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Fact Checked
Update date 30.04.2025
A $700 loan in Canada is typically offered as a payday loan or an installment loan, giving borrowers fast access to funds for short-term needs. Payday loans are designed to be repaid by the next paycheque and often don’t require strong credit, making them accessible for those with low credit scores, though they tend to come with higher interest rates. Installment loans may offer more flexible repayment over several months. These loans are easy to apply for online, and approval is usually quick. While convenient, they can be costly, so understanding the repayment terms and full borrowing costs is essential.
Requirements and Conditions
Requirements
You must be the age of majority in your province or territory, which is usually 18 or 19 years old.
You must be a Canadian citizen or permanent resident.
A stable source of income is required, such as employment, government benefits, or self-employment. Most lenders expect consistent income for at least three to six months.
An active Canadian bank account is needed for receiving the loan and making automated repayments.
You need a valid phone number and email address to stay in contact with the lender throughout the loan process.
Conditions
The loan amount is typically $700, offered to meet short-term financial needs.
Interest rates vary by lender and loan type. Payday loans often have higher rates, while installment loans may offer lower, fixed rates.
Repayment terms depend on the loan product. Payday loans are usually due by your next payday, while other loans may allow multiple installments.
Loan duration ranges from a few weeks for payday loans to several months for installment or personal loans.
Additional fees may apply, such as origination fees or charges for late payments. Always check the total cost of borrowing before accepting the loan.
Finanso Opinion
$700 loans in Canada are short-term cash solutions offered by credit unions, online lenders, and loan companies. They’re often available with minimal credit checks and can be used for unexpected expenses or urgent bills. Terms vary, so it’s worth checking the APR, fees, and repayment period before applying. Some lenders offer soft credit checks, making the process more flexible.
FAQ
Can I get approved for a $700 loan in Canada with bad credit?
Yes, you can get a $700 loan with bad credit in Canada, especially through online lenders that focus on borrowers with low credit scores. These lenders typically look at your income and ability to repay rather than relying solely on your credit history. Payday lenders are another option, as they often skip credit checks entirely and base approval on your income and account activity.
What are the main risks of taking a payday loan in Canada?
Payday loans in Canada come with several risks, including extremely high borrowing costs with APRs often exceeding 300%, making them one of the most expensive loan options. They also have short repayment terms — typically 60 days or less — which can make it hard to repay on time. This may lead to borrowing again and falling into a cycle of debt. Some lenders may also operate without proper licenses or fail to follow provincial payday loan regulations, so it’s important to verify the legitimacy of any payday lender before applying.
