If you’re in the market for the best loan apps, you’ll have noticed there are plenty of options out there. From small cash advances, payday loans, personal loans and more, it can be hard to sift through the noise and find the best fit for your needs.
No matter what kind of loan app you’re looking for, we’ve cut your workload down and provided a list of the best loan apps in Canada right now.
These are the best apps available for easy access to a cash advance. Cash advance apps are designed to provide customers with all credit scores with a small loan amount to cover emergency expenses before payday. You can get quick access to funds with easy application processes, and the best apps offer zero interest and minimal extra fees.
Nyble is an online financial platform that provides interest-free lines of credit up to $250. You won't need a credit check to apply, and there are no late fees to worry about. This short-term loan will be automatically deducted from your account on your next payday, but you have the option to extend the deadline as much as you need to.
Why it's one of the best
No interest. Nyble provides customers with a genuinely interest-free short term emergency loan.
Accepts diverse income. You won't necessarily have to be employed to be approved, as Nyble accepts multiple forms of income to repay your loan.
Credit building. Repaying your Nyble loan on time can help improve your credit score.
No interest charges
No hidden fees
Easy to apply
Can improve credit score
$11.99 per month fee for instant transfers
Small loan amounts
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
KOHO Cover offers users a convenient, interest-free cash advance service designed to help you manage your short-term financial needs without the fuss of a regular loan. Cover lets you borrow up to $250 instantly through the KOHO app, or you can withdraw funds from an ATM.
Why it's one of the best
No interest or credit checks. KOHO Cover provides cash advances with no interest charges, hidden fees or credit checks.
Flexible repayment. KOHO doesn't require you to pay within a specific time frame, and there are no late fees either.
Quick access to funds. Once you've got an account with KOHO and your request for Cover is approved, you'll have instant access to your funds—no waiting around.
No interest charges
No hidden fees
Fast funding
Requires KOHO membership plan &
Cover monthly fee
Limited to $250 maximum
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
Bree is a new entrant to the short-term loan market in Canada, having launched in 2021. The company specializes in emergency short-term loans intended to get you through to your next payday without going into the overdraft. These loans come with zero interest, but there is a fee for same-day funding which varies depending on your loan amount. There is also a $2.99 monthly membership fee.
Why it's one of the best
Zero interest. Bree won't charge you any interest on your loan, and express delivery fees are optional. You only have to pay a $2.99 monthly membership fee.
Customer service. This provider takes pride in providing quality customer service. Online reviews are so far fairly positive.
No minimum income. Bree doesn't require borrowers to meet any minimum income levels to be approved.
Easy to apply
0% interest
No late fees
No credit check
$2.99 monthly membership fee
Small loan amounts (up to $350)
Extra fee for same day funding
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (65 days max)
Fees
0% interest with a $2.99 monthly membership fee
Turnaround time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
Best payday loan apps
If you’re looking for bigger loan amounts than those available through the cash advance apps above, you might find the right fit here. Payday loan apps are short-term loans that accept bad credit, just like cash advance apps. You can typically apply for higher loan funding, but you’ll also get very high interest rates.
iCash offers instant online payday loans of up to $1,500 with an easy application process. The entire process from application to funding can be completed in minutes, although your interest rate will vary depending on your province.
Why it's one of the best
Instant approval. iCash uses an automated approval system that can have you ready to go in minutes.
Immediate funding. This lender is known for providing emergency loan funds via e-Transfer within 2 minutes of approval.
No hidden fees. It has a transparent fee structure with no surprises.
Wagepay provides a quick and easy way to access a portion of your earned wages before payday. Originally founded in Australia, the company has been operating in Canada since 2023. Wagepay offers fast, transparent payday loans that are cheaper than most payday loans on the market.
Why it's one of the best
Lower fees. A Wagepay loan in Ontario, for example, costs $8 per $100 borrowed, which is significantly lower than most payday lenders. However, this is still expensive compared to other types of financing.
No credit checks. Wagepay won't check your credit score to approve you.
Instant transfers. Receive your loan funds via e-Transfer immediately after getting approved.
Credit Club offers payday loans up to $1,500 with a simple application process and transparent fee structure. This service is ideal for those who need a quick loan without hidden charges or a complicated application.
