$900 Loans for April 2024

Get a $900 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®
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
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
i

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
i

Loan term for the financial product

60 months
Get Your FREE Quote Today!
Get Your FREE Quote Today!

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
i

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
i

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 $900 Loans?

A $900 loan in Canada typically refers to a financial arrangement where individuals can borrow a sum of $900 to address specific financial needs or emergencies. These loans can be obtained through various lending sources, including traditional lenders, online lenders, and payday loan providers. People may seek a 900 dollar loan to cover unexpected expenses such as medical bills, emergency repairs, or other urgent financial requirements.

Features

  1. Loan Amount. A $900 loan provides individuals with access to a specific amount of money, which can be used for various purposes such as covering emergency expenses, medical bills, or other urgent financial needs.

  2. Bad Credit Consideration. These loans often cater to individuals with poor credit scores or bad credit history. Lenders may focus on factors beyond credit scores, such as regular monthly income and employment status, to determine eligibility.

  3. Application Process. Borrowers can typically apply for a $900 loan through an online application form. The process is designed to be quick and convenient, allowing applicants to submit their information easily.

  4. Loan Terms. Borrowers should carefully review the loan terms, including the interest rate, repayment schedule, and any associated fees. Understanding these terms is crucial to making informed financial decisions.

  5. Checking Account Requirement. Lenders may require applicants to have a checking account. This is often where the loan amount is deposited and where automatic repayments are withdrawn.

Pros and Cons

Pros

Quick Access to Funds. Applying for a $900 loan in Canada often involves a straightforward online application process, allowing borrowers to access funds quickly, sometimes as soon as the next business day.

Bad Credit Consideration. Individuals with poor credit scores may still qualify for a $900 loan, as some lenders focus on factors beyond credit history, such as regular income and employment status.

Short-Term Solution. These loans are typically short-term, providing a quick financial solution for individuals facing unexpected expenses or emergencies without committing to long-term debt.

Variety of Lenders. There are many lenders offering $900 loans, including traditional lenders, online lenders, and payday loan providers. This variety provides borrowers with options and the ability to choose competitive rates.

Cons

High-Interest Rates. Payday loans and other short-term loans may come with higher interest rates compared to traditional loans, potentially leading to increased overall repayment amounts.

Risk of Debt Cycle. Borrowers with poor financial situations may find it challenging to repay the loan promptly, leading to a cycle of debt. The short repayment period can contribute to this risk.

Limited Loan Amount. While $900 may be sufficient for certain immediate needs, it might not cover larger expenses, potentially requiring borrowers to seek additional financial assistance.

Hard Credit Checks. Some lenders may perform hard credit checks during the application process, impacting the borrower's credit score. This can be a concern for individuals already dealing with poor credit.

How to Get a $900 Loan?

Apply for a Loan

  1. Complete an Online Application Form. Start by filling out an online loan request form provided by lenders offering $900 loans. Provide accurate personal and financial information, including your regular income, employment status, and bank account details.

  2. Submit Required Documentation. Some lenders may require additional documentation, such as bank statements, a valid ID, and proof of income. Be prepared to submit these documents to support your loan request.

  3. Review Loan Offers. Once your application is processed, review the loan offers from different lenders. Pay attention to the loan terms, including interest rates, repayment schedules, and any associated fees.

  4. Accept the Loan Offer. After comparing offers, select the lender that best suits your needs. Accept the loan offer by digitally signing the loan agreement.

  5. Receive Funds and Repay. Upon approval, the lender will deposit the $900 loan amount into your provided bank account, often within one business day. Repay the loan according to the agreed-upon schedule, which may involve automatic deductions from your bank account.

Requirements and Conditions

Requirements

  1. Age of Majority. Be the age of majority in the province or territory that you reside in. This ensures that the borrower is legally considered an adult and can enter into a contractual agreement.

  2. Citizenship or Permanent Residency. Be a Canadian citizen or permanent resident. Lenders often require borrowers to have legal status in Canada.

