Online loans offer fast and convenient access to cash, and they also have more lenient eligibility criteria than loans from traditional lenders. The downside is that they can attract high interest rates, so be fully aware of the cost of borrowing before you apply.
If you’re searching for an online loan, we’ve compiled this guide to the best online loans in Canada, including runners-up. Keep reading to find financing that’s right for you.
We’ve chosen the best online loans on this page based on the providers available through Finder and online in the Canadian loans marketplace. These cash loans are not representative of the entire market.
When choosing our picks for the best online loans in Canada, we considered each lender’s rates, fees, terms, borrowing amounts, application process, funding speed, eligibility requirements, customer support and feedback, associations, accreditations and perks for borrowers. No single online loan will be the best choice for everyone, so compare your options before applying.
The best instant online loans allow you to access the cash you need as quickly as possible, sometimes within minutes but usually on the same day. Some lenders let you apply, get approved and get funded 24/7, with the loan amount then sent to you by Interac e-Transfer.
The trade-off for all these benefits is high interest rates and fees, so instant online loans in Canada are often expensive.
⚠️ 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.
iCash is an online lender that funds loans 24/7. You can get your loan funds in as little as 30 minutes after applying. iCash also accepts a wide range of incomes other than employment income, so it's well worth a look if you need a fast online loan.
Why we chose it
Instant approval and funding. iCash has automated systems that enable them t o give instant loans.
24/7 customer support. iCash has staff on hand 24/7 in case your loan application needs to be manually reviewed. This means you won't have to wait until the next business day to get your loan.
Easy app experience. The iCash Android and iOS mobile app has a user-friendly interface and has earned plenty of positive user reviews.
4.7 out of 5 stars from over 2,200 Trustpilot reviews
GoDay offers instant decisions for its payday loans and instant funding with Interac e-Transfer. It's been in business for over a decade and is accredited with the Better Business Bureau.
Established in 1992
Also offers loans in-person
4.3 out of 5 stars based on over 2,200 Trustpilot reviews
Cash Money offers loans online as well as at 90 store locations across Canada. You can choose from a payday loan of up to $1,500 or a line of credit of up to $10,000, with instant decisions provided and funding via Interac e-Transfer or direct deposit.
Established in 1992
Also offers loans in-person
4.3 out of 5 stars based on over 2,200 Trustpilot reviews
There are different types of no credit check loans in Canada, including installment loans, payday loans, pay advance apps and car title loans. While they each have their pros and cons, one common feature across most loan types is high interest rates.
Rather than checking your credit score, the lender will consider your income and existing debt — and in the case of a car title loan, the value of the vehicle you’re offering as security — before deciding whether to approve your loan.
Nyble provides access to interest-free lines of credit of up to $250. There's no credit check needed to apply, and you won't need to worry about late fees. Your loan repayment is then automatically deducted from your account on your next payday.
Why we chose it
No interest. You'll be charged zero interest when you borrow from your credit line (but premium members pay a subscription fee).
Accepts many types of income. You don't need to have a job to get approved. Nyble only asks that you have recurring valid income to repay your loan.
Improves credit score. You'll improve your credit score as you use and repay your credit line.
No interest charges
Quick and easy to apply
Can improve your credit score
$11.99 per month for fast transfers 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.
LoansLoans.ca is a broker that provides quick and easy access to payday loans and short-term installment loans. Bad credit won't stop you from getting approved, but you will need a minimum monthly income of $1,200 to qualify.
Easy application process
Get funded within 24 hours
No fee if you pay your loan back early
Watch out for the hefty broker fee
Steep interest rates
Small loan amounts may not suit your needs
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
Searching for online loans in Canada for bad credit? There are many lenders who can help you find the funding you need, with same-day funding available and no credit checks needed.
The downside of these online loans is high interest rates and fees, so check the fine print before you apply. Don’t forget to make sure you’re dealing with a legitimate lender too, as the bad credit personal loan sector does attract its fair share of scammers.
Loans Canada is a broker with the largest lender network in Canada. If you need a bad credit online loan, Loans Canada lets you fill out a single application and then be matched with loans from dozens of lenders. Financing options are available for all credit scores.
Why we chose it
Save time shopping around. By filling out a single application, you'll be matched with lenders that offer loans to suit your needs.
Over 60 lenders. Loans Canada has the largest lender network in Canada and can connect you with loans from over 60 lenders.
