Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Instant loan approval. Sounds great, right? Think again.
No lender can provide instant or guaranteed approval. And you don’t want to deal with anyone who says they can. Loan approval for payday loans and certain types of personal loans can be quick and easy. Just not instant.
If you need a loan quickly and aren’t sure where to start, how you’re credit score will affect the process, or whether the personal debt your carry is a concern. We have all the information you need.
If a lender of any kind offers you a loan instantly or guarantees your approval for a loan, they are more than likely trying to scam you. The reason why instant approval isn’t feasible is that lenders need to perform a certain amount of due diligence. This means they need to verify your identity and determine the level of risk they’ll be taking on if they lend to you.
The good news is that quick approval is absolutely possible. Especially for anyone looking for a small short-term loan. Many alternative online lenders offer same-day loans. You can apply online in a few minutes, then get approved shortly after application submission. The funds will then be sent to your account electronically a few minutes later.
As mentioned, while instant loans are not available, you can get a same-day loan. Eligibility criteria for these types of loans are very lax. In many cases, you don’t need good credit or any credit at all. But for the most part, you’ll need an active bank account. Most same-day lenders will ask for bank verification, which helps the lender assess your finances before approving your loan application.
If you need to borrow money right away, the best options are personal loans, payday loans, and car title loans. While you can’t get approved instantly, you can get pre-approved with these lenders. A pre-approval will give you an idea of how much you can get approved for before proceeding with an official loan application.
Loan Amount | Interest Rate | Term | Province Availability | ||
![]() | Up to $35,000 | 9.99% - 46.96% | 6 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
![]() | Up to $20,000 | 19.99% - 46.8% | 12 - 60 months | BC, AB, ON, NB, NS, PEI, NL | Learn More |
![]() | Up to $15,000 | Started at 19.99% | Open-end | BC, AB, SK, ON, NS, PEI, NL | Learn More |
![]() | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
![]() | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
![]() | $500 - $750 | Varies by province* | 90 to 120 days | BC, AB, ON, PEI | Learn More |
![]() | Up to $1,500 | Varies by province* | Up to 62 days | BC, AB, ON | Learn More |
![]() | $50 - $1,500 | Varies by province* | 14 days | BC, AB, SK, MB, ON, NS | Learn More |
![]() | $50 - $1,500 | Varies by province* | Up to 31 days | BC, ON, NS | Learn More |
![]() | $200 - $1,500 | Varies by province* | Next payday | BC, AB, SK, NS, YT, NT, NU | Learn More |
![]() | Up to $1,500 | Varies by province* | Next payday | BC, ON | Learn More |
![]() | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MN, ON, NB, NS, NL, YT, NT, NU | Learn More |
While you can’t get instant loan approval, you can get an instant loan pre-approval. With both pre-approval and approval, your lender will assess your financial health and creditworthiness. But there’s a difference between the two. Namely, pre-approvals are non-binding and not guaranteed.
With a loan pre-approval, your lender will provide you with an estimate of how much you can borrow and at what interest rate, based on the information you provide about your credit and finances. Pre-approval may also involve a soft credit check — which will not affect your credit score — to review your finances without doing a deep dive.
Alternative online lenders typically give pre-approvals relatively quickly, some are instant while others may provide it within a few minutes of applying. However, it’s important to understand that pre-approval does not guarantee loan approval.
To get officially approved for a loan, your lender will do a little more digging to verify your income. They may ask for more detailed documentation, such as a letter of employment, pay stubs, tax receipts, and bank statements. The lender will also pull a copy of your credit report to verify your credit score and history.
Generally, if the information you provided during the pre-approval checks out, you’ll be approved for the loan.
There are several variations of instant-like loans that you can apply for to get your hands on cash right away:
These types of loans are made for smaller amounts up to $1,500 with very short repayment terms. More specifically, you’ll need to repay the full loan amount — plus interest — by the time you get your next paycheque, which is usually anywhere from 2 to 4 weeks.
Payday loans are easy to get approved for without the need for good credit. But they’re also very expensive. Interest rates on payday loans are among the most expensive in the world of lending, with APRs sometimes reaching over 500%.
Depending on the lender, approval times and funding can vary from a few hours to a couple of days.
If you have a credit card, you can get a cash advance as a way to get cash instantly. Since you already have a card, there’s no need to apply for a loan.
But in exchange for this convenience is the high cost of borrowing from your credit card. Interest rates for credit card cash advances are around 20% to 23% and start to accrue as soon as you withdraw the money.
Some lenders offer fast personal loans, which usually come with lower interest rates than the above-mentioned loan options. Your lender will provide you with a lump sum of money which must be repaid in regular installments according to a specific repayment schedule within a certain time frame.
You can usually get much higher loan amounts compared to payday loans and credit card cash advances, but the loan criteria may be a little more stringent. These loans are available from many online lenders, and funding can be as quick as 1 to 2 days following loan approval.
In general, to be eligible for a quick loan, you’ll need to meet the following requirements:
As we discussed above, fast approval for a loan depends greatly on both the lender and the borrower. As the borrower, there are many steps you can take to guarantee that your loan is approved as quickly as possible.
If you don’t fill out the original loan application properly the first time, it will only delay your approval. The lender will more than likely need to get in contact with you, which could add days to the process. Filling out the application completely and accurately the first time around is one of the best steps you can take to guarantee your quick approval.
For a lender to approve you, they are going to need you to answer a lot of questions and provide them with all the appropriate documents and paperwork. If you want to get approved right away, you’ll need to make sure you fulfill their needs quickly and properly. Answer your phone, check your emails regularly and produce the needed documentation as soon as possible. The quicker you work, the quicker your lender is able to approve you.
Once you’ve filled out the application and provided all the necessary documentation, the lender will process your application and determine whether you’re creditworthy or not. Depending on the lender and when you applied, this can take a few hours to a couple of days. If approved, these lenders can provide funding via e-transfer in as little as 15 minutes.
With many alternative online lenders, you can get approved and funded for a loan the same day you apply. However, there are some things that may slow down the process, including the following:
Personal Loan | Payday Loan | |
Loan Amount | $1,500 | $1,500 |
Loan Term | 12 months | 14 days |
Interest Rate | 26% | $15 per $100 borrowed |
Monthly Loan Payment | $142.57 | $1,725 |
Total Interest | $210.80 | $225 |
Total Cost | $1,710.80 | $1,725 |
To help increase your chances of getting approved for a loan and to ensure the process goes as smoothly as possible, consider the following:
Find A Responsible Guarantor – If you have very bad credit or finances in general, finding someone to become a guarantor for your loan can help reduce your risk as a borrower and increase your chances of approval. Otherwise known as a “guarantor loan”, this occurs when someone with good credit and healthy finances agree to co-sign your application and cover your loan payments, if and when you can no longer afford them.
Be Honest and Realistic About Your Financial Situation – Lying about your financial situation, your job, or anything at all could jeopardize your loan approval and draw out the process. Most lenders want to help you get the money you need, but they also need to know the truth about your finances.
Whatever your financial needs are, a personal loan can help you get back on track, and cover the costs of most types of emergencies. It can also prevent you from having to take on a payday loan and even help you improve your overall financial health.
Rating of 5/5 based on 3 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Frank Mortgage is Canada’s one-stop shop for mortgages. Get up to $1,500 cash back on your mortgage.
Great unsecured credit card for customers currently in, or recently discharged from, a consumer proposal or bankruptcy
Earn an average 5%¹ cashback at thousands of partners and at least 0.5%² cashback guaranteed with Neo.
KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.