  3. Regular Source of Income. Have a regular source of income, preferably one that has remained the same for at least three to six months. This demonstrates the ability to repay the loan and provides stability in income.

  4. Active Bank Account. Have an active bank account that allows direct deposits and withdrawals. This is essential for the lender to deposit the loan amount and facilitate automatic repayments.

  5. Contact Information. Have an active phone number and email address. These contact details are crucial for communication between the borrower and the lender throughout the loan application and repayment process.

Conditions

  1. Loan Amount and Terms. The loan amount is typically $900, and the terms include the repayment period. Borrowers should understand the total cost of the loan, including interest rates and any associated fees.

  2. Interest Rates. Interest rates can vary, and borrowers should be aware of the specific rate attached to their $900 loan. High-interest rates are common for short-term loans, so it's essential to calculate the overall repayment amount.

  3. Repayment Schedule. Lenders provide a repayment schedule outlining when and how much the borrower needs to repay. It's crucial to adhere to this schedule to avoid late fees and potential negative impacts on credit.

  4. Loan Fees and Charges. Borrowers should review the loan agreement for any additional fees or charges. This may include application fees, processing fees, or fees for late payments.

Best Places to Get a $900 Loan

  1. Easyfinancial is a Canadian direct lender that offers various loan products, including personal loans. They are known for providing loans to individuals with different credit backgrounds, making them an option for those with poor credit scores.

  2. iCash is an online lending platform that provides short-term loans to Canadian residents. They focus on quick and easy online applications, and their services may be suitable for individuals in need of a small loan amount like $900.

  3. Spring Financial is another Canadian financial company that offers personal loans. They provide loan solutions to individuals with varying credit histories, and their application process is designed to be convenient and accessible.

  4. Mogo is a Canadian financial technology company that offers a range of financial products, including personal loans. They aim to provide users with tools to manage their financial health and offer loans with flexible terms.

Ways to Receive the Money

  1. Direct Deposit to Bank Account. The most common method is a direct deposit to the borrower's bank account. Once the loan is approved, the lender transfers the $900 loan amount directly into the bank account provided by the borrower.

  2. Interac e-Transfer. Some lenders may use Interac e-Transfer, a secure and fast electronic transfer service in Canada. In this case, borrowers receive an email or text message with instructions on how to claim the transferred funds through their online banking.

  3. Cheque Issuance. While less common for small loan amounts like $900, some lenders may issue a cheque to the borrower. The borrower can then deposit the cheque into their bank account.

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

Things to Pay Attention to

  1. Interest Rates and Fees. Understand the interest rates associated with the $900 loan. Pay attention to any additional fees, such as application fees, processing fees, or late payment fees.

  2. Repayment Terms. Review the repayment terms carefully. Understand the duration of the loan and the frequency of payments. Consider whether the repayment schedule aligns with your financial situation and the ability to repay without causing strain.

  3. Lender Reputation. Research the reputation of the lender offering the $900 loan. Look for customer reviews, testimonials, and ratings. A reputable lender should have transparent terms, fair practices, and positive feedback from borrowers.

  4. Impact on Credit Score. Understand how the loan may impact your credit score. Some lenders may perform a credit check, and certain types of loans can affect your credit history.

  5. Application Process. Evaluate the simplicity and efficiency of the application process. Online applications are common, but ensure the process is straightforward. Be prepared to provide necessary documentation, such as proof of income and identification.

  6. Alternatives and Financial Counseling. Before committing to a $900 loan, explore alternative options. Consider speaking with credit unions or financial counselors who can provide guidance on managing financial problems, debt consolidation, or finding alternative solutions to borrowing.

How to Repay a $900 Loan?

  1. Review Loan Agreement. Carefully review the terms of the $900 loan agreement, including the repayment schedule, interest rates, and any fees associated with late payments.

  2. Set Up Automatic Payments. If possible, opt for automatic payments by linking your bank account. This ensures timely repayments and helps you avoid late fees.

