Payday loans for students (plus alternatives)

Payday loans for students provide extra cash to cover unexpected financial shortfalls. But these are extremely expensive and should be treated as a last resort after alternatives like cash advances and personal loans. Compare your options here, and find out where to get an instant loan for students.

Jump to:

• Payday loans for students
• Cash advance apps for students
• Personal loans for students
• Where can I get an instant loan for students?

Compare payday loans for students

Payday loans are among the most accessible form of funding for borrowers with little or no credit history, although you need consistent income to apply. Many payday lenders don’t require a credit check, and it’s possible to apply online and get funded the same day.

The catch? You’ll pay $14 to $17 for every $100 borrowed, which could amount to an APR of over 300%. But payday loans aren’t your only option as a student. There are also cash advances and personal loans to consider (see below).

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Product CAFSL	Loan Amount	Loan Term	APR	Speed	Serviced Provinces	Offer	Table description
GoDay Payday Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to siteMore Info Compare	loading Fetching your data...
iCash Payday Loan	$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to siteMore Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	Lower and transparent fees. No late or NSF fees.	Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.	Go to siteMore Info Compare	loading Fetching your data...
Money Mart Payday Loan	$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info Compare	loading Fetching your data...
Cash Money Payday Loan	$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info Compare	loading Fetching your data...

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Compare cash advance apps for students

Cash advances comes in small amounts, typically $20 to around $350. There’s no interest, and you don’t need a credit check to get approved. But you might need to pay a subscription fee to access funding. To get an instant loan for students, you might also need to pay an express transfer fee.

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Product CAFPL	Loan Amount	Loan Term	Fees	Offer
KOHO Cover	$20 - $250	Flexible	0% interest with a subscription fee starting at $2/month	Signup for a KOHO account with code SAVINGS and get a $40 cash bonus deposited into your account when you make your first $20 purchase.	Sign up for a KOHO account and access a zero-interest cash advance. Repay anytime. No credit check required.	Go to siteMore Info Compare	loading Fetching your data...
Nyble Credit Line	$30 - $250	30 days, extendable	0% interest with optional fees	Use code CFIND1J to get 500 extra points and a $5 higher approval. Conditions apply.	Get a credit line with no interest or fees. Pay an optional membership fee to access premium services such as instant funding.	Go to siteMore Info Compare	loading Fetching your data...
Bree Early Pay	$20 - $350	Next pay cycle	0% interest with a $2.99 monthly membership fee		Access up to $350 with no interest. $2.99 monthly membership fee. No credit check required. Pay a fee to get instant funding.	Go to siteMore Info Compare	loading Fetching your data...

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Compare personal loans for students

Unlike payday loans and cash advances, personal loans for students can come in higher amounts and have longer repayment terms. Interest rates are lower than payday loans, and you might qualify for an even lower rate by applying with a cosigner like a friend or family member.

The difficult part is qualifying for funding, as personal loan providers often have tougher eligibility requirements, and you likely won’t qualify without any income. But some lenders cater to those with little or no credit history, like students.

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Product CAFPL	Finder Score	APR Range	Loan Amount	Loan Term	Broker Compliance	Requirements
Loans Canada Installment Loan	Finder score 8.5 Great	9.90% - 46.96%	$500 - $50,000	3 - 60 months	Loans Canada is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Requirements: min. credit score 300	Go to siteView details Compare	loading Fetching your data...
LoanConnect Installment Loan	Finder score 8.5 Great	8.99% - 46.96%	$500 - $2,500	3 - 6 months	LoanConnect is a loan search platform with access to multiple lenders. Applicants will be matched with a suitable lender based on credit history and borrowing requirements.	Requirements: min. credit score 300	Go to siteView details Compare	loading Fetching your data...

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Finder Score for personal loans

To make comparing even easier we came up with the Finder Score. Interest rates, fees and features across 110+ personal loans are all weighted and scaled to produce a score out of 10. The higher the score the better the loan - simple.

Read the full methodology

Can I get an instant loan for students?

If you’re looking for an instant loan for students, a cash advance or payday loan might be the answer. These are easy to qualify for and typically provide fast or even instant funding after approval. The downside is that cash advances are pretty small, and payday loans are enormously expensive.

Personal loans may solve both of these problems, but not all lenders offer same-day funding with minimal application requirements. Those that do may charge high rates—especially if you have less-than-good credit or no credit history at all.

Brokers like Loans Canada and LoanConnect can help you find lenders in Canada that work with students. If you earn regular income, even part-time, easyfinancial and Spring Financial might accept you with no credit history. But expect to pay more for borrowing funds until you’ve built up a strong credit score.

