Online Cash Loans Canada

Online Cash Loans Canada

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated November 4, 2022

Whether it’s to cover the cost of a car repair, to fix a broken appliance, or to deal with a medical emergency, there are many instances in life when you may need extra financial help. 

When fast access to financing is what you need, an online cash loan might be the solution you’ve been looking for. With this loan option, you may be able to get approved in as little as a couple of hours and get access to the funds required shortly after. Let’s take a more detailed look to help you determine if this is the right option for your needs.

Can You Get A Cash Loan Online? 

Yes, there are plenty of Canadian lenders online that offer cash loans. Typically, online cash loans are sums of money that you can apply for and receive within 24 – 48 hours. However, some lenders offer cash loans the same day you apply. This gives you fast access to liquid cash, deposited directly into your bank account. You then repay the loan, with interest, over a predetermined period.  

Features Of A Online Cash Loan

Here are some other important things to know about online cash loans in Canada:

  • They generally come with higher interest rates than regular bank loans
  • Most loans are “unsecured”, so there’s no collateral (but rates can be higher)
  • Depending on the lender, they can range from around $500 to $35,000 
  • Repayment terms can last a few months (usually 6 months) to several years (usually under 5 years)

Where Can You Get A Online Cash Loan?


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $15,000
14.99% to 46.96%
6 - 12 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months

Cash Money

$1,500 – $10,000
Varies by province
Varies by product (up to 60 months)


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

Types Of Online Cash Loans

There is more than one option when it comes to getting a quick cash loan to cover an expense in your life, and here are just a few of them:

Personal Loans

There are many online lenders who provide personal loans in Canada. These lenders usually offer cash loans between $500 to $35,000. If approved, the cash is sent to you via e-transfer or direct deposit. Personal loans are one of the best forms of online cash loans as they tend to be the most affordable. Interest rates on these loans vary between 3% to 46% and loan terms range from 6 months to 5 years. 

Payday Loans

There are hundreds of online payday lenders who offer cash loans in Canada. These cash loans are easy to qualify for and often have very fast approvals. Borrowers can get up to $1,500 online the same day they apply (varies by lender).  

Payday Loan Warning

While payday loans are certainly an option to get your hands on fast cash online, they should be a last resort as they’re the most expensive forms of credit. The interest rate on payday loans are extremely high, which can make it very difficult to repay the loan amount. Moreover, payday loans usually have to be paid back in one lump sum in a short amount of time – usually two weeks or when your next paycheck comes in – which doesn’t give you a lot of time to repay the loan amount. 

Car Title Loans

If you’re having a tough time securing a loan due to bad credit or poor finances, a car title loan might be a good option. Car title loans are secured loans that use the borrower’s car as collateral. This loan is easier to qualify for with bad credit because it provides the lender with added security. With this loan, you agree to allow the lender to put a lien on your car title and temporarily give up the title in exchange for the money being borrowed (until repaid). 

Car title loans typically have terms between 3 months to 3 years, and loan amounts vary based on your vehicle’s value. However, generally, you can borrow up to 25% to 50% of the car’s value. While these loans can offer quick cash online, they often come with very high-interest rates, making them an expensive option.

Note: It’s important to understand that if you default on your loan, you could lose your car.

Home Equity Loans

 If you own a home and have a certain amount of equity built up in it, you may be eligible for a home equity loan. With this type of loan, you borrow against the equity in your home, which is the value of your home, less the outstanding amount left on your mortgage. If you have at least 80%, you may qualify for a home equity loan.

These loans come with much lower interest rates because it’s secured by your home. You can apply for a home equity loan with a bank or an online alternative lender. Online lenders typically have lower requirements and provide funding much faster than banks. 

