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One of the ways you can do this is with cash advance apps. These cash advance apps have the entire process streamlined on their website or through the app and make it so you can complete the loan process in as little as 30 minutes; all you need is an internet connection.
You can even electronically sign all the documents. Plus, since they’re payday loans, the money is lent out in small loans, so you just have access to what you need.
Payday Loans in Canada
In Canada, you have access to many different types of financial products, depending on what you qualify for and how much you’re looking to borrow. One of these types of products is payday loans, also referred to as cash advances. Many use these because no credit check is done, and you still receive money even in a bankruptcy situation or if you face wage garnishment.
Cash advance loans are widely used because they have very few borrowing restrictions. This means that most people who are looking for a payday loan will get approved for one. That said, these types of loans are also some of the most expensive. They have interest rates that go as high as 400%. For this reason, many who get payday loans have to keep taking them out to repay the previous loan.
Getting Your Paycheck Early
Whether or not you’re able to get paid early in order to avoid a loan really just depends on the company you work for. Many employers will allow cash advances while others do not. Some employers also offer early wage access. This means that you access apps from third-party companies that allow you to get instant access to your pay.
Instant Cash Advance Apps
If you’re in a pinch and unable to qualify for a traditional loan, then cash advance apps can be a great option. They don’t require credit checks since they’re from private lenders, and you can receive the money instantly, depending on the app you use. These apps are some of the best cash advance apps in Canada that offer competitive interest rates.
While the apps we have listed below can get you your loan amount fast, you won’t always receive loans instantly. Since these are considered to be emergency loans, though, you can receive your instant loans in as little as 30 minutes. It’s just based on the e-transfer time.
iCash
iCash prides itself on being one of the fastest payday lenders in Canada. With their app or website, you can get up to $1,500 instantly when you apply online. It doesn’t matter when you apply. You can even customize your loan application, choosing how much you want to borrow, what province you live in and how many payments you wish to pay the money back. You can even earn cashback and redeem extra money.
With iCash, the reason you can receive the money so fast is because it’s an automated process when you fill out the online application. Most customers only have to wait around 30 minutes before they receive the funds through e-transfer. There’s also an option for direct deposit, but that can take a bit longer. Overall, though, it’s a great option if you need quick cash.
Cash Money
With Cash Money, you also can apply for a loan online or through the app. They’ve been around since 1992, making them a reliable lender, and they can help people with short-term cash problems using lines of credit and short-term loans.
Unlike cash, which only offers funds up to $1,500, Cash Money lends money ranging from $50 to $10,000. They’re also a member of the Canadian Consumer Finance Association, meaning they follow responsible lending practices. Plus, no matter how much you apply for, you’ll receive a decision instantly.
The requirements you must meet in order to borrow money with Cash Money are:
- Be 18 years old or older
- Have a steady source of income
- Have a phone number
- Have an open Canadian bank account that’s a chequing account
- Have a government-issued photo ID
Credit Club
With Credit Club, using their website or app, you can borrow up to $1,500 in just 30 minutes. While there are some fees associated with using Credit Club, they’re upfront and not hidden fees. You can apply 24/7 and make repayments using direct debit from your bank account based on your repayment schedule.
With Credit Club, the application can be done fully online, with no faxing required. Everything you enter into their website is secure and totally confidential, and there’s no unnecessary paperwork involved with their online loans.
Currently, Credit Club serves Ontario, British Columbia and Nova Scotia, and the fees for what you borrow are based on where you live. That said, though, currently, for every $100 you borrow, the fee is only $15 in all three of these provinces. The unsuccessful payment fee is also the same and ranges between $20 and $50, but as long as you make on-time payments, you don’t have to worry about this.
Money Mart
Money Mart offers a few different options for cash loans. You can get up to $15,000 with an installment loan or up to $1,500 with a short-term loan. Plus, you can apply online using your account with either their website or the app.
Money Mart has been around since 1982, which is why so many people still use it. They offer security with their online products. Plus, you have access to your account 24.7. Depending on how much you apply for and what type of funding you’re looking for, you can receive the money in just 15 minutes, or it can take up to 2 business days.
