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A cash loan is a fast and easy method of getting financing in Canada. Whether you are looking to pay for unexpected bills, fix up your car, make an investment into your business, or just go on vacation, cash loans in Canada are quickly becoming a popular financing solution.
It’s easy to get approved for a cash loan in Canada. You don’t need to wait in long lines or fill out stacks of paperwork. After you complete a simple application online, you can usually get the cash you are looking for within just a few days, deposited directly into your bank account.
At Smarter Loans, we’ve done the heavy lifting for you. Below you’ll find a list of reputable companies that offer cash loans in Canada. Take a look and compare your options, including products offered, interest rates, terms, qualifications and even reviews from other customers. When you’ve found the loan you’re looking for, hit “Apply Now” next to the lender you want to try. You’ll be redirected to their website where you complete the online loan application.
You can also pre-apply for a Canada cash loan right here on Smarter Loans, and we will find a suitable lender for your situation.
We can help connect you with the top loan providers in Canada.
A fast cash loan is a debt facility offered to consumers which enables them to receive liquid funds into their accounts on an accelerated timeline compared to other retail loans. These types of loans are available online and typically get processed in under an hour, providing the borrower with almost an immediate access to liquidity that they may need during certain times of their life.
All things equal, fast cash loans generally have a higher rate of interest than other forms of retail banking loans provided by financial institutions due to their unsecured nature. This means that there is a higher burden of risk on the part of the lender as a default by the borrower does not trigger access to assets that the lender can sell to recoup money. For example, mortgage rates are generally lower than fast cash loan rates because a defaulted payment can lead to foreclosure on the home wherein the lender can reclaim at least a majority of loan losses.
In terms of the principal amount offered by fast cash loan providers, these types of loans do offer more than the average payday loan (which is also a type of debt that provides near-instant cash) but is normally lower in size than other forms of retail loans (e.g. mortgages, auto loans). This is largely attributable to the relatively limited requirements needed on the part of borrowers to obtain such a loan. In Canada, principal amounts offered by providers tend to range between $500 to an upper limit of ~$10,000.
The loans are structured to be paid back in installments wherein the lump sum is funded right after loan approval and paid back over time. This payback period can be anywhere from a few months to a few years (typically under 5 years).
Source: TransUnion
Although fast cash loans are available to any Canadian above 18 years of age with a valid ID, verifiable source of income and an active bank account, their use is contingent on the borrower’s individual financial profile. Typically fast cash loans are used to pay for unexpected, immediate expenses, catch up on bills, cover a medical expense, or car repairs. Due to the higher borrowing costs, people with a non-immediate need for cash may not be the optimal target market for such a product.
A typical user of a fast cash loan might exhibit one or both of the following characteristics:
1. Requiring a sizeable sum of immediate cash to cover an unforeseen expense e.g. car repairs, while payday is still a few weeks away.
2. Requiring a sizeable sum of immediate cash to cover an unforeseen expense e.g. hospital expenses, which their savings and next paycheque may not be sufficient to accommodate.
Step 1: Application.
Most fast cash loan applications are now available online through a multitude of lenders. However, if the borrower does not have access to a reliable Internet connection, these applications can be made in select retail stores or over the telephone as well.
Step 2: Decision.
Once the application has been completed, the decision is processed by the lender. Online applications generally get processed faster, and funds can be received from anywhere within a few minutes to 1 business day.
Step 3: Documentation.
After the decision is made, the lender will approve the borrower for a certain threshold of borrowing that is available to him/her.
Step 4: Cash In.
At this stage, the loan becomes funded and is deposited into the borrower’s account as per the stipulated preference made in the “Application” step above.
Step 5: Repayment.
During the “Application” and “Documentation” steps, the borrower and lender will mutually agree on repayment terms in terms of principal and interest repayments. These loans are then repaid over a timeline that could be as short as a few weeks to the length of a few years
As an instrument, the fast cash loan is somewhat of an intermediary between ordinary retail loans and payday loans. As illustrated by the table below, its key features lie somewhere between the other two, which are on opposite ends of the spectrum:
| Metric | Retail Loan | Fast Cash Loan | Payday Loan |
|---|---|---|---|
| Principal Offered | Medium to High | Low to Medium | Low |
| Interest Rates | Low | Medium to High | High |
| Repayment Terms | Long | Short to Medium | Short |
Despite the higher borrowing costs though, there are certain advantages offered by the fast cash loan facilities:
There are also certain features that can pose risks to prospective borrowers:
1. Interest: Depending on the duration that the loan is obtained for and the rate charged by the lender, fast cash loans can be an expensive form of financing compared to other short-term loans and/or credit cards.
2. Rinse and Repeat: Often, borrowers find themselves in a cycle of debt wherein each paycheque goes towards the pay-down of existing loans, leaving little for the operating expenses they took out the loan for. The extensions of the loans as a consequence come with strings attached in the form of higher fees added to the original amount.
3. Predatory Practices: Non-sophisticated borrowers may be susceptible to lending practices that are intended to be unfavourable from the borrower’s perspective by exploiting contract loopholes or misleading marketing materials. It is therefore critical for consumers to find registered institutions that are vetted by regulatory authorities.
Because these loans come with high borrowing costs and other affiliated fees, it is in the best interests of borrowers to follow the below precautions:
Yes, it is possible to get an instant cash loan with bad credit. Fast cash loans in Canada are often easy to get and companies that offer them usually have a complete application process set up online, so that you can receive your loan in less than 24 hours. If you have poor credit history, you can still get a fast cash loan but it may come with a higher interest rates.
Getting a cash loan requires less paperwork than most other types of loans. The base requirements for a cash loan are a government-issued ID and proof of income. Any lender will want to check your income and/or credit score to make a risk assessment. Your income will determine the terms that they offer you.
If you are applying for a cash loan, make sure to prepare a government ID, such as a driver’s licence, as well as a bank statement or a pay stub. The point is to bring anything that can prove you will have the income to pay the loan back.
The amount of money you can borrow will depend on a few factors. The most important factors are the lender you go to, and your monthly income. Different lenders have different practices when it comes to fast money loans. The more money you earn, the more you are able to repay, so the lender would be more comfortable offering you a larger sum. Typically you can obtain a cash loan in the amount of $500 to $5,000 but it can be larger, and different people will qualify for different amounts.
Every lender will also consider your income when deciding whether to send you an offer. If the lender does not believe that you will likely be able to make timely payments given your income, they won’t offer you as much money.
Payday loans are fast and convenient, but they have several drawbacks. Fortunately, payday loans aren’t the only fast and convenient lending options. For example, personal instalment loans offer much better cost than payday loans, provider larger size loans, and over a longer period of time. Lenders offering instalment personal loans can be just as fast as payday loans, and send you the proceeds in under 24 hours.
Credit cards can also serve as a better alternative to payday loans in many cases. It may be hard to get high credit limits if you have a low credit score. Still, most credit cards come with a cash advance option. You can transfer money from your credit card to a chequing account. Just be aware that doing so carries different terms than using your credit card for a normal purchase.
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