Facing an unexpected personal emergency all alone with no help, financial or otherwise can be extremely stressful and difficult to handle. If you’re going through a rough financial patch and your emergency fund doesn’t quite cover the cost of your emergency, then you should consider an emergency loan. A small personal emergency loan could be exactly what you need to cover your unexpected financial costs and keep you from plummeting into high-interest debt.
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.
Loan approval and deposit times vary from lender to lender. However, there are several ways you can get an emergency loan in Canada within a few minutes or hours of applying, such as:
Use A Payday Lender In Person
If you need emergency cash but don’t have a great credit score or income, a payday loan is a small loan of $100 – $1,500, with a 14-day term and easy approval requirements. Depending on the lender, these lenders can provide you with small loans in as little as 15 minutes after approval.
Unfortunately, these loans are highly restricted in Canada because they come with super high-interest rates and fees, which can lead to predatory lending, scamming and serious debt.
Apply For A Personal Loan Online Or In-Person
Most banks, credit unions and alternative lenders offer some form of personal loan on their website or at their place of business. Each lender has different loan requirements, costs and conditions but it’s usually easier to qualify for a large loan with a low-interest rate if you apply with a good credit score, monthly income and debt-to-income ratio.
Generally, you can get a fast cash with an online lender than a bank due to their flexible lending standards and automated underwriting process. Some online personal loan lenders offer funding within 24-48 hours of applying.
Get A Credit Card Cash Advance
You can also use a credit card to withdraw cash immediately from your credit limit at an ATM or authorized service point. However, do note, while convenient and quick, cash advances often come with tons of fees and interest rates that are higher than the average credit card purchase rate. Plus, interest will be added to the borrowed amount right away and will continue accumulating until the advance is repaid.
Can You Get A Personal Emergency Loan With Bad Credit?
Yes, there are many online and alternative lenders out there who exclusively cater to borrowers with low or bad credit. These lenders look at other aspects of your financial profile to determine your creditworthiness like your income, debt-to-income ratio, and more.
Despite the fast and easy approval process many of these lenders have, interest rates are usually much higher than the rates you’d get with good credit. However, it beats taking out a payday loan or covering your expense with a credit card as you are able to spread your cost into more affordable monthly payments.
Borrow Up To $50,000
Types Of Lenders You Can Get An Emergency Personal Loan
Types Of Lenders
Definition
Approximate Interest Rates
Lender Examples
Banks
Major financial institutions like Canada’s Big Five banks offer personal loans. They generally offer the best rates but have strict requirements.
Credit unions are non-profit organizations that are owned by their members. They offer smaller loans than banks but rates are still affordable. Requirements are also more flexible than banks, but you must be a member (of the credit union) to get a loan.
Private lenders are easier to qualify for than banks due to their flexible lending standards. Even those with poor credit may qualify, however, they often charge much higher rates than banks, making them a more expensive option.
To be eligible for an emergency personal loan, you’ll also need to be:
A permanent resident or citizen of Canada
At least the age of majority in your province or territory to apply for a loan (18 or 19+).
How to Apply For A Personal Emergency Loan In Canada
In order to apply for a personal emergency loan in Canada, you’ll need to meet certain requirements and provide pertinent documents. Here are three steps you can take to apply for a personal emergency loan.
Step 1. Gather Your Documents
While every lender sets their own specific approval requirements, there are certain documents and pieces of information that you must submit to apply for most loans in Canada. For instance, you’ll normally have to include these details on your application:
Your full name, date of birth, home address and email
Your Social Insurance Number (SIN) and employment information
Information about your other debts and liabilities (mortgage, car payments, etc.)
When applying for a personal emergency loan, you’ll usually need to provide the following documents:
At least one piece of government photo ID (passport, driver’s license, etc.)
Your bank statements from that past 60 days
A recent pay stub or letter from your employer as proof of income
A pre-authorized debit form or VOID cheque
Step 2. Apply For Loan
Once you have the necessary documents ready, you can start applying for your loan. You can choose to do this online or in-person if the lender has a physical office. To secure the best rates and terms, be sure to compare loan offers by first getting pre-approved.
Once you’ve settled on a lender, you can complete your loan application and provide all the necessary documents.
Step 3. Get Funded
If your information checks out, your lender will send you a notice of approval. Then, all you need to do is sign and submit your loan agreement. Depending on where and when you apply, you should receive your funds by direct deposit or e-transfer within 1 or 2 business days. As mentioned, some lenders will even deposit their loans within a few minutes or hours.
What Can An Emergency Loan Help With?
Personal emergency loans are for everyone in any kind of situation, whether you’ve had an unfortunate medical emergency, your car broke down or the plumbing in your house has sprung a leak. The great thing about emergency loans is that once you’re approved you get to decide what to do with the money; you can cover whatever costs you need to cover. A personal emergency loan will:
Cover the initial costs of the emergency
Cover any additional costs
Cover living expenses if you need to take time off
Help you get back on your feet
Prevent you from racking up high-interest credit card debt
So if you’re on the fence about getting a personal loan to help out with an emergency, consider how it will help you not only with the initial costs it can and will help you get back on your feet.
How To Choose An Emergency Loan Lender?
One of the best things you can do to make sure your experience is as beneficial to you as possible is to choose the right lender. Having the best possible lender on your side will allow you to deal with your emergency in a timely and efficient manner and give you the peace of mind that you’ve made the right decision.
You’ll need to do a bit of research before you make your final decision. Emergency loans are often time-sensitive so here are a few tips to help you quickly choose a great lender and get the money you need as soon as possible.
Don’t trust any lenders that promise you the world, there are always criteria that need to be met and procedures to follow.
Make sure you understand the total cost of the loan once it’s fully paid off
Our number one piece of advice is to follow your gut feeling and if the term a lender is offering you seem too good to be true then they probably are.
Working with a private lender will not only allow you to cover the cost of your emergency in a timely manner it will help you escape the high-interest credit card trap or the payday loan cycle of debt and provide you with the time you need to make monthly payments and get back on track.
If you’re looking to apply for an emergency loan, the most important step you can take is to make sure you can handle all the costs and conditions of the loan before you apply. Remember, a loan is a serious responsibility, no matter how much you borrow.
Personal Emergency Loans FAQs
Can I get approved for a personal emergency loan with bad credit?
Yes, it’s definitely possible to acquire an emergency loan if you apply with a bad credit score (anywhere under 600 normally qualifies as ‘bad’). That said, you’ll probably have to apply with an alternative or private lender since most banks and credit unions will only approve applicants who have good-to-excellent credit scores (roughly 650 – 900). Just keep in mind that lenders who accept bad credit (or no credit) often charge higher interest rates and fees for smaller, less flexible loans.
Will I have to give the lender my credit score to qualify for a loan?
Checking your credit is one of the easiest ways for a lender to determine whether you’ll make your payments on time. Most traditional lenders will perform a standard credit check when you apply for a loan. On the other hand, there are plenty of alternative lenders in Canada that won’t check your credit, as long as you meet all their other personal and financial requirements.
How quickly can I get my personal emergency loan?
This depends on the exact circumstances of the loan you’re applying for, but most lenders will deposit your funds within the first 24 to 48 hours of approval if you submit your application during business hours. If you apply on a weekend or holiday, you might not receive your emergency loan until the next business day.
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.
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