Easy loans in Canada come with lenient requirements, rapid approval and quick funding. The catch? You’ll probably pay high interest. Check out online options for getting an easy loan in Canada.
1. Online installment loans: If you need fast pre-approval & funding in 24-48 hours
Installment loans are unsecured personal loans offered by online lenders. You receive a lump sum of cash and repay it in equal payments over a fixed term.
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.
Features of installment loans with easy approval & funding
Amount: Usually up to $10,000.
Suitable for: People who need small to moderate loan amounts, especially if they can’t get approved by financial institutions.
Why they’re easy loans in Canada: This quick loan is designed for people who don’t qualify for bank or credit union loans. Minimum credit score and income qualifications are lower, and you don’t need to provide collateral.
Risks: High interest rates and long loan terms can add up.
Speed: 24–48 hours.
Bad credit loans available: Yes.
Online loan: Yes, the process is completely online.
2. Payday loans: If you need instant approval & funding 24/7
Payday loans are one of the fastest and easiest ways to get cash, but they’re only suitable as a last resort because of their cost. This loan costs between $14 to $17 for every $100 borrowed and usually needs to be repaid by your next payday.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives.Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.
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Features of easy payday loans
Amount: Up to $1,500.
Suitable for: People who need money ASAP day or night, and they’ve exhausted all other options.
Why they’re easy loans in Canada: Payday loans are easier to qualify for than installment loans, even if you have bad credit or past bankruptcies, since lenders prioritize stable income. You might also qualify with non-employment income like government benefits.
Risks: Incredibly high interest rates and short terms. Before you apply, make sure you’ll have enough income left for other debts or expenses once you repay your payday loan. Otherwise, you may find yourself needing another loan to cover the shortage.
Speed: As little as 30 minutes. Instant approval loans in Canada are available.
Bad credit loans available: Yes.
Online loan: Yes (in-store funding also available).
3. Cash advances: If you need easy approval for under $350
Cash advance apps offer small, short-term loans with more flexible repayment schedules than payday loans. You pay no interest on these cash loans, but you may pay a monthly subscription fee.
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Features of easy cash advance apps
Amount: Usually up to $350. However, the lender may start you off with a small amount only.
Suitable for: People who need a small, quick loan and flexible repayments.
Why they’re easy loans in Canada: Non-traditional income is accepted. Often, no credit check is required. Mobile and web apps are available for easy approval and funding.
Risks: Rolling over your loan can get costly. Extra fees apply if you want instant funding.
Speed: As little as 30 minutes. Instant approval and funding are available.
Bad credit loans available: Yes, since these loans do not require credit checks.
Online loan: Yes.
4. Lines of credit: If you need flexible funding and easy repayments
A line of credit lets you withdraw whatever amount you need up to an approved limit, and you only pay interest on what you borrow. Easy lines of credit are only available from online lenders. Banks and credit unions have strict eligibility requirements.
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.
5. Vehicle title loans: If you own a car and need funding in 24-48 hours
If your car is completely paid off, you can use it as collateral to get a loan. You can keep driving your vehicle, but it will be repossessed and sold if you fail to make repayments.
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.
Amount: 25% to 50% of your car’s value, usually up to $50,000.
Suitable for: Borrowers willing to use their car as collateral.
Why they’re easy loans in Canada: Providing collateral lowers the risk for lenders, making it possible to qualify for lower rates than you’d get with unsecured loans. No credit check loans are available, but make sure the lender is legitimate.
Risks: Steep interest rates, loan fees and possibly losing your vehicle (if you default).
Speed: 24–48 hours.
Bad credit loans available: Yes.
Online loan: It depends. Some lenders require in-person vehicle inspections.
Payday loans and cash advances have low maximum amounts, but it’s easy to get approved.
Installment loans, lines of credit, vehicle title loans and secured credit cards offer high maximum amounts, but you might need to jump through more hoops to qualify.
Look for online lenders with instant bank verification to get fast, easy loans.
What is the easiest bank to get a loan from in Canada?
We found that it’s easy to apply online for a bank loan from CIBC, BMO and National Bank. You can get competitive rates from traditional banks, but you need a strong financial profile to easily qualify. If your credit score isn’t good, check out top installment loans from alternative lenders.
Easy loans in Canada come with non-strict approval criteria and fast turnaround. To get an easy loan, you must:
Be the age of majority in your province or territory (18 or 19)
Be a Canadian resident
Have a stable income
Have a Canadian bank account
To get a vehicle title loan, your car must be entirely paid off and can’t be older than a certain year (varies based on the lender).
