1-Month Loans for April 2024

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Best Quick Loan Today 24.04.2024*
Mr. Payday
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Rating by Finanso®

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Recommended FinScore™
up to $10.000
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Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

What are 1-Month Loans?

In Canada, so-called "1-month loans" cater to individuals seeking short-term financial solutions, offering flexibility and swift access to funds. One prominent type of loan with extremely short repayment terms is the payday loan, which is designed to provide quick cash to borrowers facing immediate financial challenges.

Payday loans typically have a repayment term of one month, coinciding with the borrower's next payday. These unsecured loans are characterized by their smaller amounts, often up to $1,500, and the requirement for a lump-sum repayment upon receiving the next paycheck.


  1. Short Repayment Period. These loans have a concise repayment period of one month, aligning with the borrower's next paycheck. Repayment is typically a lump sum, ensuring a quick settlement of the debt.

  2. Small Loan Amounts. Such loans often involve smaller loan amounts, typically up to $1,500. This makes them suitable for covering immediate, modest expenses without committing to a long-term financial obligation.

  3. Flexible Application Requirements. Eligibility criteria for loans with one month term are generally less stringent compared to traditional loans. Borrowers typically need to meet basic requirements such as being of legal age, a Canadian citizen or resident, and having a steady income.

  4. No Credit Check. Most lenders providing loans with shorter repayment terms do not perform extensive credit checks, making these loans accessible to individuals with varying credit histories.

  5. Potential for Renewal or Rollover. In certain cases, borrowers may have the option to renew or rollover their loan if they are unable to repay the full amount by the due date. However, this may incur additional fees and should be approached with caution.

Pros and Cons


Quick Access to Funds. One of the primary advantages is the speed at which borrowers can access funds. This is particularly beneficial when facing urgent financial needs or unexpected expenses.

Flexible Eligibility. The relatively lenient eligibility criteria make these loans accessible to a broader range of individuals, including those with less-than-perfect credit histories.

Quick Loan Approval. Loans with one month term are known for their rapid approval process, allowing borrowers to access funds swiftly to address urgent financial situations.


High-Interest Rates and Fees. A significant drawback is the elevated interest rates and fees associated with short-term loans, making them a more expensive borrowing option compared to traditional loans.

Short Repayment Period. The one-month repayment term can be challenging for some borrowers, especially if they face unexpected delays in their financial situation.

Limited Loan Amounts. While suitable for immediate, small-scale needs, the limited loan amounts may not be sufficient for more substantial expenses or long-term financial challenges.

How to Get a Loan with a One Month Term

Apply for a Loan

  1. Research Lenders. Begin by researching reputable lenders that offer loans with one-month term in Canada. Consider factors such as interest rates, fees, customer reviews, and the lender's reputation.

  2. Check Eligibility Criteria. Review the eligibility criteria of potential lenders. Typically, requirements include being of legal age, a Canadian citizen or resident, having a steady income, and having an active bank account.

  3. Prepare Documentation. Gather necessary documentation, which may include government-issued ID, proof of income (pay stubs or bank statements), proof of residency, and details of your bank account.

  4. Online Loan Application. Many lenders provide online platforms for loan applications. Fill out the application form accurately and provide the required documentation. The online process is often quick and convenient.

  5. Loan Amount and Terms. Specify the loan amount you need and the desired repayment term, ensuring it aligns with the one-month duration. Be mindful of the associated interest rates and fees.

  6. Submit Application. Submit your loan application online. Some lenders may offer an instant decision, while others may take a short time to review your application.

  7. Approval and Agreement. If approved, carefully review the loan agreement, including terms, conditions, interest rates, and fees. Ensure you understand the repayment schedule and the total cost of the loan.

  8. Provide Bank Information. Once you agree to the terms, provide your bank information for fund disbursement. Some lenders may offer same-day funding, while others might take slightly longer.

  9. Repayment Plan. Understand the repayment plan, which typically involves repaying the loan amount in full, along with interest and fees, on your next payday.


