No refusal loans in Canada: Cash advance, payday loan & more

Some payday and online lenders advertise “no refusal loans” in Canada, but you should be very wary of these types of offers. There is no such thing as a guaranteed or no refusal loan, so steer clear of any lender that promises loans that sound too good to be true.

The good news is that there are reputable lenders that have much more lenient eligibility requirements than traditional lenders like banks. So if you’ve got bad credit or no credit history, it’s still possible to qualify for a loan. Let’s take a look at some options that are closest to no refusal loans in Canada.

If you want no credit check: Nyble credit line

Loan details

What makes it almost no refusal?

Nyble provides small credit lines with no credit check. You don’t have to be employed to get approved. As long as you have income deposited regularly into your bank account, Nyble can consider your application. To increase your chances of approval, avoid NSF transactions in your bank account in the last 60 to 90 days.

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Dive deeper: Nyble credit line review

If you have no income: KOHO cash advance

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What makes it almost no refusal?

KOHO does not have income requirements and does not do credit checks. There’s no application process required for its cash advance, but you do have to sign up for a paid KOHO account. Once you sign up for an account, you can get instant access to the cash advance.

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Dive deeper: KOHO Cover review

If you want a 24/7 payday loan alternative: Bree early pay

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What makes it almost no refusal?

Bree does not offer payday loans and instead offers early pay advances of up to $350. But like payday lenders, Bree offers small loans with no credit check, which are easier to get approved for than larger loans. They are also open to bad credit as well as any recurring income. You can get approved and get e-Transfer funding 24/7.

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Dive deeper: Bree early pay review

If you want a $500 loan: Loans Canada installment loan

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What makes it almost no refusal?

Loans Canada is an online loan search platform where you can compare installment loans from multiple lenders. Some of these lenders have much easier requirements than banks since they specialize in providing loans to people with poor credit.

Established in 2012, Loans Canada has an A+ rating from the Better Business Bureau and is BBB accredited. It has a large network of 60+ lenders.

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Dive deeper: Loans Canada personal loans review

If you want quick pre-approval: LoanConnect personal loan

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What makes it almost no refusal?

Another BBB-accredited provider with an A+ rating, LoanConnect works with multiple lenders to help you find an installment loan that meets your needs. Bad credit is accepted, while you can also apply if you’ve got a past bankruptcy or consumer proposal to your name. Once you’ve applied, you can get your loan amount within 24 to 48 hours.

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Dive deeper: LoanConnect review

If you want a line of credit: Mogo (MogoMini)

Loan details

What makes it almost no refusal?

Vancouver-based fintech Mogo was founded in 2003. One of its product offerings is the MogoMini line of credit, which it markets as a payday loan alternative, to suit bad-credit and low-income borrowers who need flexible funding. You’ll need an income of at least $35,000/year to apply, and you can prequalify within minutes.

Be sure to pay off the balance as soon as possible and only get this product if you seriously need to. The MogoMini’s open term and high interest rate can make your loan especially costly.

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Dive deeper: MogoMini review

If you have non-employment income: Cashco Flex Loan

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What makes it almost no refusal?

Cashco Flex Loans offer accessible financing, especially for people who might have difficulty qualifying for traditional bank loans. Cashco Flex Loans accept various types of income and, in some provinces, can accommodate borrowers with poor or no credit.

While Cashco provides options for Canadians facing challenges securing loans through traditional means, it’s worth noting that it isn’t BBB accredited and has a B- rating on the Better Business Bureau platform.

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Dive deeper: Cashco Flex Loans review

If you want an instant 24/7 payday loan: iCash payday loan

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What makes it almost no refusal?

iCash is an online payday lender that was established in 2014. It offers emergency loans to borrowers with bad credit or no credit and accepts non-employment income such as government benefits. You can apply 24/7 and get funded 24/7, with funds available within minutes of submitting your signed loan agreement.

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Dive deeper: iCash payday loans review

If you have non-employment income: Cashco payday loan

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What makes it almost no refusal?

Cashco payday loans offer fast and convenient funding for borrowers, allowing you to secure up to $1,500 with terms that vary by province and pay frequency. The service accommodates various income types, including non-employment income, and accepts applicants with poor or no credit. With 24/7 approval and funding, Cashco aims to address urgent financial needs, making it a suitable choice for those in need of immediate cash assistance.

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Dive deeper: Cashco payday loan review

What do I need to know about no refusal payday loans in Canada?

Tread carefully with any lender that promises a no refusal payday loan. These no refusal payday loans may be a scam, predatory or false advertising.

Ultimately, there is always a chance of getting refused when you apply for any kind of loan. Responsible lenders should evaluate your income before approving you for funding. If a lender doesn’t verify your information or doesn’t attempt to determine if you can afford the loan, they may not be legitimate.

Example: How much does a $500 no refusal loan cost in Canada?

The cost of a $500 no refusal loan depends on the lender you go with. If you apply to a payday lender, you’ll pay $14 to $17 for every $100 borrowed depending on your province. In Ontario, for example, you’ll pay $15 for every $100 borrowed, which means your $500 no refusal loan will cost you $575 in total.

If you get a no refusal installment loan, the $500 loan will cost you around 30% interest plus a broker or surety fee of up to $300. Both the interest and fee will be included in your monthly payments.

How to spot an illegitimate lender of no refusal loans

There are many legitimate lenders that provide bad credit loans in Canada, but there are also plenty of scammers. With this in mind, keep an eye out for these red flags that could indicate a loan scam:

• Guaranteed or no refusal loans

  Online lenders have more lenient eligibility requirements than banks and credit unions. But while this makes it easier to qualify for a loan, legitimate lenders cannot guarantee a loan without assessing your income and financial situation.