Established provider. Loans Canada was established in 2012 and is a member of the Canadian Lenders Association.
Online broker LoanConnect allows you to compare bad credit loan offers from multiple lenders on one platform. Five-minute pre-approval is available, with the money you borrow available within 24 to 48 hours of applying.
LoansLoans.ca also offers access to online loans in Canada with bad credit. Payday loans and short-term installment loans are available, with your loan eligibility determined by checking your bank statements and pay stubs. You can also get your money quickly, so it's worth a look if you need money in a hurry.
Get your money in less than 24 hours
No credit checks
Apply online within minutes
Very expensive
Short repayment terms
Watch out for broker fees
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
If you’re searching for quick online loans, look for a lender that approves and funds loans 24 hours a day. Payday loans and installment loans are available, with funds sent to your account via Interac e-Transfer.
24/7 lenders typically use automated approval systems to help speed up the application process. To avoid any delays, you may want to choose a lender that has staff available 24 hours a day in case your application needs to be manually processed.
It’s possible to get funds within an hour with a 24/7 online loan, but you should also expect high interest rates and fees.
iCash allows you to apply online or via its app whenever you need, with instant approval and funding available at any hour of the day or night. You can get your money in as little as an hour, and iCash also accepts a variety of incomes when assessing your loan application.
Why we chose it
24/7 approval and funding. You can apply, get approved and get funded with iCash 24 hours a day. You can also get customer support 24/7.
Instant. With fast decisions and funding, you can get approved and get sent the loan amount within an hour.
Easy-to-use app. The highly-rated iCash mobile app makes it easy to apply for and manage your loan..
With online approvals and funding available 24/7, PAY2DAY makes it possible to get a payday loan in 1-2 hours. You can also apply via PAY2DAY's mobile app, and bad credit won't hold you back from getting approved.
Credit Club Loans is a payday lender with automated systems to give instant approval and funding 24/7. It doesn't conduct any credit checks, but you'll need steady valid income to qualify.
Flexible online loans can be tailored to suit your needs. This could mean a flexible borrowing amount, the ability to repay the loan when it suits you, or no interest charges. It can also mean lenient eligibility criteria if your credit history is less than perfect.
Just watch out for high interest rates and check the terms and conditions for any hidden fees.
Nyble offers short-term cash advances of up to $250. There are no credit checks, no interest charges, and no late fees if you don't pay it back on time.
Why we chose it
Repay when you're ready. There are no late fees if you don't have enough funds in your account to pay back your loan on time.
Many types of income accepted. Nyble accepts a wide range of non-employment income when determining if you qualify for a loan.
Increase your credit score. Making on-time payments towards a Nyble cash advance can help improve your credit score.
Quick and easy to apply
You can get your money in as little as 30 minutes
Flexible loan terms
$11.99 per month for fast transfers 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.
With a line of credit from Cash Money, you can borrow as much or as little as you like between $500 and $10,000. You can access more cash without reapplying for a loan, and there's a wide range of repayment methods available to suit your needs.
Established in 1992
Also operates over 90 physical locations
Get funds in as little as 15 minutes
High interest rate
Not available everywhere
Loan amount may not be enough for some borrowers
Loan amount
$500 – $10,000
APR
Up to 46.93%
Term
No end dates
Min. credit score
600
Fees
Establishment fees, missed payment fees and default penalty fees may apply.
Cashco Financial offers online personal loans known as Flex Loans. You can borrow up to $7,000 and choose loan terms ranging from 6 - 60 months, while bad credit is accepted too. You also get the freedom to tailor a payment schedule to your needs.
Easy to apply
Get a decision within minutes
Improves your credit score
High interest rates
10% admin fee may apply
Only available in BC, AB, NB, SK and ON
Loan amount
$500 – $7,000
APR
20% – 48.99%
Term
6 - 60 months
Min. credit score
300
Fees
Up to 10% of your loan amount to set up your loan, NSF and late payment fees of $25.
Turnaround time
within 24 hours
Serviced provinces
BC, AB, NB, SK and ON
Best online personal loans
The best online personal loans in Canada have less strict eligibility requirements than loans from traditional lenders. It’s quick and easy to apply online, but online personal loans have slower funding than payday loans and pay advances — you can get funded within 24 to 48 hours.
Personal loans have loan terms ranging from 6 to 60 months. Interest rates can be steep for bad credit, so it’s worth comparing options from a range of lenders.