  1. Age of Majority. Borrowers must be of legal age in their province or territory, which is typically 18 or 19 years old.

  2. Canadian Citizenship or Residency. Borrowers should be Canadian citizens or permanent residents.

  3. Steady Income. Many lenders require borrowers to have a steady source of income. This often involves having the same job for a minimum duration, such as 1 to 3 months.

  4. Minimum Monthly Income. Borrowers may need to earn a minimum monthly income, often around $800 or more, depending on the lender and the province.

  5. Active Canadian Bank Account. Borrowers are usually required to have an active Canadian bank account that has been open for a specified period, commonly three months.

  6. Contact Information. Borrowers need to provide valid contact information, including a phone number, mailing address, and email address.

  7. Identification. Government-issued identification, proving that the borrower is above the age of majority and is a Canadian resident, is typically required.


  1. Loan Amounts. Lenders specify the range of loan amounts they offer, with loans typically ranging up to $1,500. The specific amount a borrower qualifies for may depend on factors such as income and the province of residence.

  2. Interest Rates and Fees. Lenders disclose the interest rates and fees associated with the loan. Borrowers should carefully review these terms to understand the total cost of borrowing.

  3. Repayment Terms. The repayment term is one month, aligned with the borrower's next payday. The loan is usually repaid in a lump sum, including the principal, interest, and any applicable fees.

  4. Online Application. Many lenders provide an online application process for convenience. Borrowers can fill out the application form and submit documentation digitally.

  5. Early Repayment Options. Lenders may offer options for early repayment without penalties, allowing borrowers to settle the loan before the due date if they have the means to do so.

  6. Fund Disbursement. Lenders specify how the funds will be disbursed, often through direct deposit into the borrower's bank account.

  7. Rollover or Renewal Policies. Some lenders may provide options for loan renewal or rollover if the borrower is unable to repay the full amount by the due date. However, this often involves additional fees.

  8. Privacy and Security. Lenders emphasize privacy and security measures to protect borrowers' personal and financial information during the application process.

Best Places to Get a Loan with a One-Month Term

  1. iCash is a lending company operating across various Canadian provinces, offering instant loans online with amounts ranging from $100 to $1,500. The loan terms vary from 7 to 62 days, providing flexibility for borrowers. With a commitment to accessibility, iCash provides 24/7 approval and quick e-Transfers, catering to individuals with bad credit. Their online platform facilitates a straightforward application process, making it convenient for users to access funds promptly.

  2. GoDay stands out as a lending service available in different Canadian provinces, providing short-term loans ranging from $100 to $1,500. The loan terms extend up to 62 days, and GoDay is known for its instant approval process, e-Transfer capabilities, and acceptance of individuals with bad credit. These features make it a convenient option for those seeking quick financial solutions. The company's commitment to accessibility and swift processing distinguishes it in the short-term lending landscape.

  3. Cash Money is a payday lender that operates across provinces in Canada, offering short-term loans ranging from $100 to $1,500. The loan terms span from 5 to 40 days, emphasizing quick access to funds. Noteworthy for its instant approval process, Cash Money ensures e-Transfers in as little as 15 minutes, catering to individuals with bad credit. This commitment to rapid processing and accessibility positions Cash Money as a notable player in the short-term lending market.

  4. Money Mart is a lending company with a presence in various Canadian provinces, providing short-term loans from $120 to $1,500. The loan terms range from 1 to 62 days, offering flexibility to borrowers. Money Mart is characterized by its commitment to instant approval and a no-credit-check policy, making it an accessible option for individuals seeking quick financial assistance. The company's approach distinguishes it as a convenient and inclusive choice in the short-term lending sector.

Things to Pay Attention to

  1. Total Cost of Borrowing. Calculate the total cost of borrowing, including interest and fees. Ensure you are aware of the exact amount you will need to repay by the due date.

  2. Repayment Terms. Understand the repayment terms, including the due date. Short-term loans typically require a lump-sum repayment on the borrower's next payday. Confirm if there are any penalties for early repayment or options for loan renewal.

