$500 loans: Fast, no credit check options

If you need a $500 loan in Canada, including no credit check options, there are 2 main types of loans available: Installment loans and payday loans. Keep reading to learn more about each option and choose the right $500 loan for you from our curated lists of lenders.

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• $500 loans installment loans (no credit check option available)
• $500 payday loans (no credit check options available)

Get a $500 loan from a personal or installment loan provider

Get a $500 payday loan

How $500 installment loans work in Canada

Installment loans are a type of personal loan that often come in amounts as small as $500. These loans are offered by alternative lenders, and come with higher rates but easier eligibility requirements than traditional personal loans.

You’ll pay back a $500 installment loan in equal payments over the preset loan term. Many lenders offer the option to save on interest by paying off your $500 installment loan early without facing any early repayment penalties or fees.

Features of $500 installment loans

• Funding turnaround time: Within 24 to 48 hours
• Bad credit accepted? Yes, and some lenders offer no credit check $500 loans
• Interest rates: Typically range from 18% to 47%, with rates on the higher side for bad credit
• Loan amounts: Usually $500 to $10,000
• Loan terms: Term lengths usually last between 3 - 60 months

Am I eligible for a $500 installment loan?

Installment loans are harder to get than payday loans, but they have easier requirements than traditional personal loans:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have a bank account
• Have a steady income (employment income preferred)
• Meet the minimum credit score for lenders who do credit checks

How to apply for a $500 installment loan

The application process is also straightforward with installment loans:

1. Fill out the application. Provide your name, address, housing situation and employment information.
2. Get pre-approved. Find out whether the lender wants to proceed with your application. Get your $500 loan offer.
3. Get verified. Provide access to your bank statements via instant bank verification, and submit to a credit check.
4. Receive your contract. Review the payment schedule and make sure you can afford the monthly payments. Be aware of any extra charges you might encounter.
5. Get funded. Get your money via Interac e-Transfer or direct deposit.

Compare $500 installment loans

How $500 payday loans in Canada work

Payday loans are small loans that you can get within an hour, and sometimes with no credit check. That said, payday loans are an extremely expensive $500 loan option, so be sure to consider other options before applying for one.

Each province has its own rules for payday loans, such as how much you can borrow and how much you can be charged. Choose a licensed lender — like the ones we’ve listed here — that follows all of them.

Features of $500 payday loans

• Funding turnaround time: Within a few minutes or an hour of applying
• Bad credit accepted? Yes. Plus, no credit check loans are also available from some lenders
• Cost: Payday loans cost between $14 to $17 for every $100 borrowed depending on your province or territory, which means a $500 payday loan will cost you between $570 and $585 in total
• Loan amount: Usually between $100 and $1,500
• Loan term: You typically repay in full by your next payday, up to 62 days. In Alberta, however, you have a minimum of 42 days, and you repay in at least 2 installments

Am I eligible for $500 payday loans?

Payday loans have lenient eligibility requirements, including some lenders that provide $500 loans with no credit check. You’ll need to meet the following:

• Be 18 years old, or the age of majority in your province or territory
• Be a Canadian citizen or permanent resident
• Have an active bank account
• Have a recurring income, whether that’s from employment, government assistance, private disability and others

How to apply for a $500 payday loan

The application process for payday loans is straightforward. Follow these steps to get your $500 loan:

1. Fill out the application. Provide your name, address, housing situation, job title, income and payment frequency. Some payday lenders may ask you to provide one or two references with some payday lenders.
2. Get a decision. Get instant approval if you’re eligible.
3. Review the contract. Read your contract carefully, taking into account the repayment schedule and costs. Sign when you’re ready.
4. Get funded. You’ll get your money within minutes via Interac e-Transfer. If you choose direct deposit, you’ll get your money within a business day.

Compare $500 payday loans

Can I get a $500 loan with no credit check in Canada?

Yes, you can get a $500 loan with no credit check from select installment loan and payday loan lenders in Canada. These lenders will instead check that you can afford to repay the $500 loan by looking at your recent bank statements and pay stubs.

An example of an installment loan lender that offers $500 loans with no credit check is LoansLoans.ca. If you’re looking for a legitimate no credit check payday lender, consider Loan Express.

Keep in mind that no credit check loans will come with steep interest rates because lenders will assume you have a bad credit history. Also, be sure to apply with a legitimate no credit check lender that is transparent about its rates and fees.

Can I get a no refusal $500 loan in Canada?

Yes, while there are some lenders who offer no refusal $500 loans in Canada, you’ll need to be careful getting a loan from one of these lenders. Any responsible lender will want to thoroughly assess your finances before approving a loan. If a lender offers a $500 guaranteed loan, it might be a predatory lender.

