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.
Can You Get An Instant Loan Approval?
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.
Can You Get An Instant Loan Approval If You Have Bad Credit?
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.
Where Can You Get A Quick Loan?
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.
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.
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.
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.
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.
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.
Loan Pre-Approval
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.
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.
Types Of Loans You Can Get Almost Instantly
There are several variations of instant-like loans that you can apply for to get your hands on cash right away:
Payday loans
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.
Cash advance loans
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.
Personal loans
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.
Be the age of majority in your province or territory
Be a Canadian citizen or permanent resident
Have a valid Canadian address
Have an active bank account
Have proof of an income (i.e. employment letter or pay stubs)
How To Get An Instant Loan?
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.
Step 1. Fill Out the Application
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.
Step 2. Provide All The Necessary Documents
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.
Step 3. Get Funded
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.
Borrow Up To $50,000
How Fast Can You Get A Loan?
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:
Applying after regular business hours. If you apply on a weekend or late at night, you’ll need to wait until the lender opens up the next business day to have your loan application processed. Otherwise, you’ll need to apply with a lender that operates 24/7.
Making significant changes to your personal or employment status. If you recently changed jobs, moved, or made any other changes to your personal or financial situation, this will require more work on the part of the lender for review. In this case, you may want to work with a 24/7 payday lender that operates around the clock.
You’re a first-time borrower. If you’ve never applied for a loan with the lender, you’ll need to supply various documentation required to set up an account with the lender, such as a government-issued photo ID, recent pay stubs, bank statements, and a void cheque.
Cost Of An Instant Payday Loan vs A Instant Personal Loan
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
How To Increase And Speed Up Your Loan Approval?
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.
Bottom Line
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.
Instant Loan Approval FAQs
What is the easiest loan to get in Canada?
The easiest type of loan to get approved for is a payday loan. These loan types accept bad credit and no credit, and you can get approved and funded the same business day. Other loans that are easy to get in Canada include car title loans and pawn shop loans.
Do pre-approvals guarantee loan approval?
No, getting pre-approved does not guarantee final loan approval. The lender will need to do a more thorough assessment of your financial health and credit history, which goes beyond just the information you provide for pre-approval. Plus, if anything about your financial or credit history changes after you’ve been pre-approved, you can be denied approval for a loan if the lender feels that your current situation is no longer strong enough.
Can I apply for a fast loan if I have bad credit?
When it comes to new online lenders, bad credit is no longer an issue as there are countless loan companies that do not perform credit checks. Instead, many lenders ask for proof of income, references, and bank account verification. This will obviously depend on the lender you’re looking to work with, but loan approval no longer relies so heavily on excellent credit.
Should I use a guarantor for my loan?
If you have bad credit, a guarantor can not only help you get approved but also help you secure a lower interest rate. Moreover, with a guarantor, their credit and finances are checked instead of yours. However, do note, if you, the primary borrower, start missing payments, the responsibility for those payments falls to your guarantor.
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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