  3. Lender's Reputation. Research the lender's reputation by reading customer reviews and checking their standing with regulatory authorities. Choose reputable lenders to avoid potential scams or predatory lending practices.

  4. Credit Check Policy. Clarify the lender's credit check policy. While many short-term loan lenders do not perform extensive credit checks, understanding their approach can help you make an informed decision.

  5. Privacy and Security Measures. Ensure that the lender has robust privacy and security measures in place to protect your personal and financial information during the application process.

  6. Regulatory Compliance. Verify that the lender complies with relevant regulations in your province. This includes maximum allowable interest rates and fees to protect borrowers from excessive costs.

  7. Alternatives to Short-Term Loans. Consider alternatives, such as traditional personal loan options, credit unions, or exploring government assistance programs. Compare these options to ensure you choose the most suitable one for your needs.

  8. Customer Support. Assess the quality of customer support provided by the lender. Prompt and responsive customer service is essential for addressing any concerns or queries you may have during the borrowing process.

How to Repay a Loan

  1. Review Loan Agreement. Thoroughly review the loan agreement to understand the repayment terms, including the due date, the total amount due, and any fees or interest charges.

  2. Set Up a Repayment Plan. Plan your budget to ensure you have sufficient funds to cover the loan repayment on the agreed-upon date. Consider setting aside the repayment amount in your bank account well in advance.

  3. Automatic Withdrawal. Many lenders set up automatic withdrawals on the due date. Ensure that your bank account has enough funds to cover the full repayment amount. Automatic withdrawals are a common feature of short-term loans.

  4. Early Repayment. If you have the means to do so, consider repaying the loan early. Check with the lender to confirm if there are any penalties or fees associated with early repayment. Early repayment can save you on interest costs.

  5. Payment Methods. Confirm the accepted payment methods with the lender. Payments are often made through direct debit from your bank account. Some lenders may also accept alternative methods, such as online payments or in-person payments.

  6. Monitor Bank Account. Keep a close eye on your bank account around the due date to ensure that the full loan repayment amount is withdrawn. Set up alerts or reminders to avoid any potential issues with insufficient funds.

  7. Late Payment Considerations. If you anticipate difficulty in making the repayment on time, contact the lender in advance. Some lenders may offer flexibility, such as adjusting the repayment date or providing alternative arrangements.

  8. Communicate with the Lender. Maintain open communication with the lender. If you encounter unexpected financial challenges, inform the lender promptly. Some lenders may work with borrowers to find solutions and avoid late fees.

  9. Check for Confirmation. After the due date, check your bank account to confirm that the full loan repayment has been successfully processed. Keep any confirmation emails or receipts provided by the lender for your records.

  10. Record Keeping. Keep records of all loan-related documents, including the original agreement, repayment receipts, and any communication with the lender. These records may be valuable in case of disputes or inquiries.

Reasons for Getting Rejected for a Loan

  1. Insufficient Income. If a borrower's income is below the lender's minimum requirement, they may be deemed unable to afford the loan repayments.

  2. Unstable Employment. Lenders often prefer borrowers with a stable employment history. If the applicant has recently changed jobs frequently or has inconsistent employment, it may raise concerns.

  3. Low Credit Score. A low credit score reflects a borrower's creditworthiness. Lenders may reject applicants with low credit scores as they are considered higher risk.

  4. High Debt-to-Income Ratio. Lenders assess the ratio of a borrower's debt to their income. A high debt-to-income ratio indicates a higher risk of default and may result in rejection.

  5. Recent Bankruptcy or Default. Individuals with a recent history of bankruptcy, foreclosure, or loan default may face rejection due to concerns about their ability to manage debt.

  6. Outstanding Loans or Overindebtedness. Having multiple outstanding loans or being overindebted may signal financial strain and increase the likelihood of rejection.

  7. Loan Amount Exceeds Capacity. Requesting a loan amount that exceeds the borrower's capacity to repay may result in rejection. Lenders evaluate the requested amount concerning the borrower's income.


