Compare cash advance apps in Ontario

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.

Get a cash advance in Ontario

Use the table below to compare the loan amounts, fees and processing times of cash advance apps in Ontario.

How to get instant approval online

You can get an instant cash advance in Ontario by completing a few simple steps:

1. Compare cash advance providers to decide which one is right for you.
2. Create an account with the provider of your choice. You’ll need to provide your name, date of birth, contact information, bank account details and proof of ID.
3. Apply for a cash advance by entering the loan amount you want.
4. If you want an instant transfer, you may have to pay a one-off fee or an ongoing subscription fee.
5. If you’re approved, the cash advance will be deposited into your bank account.

Related: Instant loans in Canada

How much do cash advances in Ontario cost?

With any type of loan, there are two costs you need to worry about:

• Interest on the money you borrow
• Cash advance fees

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.

Payday loans vs. cash advances in Ontario: What’s the difference?

Some payday lenders refer to payday loans as cash advances, but there are actually some key differences between payday loans and cash advance apps.

Payday loans are:

• Larger. The maximum amount you can borrow with a payday loan in Canada is $1,500.
• Expensive. Regulations vary depending on where you live, but payday lenders can charge you $14 to $17 for every $100 borrowed.
• Short-term loans. The maximum loan term is 62 days, but this type of loan is usually meant to be repaid by your next payday. If you miss a payment, you’ll need to watch out for late fees and NSF fees.

On the flipside, cash advance apps offer:

• Smaller loan amounts. You can generally borrow between $20 and $350, depending on the provider.
• Cheaper repayments. Cash advances are interest-free, and fees are generally smaller—though, if your cash advance app charges an ongoing monthly subscription fee, please note that costs will add up over time.
• Flexible repayments. There are no late fees with cash advances, and you may have the flexibility of repaying at any time.

Example: Kevin needs a $100 cash advance in Toronto

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

Related: $100 loans in Canada

Bottom line

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.