Instant Loans for April 2024

Get an instant loan at one of the lenders verified by our specialists. On 23.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
Best Quick Loan Today 23.04.2024*
Mr. Payday
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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™
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 is an Instant Loan?

An instant loan, often referred to as a payday loan or personal loan, is a financial solution designed to provide quick access to funds for individuals facing urgent financial needs. These loans are particularly beneficial in emergencies where immediate cash is required to address unexpected expenses. Applying for an instant loan can typically be done online, offering a convenient and swift process. Upon approval, the funds are directly deposited into the borrower's bank account, ensuring rapid access to the financial assistance they need. Payday loans, a subset of instant loans, stand out for their accessibility to individuals with bad credit, requiring minimal eligibility criteria such as an active bank account and proof of employment. While instant loans serve as a quick financial lifeline, borrowers must be mindful of associated costs, including higher interest rates.

When considering instant loans in Canada, individuals can choose between instant payday loans and personal loans, each with its own set of advantages and drawbacks. Payday loans are known for their speed and accessibility, offering quick approval and funding within minutes. However, they come with higher interest rates compared to personal loans. On the other hand, personal loans provide a longer repayment term, ranging from 3 to 60 months, allowing borrowers to manage their repayments over a more extended period. Additionally, personal loans may offer higher loan amounts, up to $10,000, making them suitable for larger financial needs.


  1. Flexible Loan Terms. Personal loans offer a longer repayment term, ranging from 3 to 60 months. Payday loans provide a shorter-term solution for immediate financial needs.

  2. Higher Loan Amounts. Personal loans may qualify borrowers for amounts up to $10,000. Payday loans typically have a maximum limit of $1,500.

  3. Manageable Interest Rates. Personal loans often come with lower starting interest rates compared to payday loans. Compare Annual Percentage Rates (APRs) to understand the true cost of interest and fees.

  4. Credit Building Opportunities. Some personal loan lenders report on-time payments to credit bureaus, assisting in credit score improvement.

  5. Stricter Eligibility Criteria for Personal Loans. Personal loans may require a higher credit score and income threshold compared to payday loans.

  6. Extended Repayment Period. Personal loans involve longer repayment durations, spreading payments over an extended period.Payday loans require quicker repayment, usually by the next payday.

Pros and Cons


Quick Access to Funds. Rapid application and approval processes ensure swift access to much-needed funds during emergencies.

Versatile Use of Funds. Borrowers can utilize instant loans for various purposes, such as groceries, child support, vet bills, home renovations, or unexpected financial events.

Convenient Eligibility Criteria. Simplified eligibility requirements, including minimal documentation and no credit history check, make it easier for individuals to qualify.


Higher Interest Rates. Instant loans, especially payday loans, often come with higher interest rates compared to traditional loans, leading to increased overall costs.

Shorter Repayment Period for Payday Loans. Payday loans require repayment by the next payday, potentially leading to financial strain for some borrowers.

Potential Strain on Credit Scores. Late or missed payments on both personal and payday loans can negatively impact credit scores, affecting borrowers' long-term financial health.

How to Get an Instant Loan

Apply for a Loan

  1. Research Lenders. Explore reputable lenders offering instant loans in Canada. Consider factors such as customer reviews, interest rates, and terms.

  2. Check Eligibility Criteria. Review the eligibility requirements of different lenders. Common criteria include age (18 years or older), proof of address, a bank account open for at least 3 months, proof of full-time employment for at least 3 months, and receiving pay through direct deposit.

  3. Gather Necessary Documents. Collect required documents, such as proof of address, bank statements, and proof of employment. Some lenders may not require a credit history.

  4. Submit Online Application. Visit the lender's website and complete the online application form. Provide accurate information about your identity, employment, and financial situation.

  5. Instant Bank Verification. Some lenders offer instant bank verification, streamlining the approval process. Ensure that the bank account provided is active and has been open for the required duration.

  6. Wait for Approval. After submitting the application, wait for the lender to review and approve your request. The approval process may take minutes to a few hours, depending on the lender.

