Trusted by More than 2,000,000 Canadians since 2016

Short Term Loans

  • chBorrow from $300 to $35,000
  • chRates from 9.99% - 34.99% APR
  • chQuick solutions for urgent needs
up Last updated

August 07, 2025

up Written by:

Amy Orr

up Reviewed by:

Jenna West

A short term loan means that you take out a loan that has to be paid back within a relatively short timeframe. Short term loans in Canada are quite popular because they can be used for a variety of reasons. The term can be as little as a few months and as long as a few years. The benefit of a short term loan is that it can be used for practically anything and you can easily find providers on Smarter Loans. People in Canada take out short term loans for unexpected expenses, bill payments, to renovate their home, or even to help with their business. Even bad credit short term loans are easy to obtain thanks to the many online loan providers in the country. Today it’s really quite simple to get an online short term loan from the comfort of your home. It is easy to get approved for a short term loan thanks to the many providers that are willing to work with all kinds of applicants. If you are looking for a short term loan, you’ve come to the right place. Below you’ll see a list of many short term loan providers in Canada.

Simply click “apply now” next to one of them to start your online application. You can typically get approved instantly and get the cash in your bank account in just a couple of days. You can also pre-apply right here at Smarter Loans and we will connect you with a suitable lender who can help you.

Compare Lenders

AMOUNT
Up to $20,000
INTEREST RATE
19.8% - 34.99%
TERMS
36 months
AMOUNT
$1,000 - $5,000
INTEREST RATE
19.9% - 34.5%
TERMS
12 - 36 months
AMOUNT
$500 - $35,000
INTEREST RATE
9.99% - 34.95%
TERMS
9 - 84 Months
AMOUNT
$150-$1000
INTEREST RATE
30.4% APR
TERMS
30 Days
AMOUNT
$500 - $2,500
INTEREST RATE
18.99%
TERMS
Variable
AMOUNT
$500 - $1,000
INTEREST RATE
Varies
TERMS
3 - 6 months
AMOUNT
$30 - $250
INTEREST RATE
0%
TERMS
N/A
AMOUNT
$20-$500
INTEREST RATE
0%
TERMS
N/A
AMOUNT
$500 - $150,000
INTEREST RATE
9.99% - 34.99%
TERMS
9 - 240 months
AMOUNT
$300 – $1,500
INTEREST RATE
$14 per every $100 lent
TERMS
Up to 2 Months
AMOUNT
$500 - $25,000
INTEREST RATE
34.56% - 34.95%
TERMS
6 - 84 Months
AMOUNT
$500 - $15,000
INTEREST RATE
34.37%
TERMS
12 - 60 Months
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
2 months
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
Up to 2 months
AMOUNT
$1,500 to $10,000
INTEREST RATE
Varies
TERMS
12 - 60 months
AMOUNT
$100 - $20,000
INTEREST RATE
34.37%
TERMS
6 - 84 Months
AMOUNT
$1,000 – $15,000
INTEREST RATE
19.9% - 34.9%
TERMS
Line of Credit
AMOUNT
Up to $250
INTEREST RATE
0% APR (Has Fees)
TERMS
Varies
AMOUNT
$100 - $1,500
INTEREST RATE
Varies
TERMS
2 months

What is a short term loan?

Short Term

A short term loan is any type of loan that has a relatively short repayment period – usually anything less than a year. Due to their short nature, they tend to be for smaller amounts than long term loans. Quite a broad range of borrowing options can count as “short term”, including installment loans with short terms, lines of credit, credit cards, payday loans, cash loans, and more. Credit cards are the most popular form of short term borrowing in Canada, with the average Canadian owing $3,929 on their credit cards.

It should be noted that the rise in popularity of payday loans, which are very short term (they have a maximum repayment period of 62 days), has meant that the term “short term loans” is now often used synonymously with “payday loans” – but the latter is simply one type of the former.

Where’s the best place to get a short term loan?

Short Term Loans

Before you can start shopping for a short term loan, you need to know a few things:

  • How much you need to borrow
  • What you need the money for
  • How quickly you need the money
  • How you are able to repay a loan
  • Your financial profile, including income level, existing debts and credit score

These data points will help you to find:

  1. The types of short term loans you qualify for
  2. The types of short term loans that meet your need
  3. The lenders that you are likely to gain approval from

As each individual person’s needs and situation will dictate the answer to the three key points shown above, there is no single “best” place to go for a short term loan. It’ll be different for everybody. So to make sure you’re going to the right lender for you, it’s key you thoroughly understand your own needs and situation, before you shop around and compare options. Remember that while having a low interest rate is important, it’s not all that matters: finding a lender with a good reputation and a solid history will save you a lot of trouble down the line.

How much can I borrow with a short term loan?

Short Term

Short term loans tend to be for smaller amounts than long term loans, simply because repayments happen over a shorter period of time; trying to repay $100,000 over just a year would equal much higher monthly repayments (that most people can’t afford) than trying to repay $10,000 over the same period. 

So while there is no cap on short term loans, most are for less than $35,000. Payday loans, just one type of short term loan, have a much lower cap of just $1,500.

How much does a short term loan cost?

The cost of a short term loan depends on two factors:

  • The interest rate charged on the loan (whether fixed or variable), and
  • The loan’s fees and other charges

With most types of personal loan, the majority of cost comes from interest, as it’s charged over a long period of time. However, depending on how short a short term loan is, fees can account for a higher proportion of the loan’s overall cost. So neither factor can be ignored.

Short term loan rates and fees vary from lender to lender, and between borrowers; the range can be anything from 0% to 35%+ in interest, and from $0 to several hundred dollars in fees. 

Payday loans through a little complication into the mix, as their cost is not typically illustrated via separate fees and APRs; they are normally advertised with a single “fixed” cost that includes both fees and interest for a set repayment period. So when comparing the cost of your various options, bear this in mind, and remember to look at the overall cost of all forms of borrowing, over the whole repayment period, to judge which is cheaper.

What do I need to get a short term loan?

Getting a short term loan is relatively easy, as their smaller amounts and quick nature lend themselves to easier access. All you absolutely must have is:

  • I.D. showing you are age of majority in your province
  • Proof of address
  • An active bank account

With these items in hand, you will have some borrowing options somewhere. However, it’s likely that with most lenders, you’ll need at least one other thing: proof of income. Most short term loans, including payday loans, rely on borrowers receiving regular money in, with which to repay their loan. This does not necessarily have to be employment income, but you’ll need to check with each lender’s eligibility requirements to see what they will accept. Credit can also be a factor, but again this depends on the lender you use.

av
writtenWritten by:

Amy Orr

Amy Orr is a professional writer and editor with over 10 years of experience in the Canadian, U.S. and U.K. financial markets. She has written for numerous publications on topics as diverse as economic literacy, corporate finance, and technical analysis of numerical data. Prior to transitioning to full-time writing, she worked in the hedge fund sector. Her academic background is astrophysics, and she has a Masters in Finance from the University of Edinburgh Business School.

av
writtenReviewed by:

Jenna West

Jenna West is Smarter Loans' in-house financial writer and content director. She has been covering the Canadian FinTech and finance industry since 2017, including financial trends analysis, industry surveys, regulatory updates and changes in Canadian consumer behaviour when it comes to finance.

Awesome G.
04:46 26 Feb 25
I’m very honoured to shear my experience with this illustrious platform. To be able to systematically choose from a list optional to one’s profile without doing much leg work is truly rewarding. This platform allowed to expand my options and chose which lenders fit my profile, thank you and continue doing what you do best,, connecting people to available wealth opportunities.
Pat M.
03:10 26 Feb 25
Good place to get a loan
Chris “Stufphr” H.
02:07 26 Feb 25
When you feel in need of a loan do it smart and make it a Smarter Loans.
Dan Bott (.
01:41 26 Feb 25
Very Helpful, was assisted in a timely fashion and was ultimately able to receive assistance; I highly recommend!!!
joel K.
22:59 25 Feb 25
I have recommended this place to many friends I feel that this company goes out of their way to help people that they can and they are very easy to work with
Nate C.
13:22 27 Oct 24
This company is reliable, quick, and just has the best customer service and rates it is a easy process with quick results. Would definitely recommend to anyone that needs the help.
Vincent J.
07:08 23 Oct 24
Good place for borrowing a bit of money 😁
Kels H.
06:41 23 Oct 24
Personally love this opportunity and app. Super convenient and easy to use and super awesome variety of great loans. Thanks so much guys for making such an awesome site and app and being there for me over the years. :)
Tara H.
16:23 16 Oct 24
From beginning to end, my experience was great! Very professional and personable agents. They only asked questions that were needed for the loan and payments were extremely reasonable. Would recommend to anyone who needs emergency funds.
A S.
19:43 11 Oct 24
“ Thank you SO very much! My situation was tricky and you guys made the whole process so effortless. The way you guys handle the whole process so discreetly. That truly speaks to how well your office is run and the caliber of specialists who handled the processing of my entire loan!”

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