How to apply for easy online loans in Canada
Applying for online loans in Canada is easy. The exact steps vary between loan providers, but here’s how it generally works:
Fill out an online application. Provide personal details like your name, address, contact information and employment details.
Get a decision. The lender will let you know if you qualify for funding.
Verify your identity. Submit proof of your identity, Canadian residency and income. Upload documents to the lender’s website or complete instant bank verification.
Receive an offer. Review your contract and sign when you’re ready.
Get funds. Your loan will be deposited into your bank account by direct deposit or e-Transfer, usually within 24-48 hours. Some lenders offer same-day funding.
Expert insight
"When it comes to borrowing money, it’s better to plan ahead. By doing that, you can minimize interest costs. But if you’re caught in a financial bind, it’s good to know that there are easy loans in Canada."
If you need money quickly, follow these tips to apply for easy online loans and get funding fast.
Check the lender’s requirements. Check that you meet loan eligibility requirements before applying to avoid wasting time and effort.
Choose instant bank verification. Verify your information by logging into online banking. This lets your lender save time by not having to manually review your documents.
Apply in the morning. This increases your chance of getting same-day approval and funding.
Prepare your documents. Documents commonly required for quick, easy loans in Canada are government-issued ID, recent bank statements and recent pay stubs (or tax Notices of Assessment).
Register for autodeposit. If you’re receiving funds by Interac e-Transfer, set up autodeposit with your bank to minimize delays.
You don’t need funds urgently. High-cost, easy loans should be a last resort. If you aren’t facing a financial emergency, improve your credit score to get approved for a traditional personal loan with better rates and terms.
You can’t afford more debt repayments. If your budget is already stretched thin, don’t further strain your finances and credit report by taking on more debt than you can repay.
There are other options available. Can you take on a side job, borrow from friends or family, get credit counselling or receive non-profit help with food or rent? Consider negotiating for lower rates and easier repayment terms with creditors.
How to compare easy online loans in Canada
APR. The interest rate only reflects how much interest you’ll pay on the loan, but the annual percentage rate (APR) reflects all costs, including interest and other fees.
Loan term. Spreading out repayment over a long time period could lower your payment amount, but it’ll raise your interest cost. Short loan terms could result in higher payment amounts, but you pay less interest overall.
Extra fees. Pay close attention to additional fees that can drive up the cost of your loan like origination fees (to set up your loan), broker or surety fees that get added to your payments and non-sufficient funds (NSF) fees for bounced payments.
Speed. How quickly can lenders approve and fund a loan? Interac e-Transfers are often the fastest method of receiving funds. Payday loan providers like iCash, GoDay, Mr. Payday, Cash 4 You and Loan Express offer quick loans in 5-60 minutes.
Reputation and legitimacy. Make sure your lender is licensed in Canada. Look for signs of legitimate business operations like having a physical address and customer service contact information. Read customer reviews on sites like Trustpilot and the Better Business Bureau (BBB).
Optional services. Lenders might offer you credit score monitoring services or loan insurance to cover payments if you lose your job or become ill. These are completely optional services and will cost extra if you choose to sign up.
Canadians planned to use a variety of loans in 2023
More than 1 in 10 Canadians (14%) planned to use a payday loan and 1 in 5 (20%) planned to take out a personal or installment loan in the second quarter of 2023, according to results from the Finder: Consumer Sentiment Survey Q2 2023. When selecting what type of loan to use, men and women appeared to have specific preferences.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use personal loans and other forms of credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
Frequently asked questions
It depends on your credit score, income and debt and other factors. People with good to excellent credit have access to various lenders, including Canada's major banks and credit unions. Bad credit borrowers are more limited but might qualify for installment loans, car title loans and payday loans.
To apply for easy loans in Canada, you must meet these basic requirements:
Be the age of majority in your province or territory (18 or 19)
Be a Canadian resident
Have recurring income
Have a Canadian bank account
The easiest loans to get include payday loans (no credit check required), car title loans (which allow you to get approved by using your car as collateral), pay advance apps (only available in small amounts) and secured credit cards (which require a deposit).
If you need quick loans in Canada, payday loans are the easiest option. With payday loans, you can apply online and get approved and funded within minutes. Even though these may be the quickest loans, you'll end up paying very high fees.
Examples of quick payday loans in Canada include iCASH, GoDay, Mr. Payday, My Canada Payday and Loan Express.
The easiest loans to get if you have bad credit are payday loans, which have very lenient eligibility requirements. That said, payday loans are very expensive and have short repayment terms. So, it's worth exploring other bad credit loan options as well like installment loans and vehicle title loans.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio
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
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