Sometimes life throws you financial curveballs that require quick access to cash. If you don’t have the money readily available, you may resort to a loan. But traditional loans typically take days to get approval and funding. Plus, they usually require good credit. What if you don’t qualify?
If you’re in a dire financial situation, you may consider no refusal payday loans in Canada. Let’s go into more detail about what these loans are, and the basic eligibility criteria needed to get approved.
Key Points
- A no refusal payday loan is one in which you won’t be turned down based solely on your credit score.
- While bad credit or no credit is accepted, you may still need to meet income criteria.
- Payday loans are very expensive and are difficult to repay due to short repayment terms, so only apply after you’ve considered other options.
- Alternatives to no refusal payday loans include bad credit personal loans, car title loans, and home equity loans.
What Are No Refusal Payday Loans In Canada?
A no refusal payday loan is a financing product that doesn’t require a credit check. Instead of your credit score, lenders rely on other criteria to grant your loan. As such, these loan types are best suited for those who have poor credit and a history of bad financial decisions.
If you have bad credit, you won’t be turned down for a no refusal loan simply because of your credit score. However, there’s no guarantee of approval, as you’ll still need to meet the lender’s income criteria.
Are No Refusal Loans In Canada Also Instant Loans?
Some no refusal payday lenders also offer instant loan approval. In this case, they’ll instantly pre-approve you for a loan as soon as you submit your loan application. Once they verify your identity and the information you provided, you’ll be approved shortly after application submission.
How Fast Can You Get Access To Loan Funds?
You can access your borrowed funds within 24 to 48 hours, and sometimes much sooner. Since funding is so fast, even those with good credit may consider no refusal payday loans if they require instant money. In this case, these loans may serve as an alternative to traditional loan options offered by conventional lenders.
| Amount | Interest Rate | Term | Province Availability | ||
 Loans Canada | Up to $50,000 | Prime to 46.96% | 4 - 60 months | Across Canada | Learn More |
 iCash | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
 Bree | up to $350 | 0% | up to 65 days | Across Canada | Learn More |
 Captain Cash | $500 - $750 | Varies by province* | 90 - 120 days | BC, AB, ON, NB, NS, PEI, NL | Learn More |
 Cash Money | Up to $1,500 | Varies by province* | Up to 62 days | BC, AB, ON | Learn More |
 Cash4You | Up to $1,500 | Varies by province* | Next payday | BC, ON | Learn More |
 MoneyMart | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
 Pay2Day | $50 - $1,500 | Varies by province* | Up to 31 days | BC, ON, NS | Learn More |
 Instant Payday Canada | Up to $1,500 | Varies by province* | Up to 60 days | BC, AB, ON, NS | Learn More |
How Much Money Can You Borrow Through No Refusal Payday Loans In Canada?
The most you can borrow with no refusal payday loans in Canada is $1,500. But in some provinces, the limit may be even less, as loan amounts are capped at anywhere from 30% to 50% of your net income.
The following provinces enforce specific limits on payday loan amounts based on net income:
- British Columbia: 50% of net income
- Saskatchewan: 50% of net income
- Manitoba: 30% of net income
- Ontario: 50% of net income
- New Brunswick: 30% of net income
- Newfoundland and Labrador: 50% of net income
Depending on your take-home pay, your payday loan limit may be less than $1,500.
How Much Do No Refusal Payday Loans Cost?
Payday lenders must adhere to provincial regulations when it comes to how much they’re allowed to charge consumers. The maximum rate for payday loans — including no refusal payday loans — varies by province:
| Province | Maximum Rate |
| Alberta | $15 per $100 borrowed |
| British Columbia | $15 per $100 borrowed |
| Manitoba | $17 per $100 borrowed |
| New Brunswick | $15 per $100 borrowed |
| Newfoundland & Labrador | $14 per $100 borrowed |
| Nova Scotia | $15 per $100 borrowed |
| Ontario | $15 per $100 borrowed |
| PEI | $15 per $100 borrowed |
| Saskatchewan | $17 per $100 borrowed |
| Quebec | 35% AIR |
Requirements To Get A No Refusal Payday Loan in Canada
Every lender has their own specific loan requirements. But in general, the following are the minimum requirements you’ll need to meet to be eligible for a no refusal payday loan:
- Be a Canadian citizen or permanent resident
- Be the age of majority in your province or territory
- Have a valid Canadian address
- Have a Canadian bank account that’s been active for at least 3 months and has online banking access
- Have a valid phone number and email address
- Receive the same source of income for at least 3 months
- Meet the lender’s minimum net monthly income level
Benefits Of No Refusal Payday Loans In Canada
There are several perks that come with no refusal payday loans in Canada, including the following:
- Fast Funding. One of the biggest advantages of a no refusal payday loan is how quickly you can get your money. If you have an urgent need for extra funds, a no refusal payday loan can provide you with fast cash within minutes after approval.
- Any Credit Accepted. Since there’s no credit check required, you can get approved for a no refusal payday loan even if you have bad credit.
- Instant Approvals. As soon as you submit your loan application, you’ll be instantly pre-approved. Once your information is verified, the funds will be transferred to you within minutes.
