Compare instant approval and funding loans in Canada

If you’re looking for an instant loan, you can get a payday loan or cash advance. These loans have easy eligibility requirements, rapid online applications and instant funding, but watch out for steep interest rates for some of them.

In this guide, we highlight some of the fastest instant loans in Canada to help cover your urgent expenses.

Compare cash advances with instant approval and funding

Get a small loan online from a pay advance app. You pay no interest on these cash loans, but you may pay a monthly subscription fee.

Compare instant payday loans in Canada

Instant payday loans have higher loan amounts than pay advance apps, but they’re extremely expensive, so consider all your alternatives first. Compare fees and features of online payday loans with instant approval.

Learn more about instant cash advances in Canada

KOHO

What is KOHO?

KOHO is a Toronto-based fintech company launched in 2014. It offers a hybrid chequing and savings account, which comes with money management tools and a prepaid Mastercard that lets you earn cash back on your purchases.

Why choose KOHO

KOHO offers an instant cash advance of up to $250 to help you cover unexpected expenses. It’s easy to sign up through the KOHO app, there are no credit checks, no interest charged and the flexibility to repay the advance at any time. You’ll need to pay a subscription fee starting at $2/month.

Loan details

• Interest rate: 0%
• Loan amount: Starts at $20 but can be increased to $250
• Loan term: Flexible
• Minimum income: No min. income
• Incomes it accepts: No requirements

• Serviced provinces: All provinces and territories
• Accepts bad credit: Yes
• Instant approval: Yes
• Instant funding: Yes
• Credit check required: No

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Dive deeper: KOHO Cover review

Nyble

What is Nyble?

Nyble offers small credit lines to Canadians that need to cover unexpected bill payments and other financial emergencies. It launched in Canada in 2022 and is based in Toronto, Ontario.

Why choose Nyble

Nyble doesn’t charge any interest or late fees, doesn’t do credit checks, accepts many types of income and reports your payments to the credit bureau to boost your credit score. Get funds in 1-3 business days with a free account. For $11.99 per month, get fast funds in 1-30 minutes plus a free Equifax credit report and identity theft protection.

Loan details

• Interest rate: 0%
• Loan amount: $30 – $250
• Loan term: 30 days, extendable
• Minimum income: None
• Incomes it accepts: Any valid and regular source of income

• Serviced provinces: All provinces and territories
• Accepts bad credit: Yes
• Instant approval: Yes
• Instant funding: Yes
• Credit check required: No

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Dive deeper: Nyble credit line review

Bree

What is Bree?

Bree entered the short-term loan marketplace in 2021. It offers pay advances to help Canadians avoid overdrafts.

Why choose Bree

Bree doesn’t charge any interest and accepts any type of regular income that’s paid directly into your bank account, such as pensions, disability benefits, EI and social assistance. There’s a $2.99 monthly membership fee plus a small extra fee if you want instant funding.

Bree can also give 24/7 approval and 24/7 funding.

Loan details

• Interest rate: 0%
• Loan amount: $20 – $350
• Loan term: Next pay cycle (65 days max)
• Minimum income: None
• Incomes it accepts: Any valid and regular source of income

• Serviced provinces: All provinces and territories
• Accepts bad credit: Yes
• Instant approval: Yes
• Instant funding: Yes
• Credit check required: No

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Dive deeper: Bree early pay review

Learn more about instant payday loans

GoDay

What is GoDay?

GoDay is an online payday lender that’s been in business since 2012. It is accredited by the Better Business Bureau (BBB) with an A rating.

Why choose GoDay

You can fill out GoDay’s application in less than 5 minutes and get an instant decision. If you’re approved, you can receive your loan in as little as 2 minutes via e-Transfer.

GoDay is open on weekdays, weekends and holidays but not 24/7. If you need an instant loan outside of its business hours, consider lenders with 24/7 staff, such as iCash and PAY2DAY.

Loan details

• Interest rate: Varies by province
• Loan amount: $100 – $1,500
• Loan term: Up to 62 days
• Minimum income: No min. income
• Incomes it accepts: Employment, CCB, disability tax credit, OAS, CPP and private pensions

• Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
• Accepts bad credit: Yes
• Instant approval: Yes
• Instant funding: Yes
• Credit check required: Yes

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Dive deeper: GoDay review

iCash

What is iCash?

iCash provides instant payday loans in Canada, whether you’re applying during the day or in the middle of the night. It has been in business since 2014, has provided loans to over 500,000 customers and is one of the most well-known lenders in this space.

Why choose iCash

iCash can give instant approval, and you can get your money via e-Transfer in as little as 2 minutes once you’ve submitted your contract. iCash also has staff operating 24/7, including holidays and weekends. So if your application needs a manual review, iCash can still give instant approval and funding any time.