• Asking for money upfront

  Watch out for any lenders that ask for payment upfront. Legitimate lenders do not charge fees before you’re approved for a loan. Any one-time fees for establishing the loan should only be charged after you’re approved and you have received your funds.

• No payday lender licence

  If you’re taking out a payday loan, check whether the lender has a payday loan licence in your province. When comparing lenders, you may notice that most lenders prominently display their licence numbers on their website and before you proceed with an application. If they don’t, they may not be a legitimate payday lender.

• Not following provincial payday lending regulations

  From how much you can borrow to how long you have to repay your loan, each province has different payday lending laws lenders must abide by. For example, Alberta has a minimum loan term of 42 days. Check with your provincial consumer protection office to find out about the payday loan regulations where you live, and only deal with lenders that follow those rules.

• No transparency with APRs and fees

  Legitimate lenders will be completely transparent about the total cost of a loan before you sign a loan contract. Steer clear of any lender that doesn’t clearly state the APRs, borrowing fees and total repayment amount upfront.

• No reviews or company information online

  Negative reviews (or even a lack of information) online can point to a loan scam. Always check for contact information, head office locations, social media presence, accreditations and reviews from Google, Trustpilot and the Better Business Bureau.

  Check out our guides to common payday loan scams and personal loan scams for more tips on how to find a legitimate lender.

What to consider before taking out a loan

Whether you choose a payday loan, installment loan or even a line of credit, if your credit score is poor, you can expect steep interest rates. That’s why you should ask yourself these key questions before signing up for a payday loan:

What do I need this cash for?

Some people take out short-term loans to take care of a one-time financial emergency, while others use them to pay for bills or to tie them over until their next payday. Ask yourself if you need this cash now and if there are alternatives to payday loans you can consider instead of turning to a loan with such steep interest rates. You may also want to take steps to improve your credit score to enhance your future borrowing prospects.

Do I qualify for a loan?

Before applying for any type of financing, you must make sure you meet the lender’s eligibility requirements, including criteria such as your age, monthly income, existing debts and residency.

Will I be able to repay this loan on time?

Payday loans in particular come with very short repayment periods, and most payday lenders expect you to repay your loan by your next payday. Do the math and make sure you have a concrete plan on how you’ll repay this loan by your next paycheque without going into the red again. You may find taking out a payday loan will trigger a cycle of debt that’s hard to get out of.

Is this lender legitimate?

Disreputable lenders know borrowers are grappling with financial problems and bad credit, and they may take advantage of your circumstances. Make sure you’re working with a reputable lender that’s fully licensed, follows your province’s regulations and assesses your ability to repay what you borrow rather than promising no refusal loans.

Watch out for predatory lending

The payday loan space is notorious for predatory lending. Predatory lenders may try to impose unfair fees and loan terms, or they may falsely advertise to lure borrowers in without showing you the fine print. Ultimately, they’re counting on the borrower taking on a loan they’ll default on so the lender can charge more fees.

Make sure you’re working with a legitimate lender that discloses its payday licence in the province it’s operating in and is transparent about the loan’s fees, terms and conditions. A reputable lender will also do its due diligence to check that you can responsibly repay the loan and will not guarantee approval.

Bottom line

If a lender claims to offer no refusal loans, beware — this is a big red flag that could indicate a predatory lender or a scam. Reputable lenders will always check your financial situation, such as your income and credit history, before approving you for any type of financing.
Finally, make sure you compare a range of options to find the right loan for you.

Related: Cash loans in Canada

Frequently asked questions

• Why do I keep getting denied for payday loans?

  Your income and employment situation are the most common reasons why applicants are denied a payday loan. If you aren't employed, your income is too low, or it's not stable enough (e.g., you've been employed for less than three to six months), your loan application may be rejected.

• What do I need to qualify for a payday loan?

  While eligibility criteria vary between lenders and provinces, the following minimum criteria will usually need to be met:

  • You must be the age of majority in your province or territory.
  • You must be a Canadian citizen or a permanent resident, with a valid Canadian address.
  • You'll need proof that you have some form of income, whether it's employment income or government benefits.
  • You will need a working bank account to set up an automatic withdrawal to repay your loan.

• Which lenders offer easy no refusal payday loans in Canada?

  If a lender claims to offer no denial payday loans, the safest option is to avoid them altogether to avoid being scammed. However, there are many legitimate payday lenders who will consider your income and financial situation before deciding whether to approve or reject your loan application.

• Can I get no refusal payday loans in Ontario?

  No. Reputable lenders do not offer guaranteed loans. If a lender promises "no refusals", this is a red flag that could indicate a loan scam. Steer clear of these questionable lenders and consider legitimate payday loans in Ontario instead.

• Can I get no refusal payday loans in Canada 24/7?

  While you can't get no refusal loans, there are several reputable payday lenders in Canada that have lenient eligibility requirements and also approve and fund loans 24/7. These lenders often use automated approval systems to speed up the application process, and send funds via e-Transfer so you can access your loan in minutes.

• What's the difference between a payday loan and an installment loan?

  Installment loans offer longer loan terms, larger loan amounts and lower APRs than payday loans. They're also paid back in installments over a period of months or years, while payday loans typically need to be repaid by your next payday. Find out more about the differences between these two loans in our payday vs installment loans guide.