If you’re worried that your finances or credit score will prevent you from getting a $500 loan, you don’t have to opt for a no refusal loan, you have options. Payday loan lenders tend to have very lenient credit score and income requirements. Compare legitimate $500 payday loan lenders above.

Alternatively, you could opt for an installment loan, which can be much more affordable than payday loans while still having flexible eligibility requirements. Lenders like LoansLoans.ca offer $500 loans with no credit check.

Dive deeper: No refusal loans in Canada

How much would a $500 payday loan cost vs an installment loan?

For illustrative purposes, let’s take a look at how much a $500 payday loan costs in Ontario and Nova Scotia and how much a $500 installment loan at 46.93% would cost at 3 vs 6 months.

	$500 payday loan (in Ontario)	$500 payday loan (in Nova Scotia)	$500 installment loan (6 month term)	$500 installment loan (3 month term)
Loan amount	$500	$500	$500	$500
Cost of loan	$15 per $100 borrowed = $75 (391.07% APR)	$17 per $100 borrowed = $85 (443.20% APR)	46.93% APR	46.93% APR
Loan term	14 days	14 days	6 months	3 months
Payment amount	One full payment of $575	One full payment of $585	$95.10 for 6 months	$179.87 for 3 months
Total loan cost	$575	$585	$570.63	$539.61

In this example, the $500 loan with the 3-month term at 46.93% APR is the cheapest option. The $500 installment loan with the 6-month loan term is nearly as expensive as the $500 Ontario payday loan.

The key difference is the loan term. An installment loan spreads out your repayments for a longer period of time. If paying $95.10 for 6 months is more manageable than paying back $575 or $585 within 14 days, then an installment loan is the better choice.

If you choose a payday loan, make sure you’ll have enough income left to pay for other debts and expenses once you repay your $500 loan. Otherwise, you may find yourself needing another payday loan.

How much will you borrow?

According to data collected in the Finder: Consumer Sentiment Survey August 2023, 12% of respondents who stated they are planning to take out a loan in the next three months are looking to borrow between $500 and $999.

How to choose the best $500 loan in Canada

Consider these features as you search for $500 loans to decide which is the best option for you:

• APR. This is the interest plus fees you must pay to get the loan. If you’re looking for an installment loan, watch out for loans that have a low interest rate–but they have fees you must pay. This will drive up the APR. Focusing on the APR from the start will help you compare the costs of different loans.
• Fees. Fees to watch out for include NSF fees, late payment fees, administration fees and membership fees.
• Repayment flexibility. The loan repayment schedule should work with your monthly budget, and as mentioned before, be sure to get a loan that you can pay off early without penalty.
• Lender reputation. Not all lenders of $500 loans are the same. You’ll want to work with a lender that is clear about the terms of the loan and doesn’t use high-pressure sales tactics to get you to sign. Visit independent review sites to see what people have to say about the lender, and if you notice a recent pattern of complaints, you might want to apply somewhere else.

Pros and cons of $500 loans

Alternatives to getting a $500 loan in Canada

If you’re looking for that little extra help to get by until payday, a $500 loan with no credit check is not your only option. Consider these other — and possibly cheaper — options to get fast access to $500 cash:

• Credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest payday loan alternative. But it’s still cheaper than a payday loan as long as you pay off the balance fast.
• Sell your things. If you take a close look around your house, you’ll probably find a lot of things that you haven’t used in a while, making them perfect candidates for selling on sites like Kijiji and Facebook Marketplace. Whether it’s an old bookcase, lamp, or toaster oven, someone out there will probably be willing to pay you for it. A few of these sales could easily get you the $500 cash you need.
• Cash out vacation time. If your employer allows it, see if you can get your vacation time paid out to you instead of actually taking the days off of work. The extra money may be added to your next paycheque.
• Get a line of credit. If you have a good credit score, getting a line of credit from a bank or credit union will be much cheaper than getting a payday loan or installment loan from an alternative lender.

Frequently asked questions about $500 loans

• Can you get a $500 loan from a bank?

  No. Bank personal loans tend to start at $3,000 to $5,000. However, you can apply for an overdraft.

• How much would a $500 payday loan cost?

  It depends on where you live because each province has its own rules about maximum borrowing costs. For example, in Ontario the cost is $15 for every $100 borrowed, while in Newfoundland the cost is $14 for every $100 borrowed.

• What credit score do I need to get a $500 loan?

  It depends on the lender. Lenders that provide $500 payday loans are lenient with credit scores and can approve those with a bad credit score under 560. If you're looking for a $500 installment loan, minimum credit scores vary among lenders.

• Can I get a $500 loan with guaranteed approval?

  While some lenders may offer $500 loans with guaranteed approval, it's ill advised to get it. Legitimate lenders will review your finances before approving, even for a small $500 loan. Be wary of lenders promising guaranteed approval. This could be a scam, predatory or it has fine print that actually doesn't make it guaranteed.