Life is unpredictable. You never know when you’ll encounter an unexpected car repair or family emergency. With many Canadians living paycheque to paycheque, there isn’t always room in the budget to cover an unexpected cost. In such cases, you may be wondering ” If I need money today, where can I get it?”.
If you have a limited credit history or a bad credit score, you might struggle to qualify for a personal loan or credit card. But, there are options available that can provide fast access to cash when you really need it.
I Need Money Today. How Do I Get It?
If you need immediate access to cash, you do have choices. Before you borrow money, take some time to carefully weigh the benefits and risks associated with each option.
Credit Card Cash Advance
A credit card cash advance allows you to borrow money against your credit limit. While it’s a convenient way to borrow, it’s also expensive. Unlike a regular credit card purchase, which provides a grace period before interest is applied, you start accruing interest immediately on a cash advance. Plus, the interest rate is typically higher than the regular purchase rate.
With a cash advance, you can get immediate access to money using an ATM or by visiting your bank.
Pros:
- Immediate access to cash
- Easy to withdraw
- No hard credit check
Cons:
- Elevated interest rate
- Start accruing interest immediately
- Cash advance fees
Car Title Loan
A car title loan is a short-term loan that allows you to borrow against the equity you’ve built in your car. To get a title loan, you have to put your car up as collateral.
It is typically easier to get a loan with collateral because it lowers the risk to the lender. However, if you fail to make your loan payments, you can lose your vehicle.
With a title loan, you can usually access money within a few hours or days after approval. Applying online can help to expedite the process.
Pros:
- Quick approval
- No hard credit check
- You can still use your car
Cons:
- High-interest rate
- Additional fees
- You risk losing your car
Family and Friend Loan
If you want to avoid taking on a loan with a high-interest rate, consider borrowing from a family member or friend. While it’s usually a more affordable way to borrow, you risk complicating an important relationship if you can’t repay what you owe.
How fast you can get money depends on how available it is to the person you’re borrowing from. If they have cash sitting in a savings account, you can likely access the money within a few hours if they agree to e-transfer it into your account.
Pros
- Cheap interest, or no interest
- Avoid expensive loan options
- No credit check
Cons
- Risk destroying a relationship
- Sum might be smaller than what you could borrow somewhere else
- No opportunity to build credit
Payday Loan
A payday loan is a short-term loan with extremely high borrowing costs. Payday loans usually charge a flat borrowing fee which can be as high as $17 for every $100 you borrow. You may also have to pay additional fees and interest if you can’t make your payments on time.
Before taking on a payday loan, consider if you have any other options available.
While payday loans can give you access to money within a few hours or days, if you can’t repay your loan, it’s easy to find yourself in a cycle of debt.
Pros:
- Fast access to cash
- No credit check
- No collateral required
Cons:
- Extremely expensive way to borrow money
- No opportunity to build credit
- Easy to fall into a cycle of debt
Pawn Shop
A pawn shop loan is a short-term loan that requires you to put up collateral such as jewelry, electronics, or power tools. A pawnshop lender will typically offer you 20% to 60% of your item’s value. You can negotiate the loan amount and interest rate based on the value of your collateral.
With a pawn shop loan, you get access to cash as soon as you negotiate a price.
If you can’t pay your loan, the pawnshop lender will sell your item and keep the money.
Pros:
- Instant access to cash
- No credit check required
- No risk to credit score
Cons:
- High borrowing cost
- Usually small amounts
- Risk losing collateral
If I Need Money Today How Will I Receive It?
- Credit card cash advance: Cash from an ATM or by visiting your bank or financial institution
- Car title loan: Cash, direct deposit, or cheque
- Friend and family: Whatever you and your friend or family member agree to
- Payday: Cash, e-transfer, or direct deposit
- Pawnshop: Cash or cheque
Where Can I Get A Loan Quickly If I Need Money Today?
Here are a few loan services you can get a loan quickly:
Nyble
Nyble is a Canadian company that helps people with no credit or bad credit access credit and build their credit score.
How much can you borrow? You can access an interest-free loan of up to $250 that can be used to prevent overdraft fees or to pay your living expenses.
Who is eligible? You must be 18 years old and a resident of Canada. You will also need to verify your income and that you have a Canadian bank account with income deposits. There is no credit check.
How fast can you get cash? Approval for a Nyble line of credit is instant but it will take up to 3 days to access the money. If you’re interested in quicker funding and additional perks, you can opt to pay for a membership which costs $11.99 a month.
Pay2Day
Pay2Day is a payday loan lender available online or in-store at locations in British Columbia, Ontario, and Nova Scotia.
How much can you borrow: You can borrow up to $1,500.
Who is eligible: You must be 18 years or older, have a bank account, access to online banking, and demonstrate employment income.
How fast can you get cash: You can get cash immediately in-store or within one to two hours via Transfer.
Bree
Bree is a fintech company that provides short-term cash advances with no interest and no fees.
How much can you borrow: You can borrow up to $350 to prevent overdraft fees.
Who is eligible: You must be 18 years or older, a resident of Canada, and hold a Canadian bank account. You also have to demonstrate consistent income and that you have enough income to repay your funds.
How fast can you get cash: Bree offers two delivery options. You can opt for the standard delivery or get your money a bit faster with the Express delivery option. However, the express option does have a small fee attached to it.
Loanz
Loanz is an online platform that allows you to compare multiple loan options using one application.
How much can you borrow: You can borrow between $1,000 to $15,000.
Who is eligible: You must be over the age of 18, have a chequing account, and a stated source of income. You can not be in collections or bankruptcy.
How fast can you get cash: It’s possible to get approved in minutes for up to $15,000. You can receive your funds in as little as 15 minutes.
Mr.Payday
Mr.Payday is a payday loan lender in British Columbia, Alberta, Newfoundland, Nova Scotia, Ontario, Prince Edward Island, Yukon, Nunavut, and Northwest Territories.
How much can you borrow: You can borrow between $50 and $1,500.
Who is eligible: You must be at least 19 years of age and have a monthly income of at least $1,100. You must be with your current employer for more than two months and have an active chequing account. You also have to provide a phone number where you can be reached.
How fast can you get cash: It usually takes 30 minutes to get approved for a payday loan during business hours. Once your application is approved, you can expect to get an email money transfer within an hour.
Getting Cash Quickly and Your Credit Score
Many “no-credit-check loans” such as a payday loan, don’t require a hard credit check because they use other criteria, such as income verification, to determine eligibility. Alternatively, car title loans and pawn shop lenders use collateral to reduce their risk.
Not having a credit check permits people with a limited credit history or bad credit score to have quick access to cash.
You can expect a hard credit check when you take on a new credit product such as a mortgage, credit card, or personal loan. A hard credit check can affect your credit score.
Anytime you check your own credit score or, if you are preapproved for a credit product, a soft credit check is performed. A soft credit check will not impact your credit score.
Additional Reading
I Need Money Today: Bottom Line
If you encounter an emergency or an unexpected expense, it is possible to get immediate access to money. This is true even if you have a limited credit history or poor credit score. However, loans that don’t require a credit check typically come with high interest rates and fees or require you to put up collateral that you risk losing if you don’t repay the loan. Make sure you carefully weigh the pros and cons of each option before making a decision.
