Sometimes we all need a little extra help to get by, and a small loan can make a huge difference when meeting unexpected expenses or struggling with day-to-day outgoings. A loan of $5000 or less can get you out of a lot of sticky situations. Thankfully, Canada has a plethora of small loan providers for just this purpose, and with Smarter Loans you can find the right loan for you.
Smarter Loans is connected to all of the top providers in Canada, and thanks to our extensive experience helping applicants with their small loan needs, we can steer you in the right direction. And you don’t need to go anywhere – simply browse the lenders shown in the table below to understand all of your options. Review each provider’s interest rates, loan terms and customer ratings right from this page. If you find a lender you like, simply click “Apply Now” to apply.
Or, if you are short on time or unsure which provider is the best fit for your circumstances, apply with us and our experts will research your options and advise you on the most suitable for your needs.
Spring Financial provides Canadians with access to fair priced financial products. They offer a range of products including personal loans, mortgages and credit building.
Their unsecured personal loans application is quick, easy to fill out and every step of the process can be done online or over the phone – Spring Financial Phone Number Canada: 1-877 393 1516
Spring Financial loans range from $300 to $35,000, with interest rates from 9.99 – 34.95%. Once you are approved, then you can sign the loan documents right away. You can use the funds for whatever you want. All of their loans are open which means you can pay them back at any time with no extra fees or penalties.
Don’t let a tight budget or less-than-perfect credit history stand in your way. Get prequalified today with MDG Financial – where everyone is considered for an MDG Cash Loan.
We offer a range of financial products, including instalment loans of up to $20,000 with funds deposited into your bank account within 3 hours of final checks. Or, a Line of Credit of up to $3,200, which can be used to finance purchases made on MDG Canada (mdg.ca).
Whether you need quick access to cash or wish to finance a big purchase, MDG loans have the solution for you. Our flexible payment plans make managing your budget stress-free, whether you’re financing a product or obtaining a cash loan.
Don’t let financial setbacks hold you back – apply now for MDG Finance and get the best rate for you.
Loan Away is a Canadian owned and operated online-only lender. This means they don’t have expensive retail branches or locations to maintain, and more savings can be passed onto customers. They use unique proprietary technology to approve loan applications. It’s easy to fill out applications in the comfort and privacy of your home.
Are you looking to get a personal loan and currently live in Canada? If so then welcome to Eastern Loans. Since 2014, EasternLoans.com has been able to provide a tremendous customer service experience to Canadians. We take pride in the fact that we are fast, secure and easy to use. Apply now and receive your money today! Nous parlons aussi français! Hablamos español tambien!
Nyble helps Canadians build a better & stronger financial tomorrow starting with today. With Nyble, you can establish a credit-building line of $30-$250 to build your credit history within minutes, no prior credit history required. Monitor and check your credit score and full report as you progress in your journey. Protect yourself digitally with balance and identity protection coverage and more.
Bree loans provides Canadians with the option to obtain cash advances of up to $500, offering a convenient way to prevent bank account overdraft fees. Applying for a Bree cash advance is a swift and straightforward process that can be done online in just a few minutes, and it doesn’t necessitate a credit check. Bree’s loan service comes with a 0% interest rate; however, there is a minor fee associated with instant funding.
The Bree app is managed by Bree Technologies so both these references refer to the same company.
Since 2023, MoneyUp has been helping over 5,000 Canadians take control of their finances – whether it’s spending, saving, or borrowing – quickly, affordably, and reliably.
Our easy-to-use app is packed with tools designed for everyday financial needs and those unexpected moments. With features like FastForward, users can access an instant line of credit up to $1,000, giving them the freedom to stop waiting for payday and get funds in minutes – simply, securely, and affordably.
Need an extra cushion? MoneyUp also offers an instant, affordable overdraft, ensuring you have access to emergency funds when you need them most.
Magical Cash is a fast, secure, and simple way to access short-term loans in Canada. Powered by Magical Credit, a trusted Canadian lender, Magical Cash helps individuals who may not qualify for traditional bank loans due to credit history or income type. The process is fully online, approvals are quick, and funds can be delivered in as little as 20 minutes.
Clients can borrow anywhere from $300 to $1,500, and there is no credit check required. The service is available to residents of Ontario, British Columbia, and select territories. Whether someone is employed, self-employed, or receiving government assistance, Magical Cash offers flexible, respectful, and transparent lending.
The focus is on privacy, accessibility, and customer satisfaction, ensuring that Canadians can manage short-term expenses with ease and confidence.
Take the stress out of borrowing. Mogo offers a range of easy-to-use products to help you rule you finances: personal loans of up to $35,000, free credit score monitoring, mortgages, identity fraud protection, and more. Our loan experience is designed to help you get out of debt faster, whether you have good or not-so-great credit. See your no obligation loan pre-approval in just 3 minutes without affecting your credit score.
Mogo is a member of the Canadian Lenders Association:
GoDay Loans issues fast online payday loans that give Canadians quick access to the cash they need.
