There are times when unexpected expenses come up and you don’t have enough savings to cover your bills. If that happens, it’s best to remedy the situation before it affects your credit and finances. For example, taking out a small loan could be an easy solution, if you know where to look. Keep reading to find out how you can get a small $500 loan in Canada.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
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.
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.
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.
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.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
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.
Instant Payday Canada is an online payday lender in Canada that provides small, short-term loans for up to $1,500. Funds can be made available in as little as 15 minutes after approval, which is ideal in cases where fast cash is required to cover a pressing expense.
Before you apply for any type of loan, remember to do your research and choose a reputable lender who has a valid business license. Luckily, in Canada, there are a few different places where you can apply for a $500 loan, including the following:
Personal Loan Lenders
While some banks offer small loans, they often have tough requirements and larger minimum borrowing amounts. So, depending on your financial situation, you may want to get your $500 personal loan from an alternative or private lender, who often has more flexible requirements.
Varying Interest Rates – Personal loans from private lenders typically come with interest rates between 5% – 35% APR.
Bad Credit May Be Accepted – Some lenders will approve you for a $500 loan with poor credit, as long as you meet their other requirements such as income level.
Flexible Payment Plans – Personal loan terms can vary between 6 to 60 months, which can lead to affordable payments.
Range Of Loan Amounts – If you have good credit and a decent income, you may be able to borrow more than a $500 loan (up to $35,000 or more in some cases).
Payday Lenders
You can also apply for a $500 loan through a payday lender in Canada. They typically offer loans between $100 – $1,500, but they have extremely high fees and interest rates. As such, they should only be used as a last resort or when you know with absolute certainty that you can pay it back by the due date.
Sky-High Costs – As mentioned, payday loans can come with extremely high fees and interest rates ($14 per $100 borrowed).
Shorter Payment Plans – Most payday loans must be paid off after 2 weeks (i.e. by your next payday) but some lenders offer terms lasting up to 60 days.
Bad Credit is Accepted – Most payday lenders won’t perform a credit check, so getting a $500 payday loan with bad credit is possible.
Fast Funding – If you pass the income and personal requirements, some payday lenders will deposit your loan into your bank account the same day you apply.
Whether you apply for a $500 loan with a personal loan lender in Canada or a payday lender, there are certain requirements you’ll need to meet, including:
Being past the age of majority in your province or territory (18 or 19 and up).
Being a citizen or permanent resident of Canada.
Having a reasonable income and an active bank account
Personal Loans
Every personal loan lender has different approval requirements. Their eligibility criteria will generally be tighter than those of a payday lender and may include:
Income And Employment Requirements – Earning a steady income from credible employment. Some personal loan lenders will accept other forms of income such as employment insurance, pension, CCB and other government benefits.
Credit Score – While some personal loan lenders will have a minimum credit score requirement of around 560 – 600, others may accept those with bad credit.
Debt – Having a reasonable payment and debt history (generally applicants must be discharged from any consumer proposals, bankruptcies or other debt collection procedures).
Payday Loans
The eligibility criteria for payday loans are minimal and often don’t require a credit check, which makes it ideal for those with poor credit.
Income Level – One of the main requirements for a payday loan is your income. So long as you meet their minimum monthly income requirement of $1,000 – $2,000, you will likely qualify. Most payday lenders accept alternative forms of income like disability payments, self-employment income, and government benefits.
How Much Does A $500 Loan Cost?
Here’s how much it costs to borrow from a payday lender versus a personal loan lender:
$500 Payday Loan Cost
A $500 personal loan will cost you $14 per $100 borrowed, which would amount to $70 in interest and a total of $570.
$500 Personal Loan Cost
3 Month Loan
6 Month Loan
12 Month Loan
Loan Amount
$500
$500
$500
Interest Rate
24.5%
45%
30%
Monthly Payment
$173.52
$94.61
$48.74
Total Paid
$520.55
$567.64
$584.92
Total Interest Paid
$20.55
$67.64
$84.92
Steps To Apply For A $500 Loan
Different lenders also have different approval and funding procedures. That said, here are some common steps you should take when applying for a $500 loan in Canada:
Get Quotes And Compare
Make sure to research lenders and compare prices to find a business with a solid reputation and affordable loan conditions. A good lender should offer you a free price quote on their website or over the phone.
Gather Documents And Apply
Once you find the right $500 loan, gather any relevant documents and prepare to apply (most people do this online nowadays). Lenders might request these documents to confirm your identity and income:
A piece of government photo ID (passport, driver’s license, etc.)
Your latest bank statements and income/pay stubs (from all sources)
Other proof that you have a Canadian address (utility bills, etc.)
Wait For A Reply
Applying for a $500 loan won’t take long but response times can vary. If it’s done online, some lenders will send you a confirmation within a few hours, others may take 1 – 2 days or even longer on weekends and holidays.
Get Funded
The same goes for funding times. Payday loans can be deposited on the day you apply, while personal loans may take a couple of business days, depending on the lender and if you’re required to submit further documents or information.
Borrow Up To $50,000
Other Ways To Get $500
Whether it’s due to the costs or conditions, there’s always a chance that a loan isn’t the right product for your lifestyle. Don’t worry, because there are plenty of other affordable and convenient ways to get a $500 loan in Canada, including but not limited to:
Overdraft – Some credit cards and bank accounts will allow you to withdraw past your credit limit in exchange for a penalty (typically a percentage of the amount in overdraft, charged monthly). It’s not ideal but paying overdraft fees or buying overdraft protection can sometimes be cheaper than taking out a loan.
Cash Advance – Certain credit cards may also provide cash advances. Although this can involve high-interest rates (even higher than a card’s borrowing rate in some cases), it might still be safer than a loan (particularly a payday loan).
Ask Family or Friends – If you can’t qualify with a lender or you’re uneasy about giving them your information, maybe borrowing from a trusted family member or friend is best (as long as you can pay them back within a reasonable period).
P2P Lending on Reddit – Launched in 2014, r/borrowis a subreddit that helps Reddit community members acquire short-term funding. Individuals borrow from other individuals, which can make for a faster and simpler lending experience.
Whether you apply with a payday lender or a personal loan lender, you can find one who offers instant approvals almost anywhere in Canada. Some payday lenders will not only provide instant approvals, but they can fund you within minutes after approval via e-transfer. While they are an expensive option, these e-transfer payday lenders are great if you need a small amount of cash immediately.
$500 Loan FAQs
Can I get a $500 loan without a credit check in Canada?
Plenty of Canadian lenders can offer you a $500 loan without having to check your credit report. However, this is more common with payday lenders and private lenders who accept clients with bad credit (whereas traditional financial institutions are more strict).
How will I receive my funds?
Most lenders prefer to deposit funds and take payments by direct deposit, which is why you’ll probably need an active bank account in order to qualify. That said, some lenders offer other funding methods, such as cheque or Interac e-Transfer.
Can I get a $500 loan if I’m not working?
It depends where you apply. Traditional lenders may want you to work at the same job for a few months before approving you but certain alternative lenders will accept non-traditional incomes like RRSP money, social assistance, or Canada Child Benefit (CCB) payments.
Can I get A $500 with no bank verification?
While many lenders require an active bank account before approving you for a loan, some may still approve you if you can prove you have a stable source of income. Instead of funding you via direct deposit, the lender will provide the funds in cash, cheque or by loading it onto a prepaid credit card.
Can I get a $500 loan with no refusal?
If you can’t qualify for a loan due to bad credit, a no refusal loan may be tempting. However, while these loans require no credit checks, they can be quite expensive due to its high interest rates.
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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