  7. Review Loan Terms. Once approved, carefully review the loan terms, including interest rates, fees, and repayment schedule. Ensure that you understand all the terms before proceeding.

  8. Accept the Loan Agreement. If satisfied with the terms, accept the loan agreement. This may involve an electronic signature or confirmation through the lender's platform.

  9. Receive Funds. After accepting the agreement, the lender will transfer the approved funds directly into your bank account. The time it takes for the funds to be available varies among lenders.


  1. Age Eligibility. Must be at least 18 years old to apply for an instant loan in Canada.

  2. Proof of Address. Provide documentation confirming a stable address for a minimum period, typically at least 6 months.

  3. Active Bank Account. Maintain a bank account that has been open for at least 3 months.

  4. Employment Verification. Proof of full-time employment for a minimum of 3 months.

  5. Direct Deposit. Receive pay through direct deposit into the specified bank account.

  6. Credit History (Varies). Some lenders may not require a credit history, making loans accessible to individuals with bad credit.

  7. Not Bankrupt or Subject to Wage Garnishment. Borrowers should not be in bankruptcy proceedings or subject to wage garnishment.


  1. Loan Amount. Lenders specify the maximum loan amount that borrowers can apply for, which may vary based on the type of loan.

  2. Interest Rates. Clearly outline the interest rates associated with the loan, often expressed as an Annual Percentage Rate (APR).

  3. Loan Terms. Specify the duration of the loan, indicating how long borrowers have to repay the borrowed amount.

  4. Repayment Structure. Detail the repayment schedule, including the frequency of payments (e.g., monthly, bi-weekly).

  5. Fees. Clearly state any fees associated with the loan, such as late payment fees, NSF fees, or prepayment fees.

  6. Credit Reporting (Varies). Some lenders may report on-time payments to credit bureaus, providing an opportunity for borrowers to improve their credit scores.

  7. Application Process. Outline the steps involved in the application process, including document submission and verification procedures.

Best Places to Get an Instant Loan

  1. Loan Express. Loan Express, established in 2005, stands as one of the leading payday lenders in Canada, providing online loans 24/7 for individuals in need of emergency funds. The company boasts a rapid approval process, with the potential to receive an emergency loan in as little as 60 minutes. While instant loans are accessible around the clock, customer support operates during business hours. Loan Express offers flexibility in its loan details, including varying interest rates by province, loan amounts ranging from $100 to $1,500, and a repayment term of up to 62 days. The lender accommodates various income types, such as pensions, disability, child tax credit, and other regularly paid government benefits.

  2. PAY2DAY. Commencing payday lending services in 2006, PAY2DAY is a prominent player in the emergency loan sector, offering no credit check options. With a focus on accessibility, individuals with bad credit can apply for PAY2DAY emergency loans online or in-store. The company emphasizes speed, providing the potential to secure an urgent loan within 60 minutes, available 24/7. Additionally, PAY2DAY distinguishes itself by offering 24/7 online customer service. Similar to other payday lenders, PAY2DAY sets varying interest rates by province, allows loan amounts from $300 to $1,500, and offers a repayment term of up to 62 days. Employment, EI, and retirement income are accepted as qualifying incomes.

  3. Cash Money. In operation since 1992, Cash Money has established itself as a reliable payday lender, assisting nearly 1.2 million Canadians with short-term cash needs. Beyond emergency cash loans, the company provides lines of credit, offering diverse financial solutions. Cash Money prides itself on a swift process, granting instant loan approval and e-Transfer funding within 15 minutes after approval. However, this timeline may extend if applying outside business hours. The loan details encompass varying interest rates by province, loan amounts ranging from $100 to $1,500, and a repayment term of 5 to 40 days. Cash Money accepts a range of incomes, including employment, CCB, disability tax credit, OAS, CPP, and private pensions.

