$400 loans with fast, bad credit options

Strapped for cash and need a fast $400 loan to help you get through to your next paycheque? Installment, cash advance and payday lenders all offer quick loans in Canada, and it’s even possible to get a $400 loan for bad credit.

In this guide, we’ll explore your $400 loan options, how to compare loans and how to increase your chance of getting approved.

Compare $400 loans

Finder Score for personal loans

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Read the full methodology

Compare $400 payday loans

How to increase your chance of getting a $400 loan with bad credit

• Apply through a loan search platform. Loan search platforms like Loans Canada and LoanConnect allow you to compare multiple loan offers by filling out a single application. Once you apply online, you’ll be able to review offers from the platform’s network of lending partners, including lenders that offer bad credit loans.
• Check the eligibility criteria. Check the lender’s eligibility criteria before applying. Minimum income and credit score requirements may apply, so it’s important to only apply with lenders whose qualifying criteria you satisfy.
• Avoid NSF fees. If your bank statement shows multiple NSF fees, the lender will have concerns about your ability to make on-time loan payments. A clean transaction history of at least 90 days will boost your chance of getting approved.
• Be steadily employed. If you’ve been in the same job for an extended period of time, the lender will view you as a lower-risk borrower than someone who has just started a new job.
• Improve your credit score. Rebuilding your credit score will increase your chance of getting approved for a larger loan amount and a lower rate.

Can I get a $400 loan without a credit check?

Yes, you can get a $400 loan with no credit check. There are three borrowing options to choose from:

• Installment loan. Some installment loan lenders offer $400 loans with no credit check. They will assess your income and employment situation rather than your credit score when deciding whether to approve your loan.
• Cash advance. Cash advance apps like Bree and FastForward by MoneyUp offer fast cash advances with no credit check. Nyble and KOHO Cover also offer cash advances with no credit check, but for amounts less than $400.
• Payday loan. Most payday lenders do not conduct credit checks and will instead check your income when assessing your loan application.

Dive deeper: No credit check loans in Canada

How much is a $400 loan?

The cost of your $400 loan varies depending on the type of loan you choose. The maximum cost of a payday loan is also determined by where you live, so the info in the table below uses Ontario payday lending costs as an example.

	$400 installment loan	$400 cash advance	$400 payday loan
Loan amount	$400	$400	$400
Loan cost	35% APR	$2.99 monthly subscription fee	$56–$14 per $100 borrowed (365% APR)
Repayment period	6 months	14 days	14 days
Payment amount	$73.64 per month	$402.99 one-time payment	$456 one-time payment
Total loan cost	$441.81	$402.99	$456

Which type of $400 loan should I go for?

A cash advance, especially if you opt for standard delivery, will generally be the most affordable $400 loan. There are no interest charges to worry about, but fees do apply, such as a monthly subscription fee and an express fee to get an instant $400 loan.

The biggest benefit of installment loans is that they allow you to spread your loan repayments out over a longer period, usually three to six months. This makes it easier to budget for repayments, but it also means you’ll pay more interest over the life of the loan.

Payday loans are the most expensive type of $400 loan. In Ontario, a $400 payday loan with a 14-day term has an APR of 365%. That’s why you should only ever consider a payday loan as a last resort.

Can I get an instant $400 loan?

Yes. If you need money fast, instant $400 loans are available. The exact turnaround time will vary depending on the lender and the type of loan you choose:

• $400 installment loan. Installment loans take a little longer to process than cash advances and payday loans. While same-day funding is available in some cases, you may have to wait 24-48 hours to get your money.
• $400 cash advance. Instant $400 loans are available, but you may need to pay an extra fee to get fast funding. If you don’t pay the fee for the express option, it may take up to three business days to get the money.
• $400 payday loan. Instant payday loans are available online and in-store, so you can get approved and funded in less than an hour. Online lenders use automated systems to approve loans 24/7 with loan funds sent out by e-Transfer.

How to get a $400 loan

Here’s what you need to do to get a $400 loan:

1. Compare $400 loans and lenders to find one that meets your needs.
2. Submit an application online. You’ll need to submit your personal information, contact details and information about your income and employment.
3. Upload proof of ID.
4. Provide your bank account information so the lender can verify your income.
5. Get funded.

Bottom line

There are plenty of options to choose from if you need a fast $400 loan, even if you have bad credit. Compare lenders and loan options to find affordable $400 loans, and make sure you can afford to repay what you borrow before applying for funding.

Frequently asked questions

• What is the minimum credit score I need to get a $400 loan?

  It depends on the lender and the type of loan you choose. Payday lenders offer loans to borrowers with bad credit, while it's also possible to get a cash advance without completing a credit check. Credit score requirements vary among installment loan providers, but there are some providers that work with borrowers who have bad credit.

• Can I get a $400 loan with guaranteed approval?

  Take care when dealing with any lender that claims to offer loans with "guaranteed approval." Responsible lenders will need to assess your income and financial situation before deciding if you can afford to repay the amount you want to borrow. Promising guaranteed approval could be a scam or could indicate that you've come across a predatory lender. Learn more about guaranteed approval loans.

• How long does it take to get a $400 loan?

  Cash advance apps offer instant access to funds if you're willing to pay an extra fee, but otherwise you may have to wait up to three business days. Payday lenders also offer fast funding, allowing you to get the money you need in less than an hour. Installment loan approval and funding generally takes a little longer, so you may need to wait 24-48 hours before getting your money.

• Can I get a $400 installment loan with bad credit?

  Yes, but not from all lenders. While some lenders have strict eligibility requirements, others are more lenient and are willing to work with people who have bad credit. Rather than looking at your credit score, they will check your income and employment situation to determine if you can afford loan repayments. Learn more about bad credit loans available to you.