Cost comparison: Cash advances, personal loans and payday loans for students

Here’s an example of how the fees for a student payday loan in Ontario could compare to a cash advance and a personal loan. Note that your actual costs will vary based on individual factors like your credit history and income, if applicable.

In this example, a payday loan is the most expensive, while a cash advance is the cheapest. A personal loan comes out in between.

Am I eligible for a private loan as a student?

You are eligible for a student payday loan or personal loan as long as you meet the following requirements:

• You’re at least 18 or 19, depending on your province.
• You’re a Canadian citizen or permanent resident.
• You have a steady source of income (even if it’s part time).
• You have an active bank account.

Benefits and risks of personal loans and payday loans for students

• Fast. Some lenders transfer money in one hour or less. Learn more about emergency loans.
• Some loans are easy to qualify for. Payday loans and cash advances are easier to get approved for than many other types of funding.

• Cycle of debt. Loans can be expensive when you have little or no income or creidt history. Payday loans have excruciatingly high fees ($14 to $17 for every $100 borrowed) and short repayment terms. Make sure you can afford repayments or you might find yourself needing another loan.
• Credit score impact. If you don’t make your repayments on time, a lender may report you to the credit bureau, which means your credit score will take a negative hit.
• Disreputable lenders. Only apply to a legitimate lender that’s licensed and follows loan regulations in your province.

What are some alternatives to personal loans and payday loans for students?

If you’re strapped for cash, consider these alternatives to payday loans and personal loans first, as borrowing money can be costly and burdensome:

• Student aid. Reach out to your school’s financial aid office to ask about student loans and grants you can apply for.
• Financial assistance from non-profits. Non-profits near you might have grants available for people in need of emergency funding. Visit 211.ca to get connected to the right support.
• Friends or family. It can be an uncomfortable conversation, but consider turning to your loved ones for help. Give them a detailed plan of exactly how you’ll repay them.
• Credit counselling. If you’re struggling with debt, non-profits can give you free or low-cost advice on how to tackle your obligations.
• Student credit card. If you haven’t gotten one yet, a student credit card will have a much lower interest rate than a payday loan.
• Negotiate with your creditors. For example, you can ask your landlord if you can make a partial payment next month.
• Credit card cash advance. This is an expensive option, but it’s cheaper than getting a payday loan. With a credit card cash advance, you withdraw cash from an ATM using your credit card. The moment you withdraw, there’s a fee plus interest accrues at a rate of around 23%.
• Installment loan. Installment loans are high-interest loans with the benefit of breaking up your payments over several months. This gives you some breathing room in your monthly budget. Learn about the best installment loans.

How to get personal loans or payday loans for students

If you believe a personal loan or a payday loan is right for you, follow these steps:

1. Fill out an application. Provide your name, address, employment and banking details and housing information. Some payday lenders may require references from your friends, family or employer.
2. Get a decision. Find out within minutes if you’re approved.
3. Review your contract. Review the repayment schedule, loan amount and overall borrowing cost.
4. Get funded. If approved, you’ll get money via e-Transfer or direct deposit.

Bottom line

While you may be able to qualify for a personal loan or payday loan as a student, borrowing money comes with risks. Make sure you can afford repayments, and consider less expensive options like visiting your school’s financial aid department, using a cash advance app or getting a credit card cash advance.

Frequently asked questions about loans for students

• How much can I borrow with personal or payday loans for students?

  With a payday loan, you can borrow up to $1,500, but it depends on your income. Cash advance apps generally only give you access to several hundred dollars.

  Personal loans for students are based on how much you earn, whether you apply with a cosigner, your credit history (if you have any) and other factors, but some lenders offer as little as $500 and as much as $50,000. Bear in mind that you won't qualify for a large amount if you don't earn a livable income or have a good credit score.

• Can I get instant loans for students?

  Yes. Some payday lenders provide instant loans for students—although this is a very expensive option. Most online payday lenders offer online applications, instant approval decisions and e-Transfers directly to your bank account. The entire process can often be completed in only a few minutes.

  Cash advance apps are relatively new to Canada, but many offer instant access to funds, sometimes for a small fee.

• When will my loan be available?

  This varies depending on the lender. Some lenders offer same-day loans and will deposit funds into your bank account in hours, provided you meet certain requirements. Other lenders have the money deposited into your bank account within one business day. Applying in person at a store usually means you can walk out with cash in hand.

Written by

Leanne Escobal

Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Co-written by

Stacie Hurst

Associate editor

Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio