$400 Loans for April 2024

Get a $400 loan at one of the lenders verified by our specialists. On 24.04.2024 there are 5 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 5
Updated
04.04.2024
17:07
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®
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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™
0
300
650
1000
up to $10.000
Mogo
Personal Loan
Rating by Finanso®
i

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™
0
300
650
1000
$500-$15,000
Rate
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Effective interest rate on the product

up to 46.96%
Term
i

Loan term for the financial product

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

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™
0
300
650
1000
$500-$50,000
Rate
i

Effective interest rate on the product

7.5%
Term
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Loan term for the financial product

60 months
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Take advantage of our loan selection system with a free credit check!

Cash 4 You
Payday Loan
Rating by Finanso®
i

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™
0
300
650
1000
$120-$1,500
Rate
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Effective interest rate on the product

up to 391.07%
Term
i

Loan term for the financial product

up to 14 days
Loan Express
Payday Loan
Rating by Finanso®
i

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™
0
300
650
1000
$100-$1,500
Rate
i

Effective interest rate on the product

up to 517.08%
Term
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Loan term for the financial product

up to 62 days
Reviews
Royal Bank of Canada
4.6
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Review
Royal Bank of Canada
4.4
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Review
Royal Bank of Canada
2.4
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Review
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review

What are $400 Loans?

A $400 loan in Canada typically refers to a small, short-term loan where individuals can borrow a sum of $400 to address immediate and unexpected expenses. These loans are often known as payday loans, and they are designed to provide quick access to funds for individuals facing temporary financial challenges.

Features

  1. Loan Amount. A $400 loan in Canada represents the amount borrowed, providing individuals with a relatively small sum to address immediate financial needs.

  2. Short-Term Nature. Payday loans are short-term loans, typically meant to be repaid by the borrower's next payday. This allows for quick resolution of financial challenges without long-term commitments.

  3. Quick Approval Process. The application process for a $400 loan is generally quick and straightforward. Unlike traditional financial institutions, payday lenders often offer expedited approval, making it suitable for emergency situations.

  4. Direct Lenders. $400 loans in Canada are typically provided by direct lenders, including licensed payday lenders. This means borrowers work directly with the institution providing the loan, as opposed to intermediaries.

  5. Accessibility for Bad Credit. Payday lenders may consider factors beyond credit history when approving loans. This makes $400 loans accessible to individuals with poor or bad credit scores who may face challenges securing loans from traditional lenders.

Pros and Cons

Pros

Quick Access to Funds. One of the advantages of $400 loans in Canada is the quick access to funds. Direct lenders, often licensed payday lenders, provide a swift application process, making it suitable for addressing unexpected expenses.

Accessibility for Bad Credit. $400 loans are accessible to individuals with poor or bad credit scores. Unlike traditional lenders that heavily rely on credit history, payday lenders consider various factors, providing an opportunity for those with credit challenges.

Short-Term Solution. These loans serve as a short-term financial solution, allowing borrowers to address immediate needs without committing to long-term repayment plans. This can be beneficial for those facing temporary financial challenges.

Simplified Application Process. The application process for $400 loans is often streamlined. Borrowers can fill out an online form, provide necessary personal details, and submit a loan request without the extensive paperwork associated with traditional financial institutions.

Cons

High Interest Rates. A significant drawback of $400 loans in Canada is the potential for high interest rates. Payday loans may come with higher borrowing costs compared to traditional loans, making them an expensive option.

Additional Fees. Borrowers should be cautious about additional fees associated with $400 loans. These may include processing fees or late payment charges, contributing to the overall cost of borrowing.

Limited Loan Amount. The relatively small loan amount of $400 may not be sufficient for significant financial needs. If borrowers require a more substantial sum, they may need to explore alternative borrowing options with higher loan limits.

Potential for Predatory Lenders. Some lenders may take advantage of individuals with financial difficulties, making it crucial for borrowers to choose reputable and trusted lenders.

How to Get a $400 Loan?

Apply for a Loan

  1. Fill Out Online Form. Visit the website of a licensed payday lender and fill out the online loan request form. Provide personal details and information about your financial situation.

  2. Submit Necessary Documentation. Follow the lender's instructions to submit any required documentation, such as proof of income or employment. Ensure all details are accurate.

