If you’ve ever found yourself short on cash before payday, you’ve probably looked into cash advance apps or instant loan services.
Bree is one of the newer options available in Canada, offering quick access to funds without the high interest rates that come with traditional payday loans.
But how exactly does Bree work, and are there other options like it? This guide will run through all of the details and give you some alternative options to consider, too.
Key Points To Remember
- Bree offers cash advances up to $500 with no interest and no credit checks or late fees, making it a good alternative to payday loans.
- Apps like Nyble, Koho Cover, and MoneyUp provide similar services with instant funding, no interest and no credit checks.
- Buy Now, Pay Later (BNPL), Flexiti, and credit card cash advances are other options you can opt for for quick access to funds, though some come with a high cost.
What Is A Bree Loan?
Bree is a Canadian cash advance app designed to give you early access to a portion of your paycheque. It’s designed for anyone with a consistent income, including government benefits like the Canada Child Benefit (CCB), who might need cash to cover a bill or pay for gas while they wait for payday.
With Bree, clients can access up to $500 with zero interest, no credit checks and no late payment fees.
Note: For ease-of-use, you can use the Bree app to apply and manage repayments directly in the app without needing a traditional branch or desktop portal. It also includes built-in budgeting tools, cash flow tracking, and bill reminders to help users stay on top of their finances.
Bree Loan Features
| Feature | Details |
| Loan Amount | Up to $500 |
| Interest Rate | 0% |
| Fees | $2.99 monthly membership fee; optional tipping system |
| Funding Time | – Up to 3 business days (direct deposit to chequing account) – Same day for a fee (via e-transfer) |
| Repayment Period | Next payday (short-term, usually 2 weeks) |
| Bree App | Bree is available as a mobile app for both iOS and Android: – Bree on iOS (App Store) – Bree on Android (Google Play) |
Who Can Access Bree?
To qualify for a cash advance loan from Bree, you’ll need to meet certain requirements. While they won’t run a credit check, Bree uses instant bank verification to verify that you can repay their loan.
To get approved, you’ll need to prove that your bank account has regular income deposits from valid sources, such as employment, government benefits or pensions. Other typical requirements include:
- Have a Canadian chequing account.
- Be at least 18 years old or the age of majority in your province.
- Provide valid Government ID and proof of income.
Learn more: 0% Interest Loans: Do You Qualify?
Where Can You Get A Loan Like Bree?
While Bree is a popular option for cash advances in Canada, it isn’t the only loan service of its kind available. If you’re looking for alternatives, here are three other major players to check out:
| Feature | Nyble | Koho Cover | MoneyUp |
| Loan Type | Credit line | Cash advance | Credit line |
| Loan Amount | Up to $250 | Up to $250 | Up to $1,000 |
| Interest Rate | 0% | 0% | 0% |
| Fees | Free (or $11.99/monthly for membership benefits) | From $2 a month | 2.5% transaction for every $100 withdrawn |
| Funding Time | In as little as 5 minutes | Instantly (via Koho) | In as little as 10 minutes |
| Learn more | – | Learn more |
Nyble
Nyble is a Canadian credit-building app that provides a credit line of up to $250. Similar to Bree, Nyble does not require any credit checks and does not charge interest. Users can use the funds for anything they need, and payments are reported to a credit bureau, helping them to build credit. Users can use the service for free or become a member to get extra perks such as:
- Balance protection insurance. Covers up to $250 in the event of disability or job loss.
- Identity Theft Coverage. In the event of identity theft, members are covered up to $50,000 and up to $25,000 for online fraud or hacking and unauthorized transactions.
Similar to Bree, Nyble requires you to have a consistent income of at least $1,000 a month. You also need to have an active Canadian bank account and be of the age of majority in your province.
Koho Cover
Koho Cover is a cash advance service offered by Koho. It’s designed to help bridge financial gaps until payday, with access to up to $250 in cash when funds are low. Like Bree, you can get up to $250 with no interest and no credit checks. No proof of income is required as well. However, they do charge a small fee, starting as low as $2. Anyone who signs up for Koho Cover will get instant access to funds.
To apply, simply open a KOHO spend and save account (free for the basic plan) and then subscribe to the Cover bundle.
MoneyUp
MoneyUp is another Canadian company that provides a credit line of up to $1,000, interest-free. Similar to Bree, no credit check is required. Moreover, payments are reported to a credit bureau to help you build credit.
Do note that while no interest is charged, MoneyUp does charge 2.5% (per transaction) for every $100 withdrawn.
Apps Like Bree In Canada
Nyble, MoneyUp and Koho all have apps that you can download to use their service. You can also get small payday loans through apps with certain lenders.
- iCash App. iCash is a licensed payday lender in Canada that offers up to $1,500 online. You can apply through their app or website and get approval. Funds are typically sent within the hour via e-Transfer.
- Money Mart Payday Loan App. Money Mart is one of Canada’s largest payday lenders, offering both storefront and app-based loans. Borrow up to $1,500, repayable on payday, with fees capped by provincial regulations.
- Pay2Day Loan App. Pay2Day is a licensed payday lender that offers up to $1,500. Borrowers can download the Pay2day loan app to apply for and manage their loans. With the app, you can view your account balance, check due dates and make payments.
Other Loan Alternatives For Instant Cash
If you’re in need of a quick loan like Bree, cash advance apps and payday loans aren’t your only options. There are some other workarounds that might just fit your needs and help you access the money you need in a pinch:
Buy Now, Pay Later (BNPL)
This is technically not a loan or cash advance service, but if you need to fund a specific eligible purchase, it could be helpful.
BNPL services like Affirm, Klarna, or PayBright allow you to split online retail purchases into installments, often with low interest rates, if paid on time. This can be a safer option for purchases like electronics or household goods, helping you avoid payday loan fees.
Flexiti Card
Flexiti is a Canadian financing company that offers a retail credit card that is accepted at thousands of stores. Similar to BNPL, it allows you to spread payments over time, and it sometimes offers promotional 0% interest periods.
Credit Card Cash Advance
If you already have a credit card, you can withdraw a cash advance directly via an ATM. While this is fast, it’s also quite expensive: cash advances often carry interest rates of 25%+ plus transaction fees, and interest accrues immediately on a daily basis.
While this could help you out in an emergency, ideally, this option is used only as a last resort, and in the event that you can repay quickly.
Bottom Line
Bree offers a convenient, lower-cost alternative to payday loans in Canada. With instant access to funds, no interest charges, and simple app-based borrowing, it’s designed for those who need to bridge a financial gap without having to take on a costly payday loan.
That said, it’s a service best reserved for emergencies only, not everyday spending. For bigger expenses, consider alternatives like BNPL services or even a traditional line of credit.