  3. Budget for Repayments. Create a budget that prioritizes loan repayments. Allocate funds from your regular income to cover the scheduled payments, factoring in your other financial obligations.

  4. Monitor Bank Statements. Regularly check your bank statements to confirm that the agreed-upon loan amounts are being deducted. Address any discrepancies promptly by contacting your lender.

  5. Early Repayment Consideration. If you have the means, consider repaying the $900 loan early. Check for any prepayment penalties or fees and assess whether early repayment is financially beneficial for you.

Reasons for Getting Rejected for a $900 Loan

  1. Poor Credit Score. Having a poor credit score is a significant factor that may lead to loan rejection. Lenders offering bad credit loans may still consider applicants with lower credit scores, but extremely poor credit could be a barrier.

  2. Past Financial Mistakes. Previous financial mistakes, such as defaults on loans or a history of late payments, can negatively impact a borrower's credit history. Lenders may view a pattern of financial mismanagement as a risk.

  3. High Debt-to-Income Ratio. A high debt-to-income ratio, where a significant portion of the borrower's income is already allocated to existing debts, can signal financial strain. Lenders may be hesitant to approve a loan if the borrower's ability to manage additional debt is in question.

  4. Unstable Employment or Income. Lenders prefer borrowers with a stable income source. Unstable employment or irregular income may be viewed as a risk, making it challenging to secure approval for a $900 loan.

  5. Bank Account Information. Inaccurate or incomplete bank account information provided during the application process can result in rejection. Lenders often require valid and active bank accounts for direct deposits and repayments.

Alternatives

  1. Pawn Shop Loans. Pawn shop loans involve using personal items as collateral to secure a short-term loan. If you have valuable items like jewelry or electronics, you can pawn them for a loan amount.

  2. Car Title Loans. Auto title loans allow borrowers to use their vehicle's title as collateral for a loan. The amount borrowed is based on the vehicle's value. While this option provides quick access to cash, defaulting on payments can lead to the repossession of the vehicle.

  3. Credit Card Cash Advance. Credit cards offer a revolving line of credit that allows you to make purchases up to a certain limit. If you need $900, you can use your credit card for the expense. Keep in mind that high interest rates may apply if the balance is not paid in full by the due date.

  4. Installment Loans. Installment loans provide a lump sum repaid over a set period in regular installments. Unlike payday loans, installment loans have longer terms, making it more manageable to repay.

Editorial Opinion

In considering $900 loans in Canada, it's essential to recognize the role they play in providing short-term financial assistance to individuals facing unexpected expenses. These loans, often available through direct lenders, can be accessed by individuals with various credit backgrounds, including those with a bad credit score. The application process, typically allowing borrowers to apply online, emphasizes convenience. However, caution should be exercised in understanding the terms associated with these loans, such as interest rates and repayment schedules. While a $900 loan may assist in addressing immediate financial needs, borrowers must carefully evaluate their ability to repay, keeping in mind factors like their next paycheck and financial obligations. Unsecured loans, including those offered by direct lenders, may serve as a viable option for some, but potential borrowers should thoroughly assess the terms and consider alternative financial solutions based on their unique circumstances.

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

How easy is it to get a $900 loan?

Obtaining a $900 loan can be relatively easy, especially with the availability of online direct lenders. The process often involves a straightforward online application, minimal documentation, and quick approval. However, borrowers should carefully review terms, including interest rates and repayment schedules, before proceeding to ensure the loan aligns with their financial situation.

What is the typical interest rate for a $900 loan in Canada?

Interest rates for $900 loans in Canada can vary among lenders. It's crucial to carefully review the terms and conditions provided by the lender, as interest rates play a significant role in determining the overall cost of the loan.

Can I apply for a $900 loan online, and what documents are required?

Yes, many lenders allow online applications for $900 loans in Canada. To complete the application process, you may need to provide basic documentation such as proof of identity (for example, a valid driver's license), proof of income (next paycheck), and information related to your residency status.

Loan Terms