Loan details

• Interest rate: Varies by province
• Loan amount: $100 – $1,500
• Loan term: 7 - 62 days
• Minimum income: $800/month
• Incomes it accepts: Employment and other types, including EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance

• Serviced provinces: BC, Alberta, Manitoba, Ontario, Nova Scotia, New Brunswick and Prince Edward Island.
  
• Instant approval: Yes
• Instant funding: Yes
• Accepts bad credit: Yes
• Credit check required: Yes

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Dive deeper: iCash payday loan review

Cashco

What is Cashco?

Cashco offers alternative payday loans of up to $1,500 in Alberta, BC and Ontario. Apply online or in person at any Cashco branch. The lender also offers income tax preparation services, in-branch cheque cashing services and international money transfers (powered by Western Union).

Why choose Cashco

Getting a payday loan online is quick and easy with Cashco, which offers instant approval and e-Transfer funding. You can apply online in as little as five minutes if you have all the required information and documents on hand. Bad credit isn’t a problem, because Cashco doesn’t require a credit check.

Loan details

• Interest rate: Varies by province
• Loan amount: $100 – $1,500
• Loan term: Up to 62 days
• Minimum income: Unspecified
• Incomes it accepts: Employment

• Serviced provinces: Alberta, BC, Ontario and Saskatchewan
• Instant approval: Yes
• Instant funding: Yes
• Accepts bad credit: Yes
• Credit check required: No

Dive deeper: Cashco payday loan review

Venue

What is Venue Financial?

Venue Financial provides payday loans in BC both online and in store at any of its eight branches. Loan amounts range from $50 to $1,500. You also have the option of subscribing to a paid monthly plan that provides access to monetary giveaways, retail partner discounts and services to improve your financial wellbeing. But if you live outside BC, you’ll need to choose a different lender.

Why choose Venue Financial

Apply for a Venue payday loan online in minutes and, if approved, get funded within a couple of hours. Many types of income are accepted, including employment, child tax benefits, CPP and disability benefits. Venue also offers cash funding in minutes if you apply in-person at a branch.

Loan details

• Interest rate: Varies by province
• Loan amount: $50 – $1,500
• Loan term: Up to 62 days
• Minimum income: Unspecified
• Incomes it accepts: Employment, CCB, CPP, EI, all types of disability, pension

• Serviced provinces: BC
• Instant approval: Yes
• Instant funding: Yes
• Accepts bad credit: Yes
• Credit check required: Unspecified (but income is more important than credit score)

What is an instant loan?

With instant loans, you get the lender’s approval and receive your contract within minutes of submitting your application. Once you’ve reviewed and signed your contract, you’ll receive your money within a few minutes via Interac e-Transfer. If you apply in-store, you also have the option to receive your loan in cash.

Payday loans are among the fastest and most common instant loans in Canada because payday lenders automate their processes and have lenient eligibility requirements—a combination that enables them to give instant approval and funding. However, the price of this ease and convenience is very steep interest rates. Payday loans cost $14 to $17 for every $100 borrowed, and you’ll need to repay the loan by your next payday.

Where can I get instant payday loans in Canada?

You can get instant payday loans online or in-store:

• Online. Online applications take less than 5 minutes to fill out, and you can complete the entire process without ever needing to visit a physical location. Lenders allow electronic signatures and can send funds immediately after receiving your signed contract.
• In-store. Some large-scale payday lenders have extensive reach across Canada, with physical storefront locations in most of the country. In this case, you can bring all of the required documentation to the store to apply in person and receive your funds on the spot once you’re approved.

How can lenders offer instant approval loans?

Lenders use online bank verification to give instant approval. With bank verification, you connect your bank account through a secure third-party portal to allow the lender to view your bank statements and identity. This eliminates the need for you to send any documents and for the lender to manually review your application. Bank verification is a requirement for instant approval loans.

Some applications may need a manual review

In some cases, a submitted application might be marked as pending if it needs a manual review from a staff member. An application can be delayed for various reasons, such as typos in the information you’ve submitted, a recent change of address or if you’ve only been in your current job for a short time.

A manual review of an application can take a few hours. To ensure you get the fastest approval, especially if you’re applying outside of regular business hours, you may want to apply to a lender that gives approval 24/7, 365 days a year. Not all payday lenders have staff operating 24/7. iCash and PAY2DAY are examples of lenders that do.

Can I get instant loans in Canada with bad credit?

Yes. Alternative lenders have generous lending criteria compared to traditional lenders, so getting instant approval loans with bad credit is possible. In many cases, people with bad credit turn to alternative lenders simply because they have limited options to get approved for a loan.

If you have bad credit, lenders will focus on the stability of your income and the amount of your current debts rather than your credit score.