  4. FlexMoney. FlexMoney distinguishes itself by offering an easy online application and approval process for urgent loans, even for individuals with bad credit. The company streamlines the process by eliminating the need for document uploads during application, aiming for an average approval time of 15 to 30 minutes. Funds for emergency loans are typically released within 24 hours. The application timeline is dependent on when an individual applies, with the possibility of same-day funding if applied in the morning or next business day funding for later applications. The loan details for FlexMoney include interest rates ranging from 18.90% to 46.90%, loan amounts from $500 to $15,000, and flexible repayment terms spanning 6 to 60 months. A minimum income of $2,000 per month is required, and the lender accepts various income sources, including employment and pensions.

Things to Pay Attention to

  1. Interest Rates. Understand the interest rates associated with the loan, expressed as the Annual Percentage Rate (APR). Compare rates from different lenders to ensure you choose the most favorable terms.

  2. Fees and Charges. Be aware of all fees, including application fees, late payment fees, NSF fees, and prepayment fees. A transparent fee structure helps in assessing the total cost of the loan.

  3. Repayment Terms. Review the repayment terms, including the duration of the loan and the frequency of payments. Ensure that the repayment schedule aligns with your financial capacity.

  4. Loan Amounts. Check the maximum loan amount offered by the lender. Ensure it meets your financial needs without exceeding what you can comfortably repay.

  5. Credit Reporting. If credit reporting is part of the lender's policy, understand how timely payments may impact your credit score positively. Conversely, be aware of the potential negative consequences for missed payments.

  6. Eligibility Criteria. Thoroughly understand the eligibility criteria set by the lender. Ensure you meet all requirements before applying to avoid potential rejections or delays.

  7. Approval Timeframe. Consider the speed of the approval process. If you need funds urgently, opt for lenders offering quick approval and transfer of funds within a timeframe that suits your needs.

  8. Online Security. Verify the online security measures implemented by the lender to protect your personal and financial information during the application process.

  9. Customer Reviews. Research customer reviews and ratings for the lender on reputable platforms. This provides insights into the experiences of other borrowers and the overall reputation of the lender.

How to Repay an Instant Loan

  1. Review Loan Agreement. Thoroughly review the loan agreement to understand the repayment terms, including the duration of the loan, interest rates, and the frequency of payments.

  2. Identify Repayment Dates. Take note of the scheduled repayment dates specified in the agreement. Lenders typically outline when payments are due, whether monthly, bi-weekly, or according to a different schedule.

  3. Set Up Automatic Payments (if available). Many lenders offer the option to set up automatic payments. If feasible, enable this feature to ensure timely payments and avoid potential late fees.

  4. Consider Early Repayment. If financially feasible, consider repaying the loan early. Some lenders may allow early repayment without additional fees, potentially reducing the overall interest paid.

  5. Monitor Bank Statements. Regularly monitor your bank statements to confirm that loan payments are deducted as scheduled. Contact the lender promptly if any discrepancies arise.

  6. Contact Lender for Issues. If you encounter financial difficulties or anticipate challenges in making a payment, contact the lender in advance. Some lenders may offer flexibility or alternative arrangements.

  7. Understand Late Payment Consequences. Be aware of the consequences of late payments, including late fees and potential damage to your credit score. Timely payments are crucial for maintaining a positive credit history.

  8. Credit Reporting (if applicable). If the lender reports to credit bureaus, ensure that on-time payments contribute positively to your credit score. This can be beneficial for future financial endeavors.

  9. Retain Documentation. Keep copies of all loan-related documents, including the loan agreement and payment receipts. This documentation is valuable for reference and potential dispute resolution.

  10. Seek Financial Counseling (if needed). If you encounter challenges in repaying the loan, consider seeking financial counseling. Non-profit organizations and financial advisors can guide managing debt and improving financial stability.

Reasons for Getting Rejected for an Instant Loan

  1. Low Credit Score. One of the primary factors lenders consider is the applicant's credit score. A low credit score may indicate a higher risk of default, leading to loan rejection.

  2. Insufficient Income. Lenders assess the applicant's income to ensure they have the financial capacity to repay the loan. If the income is deemed insufficient to cover the loan amount and associated expenses, the application may be rejected.

  3. Unstable Employment. Applicants with unstable employment histories or recent changes in employment may face rejection. Lenders often prefer borrowers with a steady and reliable source of income.

