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 lenders, 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 Loans You Can Get $100
Generally speaking, $100 loans are so small that you’ll likely have limited options in terms of loan types, including the following.
| Payday Loans | Cash Advance Apps | Lines Of Credit | |
| Interest Rate | $14/$100 borrowed in most provinces | As low as 0% | Depends on the lender |
| Loan Term | Up to 62 days | 30–65 days | Open-ended |
Payday Loans
A payday loan is a small, short-term, high-cost loan that’s typically repaid on your next payday. Loans are available for up to $1,500, and 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. However, because of how expensive they are and how quickly they must be repaid, payday loans should only be considered after all other options have been explored.
Cash Advances
A cash advance is a short-term financing option that provides quick cash, usually in small amounts. Here are a few cash advances sources to consider:
- Bree: Bree is a financial app that offers up to $500 in instant cash advances with no interest, fees, or credit checks.
- KOHO Cover: KOHO Cover is a cash advance feature that offers up to $250 interest-free, with no credit checks required.
- Credit card cash advances: A credit card cash advance 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.
Lines Of Credit
Credit lines offer a flexible and revolving financing option for borrowers who may require regular access to additional funds:
- MoneyUp: MoneyUp is an app that offers a line of credit up to $1,000 with no credit check designed for fast, lost-cost access to emergency funds. It features FastForward, which lets users instantly borrow money and repay through automatic withdrawals from a linked bank account.
- Nyble: Nyble offers a no-interest line of credit of up to $250 designed to help Canadians with short-term financial needs. You can also use the credit line to build or repair your credit without a credit check. With a paid membership, funds can be deposited in as little as 30 minutes
Where Can You Get A $100 Loan In Canada?
What Do You Need To Qualify
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 | 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.
| A note on credit scores: A credit check is not a requirement for a payday loan. However, if you want to work toward building your credit, with the goal of accessing other, more affordable loans in the future, you should know what your credit score is. You can check our own credit using free sites like CompareHub. |
How To Apply For A $100 Loan?
The first thing to do when planning on getting a 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 license.
Provided you take these measures, you can dive right into the application process, as follows:
Step 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. Otherwise, you can find a lender near you, and apply in person.
Step 2: 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 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.
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 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:
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. However, there may be fees to pay. For instance, Bree charges a monthly $2.99 subscription fee after the first 30 days, as well as 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 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.
- 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.
- You Need A Bank Account: One of the typical requirements of r 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. Fortunately, you can open a bank account for free with one of many financial institutions.
- 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.
Are $100 Loans Worth It?
Before taking out a loan, it’s important to consider a few things to ensure it’s the best financial decision for you:
- You Have A Financial Emergency: Considering the potentially high cost of a $100 loan, you should only apply for funding in the event of a true financial emergency, like a medical expense or car repair.
- You Need Fast Cash: Unlike personal loans, payday loans can get you access to cash very quickly. In many cases, convenience is why consumers choose to take on the risk that comes with payday loans. Typically, you can expect to get access to funds in as little as a few hours after applying, making these loans potentially worth it if you’re in desperate need of quick cash.
- You Have Bad Credit: Bad credit is the single biggest barrier to receiving funding. Thankfully, many lenders that offer $100 loans don’t run credit checks, so bad credit won’t stop anyone from getting approved.
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.