  3. Agree to Terms. Review the loan terms, including the repayment schedule, interest rates, and any additional fees. Agree to the terms if you are comfortable with them.

  4. Wait for Approval. Once you submit the online form and necessary documents, wait for the lender's approval. Many payday lenders offer quick approval decisions.

  5. Receive Funds. If approved, the lender will deposit the $400 loan amount into your active bank account. Repayment will typically be automatically deducted from your account on the agreed-upon due date.

Requirements and Conditions

Requirements

  1. Age. You must be the age of majority in your province or territory, which is 18 or 19 years old, depending on the region.

  2. Income. You need recurring income, whether from employment, benefits, or pension. Lenders often require proof of a stable income source to assess your ability to repay the loan.

  3. Residency. You must be a Canadian citizen or resident to be eligible for a $400 loan in Canada. Lenders may require proof of residency as part of the application process.

  4. Bank Account. You need an active bank account. Most payday lenders deposit the loan amount directly into your bank account and set up automatic repayment. Having an active bank account is crucial for these transactions.

Conditions

  1. Loan Amount. Borrowers can typically request a loan amount of $400 to address immediate financial needs.

  2. Repayment Terms. The repayment terms for $400 loans are usually short-term, with the borrower expected to repay the loan by their next payday. This ensures a quick resolution to the financial arrangement.

  3. Interest Rates. Payday loans, including $400 loans, may come with higher interest rates compared to traditional loans. Borrowers should be aware of the specific interest rates associated with their loan and factor this into their repayment plan.

  4. Fees and Additional Charges. Borrowers should carefully review the loan agreement for any additional fees, such as processing fees or late payment charges. Understanding the complete cost of borrowing is crucial.

  5. Automatic Repayment. Repayments for $400 loans are often set up for automatic deduction from the borrower's bank account on the agreed-upon due date. This automated process simplifies the repayment for both the borrower and the lender.

Best Places to Get a $400 Loan

  1. Cash Money is a payday loan provider with various locations across Canada. They offer loans, including $400 loans, and have an online application process for added convenience to borrow money quickly.

  2. iCash is an online lender providing short-term loans to Canadians. They offer a straightforward online application process and focus on quick approval and disbursement of funds. iCash may be suitable for those who prefer online transactions.

  3. Speedy Cash is a well-established payday loan provider with physical locations in addition to online services. They offer short-term loans, including $400 loans, and are known for their quick application process and approval decisions.

  4. Money Mart is a widely recognized financial services company in Canada, offering payday loans among other services. They have both physical branches and online services, providing borrowers with flexibility in accessing funds.

Ways to Receive the Money

  1. Direct Deposit. Direct deposit is a common method where the lender transfers the approved loan amount directly into the borrower's bank account. This process is quick and allows borrowers to access the funds as soon as they are deposited.

  2. Interac e-Transfer. Some lenders may use Interac e-Transfer to send money to borrowers. With this method, the borrower receives an email or text notification with instructions on how to securely access the funds online.

  3. Prepaid Debit Card. In some cases, lenders may provide borrowers with a prepaid debit card loaded with the approved loan amount. Borrowers can then use the card for purchases or ATM withdrawals.

  4. Cheque Issuance. While less common, some lenders may issue a physical cheque for the loan amount. Borrowers can then deposit or cash the cheque through their bank.

Things to Pay Attention to

  1. Credit Check. Payday loan lenders may conduct a soft credit check or may not check credit at all. This is advantageous for individuals with poor credit or a bad credit score.

  2. Eligibility Criteria. Understanding the eligibility criteria is crucial. Direct lenders may have specific requirements, such as a valid checking account, proof of income, and providing valid contact details.

  3. Loan Terms. Pay attention to the loan terms, including the repayment schedule, interest rates, and any additional fees associated with the $400 loan. Ensure that the terms align with your financial situation.

  4. Automatic Deduction. Many lenders automatically deduct the loan repayment, including interest, from the borrower's checking account on the agreed-upon due date. This is a common practice for payday loans.

  5. Financial Institution. Consider whether to approach a bank or credit union for a $400 loan, or if you prefer the services of a direct lender. Each option has its own advantages and considerations.

  6. Loan Decision Time. The speed of the loan decision is crucial, especially in emergency situations. Direct lenders often provide same-day loan decisions, making them a suitable option for unexpected medical bills or other expenses.

