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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: 

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

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 $150 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.

loansloans

LoansLoans.ca

LoansLoans.ca offers short-term loans to eligible Canadians.

How much can you borrow: You can borrow between $500 and $1,000. 

Who is eligible: You must be a Canadian resident, 18 years or older, with a Canadian bank account and consistent employment. You also have to prove that you have an income of at least $1,200 per month (after taxes). 

How fast can you get cash: Once you fill out the online application, you will get an immediate pre-approval response. When fully approved, you can expect your money as soon as the same day or the next business day. 

pay2day

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

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

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

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. 

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. 

Quick Cash FAQs

Can I get an emergency loan with poor credit?
It is possible to get a loan with a poor credit score. There are several “no credit check loans” available to Canadians that allow them to access a loan with a limited credit record or a poor credit score. 
Does a cash advance on a credit card get reported to a credit bureau?
If you take out a credit card cash advance, this amount is added to your credit card total. Your credit card balance is reported to the credit bureau and is visible on your credit report.  
I need money today, can I get a no-credit-check loan?
Yes, it is possible to get money the same day with a no-credit-check loan. For instance, you can use your credit card to take out a cash advance at the ATM. 
Can I get a loan if I don’t have a job?
If you don’t have a job, you can consider using a credit card cash advance to get quick access to money. However, if you don’t have the means to repay the advance, you risk going further into debt and making your financial situation worse.
Jessica Martel avatar on Loans Canada
Jessica Martel

Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Master's of Science degree in Cognitive Research Psychology and Bachelor's degrees in Communications, and Psychology. Her work has been published on Investopedia, The Balance, Money Under 30, Time.com, Seeking Alpha, Consumer Affairs, and more.

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