SkyCap Financial is a direct lender offering online personal loans of up to $10,000 with terms of up to 36 months. Available to borrowers with a fair to good credit score, SkyCap Financial loans are funded in as little as 24 hours.
Why we chose it
Good customer service. SkyCap Financial has received more than 1,500 Google reviews, many of which mention helpful customer service.
Fast approval and funding. SkyCap Financial offers instant decisions and can fund your loan in as little as 24 hours.
Established lender. SkyCap Financial was established in 2013 and is Better Business Bureau accredited.
Instant decisions
No collateral required
Pay your loan off early without incurring any fees
High interest rates
Not available in all provinces
Optional loan protection plan will add to the cost of borrowing
Loan amount
$500 – $10,000
APR
12.99% – 39.99%
Term
9 - 36 months
Min. credit score
575
Fees
No fees except a $50 NSF fee
Turnaround time
24 hours
Serviced provinces
All provinces and territories except Quebec and Nova Scotia
FlexMoney is a direct lender offering installment loans of between $500 and $15,000 and use the funds for any purpose. It's quick and easy to apply online, and if approved the funds will be in your account in as little as 24 hours.
Established in 2012
Decisions within 15 minutes
Non-employment income accepted
Steep interest rates
You'll need to complete a credit check
Not available in all provinces
Loan amount
$500 – $15,000
APR
18.9% – 46.93%
Term
6 - 60 months
Min. credit score
500
Fees
No application, origination or prepayment fees
Turnaround time
24 hours
Serviced provinces
Alberta, British Columbia, Newfoundland, Nova Scotia, Ontario, PEI, Saskatchewan
Blue Copper Capital is a direct lender whose personal loans range from $1,000 up to $100,000. There are secured and unsecured loans available, and you can apply for funding online or in person. You can also pay your loan off early without being hit with a prepayment penalty.
Short-term installment loans typically offer repayment terms of 90 to 120 days, but they can be longer in some cases. This makes it easier to manage repayments than on a payday loan, and many lenders are willing to work with you if you have bad credit. However, just watch out for high interest rates and lenders that make promises that sound too good to be true.
LoansLoans.ca is a broker that offers short-term installment loans with no credit checks. You have 3 - 12 months to pay back what you borrow, and you can get funded in less than 24 hours.
Why we chose it
Approval in one hour. Loansloans.ca's fast approval process means you can get a decision on your application within an hour.
Many types of income accepted. LoansLoans.ca accepts a wide range of non-employment income types when assessing your application.
Bad credit is okay. A bad credit score won't stop you getting approved for a loan.
Operated by NCR Financial Services, which has been in business for more than 15 years
Easy online application process
No collateral required
Watch out for steep interest rates
Broker fee
Maximum loan amount of $1,000 won't suit all borrowers
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
Online credit brokerage 24Cash offers access to online personal loans of up to $850. Loan terms range from 90 - 120 days, and it's possible to get approved and funded within 24 hours of applying for a loan.
No credit checks required
A+ Better Business Bureau rating
Quick and easy online application
First-time borrowers limited to $500
High interest rates
Broker fee applies
Loan amount
$500 – $850
APR
Starting at 22%
Term
90 - 120 days
Fees
broker fee of up to $225
Turnaround time
Within 24 hours
Serviced provinces
Canada-wide except Manitoba, Quebec and Saskatchewan
Credito is an online credit brokerage where you can access loans of up to $850. Terms range from 90 - 120 days, and the easy online application process and fast approvals mean you can get money in a hurry.
No credit checks
Same-day approval and funding
Quick and easy application process
High brokerage fees
High interest rates
$850 maximum loan amount may not suit your needs
Loan amount
$500 – $850
APR
Starting at 23%
Term
90 - 120 days
Fees
$225 brokerage fee (amount set at broker's discretion)
Online loan apps in Canada make applying for a loan convenient and easy. The best apps combine a user-friendly interface with a straightforward application process, and many allow you to access same-day approval and funding. The loan amount can then typically be sent to your account via e-Transfer.
iCash wins again with its highly rated app. Its app makes applying for a loan dead easy. Once you download the app and complete a quick application, the funds can be sent to you within five minutes via e-Transfer. You can apply 24/7 and there's no paperwork required.