  1. Credit cards are financial tools that allow users to make purchases on credit up to a predetermined limit. Users can borrow money from the card issuer and repay it later, either in full by the due date or over time with interest. Credit cards offer convenience and flexibility, enabling transactions both in-store and online. They often come with various features such as rewards programs, cashback offers, and the ability to build a credit history. Responsible use of credit cards can positively impact credit scores, while misuse may lead to debt accumulation.

  2. Pawnshop loans involve obtaining a short-term loan by using personal possessions as collateral. Borrowers bring items of value, such as jewelry or electronics, to a pawnshop, and the pawnbroker assesses their worth. Based on the item's value, the borrower receives a loan, typically for a fraction of the item's appraisal. If the borrower repays the loan within the agreed-upon period, they retrieve their item. Failure to repay results in the pawnshop retaining the collateral. Pawnshop loans are accessible to individuals with poor credit or those seeking quick, collateral-based financing.

  3. Peer-to-peer lending, often abbreviated as P2P lending, is a financial platform that connects individual borrowers directly with individual lenders, cutting out traditional financial intermediaries like banks. Through online platforms, borrowers can request loans for various purposes, and investors can choose to fund these loans in exchange for interest payments. P2P lending creates a decentralized lending environment, offering borrowers potentially lower interest rates than traditional personal loans and providing investors with opportunities to earn returns. The process typically involves credit assessments of borrowers by the P2P platform, allowing lenders to make informed investment decisions.

  4. Title loans involve using a vehicle's title as collateral to secure a short-term loan. Borrowers provide the title of their car, motorcycle, or other vehicles to the lender, who assesses its value and offers a loan amount based on a percentage of that value. The borrower retains possession of the vehicle but risks repossession if unable to repay the loan. Title loans are often sought by individuals with poor credit who need quick access to cash. However, due to high-interest rates and the potential loss of the vehicle, borrowers should carefully consider the risks associated with title loans.

Editorial Opinion

One-month loans, such as payday loans or short-term installment loans, serve as a financial option with advantages and challenges. On the positive side, these loans provide a quick and accessible solution for individuals facing immediate financial needs, offering convenience and flexibility. The streamlined application process and minimal eligibility requirements make them accessible to a wide range of borrowers. However, the notable downside lies in the high-interest rates and fees associated with such loans, which can potentially lead borrowers into a cycle of debt if not managed carefully.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


What is the shortest term for a loan?

The shortest term for a loan typically ranges from a few days to a month. These extremely short-term loans are often referred to as payday loans or cash advances. They are designed to provide borrowers with quick access to funds to cover immediate and urgent expenses, with the expectation of repayment on their next payday. While the short duration offers rapid financial relief, borrowers need to be mindful of the high-interest rates and fees associated with such loans.

How can I borrow money urgently?

In urgent financial situations, there are several options to borrow money quickly. Traditional methods include approaching family or friends for a loan, utilizing a credit card for immediate expenses, or seeking assistance from a local credit union. Additionally, online lenders and payday loan providers offer quick and accessible solutions, allowing borrowers to complete the application process online and receive funds within a short timeframe. It's crucial to carefully consider the terms, interest rates, and fees associated with any borrowing option to make an informed decision.

What kinds of loans can I get for 1 month?

For short-term financial needs lasting one month, two common options are to get a payday loan or a credit card cash advance.

Payday loans are unsecured loans designed to cover immediate expenses until the borrower's next payday. Typical payday loan is ranging from $100 to $1,500, payday loans have a short repayment period, often aligning with the borrower's next paycheck, which is approximately one month.

Credit card cash advance allows credit cardholders to withdraw cash directly from their credit card account, providing a quick solution for immediate needs. The amount available for a cash advance is usually limited to a percentage of the credit card's overall limit. Repayment is typically expected by the next billing cycle, making credit card cash advances another option for those seeking short-term financial assistance, though borrowers should be mindful of the associated costs.

Loan Terms