Whether you have an unexpected bill that pops up, a medical issue, or a home emergency it can be hard to get your hands on the money you need when you need it. That’s when a quick cash loan can come in handy. While charging a large amount to your credit card can be a quick and convenient way to cover an expense, it can be expensive. Most credit cards come with high-interest rates. Instead, a low-interest quick cash loan may be a better option.
Can You Get A Quick Cash Loan In Canada?
Yes, you can get a quick cash loan to cover an urgent expense. Perhaps your car needs immediate repair, or maybe you have an emergency medical bill to pay. Whatever the situation may be, a quick cash loan can help cover any debt or expense right away.
While big banks and credit unions might take days or longer to approve your loan application and provide you with your borrowed funds, alternative online lenders streamline the entire loan process. In many cases, you can get approved and funded within hours or even minutes.
Moreover, with many alternative lenders you don’t need any asset of value to collateralize the loan, like your home or car, nor do you need good credit to get approved. Plus, the funds can be used for whatever purpose you see fit with no restrictions.
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.
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.
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.
Types Of Quick Cash Loans You Can Get From a Private Lender
There are a number of lenders who provide quick cash loans in Canada. Payday lenders, private personal loan lenders and auto title loan lenders are all common lenders that offer quick cash loans.
Personal Loans
Personal loans are repaid in installments over a period of time, usually between 6 to 60 months. The amount borrowed can range between $500 and $50,000 depending on the lender and your financial profile. Personal loans are preferable to payday loans because they provide you with more time to repay the loan and have a much lower APR (2.99% – 35%).
Payday loans are small short-term loans that you have to pay back by your next payday. Most payday lenders provide loans between $50 – $1,500, with an APR of up to 500%. These loans are very expensive and are usually paid back with one single payment within 14 days.
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.
Car Title Loans
A car title loan is a loan that is secured by your car. Meaning, if you default on your payments, the lender has the right to seize your car as payment. A car title loan allows you to borrow money against the value of your car, so you cannot borrow an amount that exceeds the value of your car. While these loans are easy to get approved for because they are secured, they are often more expensive.
How To Get A Quick Cash Loan In Canada
Like traditional lenders, private lenders look at your credit scores to determine your credibility as a borrower. However, depending on the lender you choose and the type of loan you want and how much, other factors may be looked at including income, employment stability, debt-to-income ratio and more.
Similarly, depending on which lender you choose, each of these factors will vary in significance. Some lenders, in particular, bad credit lenders don’t put much emphasis on credit scores. Rather they base the creditworthiness of a borrower based on income and other financial aspects like debt-to-income ratio and employment stability.
So, when applying for a loan be sure to consider if you meet the requirements of the lender you are applying with to increase your chances of approval. It’s a good idea to check your credit score before applying to see where you stand.
What Documents Do I Need When Applying for a Quick Cash Loan?
In general, when applying for a loan with a private lender, you’ll have to provide documents to prove your identity and income. Here is a basic checklist of what you’ll need when applying for a personal loan.
Personal Identification Documents – You’ll need certain documents to prove your identity and address. This may include a government-issued photo ID, your SIN# and your contact information.
Financial Documents – Lenders will also require some financial documents to verify your income, employment and financial health. This may include pay stubs, bank statements and an employment letter.
Bank Documents – For funding and repayment purposes, your lender may require a void cheque or direct deposit form.
How Much Will A Quick Cash Cost?
The cost of your quick cash loan will vary on numerous factors including whether you choose to get a personal loan or a payday loan, your income level, your credit profile and your overall financial health.
Personal Loan
Payday Loan
Loan Amount
$1,500
$1,500
Interest Rate
12.99%
$15 per $100 borrowed*
Loan Term
6 months
14 days
Payment
$259.56/per month
$1,725 (lump sum)
Total Paid
$1,557.34
$1,725
Total Interest
$57.34
$225
*The payday loan cost will vary by the province you live in.
Pros And Cons Of A Quick Cash Loan With A Private Lender
If you decide to work with a private lender to get a quick cash loan, you should be aware of not just the pros but the cons that come with working with a non-traditional lender.
Pros
High Approval Rates – Private lenders are more accepting of borrowers with less than perfect credit profiles. Their requirements are usually more lax, making it possible for more borrowers to get approved.
Quick Cash – As mentioned, private lenders basically cut out the middle man, which means less paperwork and faster approvals. In fact, some private lenders fund borrowers the same day they apply.
No Credit Checks – Many lenders use alternative ways to determine creditworthiness. Rather than checking your credit score, they will look at income, job stability and debt-to-income ratio.
Convenient – Unlike banks, you can complete the entire loan process online, from applying to verifying to receiving your funds.
Cons
High-Interest Rates – Private lenders charge higher rates due to the lower requirements and added risk they take by lending to people who are more likely to default on payments.
Fees – Beware or origination fees, administrative fees, penalty fees and other related fees that many private lenders charge.
Predatory Lenders – Unfortunately, when looking for loans online with quick approval you’ll inevitably come across a few predatory payday lenders. These types of lenders are looking to take advantage of people who need cash fast.
If you’re looking to get a quick cash loan you can complete a majority of the process online and from the comfort of your own home. Whether you need to cover an urgent car repair or an emergency medical bill, a quick cash loan can help make the cost more affordable.
Quick Cash Loans FAQs
Where can I get an instant cash loan 24/7?
There are several alternative lenders available in Canada that offer online loans that you can apply for around the clock. Many of them offer near-instant approval, as long as your application is completed in full.
Can I get a cash loan with no credit check?
Yes, payday lenders typically offer cash loans without a credit check. Many of these lenders cater to bad credit borrowers without the need to verify your credit. In place of your credit score, these lenders will look at other factors, such as your income, debt, and employment.
How can I borrow cash immediately?
It’s possible to get access to borrowed funds shortly after getting approved for a quick-cash loan. The most popular options in this case include personal loans, payday loans, online cash advances, and pawn shop loans. Just be wary of cash loan lenders that guarantee loan approval without having done at least some vetting.
Can I get a quick cash loan without a bank account in Canada?
One of the common loan requirements among conventional lenders is the need for an active bank account. Many lenders will need a place to deposit your borrowed funds. Plus, lenders often automatically withdraw installment payments from borrowers’ bank accounts every billing cycle. That said, there are some lenders that offer “no bank verification loans” which means you don’t need a bank account to get approved. If you need fast cash but don’t have an active bank account, you may be able to secure a no bank verification loan.
What is the easiest loan to get right now?
The easiest loans to secure are payday loans, car title loans, and pawn shop loans. These short-term, quick-cash loans have very few requirements and typically don’t require good credit to get approved.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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