With a Money Mart cash advance, there isn’t much you need to provide to qualify. You just need to be at least 18 years old, have a steady source of verifiable income, and have an open chequing account. The fees that you pay are based on how much you borrow and when you’re able to pay the funds back. You may also incur late fees if you miss any payments, and it may also affect your interest charges.
Free Cash Advance Apps
Above, we’ve listed a bunch of different cash advance options. However, these options do come with fees and interest. Depending on what you’re looking for, there are other options out there for free cash advances.
Bree
Bree is another online cash advance lender in Canada. With Bree, you can get up to $250 to prevent an overdraft with no interest or fees. This is a much different structure than payday lenders.
With Bree, you can choose what you borrow and then pay them back when you get paid. There’s no need to create a repayment plan. Instead of interest and fees, they just ask you to leave a tip. This allows them to continue to lend money to Canadians who need it. So far, over 20,000 Canadians have used Bree to secure short-term financing.
Koho
If you use KOHO, a great way to borrow some funds is to use their provided overdraft. While it isn’t quite free, it’s relatively low cost at only $5 to use. You can have access to amounts ranging from $5 to $250, and you can pay it back when you get paid. While overdrafts shouldn’t be used all of the time, it’s a great short-term solution.
What is Nimble?
When looking for different Cash Advance apps, one you might commonly come across is Nimble. That said, Nimble isn’t available in Canada. In order to use Nimble you actually need to be an Australian resident. Any of the options we’ve listed above can be considered as Nimble alternatives.
Alternative to Cash Advance Loans
If you’re in a pinch, cash advance loans aren’t always the only financial solution. Depending on your credit score and financial situation, there are some alternatives that you could be approved for. These alternatives include overdraft protection and credit card cash advances.
Credit Card Cash Advances
In Canada, as you have an active credit card that has room, you’re also able to get a credit card cash advance. How credit card cash advances work depends on your specific credit card, but generally, you can use up to 20% or 30% of your available credit limit. Your credit card holder should also specify this.
The reason that credit card cash advances aren’t generally recommended is because of their high-interest rates. They generally don’t have a grace period like general transactions, and they have a higher interest rate than standard transactions. Since most bills can be paid using credit cards, it’s recommended to use a standard transaction instead of a cash advance. That said, if you only need the money for a few days and can pay the amount back quickly, it’s a great option if you’re in a pinch and have limited options. Depending on how fast you pay the cash back, it can also be cheaper than a cash advance loan.
Overdraft Protection
Depending on your credit score and your relationship with your financial institution, many banks offer overdraft protection. The fees on overdraft protection are relatively low, and it often is only needed for a few days to cover expenses. This protection allows you to spend up to your allotted amount and will cover any automated bills that come out of your account. It also will reduce your cost of borrowing. That said, the amount of overdraft protection you can get depends on your bank.
With standard overdrafts, you can get approved for an amount anywhere between $250 and $5,000. That said, most people choose to have an overdraft of $500 or $1,000. The minimum amounts that each bank allows also depend on your financial situation. Some have a minimum overdraft option of $500, while others are $1,000 or more. You must also pass a credit check in order to get approved for most overdrafts. While you could still get approved with bad credit, you just might not be approved for as much.
Overview
If you’re short on funds before your next payday or have some unexpected expenses arise, don’t worry; you do have some options. The most popular of these options is cash advances. Cash advances are short-term loans that allow you to borrow funds for a fee to get you through until payday. While personal loans generally cost less, they’re most difficult to get approved for and aren’t instant from traditional lenders, like cash advance loans are.
That said, cash advance loans aren’t the only option if you’re short on cash. In a pinch, you can also use your overdraft protection or credit card cash advances. Credit card cash advances are relatively expensive, but to get you through for a few days, it’s not a bad idea. The key is to pay the money back immediately, though. Overdraft protection is much cheaper, but how much you can get approved for depends on your bank. No matter what you choose to do, though, there are plenty of options for you to get the cash that you need when you're a little short on funds.
