Get a $50 loan instantly in Canada

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.

Compare providers of $50 loans in Canada

1. KOHO Cover

Go to site Read review

$20 – $250

Loan Amount

Starting at 0%

APR

Flexible

Term

• Info
• Pros/cons
• Details

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.

How they help

Get overdraft protection of up to $20, which can increase to up to $250 as you continue to pay a subscription fee starting at $2/month.

How to get instant approval and funding

You'll need a KOHO account first, which may come with a monthly fee, to access its cash advance. Once you get a KOHO account, you can get an instant cash advance through the KOHO app or you can withdraw from an ATM.

• No late fees
• No impact to credit score
• Get free financial coaching services when you subscribe to Cover

• There is a subscription fee starting at $2/month
• KOHO savings account required

Loan amount	$20 – $250
APR	Starting at 0%
Term	Flexible
Fees	0% interest with a subscription fee starting at $2/month
Turnaround time	Immediately
Serviced provinces	All provinces and territories

2. Nyble small credit line

Go to site Read review

$30 – $250

Loan Amount

Starting at 0%

APR

30 days, extendable

Term

• Info
• Pros/cons
• Details

How they help

Apply online for an interest-free line of credit of up to $250 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.

How to get instant approval and funding

Download the Nyble app or apply on the website. Connect your bank account to get an instant decision. Access funding any time once you're approved.

• No credit check
• No interest
• Can improve your credit score

• $11.99 per month for fast transfers, full credit report and other premium perks
• Small loan amounts only

Loan amount	$30 – $250
APR	Starting at 0%
Term	30 days, extendable
Fees	0% interest with optional fees
Turnaround time	1-30 minutes with a paid membership or 1-3 business days with a free membership.
Serviced provinces	All provinces and territories

3. Bree early pay

Go to site Read review

$20 – $350

Loan Amount

Starting at 0%

APR

Next pay cycle (65 days max)

Term

• Info
• Pros/cons
• Details

How they help

Bree provides cash advances of up to $350 to help you get through to your next paycheque. You can apply online within minutes and there's no credit check required, and you pay back what you borrow in a single installment on your next payday.

How to get instant approval and funding

Download the app or go to Bree's website. Connect your bank account. This allows Bree to quickly assess your application and give an instant decision. Get instant funding 24/7 once you're approved.

• Quick and easy to apply
• No credit checks
• No interest
• Same-day funding available (for a small fee)

• $2.99 monthly membership fee
• You'll need to pay a fee to get your loan nearly instantly

Loan amount	$20 – $350
APR	Starting at 0%
Term	Next pay cycle (65 days max)
Fees	0% interest with a $2.99 monthly membership fee
Turnaround time	Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and up to 3 business days for standard delivery.
Serviced provinces	All provinces and territories

Where can you get an instant $50 loan?

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.

Dive deeper: Our guide to pay advance apps

What do I need to get approved for a $50 loan?

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:

• Be at least 18 years of age
• Have an active Canadian bank account
• Have a reliable source of income

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.

Can I get a $50 loan instantly with bad credit?

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.

Related: Best bad credit loans

Tips to get approved for a $50 instant loan with no credit check

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:

• No NSF transactions in the last 60-90 days. A history of NSF transactions on your bank account will indicate to the lender that you may struggle to repay what you borrow.
• Acceptable debt-to-income (DTI) ratio. The ratio of your existing debt payments to your monthly income is an important indicator of your ability to afford to repay a loan. Traditional lenders typically require borrowers to have a DTI ratio of under 40%, but alternative lenders are open to a 40-60% DTI ratio range.
• Instant bank verification. Many lenders offer instant bank verification, which allows them to check your income by reviewing your bank statement electronically. This removes the need for you to upload any paperwork and speeds up the application process.

Other ways to get a $50 loan fast in Canada

Check out these other ways to get a $50 loan – but watch out for high rates.

Credit card cash advance

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.

Pawn shop loans

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.

Dive deeper: Pawn shop loans in Canada

Frequently asked questions

• What app will give me $50 instantly in Canada?

  If you need an instant $50 loan, apps such as Bree, Nyble and KOHO all offer this service.

• How long does it take to get a loan from a pay advance app?

  It's possible to get money instantly through a pay advance app, but in some cases you may need to pay a fee to access a fast transfer. If you don't want to pay a fee, you may have to wait up to three business days to get the money.

• Do all lenders offer $50 loans?

  No. Pay advance apps, lines of credit, credit card cash advances and pawn shop loans allow you to access small loan amounts of $50. However, other types of loans and lenders have higher minimum loan limits. For example, if you're applying for a personal loan, many online lenders have a minimum loan amount of $500, while traditional lenders such as banks have a $1,000 minimum loan amount.