Why we chose it
High ratings for both Android and iOS. It has a 4.7 out of 5 rating on the Google Play store with over 100,000 downloads and a 4.8 out of 5 rating on the Apple store.
Easy app experience. The app has been designed to be simple and easy to use to quickly borrow money.
Repay in installments. Depending on your profile, you can repay your payday loan in 2-3 installments.
4.7 out of 5 stars from over 2,200 Trustpilot reviews
Payday lender Money Mart offers a popular mobile app for Android and Apple smartphones. You can use the app to quickly apply for an installment or payday loan, plus connect your bank account to get access to your funds the same day.
Simple to use
Get your money via Interac e-Transfer for fast funding
You can also use the app to find your nearest Money Mart location
Watch out for high interest rates
Founded in 1982
Member of the Canadian Consumer Finance Association
You can use the Cash Money app to access your Cash Money account at any time. You can also check your outstanding loan balance and make payments, plus sign up for notifications to remind you when your next payment is due.
Flexible eligibility requirements
Instant decisions
Also has physical branches
Watch out for high interest rates
Not available in all provinces
Check the fine print for any extra fees that may apply
Loan amount
$500 – $10,000
APR
Starting at 46.93%
Term
6 - 60 months
Min. credit score
560
Fees
Vary across provinces/territories
Turnaround time
in as little as 15 minutes with INTERAC e-Transfer® or on the spot at your nearest Cash Money store
Serviced provinces
AB, MB and NB for in-store applications, AB only for online
It’s possible to qualify for an online loan if you’re unemployed. To do so, you’ll need to be receiving some form of steady income, such as from employment insurance, disability benefits, social assistance and pensions.
The types of accepted non-employment income vary from one lender to another, so check the eligibility requirements before you apply.
LoanConnect is a broker that makes it easy to compare loans from a variety of lenders. You can apply with bad credit and non-employment income, and then be matched with a lender who works with borrowers like you.
Why we chose it
Over 30 lenders. LoanConnect works with a large network of lenders to help you find a loan that suits your needs.
Established. LoanConnect was founded in 2016 and is Better Business Bureau accredited.
Instant matches. Find out instantly what your loan options are, then choose the best option for your needs.
Pre-approval in five minutes
Wide range of loan terms and amounts available
Get money within 24-48 hours
High rates for bad credit
Other brokers might be able to connect you with more lenders
Nyble is an option if you're searching for an unemployed online loan. Many types of income are accepted, and it's quick and easy to apply online without completing a credit check. You can access a line of credit of up to $250 with Nyble.
No interest charges
No late fees
Avoid overdraft fees
$11.99 per month for fast transfers 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.
Magical Credit offers installment loans to people who are not employed but receive other forms of income, such as EI, CPP and private pensions. As long as your income is deposited into your bank account monthly, Magical Credit can consider your application.
Fast approval
Bad credit is okay
Flexible loan amounts
Higher rates than traditional lenders
Loan amount
$1,500 – $20,000
APR
19.99% – 46.8%
Term
12 - 60 months
Min. credit score
300
Fees
A single administration fee of $194
Turnaround time
Receive funds within as little as 24 hours
Serviced provinces
Canada-wide (excluding Manitoba, Saskatchewan and Quebec)
If you have bad credit, you’ll increase your chances of getting approved if you provide collateral, such as your car. If you default on your loan, the lender will use your collateral to recoup its losses.
Car title loans, which are loans secured by your car, are one of the most common secured loans for bad credit. You can apply quickly online, but the process isn’t completely digital as lenders will need to examine your car.
You can continue to drive your car if you get this loan.
Get Loan Approved is a lender of car title loans. It bases its approval on your car. To get approved, your car must be less than 10 years old, fully paid off and in good condition.
Why we chose it
Lenient requirements. You can get approved with bad credit and low income as long as your car is eligible.
Easy process. Get Loan Approved has agents across Canada. If you live in Ontario or BC, a mobile agent can come to you to appraise your car.
Increase your odds of approval. Using your car as collateral will reduce the risk for the lender, so they'll be more open to approving you.
Prudent Financial is a Toronto-based lender specializing in bad credit loans. It offers home equity and car title loans to Ontario borrowers, and a past bankruptcy or consumer proposal won't stop you from qualifying for a loan.
Title Loans Online (titleloansonline.ca) offers car and motorhome title loans to Canadian drivers. You can apply online without a credit check and get pre-approved. Approval is based on the equity in your vehicle, which must be 2013 or newer.