Why it's one of the best
Fast approval. You can be approved with Credit Club in 30 minutes.
Transparent fee structure. It offers a clear and simple fee structure with no hidden costs.
24/7 service. A rarity among any lender, Credit Club can process your application anytime and send you funding through a secure e-Transfer.
Your bank may be a good place to start if you’re looking for a personal loan. If that’s not an option for you, these alternative lenders offer great alternatives.
Personal loan apps offer small- to medium-sized loans with more conventional loan terms, and interest rates are generally lower than payday loans.
easyfinancial is one of Canada's largest alternative lenders. It won the Alternative Lender category in our Finder: Personal Loans Best-in-Class Awards 2024. The easyfinancial app enables users to apply for and manage a personal loan with ease, making it a convenient option for many.
Why it's one of the best
Wide range of loan amounts and terms. easyfinancial offers a variety of loan types with terms ranging from 9 - 240 months.
Flexible payment options. Borrowers can choose from weekly, bi-weekly or monthly repayment schedules.
Convenient mobile app. The easyfinancial app allows users to manage the entire process through a mobile device, from application to funding and repayment.
Good variety of loan options
Flexible repayment schedule
Reputable lender
Great mobile app
High interest rates
Mixed customer reviews
Loan amount
$500 – $100,000
APR
9.99% – 46.96%
Term
9 - 240 months
Min. credit score
300
Fees
you may come across non-sufficient funds fees, late payment fees, missed payment fees or admin fees
Mogo is a Canadian fintech company that provides a variety of financial products. You can quickly sign up for a Mogo account and get pre-approved through the company's app in a matter of minutes.
Why it's one of the best
Fast loan quotes. Mogo can provide pre-approval for a loan quickly without a credit check.
Higher loan amounts. Mogo allows customers to access up to $35,000 in funding, which is higher than most lenders on this list.
No prepayment penalty. You can pay off your loan early without incurring any fees.
We’ve chosen the best loan apps on this page based on the providers available through Finder and online in the Canadian loans marketplace. These loan apps are not representative of the entire market.
When choosing our picks for the best loan apps in Canada, we considered each lender’s rates, fees, terms, borrowing amounts, app ratings and availability, application process, funding speed, eligibility requirements, customer support and feedback, licences, accreditations and perks for borrowers. No single loan app will be the best choice for everyone, so compare your options before applying.
What’s the best app for a small loan?
Cash advance app Nyble allows you to borrow up to $250 at 0% and no fees, making it a top app for a small loan. Its iOS app has a 4.7 rating based on over 800 reviews. (It does not have an Android app yet.)
Cash advance app KOHO is also one of the best. Its iOS app has a 4.8 rating based on over 78,000 reviews, and its Android app has a 4.6 rating based on over 66,000 reviews. KOHO offers instant cash advance funding of up to $250 and does not have income requirements.
How to choose the best loan app for you
Compare fees and interest rates. Look for apps with competitive or low interest rates and a transparent fee structure.
Consider loan terms. Check for repayment flexibility, and make sure you can afford to pay off your loan in full within the term you’ve been quoted.
Read reviews. You should be able to find customer reviews online for most lenders.
Check eligibility. Depending on the lender you’re interested in, you may need to tick off some requirements by way of income, credit score and residency, among others.
Bottom line
Whether you need a small cash advance, an emergency payday loan or a more typical long-term personal loan, there’s a good range of easy loan apps to choose from in Canada. Use our list of the best loan apps in Canada to find the perfect fit for your money.
Frequently asked questions
The KOHO app (via Cover) allows you to borrow money instantly following approval. Other apps like Bree, Nyble and iCash also offer very fast loan funding times.
All the apps presented in this list are legitimate, but you can check business registrations in government databases and online third-party reviews like those on Finder for any loan app you find to ensure it's not a scam.
Steven Brennan is a freelance finance writer working from Vancouver, B.C. He has a BA and an MA in English Literature at the University of Ireland, Maynooth, and also spent time working in Italy and Vietnam as an English teacher. Today, he writes regularly on a range of personal finance topics including banking, loans, mortgages, insurance and tax. His work has appeared on sites such as LowestRates.ca and WealthRocket, as well as in print with Canadian MoneySaver. See full bio
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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