Requirements For An Online Cash Loan

In Canada, the eligibility criteria for an online cash loan can vary from lender to lender. Some are more strict than others. However, to apply for a loan, you’ll normally need to:

  • Be a Canadian citizen or permanent resident
  • Be at least the age of majority in your province or territory (18 or 19 and over) 
  • Have 1 or more pieces of government photo ID (driver’s license, passport, etc.)
  • Have an active bank account (you may also need direct deposit) 
  • Pass the lender’s minimum credit score and income requirements 
  • Show proof of your income (with recent bank statements, pay stubs, etc.)
  • Have a valid address in Canada (some lenders will ask for a document that contains your address, like a recent utility bill)   

How To Apply For An Online Cash Loan?

The process of getting an online loan is rather simple and straightforward and includes the following steps:

  • Submit an application – Fill out all the applications that the online lender requires with all the appropriate information. Be sure to submit all the required documents to avoid any hiccups during the process. 
  • Go through the approval process – Once your application has been sent in, the lender will go over all the information and documents provided to make sure you’re eligible for loan approval.
  • Receive decision – Within a few hours to a couple of days, most online lenders will let you know whether you’re approved or denied a loan.
  • Get your cash – If you are approved for the loan, the requested funds will be deposited straight into your bank account using the information you provided or via e-transfer. You should then be able to gain access to the money right away.
  • Start making payments – Once you get your hands on the money, your obligations to repay the loan will begin. You’ll be required to make regular payments according to the schedule set forth by the lender until the full loan amount – plus interest – is repaid by the due date.

How Will I Receive My Online Cash Loan?

Generally, alternative lenders offer two options for depositing your online cash loan:

  • Interac e-Transfer – If you use Interac e-Transfer, most lenders will send you a money transfer by email within minutes of approving your loan. The email should have a link that lets you deposit the funds into your bank account straight away.  
  • Direct Deposit – Some lenders will ask for your chequing account, routing and institution numbers so they can send your loan by direct deposit. It may take a full day to get your funds but the process is slightly easier than an e-Transfer.  

Benefits Of An Online Cash Loan

Although online cash loans can feature higher interest rates and other drawbacks, they have some clear benefits, including but not limited to: 

  • Easy Requirements – Online lenders tend to have easier standards than banks. If your identity checks out and your finances are strong enough to cover your payments, it won’t be too hard to qualify. Some lenders take non-traditional incomes too, like payments from government financial programs (CPP, CCB, etc.).
  • Fast Approval – Many online cash loans are approved and deposited on the same day (maybe even the same hour) that you apply, largely due to having fewer requirements. This can help you deal with any emergency costs that come up, such as lack of rent, home or car repairs, and utility fees.         
  • Flexible Repayment Conditions – There are different types of online cash loans. Depending on the type you choose, you’ll find that your repayment conditions are varied. For example, payday loans usually have 14-day terms while online personal loans have much longer terms with more flexible repayment options. As long as you have good finances and credit, you should be able to negotiate an affordable payment plan.     
  • Fixed Interest Rates – Online cash loans feature come with fixed rates instead of variable rates. Fixed rates can be more beneficial to some people because they don’t change with Canada’s prime rates (like variable rates do), which helps with predictability and budgeting.     

When The Banks Say No

Banks have stringent lending criteria, making it a real challenge for borrowers to get approved for a loan in this traditional way. It can be pretty discouraging and disappointing if the banks deny your loan application. But there are other options available if you’ve been turned down by your bank, and online lenders are one of them.

In fact, not only do online lenders provide a more convenient way to get a loan, but their lending requirements are usually lighter. Online lenders often offer different loan options for borrowers, including those with a less-than-perfect credit score or those who don’t have much in terms of assets.

You can apply from wherever you happen to be that has a secure internet connection. The application process is rather simple and quick, and you can usually receive an answer within the same business day. What’s even better is that you can get really quick access to the money soon after you are approved.

When Should You Get An Online Cash Loan?  

There are certain times when a fast online cash loan may be a good option:

In The Event Of An Emergency

If you need money immediately, then a fast cash loan might be right for you. Banks and other traditional lenders usually take a few days before they are able to approve a loan. Then the actual funds themselves can take even longer to be transferred. Instead, a fast cash loan can give you the money you need right away, which is helpful in an urgent situation.

