LoansLoans.ca is an online broker that offers access to short-term installment loans There are no credit checks required, and you can apply, get approved and get funded within 24 hours. Loan amounts range from $500 to $1,000, and you have 3 - 12 months to repay what you borrow.
Bad credit is OK
Fast access to funds
Easy online application
Rates up to 32%
Brokerage fee applies
Self-employed workers not eligible
Requires minimum monthly income of $1,200
$1,000 loan amount may not be enough
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 - 12 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Loans Canada is an online loan search platform where you can compare loans from the largest network of lenders in Canada. It's easy to compare loan offers by filling out a single online application, and there are loan options available for borrowers with all types of credit. Best of all, the Loans Canada platform is free to use.
Loans for good and bad credit
Compare loans from multiple lenders
APRs starting at 9.9%
Get funded in one to three business days
High rates for bad credit
Not a direct lender
Limited to Loans Canada's lender network
Loan amount
$300 – $50,000
APR
9.9% – 46.96%
Term
4 - 60 months
Min. credit score
300
Fees
No application, origination or brokerage fees
Origination fee
0
Turnaround time
Receive funds in as little as 24 hours.
If you want fast pre-approval and funding: LoanConnect
LoanConnect is an online loan search platform where you can compare personal loans from a large network of lenders. Loans of up to $60,000 are available with terms ranging from 3 to 120 months depending on the lender. You'll typically get funded within 24 to 48 hours of applying.
Compare loans from multiple lenders
Loans for good or bad credit
Easy online comparison process
Compare your options without impacting your credit score
MDG Financial provides cash installment loans of up to $1,600. You can pre-qualify online without impacting your credit score. Once you're approved for a loan, the money will be deposited into your bank account within three hours.
Nyble provides access to an interest-free line of credit ranging from $30 to $250. It's designed to help you build your credit history, as Nyble reports your payments to the credit bureau. You can also use your Nyble account to check your Equifax credit score and report.
Get funds within 30 minutes
Build your credit history
No interest or late fees
Easy application process
Rewards program
Option to extend your payment deadline
May take up to 3 business days to get funds if you're not a member
Monthly membership fee ranging from $4.99 to $11.99
$150 loan amount may not be enough
Loan amount
$30 – $250
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest with optional fees
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
KOHO Cover provides an interest-free cash advance of up to $250. You don't need to complete a credit check to apply, and the money will be in your bank account straight away. You can repay what you borrow at any time, but note that this cash advance comes with a monthly fee.
No credit check
Instant access to funds
No interest
You don't need an income to qualify
Monthly KOHO Cover subscription fee starting at $2
You may also have to pay a monthly fee for your KOHO plan
$250 may not be enough
Won't improve your credit score
Loan amount
$20 – $250
APR
Starting at 0%
Term
Flexible
Fees
0% interest with a subscription fee starting at $2/month
Bree offers quick cash advances of up to $350 to help you avoid bank NSF fees. There's no interest charged on what you borrow, and it's quick and easy to apply online. However, you'll need to pay an extra fee if you want fast access to your money.
Easy to apply
No credit checks required
No interest charges
Monthly membership fee
You'll need to pay an extra fee to get your money within two hours
Small loan amount may not suit your needs
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.
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.
Payday loans like Lamina
If you want a payday loan with an instant decision: GoDay
GoDay is an online payday lender that offers fast payday loans of up to $1,500. You can apply online in about five minutes, and GoDay's automated approval system will process your application instantly. Funds are deposited in your account within one hour of being approved.
iCash is a 24/7 payday lender that provides fast cash loans of up to $1,500. It's simple to apply, approvals are automated and instant and funds are sent to your account via e-Transfer in as little as two minutes.
Get funded within an hour
Loans approved 24/7
Apply online or via mobile app
4.6/5 stars based on 2,400+ reviews on Trustpilot
Very expensive
Short repayment term
Loan amount
$100 – $1,500
APR
Varies by province
Term
7 - 62 days
Min. Turnaround time
As little as 2 minutes with Interac e-Transfer
How to apply
Online In Store
Credit Check
Yes
How does Lamina compare?
