Get a $300 loan

Emergencies happen. If you need a $300 loan fast, you can apply for a payday loan, cash advance or installment loan and get your money in as little as 1 hour. However, watch out for high interest rates.

Compare your options here for $300 loans in Canada.

• Get a $300 cash advance
• Get a $300 payday loan
• Get a $300 personal loan

Get a $300 loan via a cash advance app

The providers below allow you to get a small, instant cash advance, whether you need $20, $25, $40 or more. To start borrowing, download their app or go to their website.

Compare $300 payday loans

Payday loans are quick to get because of their easy requirements and seamless online process. However, they are extremely expensive, so only consider them after you’ve exhausted all other options.

Compare $300 personal loans

These providers offer small personal loans online from $300. Apply and get your funds as soon as the same day.

$300 payday loan eligibility requirements

Basic requirements to get a $300 payday loan include the following:

• Age. You must be the age of majority in your province or territory, which is 18 or 19 years old.
• Income. You need recurring income, whether that’s from employment, benefits or pension.
• Residency. You need to be a Canadian citizen or resident.
• Bank account. You need an active bank account.

Can I get a $300 loan with bad credit?

Yes, you can get a $300 loan with bad credit. Alternative lenders such as payday lenders and cash advance apps have lenient eligibility requirements. Instead of focusing on your credit score, these lenders will look at your monthly income, debts and expenses. If you can demonstrate that you have a positive cash flow, lenders can approve you.

Can I get a $300 loan with no credit check?

Yes, you can get a $300 loan with no credit check from lenders of payday loans and cash advances. Some alternative lenders of short-term installment loans may also skip the credit check. Learn more about no credit check loans.

How much does a $300 payday loan cost?

The amount you’ll pay for a $300 payday loan will depend on how much you borrow and the province or territory you live in. Lenders in Canada charge anywhere from $15 to $25 per $100 borrowed.

Let’s say you got a $300 payday loan in Ontario for 2 weeks before your next pay. Since payday loan providers in Ontario can charge a maximum of $15 per $100 borrowed, you would be charged a $45 fee. That means the total amount you would have to pay back is $345 – which translates to a whopping 391% APR.

	Payday loan example
Loan amount	$300
Loan term	14 days
Borrowing fee	$15 for every $100 borrowed = $45 (391% APR)
Repayment	1 full payment of $345 within 14 days
Total cost	$345

What to watch out for with $300 payday loans

The steep interest rate and short repayment term are the main drawbacks with payday loans. You typically repay payday loans by your next payday, so before you sign up for a $300 payday loan, check that you’ll have enough income left for other expenses once you repay your loan. Otherwise, you may find yourself needing another loan.

Also make sure that the lender is licensed and follows the payday loan regulations of your province.

Can I get a loan for $300 on social assistance?

Yes, there are several $300 loan options for people receiving social assistance. Payday lenders and cash advance apps can approve you for a $300 loan as long as your social assistance is paid directly into your bank account.

You can read our full guide to loans while on social assistance to learn more.

How to get a $300 loan

Follow these steps to find the right provider:

1. Compare types of advances. Read up on your different borrowing options before deciding what type of lender you want to work with.
2. Compare providers. Rule out any providers you can’t qualify with before comparing factors like cost, turnaround time and how repayment works. We’ve made it easier to compare $300 loan providers in the tables above.
3. Apply. After deciding on a lender, complete the application and submit it along with any required documents, such as pay stubs and bank statements. In some cases, the lender will ask you to connect your bank account so it can review your bank statements.
4. Get your funds. You’ll likely get your money deposited directly into your bank account or e-Transferred. Learn more about e-Transfer payday loans.

6 questions to ask yourself before choosing a $300 loan

Before taking out a $300 payday loan or other type of financing, ask yourself a few questions first:

1. Can I ask friends or family instead? This might put your relationship on the line, but it’s typically cheaper and more forgiving than any other $300 loan option. You can learn more about how to ask, the kinds of questions to ask and more by reading our guide to family lending.
2. Can I qualify? Make sure you meet the lender’s other eligibility criteria, such as employment and bank account requirements. For a loan of this size, some lenders may not even require a credit check, so you may not have to worry about your credit score factoring in to qualifying.
3. How much does it cost? Most $300 payday loans come with a flat fee. Make sure to budget for that, as well as additional costs that you might have to pay like late fees.
4. How long do I have to repay? Breaking your loan into installments can give you more forgiving repayments, but it often costs more.
5. When do I need the money? Faster options tend to be more expensive. Learn more about emergency loans.
6. Is this lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable company.

Alternatives to a $300 loan in Canada

• Your employer. Some employers offer pay advances. It often doesn’t hurt to ask if your employer is willing to give you a portion of your pay prior to payday.
• Bank account overdraft. Overdraft fees are typically fixed around $5. But you might have to pay an additional $5 per day, week, month or item charged until you recover your balance.
• Credit card cash advance. If you already have a credit card, you can take out a cash advance from an ATM. On a $300 cash advance, you’ll pay a fee of around $6 and a rate of around 19% to 24% APR.

Bottom line

You have several options when you need a small amount of to tide you over. Whether you take out a $300 payday loan, cash advance or installment loan, there are several ways to get a $300 loan. Payday loans are generally the most expensive.

You can learn more about your short-term loan options by reading our guide to short-term loans in Canada.

Frequently asked questions about $300 loans

• Is it possible to get a $300 installment loan?

  There are some lenders that offer $300 installment loans, but they're harder to come by.

• Am I ever guaranteed to get approved for a $300 loan?

  Whether you're looking for a $300 payday loan or some other type of loan, no lender can guarantee approval for a loan without checking your ability to repay first. Guarantees are a sign that your lender is not legit. You can read about other red flags to watch out for with our guide to payday loan scams.

• Can I get an instant $300 loan?

  Yes, it's possible to get instant $300 loans in Canada. There are lenders in Canada that offer instant approval decisions within seconds or minutes of submitting your application. Learn more about instant loans.