When you need a small loan urgently, you don’t necessarily have to apply for a payday loan. There are several apps that provide access to a fast cash advance in Ontario, and while fees may apply, you don’t need to pay any interest on the money you borrow.
Keep reading to compare cash advance apps and find out how to get an instant cash advance in Ontario.
Use the table below to compare the loan amounts, fees and processing times of cash advance apps in Ontario.
You can get an instant cash advance in Ontario by completing a few simple steps:
With any type of loan, there are two costs you need to worry about:
The good news is that there are no interest charges when you get an online cash advance in Ontario. That’s right—these are interest-free loans.
However, fees may apply. Depending on the Ontario cash advance provider you choose, you may be able to create an account for free and get a cash advance for free. But if you want instant access to funds, you may need to pay a small fee to get an “express” cash advance. Otherwise you may have to wait up to three business days to get the money in your account.
In other cases, you may need to pay an ongoing subscription fee to create an account—this is usually less than $10 per month.
Some payday lenders refer to their payday loans as cash advances, but there are actually some key differences between payday loans and cash advance apps.
Payday loans are:
On the flipside, cash advance apps offer:
Kevin’s car breaks down unexpectedly, and the resulting $700 repair bill means he’s going to run out of cash before his next payday. To help him get by until his next paycheque drops into his bank account, Kevin needs a loan of $100. He decides to compare a payday loan with a cash advance loan in Toronto to decide which is the better option.
As you can see in the table below, both options provide fast access to funds, but the cash advance app is cheaper and has a more flexible repayment period.
Keep in mind though that for cash advance apps, you may be approved for smaller loan amounts only.
| Payday loan | Cash advance | |
|---|---|---|
| Loan amount | $100 | $100 |
| Turnaround time | Within minutes | Within minutes |
| Fee | $15 | $2 |
| Loan term | 14 days | 30 days |
| Repayment amount | $115 | $100 |
| Total loan cost | $115 | $102 |
Cash advance apps are a relatively new arrival to Canada. As a result, the cash advance market is quite small and just starting in Canada compared to the US, where there are over 20 cash advance apps to choose from.
There are only a handful of options if you want a cash advance in Ontario, which you can compare in the table above. Once you find the right provider, click the relevant link to be taken to their site so you can apply for a cash advance in Toronto.
Cash advance apps offer quick and easy access to small loans. There are no credit checks to worry about, and you won’t have to pay interest on the money you borrow. But fees do apply, especially if you want instant access to funds, so compare providers to find the best Ontario cash advance for you.
Cash advances are cheaper but smaller. Payday loans offer larger loan amounts but at a high cost.
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