Here are the highlights of how Lamina stacks up against the competition:
Pros
Get funded within an hour of being approved
No credit checks
Easy online application process
Online bank verification
Cons
Brokerage fees of $15 to $56 per $100 borrowed
Very high APRs of up to 275%
Short loan terms of 3-7 months
Maximum loan amount of $1,000 may not be enough for some borrowers
Features of installment loans like Lamina
Providers like Lamina offer fast access to cash in a financial emergency. Here are some of the common features you can expect from online installment loan providers like Lamina:
Fast turnaround time. It generally takes 24-48 hours to get approved and funded for an installment loan, while it’s possible to get same-day funding from some lenders. Learn more about emergency loans.
Short loan terms. Loans commonly have repayment periods ranging from three to six months.
Use the money for any purpose. You can use the funds from an installment loan for any legitimate purpose.
Easy online application. Most lenders offer a completely online application process, including online ID and income verification. If you’re approved, funds are distributed by e-Transfer or direct deposit.
Bad credit is OK. Online installment loan lenders tend to have quite lenient eligibility criteria and are willing to work with borrowers who have bad credit. Rather than conducting credit checks, they often focus on your income to assess your ability to repay a loan. Learn more about bad credit loans.
Unsecured. Online installment loans are unsecured, so you don’t need to provide an asset as collateral.
What do I need to watch out for with installment loans like Lamina?
Be aware of the following risks when applying for an installment loan:
Brokerage fees. Many providers charge brokerage fees to cover the cost of setting up your loan. These fees can run up to a few-hundred dollars and may significantly increase the cost of borrowing.
High APRs. The lenient eligibility criteria of online installment loans come at a cost. These loans have high APRs and are very expensive to repay. For example, Lamina loan APRs range from 120% to 275%.
Scams. While there are many legitimate lenders, you also need to watch out for scammers. Do your research to make sure you’re dealing with a legit lender, and know how to recognize the signs of a personal loan scam.
What are the requirements of loans like Lamina?
The exact eligibility requirements you’ll need to meet vary between lenders, but you will generally need to:
Be a Canadian citizen or permanent resident
Be the age of majority in your province or territory
Receive a minimum monthly income, typically $1,200
Have a valid Canadian bank account with little to no NSF transactions
You can apply online by providing:
Your name, date of birth and SIN
Your phone number, email address and residential address
Your desired loan amount
Proof of ID
Proof of income
Your bank account details
How does Lamina work?
You can borrow $300 – $1,500 with a Lamina loan, which is very similar to a payday loan. Unlike payday loans though, you can repay a Lamina loan over 90-210 days. Repaying in installments rather than one lump sum gives your finances some breathing room. But keep in mind that Lamina has extremely high APRs between 120% and 275%.
Is Lamina legit?
Lamina provides its contact details on its website, including its office address, phone number and email. It also includes its terms and conditions as well as its privacy policy, and it has verified Google and Trustpilot profiles.
Unlike other brokers of short-term installment loans we’ve seen in Canada, Lamina is up front about its very high APRs on its homepage.
Summary of Lamina loans reviews
Site
Details
Trustpilot
4.7/5 stars based on 207 Lamina reviews
Google
3.6/5 stars based on 22 reviews
BBB accreditation
No
BBB rating
N/A
BBB reviews
N/A
Reviews as of September 10, 2024
Bottom line
If you’re looking for loans like Lamina in Canada, there are plenty of options to consider. Just make sure you’re aware of the full cost of borrowing before you apply, and compare a range of lenders before deciding the right option for you.
You need to be at least 18 years of age and earn a steady income to qualify for a Lamina loan. However, meeting these basic criteria won't necessarily mean you can get a loan, as Lamina will need to assess your personal financial situation.
Yes. Lamina offers no credit check loans, so bad credit won't stop you from getting funded. Lamina will instead consider your income and employment when determining whether you can afford a loan.
Lamina says its loans come with an average interest rate of 18%. However, a guarantor fee ranging from $15 to $56 per $100 borrowed also applies, resulting in an APR ranging from 120% to 275%.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
Here are 6 easy loans to get in Canada, but watch out for high interest rates.
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Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
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