If you ever find yourself strapped for cash, a fast $50 loan can sometimes be all you need to get through to your next payday. And if you want to get a $50 instant loan in Canada, there are several options to choose from — even if you have bad credit.
In this guide, we’ll compare $50 instant loans, and show you how to increase your chances of getting approved for a fast loan.
| Loan amount | $30 – $150 |
|---|---|
| APR | Starting at 0% |
| Term | 30 days, extendable |
| Fees | No interest or fees to access credit, optional $11.99/month membership for premium services like instant funding |
| Turnaround time | 1-30 minutes with a paid membership or 1-3 business days with a free membership. |
| Serviced provinces | All provinces and territories |
| Loan amount | $20 – $250 |
|---|---|
| APR | Starting at 0% |
| Term | Flexible |
| Fees | subscription fee starting at $2/month |
| Turnaround time | Immediately |
| Serviced provinces | All provinces and territories |
| Loan amount | $20 – $350 |
|---|---|
| APR | Starting at 0% |
| Term | Next pay cycle (61 days max.) |
| Fees | No interest or fees for cash advances, fee for express funding (varies based on advance) |
| Turnaround time | Within 8 hours with express delivery (fee is based on the advance amount) and up to 3 business days for standard delivery |
| Serviced provinces | All provinces and territories |
| Loan amount | $1,000 – $3,500 |
|---|---|
| APR | Up to 47.42% |
| Term | No end dates |
| Min. credit score | 600 |
| Fees | None |
| Serviced provinces | BC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT |
| Loan amount | $5,000 – $35,000 |
|---|---|
| APR | 9.9% – 21.5% |
| Term | Open |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds within as little as 24 hours. |
| Serviced provinces | All of Canada |
| Loan amount | $500 – $50,000 |
|---|---|
| APR | 19.99% – 46.96% |
| Term | Open |
| Min. credit score | 300 |
| Fees | No application, origination or brokerage fees |
| Turnaround time | Receive funds within as little as 24 hours. |
| Serviced provinces | All provinces. |
For many Canadians, pay advance apps such as Nyble, Bree and KOHO offer the best way to get an instant $50 loan online in Canada. Other loan types have higher minimum loan amounts, such as payday loans (which start at $100) and personal loans (which start at $500).
Pay advance apps allow you to access a small portion of your next paycheque in the form of an instant loan. You can apply for a cash advance through the app or online, and there are no credit checks required. You’ll instead need to earn regular income to prove that you can repay your loan.
Loan amounts ranging from around $20 to $350 are typically available, and there’s no interest charged on the money you borrow. However, monthly fees and express transfer fees may apply.
The loan repayment is then automatically debited from your bank account on your next payday.
The exact requirements you’ll need to qualify for an instant $50 loan in Canada vary between lenders and apps. However, as a general guide you will need to:
You may need to provide a valid form of government-issued ID when applying for a $50 loan in Canada, for example your driver’s licence or passport.
Yes. While a bad credit score will stop you getting a loan from some lenders, that’s not always the case.
There are many online lenders that specialize in loans for borrowers with all types of credit, and pay advance apps also don’t require a credit check. Rather than focusing on your credit history, these lenders will instead focus on your income, your existing debt and your ability to afford loan repayments.
However, be aware that if you open a line of credit, you’ll be hit with higher interest rates than borrowers who have good to excellent credit.
But it’s important to be careful with an open line of credit because the constant access to credit can lead to financial trouble if you find it difficult to control your spending.
If you want to get a $50 loan instantly with no credit check, there are a few simple things you can do to increase your chances of getting approved. These include:
Check out these other ways to get a $50 loan – but watch out for high rates.
How it works: A credit card cash advance lets you withdraw money from your card balance — it’s as simple as visiting an ATM or your bank and withdrawing the cash you need. It’s a convenient way to get cash instantly, and you can pay off the debt with the rest of your card balance. But fees and high interest rates apply, so make sure you’re aware of the total cost before you choose this option.
Pros
Cons
How it works: Pawn shop loans let you borrow small amounts (usually up to $150) when you provide a valuable as collateral. Terms of up to a few months are available, and you’ll need to surrender your collateral to the pawn shop until you pay back what you borrow.
Pros
Cons
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