 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.
| Loan Amount | Interest Rate | Term | Province Availability | ||
 | Up to $1,000 | Max 32% | Max 90 days | All of Canada | Learn More |
 | $500 - $12,500 | 19.99% - 34.99% | 12 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
 | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
 | $500 - $750 | Varies by province* | 90 to 120 days | BC, AB, ON, PEI | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NB, NS, PEI | Learn More |
 | Up to $1,500 | Varies by province* | Up to 62 days | BC, AB, ON | Learn More |
 | $50 - $1,500 | Varies by province* | 14 days | BC, AB, SK, MB, ON, NS | Learn More |
 | $50 - $1,500 | Varies by province* | Up to 31 days | BC, ON, NS | Learn More |
 | $200 - $1,500 | Varies by province* | Next payday | BC, AB, SK, NS, YT, NT, NU | Learn More |
 | Up to $1,500 | Varies by province* | Next payday | BC, ON | Learn More |
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
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:
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.
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.
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, rather a part of the bank’s procedure.
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.
| Province | Max cost per $100 borrowed | Max Penalty for Returned Cheque | Cooling Off Period | Loan Rollover or Extension |
| Ontario | $15 | n/a | 2 business days | Not allowed |
| British Columbia | $15 | $20 | 2 business days | Not allowed |
| Alberta | $15 | $25 | 2 business days | Not allowed |
| New Brunswick | $15 | $20 | 48 hours (not including Sundays and holidays) | Not allowed |
| Manitoba | $17 | $20 | 48 hours (not including Sundays and holidays) | Allowed |
| Saskatchewan | $17 | $25 | Next business day | Not allowed |
| Nova Scotia | $19 | $40 (default penalty) | Next business day (or 2 days for online payday lenders) | Not allowed |
| Newfoundland and Labrador | $21 | $20 | 2 business days | Allowed |
| Prince Edward Island | $25 | n/a | 2 business days | Allowed |
| Quebec | 35% AIR | n/a | 10 days | Not allowed |
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.
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.
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.
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 interact e-transfer.
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.
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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