- Versatile. There are no restrictions on how you can use your borrowed funds, as long as it’s legal.
- Employment Insurance. You can take out these loans when you’re collecting employment insurance (EI) benefits, as non-traditional sources of income are accepted.
No Refusal Payday Loan Risks To Watch Out For
Along with the benefits of no refusal payday loans in Canada are some drawbacks to consider:
- High Interest. Payday loans are among the most expensive financing products. Annual interest rates can be in the triple digits, which means you’ll end up paying much more in interest than the original loan amount.
- Short Repayment Terms. Payday loans must be repaid in one lump sum within no more than 62 days. This quick repayment schedule can make it difficult for you to have enough time to come up with the funds needed to pay back your loan, plus interest.
- Small Loan Limits. You won’t be able to borrow any more than $1,500 with a payday loan (or less, depending on your income and where you live). If you need a lot more than that, you may need to look at other options, including personal loans.
- Many Scammers. There are some predatory lenders within the short-term lending sphere to watch out for. These lenders will attempt to enforce unfair fees and terms, which can leave borrowers with loans they’ll ultimately default on.
How To Spot A Loan Scammer
Before signing a loan contract, make sure the lender is legitimate. Honest lenders are those who:
- Have a license to operate in the province they’re lending in
- Are transparent about loan fees, terms, and conditions
- Have a process that verifies borrowers to ensure they can repay the loan
- Do not guarantee approval or require illegitimate fees, such as insurance
Best Alternatives To No Refusal Payday Loans In Canada
As mentioned, payday loans can be super expensive and difficult to repay because of their short terms. Fortunately, there are other loan options that you may qualify for, even if you have bad credit.
Bad Credit Personal Loans
There are several alternative online lenders available that work specifically with bad credit borrowers. If you have a low credit score but prefer a loan product that offers higher loan amounts and an installment repayment schedule, a personal loan might be your best bet.
Even though interest rates are still higher compared to conventional loans, they’ll likely be much lower than the rates you’d get with payday loans. Plus, you’ll have a longer loan term within which to repay your loan.
You may also be able to use a personal loan to consolidate any high-interest debt you may have, including no refusal payday loans. In this case, the funds from a lower-rate personal loan can be used to consolidate your debt and effectively pay off your no refusal payday loan.
Auto Title Loans
If you own a vehicle outright without any outstanding loan attached to it, you may qualify for a car title loan. These loans are relatively easy to get approved for, since you’re using your car as collateral.
The loan process is always easier when there is an asset of value backing the loan. This security reduces the risk for the lender, which can help you get approved for a more affordable interest rate compared to a payday loan. These loans may also come with slightly better terms that can make them easier to repay.
Credit Card Cash Advances
If you have a credit card, you may be able to withdraw money from your account to fund urgent expenses. As long as your card allows it and you don’t try to withdraw more than your credit limit, you may use a cash advance to access extra money. Keep in mind that credit card cash advances generally have very high interest rates, though the rates will likely be lower than a payday loan.
Small Credit Lines
You may be able to access small lines of credit to access fast cash without having to qualify with high credit scores. Here are a couple of options to consider:
- Nyble: With Nyble’s line of credit, you can access up to $250 without having to undergo a credit check. You can repay the funds when you can, and you won’t have to pay interest on the withdrawn amount. Since your payments are reported to a credit bureau, you can build a positive credit history using this credit line.
- Bree: Bree offers small cash advances to help you cover last-minute expenses or avoid overdraft fees. With Bree, you can borrow up to $350 and can pay back the money when you can. There’s no credit check and no interest charged on the funds borrowed.
Home Equity Loans
If you own a home and have at least 20% equity in it, a home equity loan may be a great way to access a larger sum of money. Your home serves as collateral, which can help make it easier for you to qualify for the loan, even if you have bad credit.
You can use the funds for just about any purpose, and the funds are repaid in installments over a longer loan term compared to payday loans.
Should You Take Out A No Refusal Payday Loan?
Considering how expensive and difficult no refusal payday loans can be, you should make sure you’ve carefully considered whether this option is right for you. Here are a few things to consider:
- What You Need The Money For — You should only resort to a payday loan if you’re truly in need of money to cover a pressing expense, such as covering rent or repairing your car.
- Whether You Can Pay It Back On Time — Payday loans can be due for repayment in as little as 2 weeks. Make sure you’ll have enough money by the due date to avoid getting caught in a vicious payday loan debt cycle.
- Whether You Qualify — While you don’t have to meet credit score requirements for a no refusal payday loan, you’ll still need to meet income criteria. Make sure you earn enough to be eligible.
- Whether The Lender Is Legitimate — Predatory lenders take advantage of consumers who are in desperate financial need. Make sure the lender you choose is reputable and licensed in the province they lend in.
Final Thoughts
Just because you have bad credit, that doesn’t mean there aren’t any loan options available to you. With no refusal payday loans in Canada, you can get fast access to cash without having to meet the stringent loan requirements that are typical with conventional loans. That said, be careful with payday loans, as they’re very expensive and can be difficult to repay within such a short window of time.