Fast approval
No credit check
Flexible loan amounts
High rates
Car must be eligible
Loan amount
$3,000 – $25,000
APR
14% – 49%
Term
24 - 60 months
Turnaround time
24 hours
Serviced provinces
British Columbia, Alberta, Saskatchewan and Ontario
What do I need to apply for online loans in Canada?
While eligibility criteria will vary depending on the online lender, the basic application requirements include the following:
Have a bank account
Meet any credit score requirements
Meet any income requirements and have proof of income
How to get online loans fast
Check your credit score.Find out your credit score before you start applying for online loans to determine which ones you might be eligible for so you don’t waste your time with unnecessary applications.
Check eligibility requirements. From minimum income thresholds to provinces serviced by the lender, make sure you fit the eligibility criteria.
Compare all options available to you. Look into all options available to people with your credit score and income. You may want to use a personal loan broker to compare multiple loan providers at one time.
Get your documents ready. Have bank statements, pay stubs and government-issued ID ready to go before you apply. Many online lenders offer instant bank verification to speed up the application process, so you may not need to send any documents to prove your income.
How do I receive my funds?
You’ll have two options to receive your funds if you’re applying for an online loan:
Interac e-Transfer. With Interac e-Transfer, you’ll receive an email from your lender that will include a link to direct you to the money transfer. Most lenders send e-Transfers within minutes after signing off on your loan and you can deposit funds immediately.
Direct deposit. Direct deposits are automatically deposited straight into your bank account with the account information (chequing account number, routing number and institution number) that you provided in your application. It can take a full business day for the funds to appear in your account.
How do I compare online loans?
To help you find the best online loans in Canada, consider these factors when comparing your options:
Loan amount. Some personal loan lenders provide online loans that cap out at $5,000 or even less, while others provide loans to the tune of $20,000 or more.
Interest rate. Rates for online personal loans can run as low as 6.99% right up to around 46.96%, depending on your credit score and other factors your lender may take into account.
Loan term. You could decide to take out a loan ranging from 3 – 60 months if you’re getting an online personal loan.
Unsecured or secured loans. If you have home equity or another asset you’d like to use to get a better rate or larger loan amount, focus only on secured loans.
Any extra fees and charges. From admin fees to NSF fees, some lenders may have extra charges tacked onto your loan. Check the fine print closely.
Are online loans safe?
Yes, online loans are safe — provided you make sure you’re dealing with a reputable lender. While there are plenty of legitimate lenders out there, you also need to be wary of the risks posed by scammers.
So before you apply for a loan, it’s important to do your due diligence to make sure the lender is completely above board.
How to find safe online loans in Canada
There are plenty of simple things you can do to make sure you’re dealing with a legit lender, such as:
Check if they’re licensed/registered. Check whether the lender is registered to provide loans where you live. If they offer online payday loans, make sure they have a payday lending licence in your province.
Check for BBB accreditation. See if the lender is accredited by the Better Business Bureau and check its BBB rating.
Watch out for red flags. Make sure you can recognize the signs that could indicate a loan scam, such as:
Making offers that sound too good to be true
Promising guaranteed approval or no-refusal loans
Asking for payment upfront
Trying to pressure you into signing a loan contract
Online personal loans vs online early pay vs online payday loans
Which type of online loan is right for you? Check the table below for a quick comparison of the available options.
Feature
Online personal loan
Online early pay
Online payday loan
Amount
$500–$50,000
$20–$350
$100–$1,500
Cost
6.99%–46.96%
No interest, but you may pay a subscription fee
$14 to $17 for every $100 borrowed
Loan term
3 – 60 months
Next pay cycle or flexible
Next payday, up to 62 days
Eligibility requirements
Bank account, steady income (employment preferred)
Bank account, steady income
Bank account, steady income
Frequently asked questions
It depends on the lender you decide to use. Some lenders prefer that you've been employed for at least 3 months, while others allow other forms of income, including government benefits, pension and social assistance. Check the lender's requirements before proceeding.
Yes, you can. Some lenders offer online loans with no credit check. However, these loans are costly and you'll be approved for small amounts only. Be sure to apply to a legitimate lender.
There are several online lenders that provide loans to residents of Ontario. You can choose from personal loans, short-term installment loans and pay advance apps, while payday loans are also an option but should only ever be considered as a last resort.
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
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