How to Repay a $400 Loan?

  1. Check Repayment Terms. Review the repayment terms outlined in the loan agreement, including the due date, interest rates, and any additional fees associated with the $400 loan.

  2. Ensure Sufficient Funds. Ensure that your checking account has sufficient funds on the agreed-upon due date. Many lenders automatically deduct the loan repayment, so having the necessary funds is crucial.

  3. Automatic Deduction. If the loan agreement includes automatic deduction, the lender will automatically withdraw the repayment amount, including interest, from your checking account on the specified due date.

  4. Monitor Account Balance. Monitor your checking account balance to confirm that the repayment has been successfully deducted. This helps avoid any potential issues and ensures timely repayment.

  5. Keep Communication Open. If you encounter any challenges in repaying the $400 loan, communicate with the lender early. Some lenders may offer flexibility or alternative repayment arrangements if you inform them in advance.

Reasons for Getting Rejected for a $400 Loan

  1. Insufficient Income. If the applicant's income is not sufficient to cover the loan amount and associated fees, lenders may reject the loan application. They assess whether the borrower has the financial capacity to repay the loan.

  2. Unstable Employment. Lenders may consider employment stability. If the applicant has an unstable employment history or is currently unemployed, it may raise concerns about their ability to repay the loan.

  3. Multiple Outstanding Loans. Having multiple outstanding loans may signal financial strain to lenders. If the borrower already has significant debt obligations, it could result in rejection.

  4. Incomplete or Inaccurate Information. Providing incomplete or inaccurate information on the loan application, such as incorrect contact details or income information, may lead to rejection.

  5. Recent Bankruptcy or Insolvency. Individuals who have recently declared bankruptcy or experienced insolvency may face challenges in obtaining a loan as lenders may view them as high-risk borrowers.

Alternatives

  1. Secured Credit Cards. Individuals can consider applying for secured credit cards. These cards require a security deposit and are designed to help build or rebuild credit. They provide a credit limit equal to the amount of the security deposit.

  2. No Credit Check Loan. Some lenders offer no credit check loans, which may be an option for those with poor credit. However, these loans often come with higher interest rates, so it's essential to carefully review the terms.

  3. Cash Advance Apps. Cash advance apps allow users to access a portion of their upcoming paycheck before the actual payday. These apps often have lower fees compared to traditional payday loans and provide a convenient way to address short-term financial needs.

  4. Installment Loan. Opt for installment loans, which allow borrowers to repay the borrowed amount over a series of scheduled payments. This provides more flexibility in managing repayments compared to a lump sum payment.

Editorial Opinion

In the realm of personal finance, the utilization of $400 loans in Canada can be viewed as a pragmatic solution for addressing immediate and unexpected financial challenges. While these short-term loans from direct lenders can offer a quick and accessible financial lifeline, it is imperative for borrowers to exercise caution and thoroughly understand the terms involved. The prominence of soft credit checks contributes to a streamlined application process, making these loans accessible to individuals with diverse credit histories. However, the potential for expensive loans and the necessity for lump-sum repayment underscore the importance of prudent financial decisions. As with any financial tool, responsible borrowing, prior consent, and a judicious evaluation of one's ability to meet repayment obligations remain pivotal to ensuring that these loans serve as a constructive resource rather than exacerbating existing money problems. Ultimately, the choice of a trusted lender and an awareness of the associated terms can make all the difference in navigating the terrain of short-term loans.

Important

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.

Methodology

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.

FAQ

Can I get a loan with a 400 credit score?

Getting a loan with a 400 credit score can be challenging as it reflects poor credit. Traditional lenders may be hesitant, but some direct lenders specialize in loans for individuals with lower credit scores.

How easy is it to get a $400 loan?

The ease of obtaining a $400 loan depends on the lender and the specific terms. Direct lenders offering payday or short-term loans may provide a quicker and more accessible option, often with a simplified application process and potential for same-day approval, making it relatively easy to secure a $400 loan, especially compared to traditional lending institutions.

How quickly can I receive a $400 loan in Canada?

Direct lenders specializing in short-term loans, such as $400 loans, typically provide swift loan decisions. In many cases, borrowers can receive approval on the same business day as their application. This quick decision-making process is particularly advantageous for individuals facing unexpected bills or medical expenses, providing a rapid financial solution.

Loan Terms