  4. Incomplete or Inaccurate Information. Providing inaccurate or incomplete information on the loan application can lead to rejection. It's crucial to ensure that all details, including income, employment history, and personal information, are accurate.

  5. Recent Bankruptcy. Individuals who have recently declared bankruptcy or are currently in the bankruptcy process may face rejection due to the perceived financial instability.

  6. Excessive Loan Applications. Submitting multiple loan applications within a short period can raise concerns for lenders. It may be interpreted as financial distress or desperation, potentially leading to rejection.

  7. Legal Issues. Individuals involved in legal issues, such as wage garnishment or court judgments, may be considered higher risk by lenders, resulting in rejection.


  1. Credit cards are financial instruments that allow users to make purchases on credit, up to a predetermined limit. Users can use the card for transactions, and the amount spent is accumulated as a balance. Cardholders have the flexibility to pay the full balance by the due date to avoid interest charges or choose to carry a balance and pay interest. Credit cards offer convenience and can be used for various purchases, both in-store and online, providing a revolving line of credit for users.

  2. A pawnshop loan is a short-term, secured loan where borrowers offer personal items, such as jewelry or electronics, as collateral in exchange for cash. The pawnshop assesses the value of the item and provides a loan amount based on that valuation. If the borrower repays the loan along with any fees and interest within a specified period, they can reclaim their item. However, if the borrower fails to repay, the pawnshop retains ownership of the item and may sell it to recover the loan amount.

  3. Peer-to-peer (P2P) lending, also known as crowdfunding or social lending, involves individuals lending money directly to other individuals without the involvement of traditional financial institutions. Online platforms connect borrowers with lenders, allowing for more personalized loan terms. Borrowers create loan listings detailing the amount needed and purpose, while lenders can choose to fund portions of loans. P2P lending provides an alternative to traditional banking and allows for more flexible borrowing and lending arrangements.

  4. Title loans are short-term, secured loans where borrowers use the title of their vehicle as collateral. To obtain a title loan, borrowers must own a vehicle outright, and the lender places a lien on the car title. The loan amount is typically a percentage of the vehicle's appraised value. While the borrower retains possession of the vehicle, the lender can repossess it if the borrower fails to repay the loan. Title loans often come with high interest rates and fees, making them a risky option, especially for those facing financial challenges.

Editorial Opinion

Instant loans offer a quick and accessible financial solution for individuals facing urgent or unexpected expenses. The convenience of online applications and rapid approval processes make them a viable option for those in need of immediate funds. However, borrowers must approach instant loans with caution, as they often come with higher interest rates and fees. The ease of access, particularly for individuals with bad credit, may lead to potential financial pitfalls if not managed responsibly. While these loans provide relief in emergencies, individuals should carefully consider the terms, repayment conditions, and financial capacity before opting for instant loans to ensure a sound and responsible borrowing experience.


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 easiest loan to get immediately?

The easiest loan to get immediately is often a payday loan. Payday loans are known for their quick approval processes and minimal eligibility criteria. Many lenders offer online applications, and borrowers can receive funds within a short time frame, sometimes even on the same day. However, borrowers need to exercise caution due to the high-interest rates associated with payday loans, making them a convenient but potentially costly option.

Where can I borrow $100 instantly Canada?

Borrowing $100 instantly in Canada can be facilitated through various sources, including payday loan providers, some online lenders, or even certain financial apps. Payday advance lenders often offer small loan amounts, and some online lenders specialize in quick, small loans. Additionally, certain financial apps allow users to access small cash advances instantly. It's crucial to review the terms, interest rates, and fees associated with these options and choose the one that aligns with your financial needs and ability to repay.

How can I get instant cash in Canada?

To get instant cash in Canada, individuals can explore options such as fast payday loans, cash advances from credit cards, or instant personal loans from online lenders. Online payday loans are known for their quick approval, while cash advance options provide immediate access to funds, albeit with potentially high-interest rates. Online lenders offering instant personal loans may also provide a speedy application and approval process. It's important to carefully review the terms and conditions of each option and choose the one that best suits your financial situation and needs.

Loan Terms