When The Banks Say No

If your credit score is not as high as it could be, you might have a tough time getting approved for a loan from the bank. If you’re turned down for a loan from your financial institution, then applying with an online lender might be a good option. Their criteria are usually not as strict, making it easier to get approved for these types of loans.

If You’re Looking For A Convenient Way To Borrow Money

Sometimes all you want is a little more convenience when it comes to taking out a loan. While you may be able to get approved for a conventional loan at the bank, you might simply want to streamline the process and be able to apply and get approved for a loan without having to leave your home. In this case, an online loan would certainly make a great option.

Protecting Yourself From Loan Scams

While there are many legitimate online lenders, there are also scammers on the prowl looking to take advantage of borrowers. These predatory lenders prey on those who are most vulnerable and are seemingly desperate to get a loan. To protect yourself from these lenders, it’s important to watch for signs of loan scams, including the following:

  • You’re offered guaranteed approval
  • The lender is not registered in your province or territory
  • There’s no physical address for the lender
  • Your offer lacks important details
  • The loan offer comes with an expiry date, prompting you to act quickly
  • You’re required to make an upfront cash payment

What Out For Loan Insurance Scams

Some lenders are also in the business of loan insurance scams. In this case, the “lender” offers easy loan approval, high loan amounts, a low-interest rate, and an easy repayment plan. But in exchange for all of this, they’ll also require loan insurance as a means of reducing the “risk” on their part.

They could ask for any amount of money to cover this cost, from anywhere between a few hundred dollars to a thousand or more. They’ll ask to have this money transferred to them via a prepaid debit card, credit card, or Western Union transfer.

These are scams that you need to be on the lookout for in order to protect your hard-earned money.

Online Cash Loan FAQs

What are online lenders?

Rather than having to physically go to a bank and fill out a loan application, online lenders allow consumers to submit an application online in the comfort of their own homes. Once the application has been submitted, it will be looked at almost immediately after submission. If everything looks good on their end and you meet the online lender’s criteria, you can get approved within the same day and have the funds deposited into your account shortly afterward.

Can I get an instant online cash loan if I have bad credit?

Yes, lots of alternative lenders will offer you a bad credit cash loan online, if you have an income that would cover any payments, interest, and fees. Make sure to fill out your application honestly, pay off as many existing debts as possible, and remember that bad credit cash loans can have higher rates because lenders will consider you riskier.     

Do I need to be employed to get an online cash loan?

Not necessarily. For instance, some lenders prefer that you have a full-time job for at least 3 to 6 months before they’ll approve you, especially if you need a large bank loan. However, alternative lenders may approve your loan if you’re living off non-traditional forms of income, such as self-employment, government benefits, or social assistance.

Can I get an online cash loan with no credit check?

Even if you apply for a bad credit cash loan, most lenders will do a standard credit check before approving or denying your application. Having a good credit score (660 to 900) can help you qualify for better rates and terms. You might qualify with a bad credit score (300 to 600), but rates will be higher and you’ll probably need a stronger income.
Be careful if a lender offers “no credit check” loans. While there are legitimate lenders who sell these loans, they have far higher rates and tighter payment plans for smaller amounts of money. Plus, scam artists and predatory lenders will target people who are desperate for cash and can’t get approved due to bad credit or a lack of credit history.     

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

Click on the star to rate it!

How useful was this post?

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Save With Loans Canada

Special Offers

Red American Express® Card

Red American Express® Card
Ends April 30, 2023

Earn up to 12,000 bonus Scene+™ points in your first year (that’s up to $120 towards travel).

View Offer
Cashback & Bonus Offer

Cashback & Bonus Offer
Ends March 1st, 2023

New Offer! Get up to $2,000 cashback + a $50 bonus on signing up. Conditions apply.

View Offer
Earn 5% Cash Back With Neo

Earn 5% Cash Back With Neo
No annual fee!

Earn an average 5%¹ cash back at thousands of partners and at least 0.5%² cashback guaranteed.

View Offer
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

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.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.