Tips to get instant approval loans with bad credit

While lenders of instant loans have flexible requirements, they can still turn down certain applications. Here are some tips to increase your odds of approval if you have bad credit:

• No NSF transactions. Try not to have NSF transactions in your bank account in the last 60 to 90 days.
• Low debt-to-income (DTI) ratio. Your DTI is the percentage that gets taken out of your monthly income to pay for monthly debts. The lower the DTI, the better. Traditional lenders want to see a DTI under 40%, while alternative lenders are open to higher DTIs (40-60%).
• Low loan amounts. Lenders are more likely to say yes to your application if you apply for a small loan.

Can I get an instant loan with no credit check?

Yes. Some lenders of payday loans and early pay advances can give instant approval and funding without checking your credit. If your lender doesn’t consider your credit score on an instant approval loan, it will focus on your income and debts instead. Before approving, the lender will need to check that you have room in your monthly budget to keep up with the loan repayment.

Make sure you apply for legitimate no credit check loans because scammers sometimes use the “no credit check” slogan to target people in desperate financial situations.

Other options if you’re looking for instant payday loans with bad credit

If you have bad credit, a payday loan isn’t necessarily your only option for accessing money. You may also like to look into the following:

• Secured credit cards. These work like a regular credit card, only you pay a deposit that serves as collateral. If you default, the lender can take this deposit. Secured credit cards rebuild your credit when you make on-time payments.
• Bad credit personal loans. Most online personal loan lenders offer fast approval. Although not instant, it’s usually within 24 hours. While some of these loans require a minimum credit score to apply, there are still many bad credit personal loans available. Learn more about the best bad credit personal loans.
• Visit 211.ca. This free and confidential service connects you to government or community-based support.
• Debt relief. If you are experiencing financial hardship and struggling to pay your debts, you may wish to look into more serious debt relief options.

How to find the best online instant loan

With many lenders to choose from, how do you get the best instant loan for you? Consider the following factors as you compare products:

• Loan type

  The two common online instant loans in Canada are payday loans and early pay advances. Payday loans have higher loan amounts and higher rates, whereas early pay advances have lower loan amounts and lower rates.

• Interest rate

  Payday loans cost $14 to $17 for every $100 borrowed. Early pay advances have no interest, but you may a monthly subscription fee.

• Fees

  Don’t forget about other fees that may apply to a loan, such as NSF fees and late payment fees.

• Loan term

  Payday loans must be repaid by your next payday. If you pay back the loan on time, will you have enough room in your budget to cover all your essential expenses? If you won’t, you may find yourself needing another loan.

  Nyble’s early pay advance, on the other hand, allows you to roll over your loan to the following months, but you can’t borrow more until you pay off your first loan.

• Accepted incomes

  Lenders of instant loans can accept many types of income. However, your options will be more limited if your income is social assistance or government disability benefits because fewer lenders accept these.

• Open 24/7

  The lenders in our best instant loans list above provide similar turnaround times if you apply during their business hours. They can provide instant approval and instant e-Transfer funding. However, most of them do not have 24/7 online customer support.

• Funding methods

  Interac e-Transfer allows instant funding because this can be sent and received 24/7. You can register for free using your bank account. Some lenders offer direct deposit as well, but this will take 1-2 business days.

Dive deeper: Best online loans in Canada

How to apply for an instant loan

If you’re ready to apply for an instant loan, you can apply in person or online. Here’s what you’ll need to do to apply online:

1. Fill out an application. The first step is to complete an application with details such as your name, contact information and the amount you want to borrow.
2. Verify your bank account. Many online lenders use instant bank verification to check your account details and verify your income. Once you provide your account details, the lender can access an electronic copy of your bank statement and assess your income.
3. Get approved. Once the lender sends you a loan contract, make sure you read all of the details of the offer carefully before you sign.
4. Get your money. The loan amount will be sent to your bank account within minutes via Interac e-Transfer.

Summary: Pros and cons of instant loans in Canada

Why Canadians turned to payday loans

Data from the Finder: Consumer Sentiment Survey Q2 showed that 44% of respondents used a payday loan in the first three months of 2023. The three biggest reasons why Canadians turned to payday loans were:

1. Car loan payment (12.11%)
2. Groceries (6.05%)
3. Electricity bill (5.38%)

Frequently asked questions

• What loan can I get instantly?

  The loan that you can get instantly is a payday loan or early pay advance. With these loans, you can get an instant decision and funding within a few minutes after approval.

• Can I get online payday loans with instant approval?

  Yes, you can apply online for instant approval payday loans in Canada as long as you go through bank verification, which is an automated process. If you opt for a manual review, getting approval will take longer.

• How will I receive the money for an instant loan?

  The funds will usually be sent to your account via Interac e-Transfer. However, if the lender has a branch near you, you can visit their store in person to collect the loan as cash.

• Can I get a no refusal instant loan?

  Be wary of no refusal instant loans. Legitimate lenders have eligibility requirements and will turn down certain applications. If you encounter a lender that says it doesn't refuse any applications, it could be a scam.