Their process is 100% online, with no paperwork or faxing. Simply complete an online loan application, receive an instant decision, and sign your contract online. No hidden fees. Perfect credit not required. Funds delivered by same day deposit or Interac email money transfer.
Currently, GoDay issues online payday loans in Ontario, British Columbia, Alberta, Saskatchewan, New Brunswick, Nova Scotia, and Prince Edward Island.
My Canada Payday has been solving customer’s cash problems with payday loans since 2008. High acceptance rates, fast approval, and funds sent instantly through Interac online e-transfer make them the ideal place to get an online payday loan in any of the six provinces they server: BC, Alberta, Manitoba, Saskatchewan, Ontario and Nova Scotia.
Since 2001, Cash 4 You has helped millions of hardworking Canadians with a variety of personalized money solutions including Installment Loans & Canadian Personal Loans with no hassle and more flexibility than banks.
We are a Canadian Consumer Finance Association recognised, fully-licensed lender serving our valued customers all across Ontario. We believe our customers deserve transparent & understandable loan terms and therefore encourage fair and fully disclosed lending practices.
Our core values drive our passion and uncompromising dedication to treat every customer with the highest level of integrity & respect. All for the sole purpose of our customers having confidence in their choice to work smartly & reliably with Cash 4 You.
What differentiates Cash 4 You is our culture and our extreme customer obsession! We stop at nothing to WOW our customers. We do whatever it takes to make them happy & successful!
Cash 4 You Customer Service Phone Number: 1-888-997-2807
Once you become a customer you can use your Cash 4 You login to access your account and manage your details without the need to contact their customer service department – however there is a customer service chat available online if required.
KOHO Cover offers instant cash advances with no interest, no credit checks, and no hidden fees – giving Canadians a smarter way to manage short-term cash flow. With up to $250 available instantly through the KOHO app, users can bridge the gap between paydays without stress. Repay automatically on your next direct deposit and enjoy peace of mind with a transparent, low-fee solution built for flexibility.
In the realm of personal loans, a small loan is typically defined as a loan of less than $5000. It's specifically designed to assist individuals in managing unexpected personal expenses or financial challenges that may suddenly arise. These small loans are a boon for many, especially in times when access to quick funds is imperative.
Given the short-term nature of small loans and their cost, it is not advisable to use them for discretionary or optional expenses.
Where Can I Get a Small Loan?
There are a few different types of lenders that offer small loans:
Traditional Banks and Credit Unions:
Online Lenders and Peer-to-Peer Platforms
Specialized Personal Loan Providers
Government of Canada
Benefits of a Small Loan
Many people might automatically think of paying for the type of expenses listed above on their credit card, or even by getting a payday loan. The advantage of a dedicated small loan is that it will typically have lower interest rates than either of these other options. Credit card APRs are usually 20%+, and payday loans are intended to be so short-term (two weeks or so) that if renewed more than a few times, the very high interest rates end up costing you a lot (many other payday loans, borrowers end up paying more in interest than the amount originally borrowed).
A small loan has the benefit of known, predictable monthly payment and payments that won't escalate if you stick to them - making them a safer option overall. This is particularly true if you have good credit and qualify for lower interest rates on your small loan.
Qualifying for a Small Loan
A permanent Canadian address
Photo ID
Regular income
A bank account
There may also be eligibility criteria related to existing debt payments, income level, and credit score. A common minimum required credit score is 600, although options are available for borrowers with a lower score than this credit limit.
Choosing the Right Small Loan
The interest rate (and whether it is fixed or variable)
The loan term
All associated fees
As a general guideline, small loans should meet the following criteria:
Fixed monthly payments
No balloon payments or punitive fees or penalties
Short loan term
Monthly payments that do not exceed 5% of your monthly income
Other options may include:
Asking for help from family and friends
Using a chequing account overdraft
Seeking an advance from your employer
Frequently Asked Questions About Small Loans
What is a small loan?
Can I get a small loan with no income?
Can I get a small loan with poor credit?
Yes, it is possible to get a small loan even if you have bad credit.
How much can I borrow with a small loan?
Small loans are usually capped at $5000.
What can I use a small loan for?
Small loans can be used for almost any expense.
Where can I get a small loan from?
Small loans can be found at some banks, credit unions, and online lenders.
Why should I use a small loan instead of a payday loan?
Small loans generally have lower interest rates than payday loans, so you pay less overall for the money you're borrowing.
What do I need to qualify for a small loan?
Qualifying for a small loan starts with some basics: ID, proof of Canadian residency, age of majority, and a bank account.
Written By Smarter Loans Staff
Expert Review & Editorial Standards
This page was researched, written, and reviewed by financial professionals with expertise in Canadian lending regulations. All information is regularly updated to reflect current rates, terms, and regulatory changes.
Reviewed By
Jenna West
Financial Writer & Content Director
Jenna has covered the Canadian FinTech and consumer lending industry since 2017. She specializes in regulatory updates, consumer protection, and helping Canadians navigate complex financial products.
8+ years analyzing Canadian consumer lending
Monitors FCAC and provincial regulatory changes
Specializes in personal loans and alternative lending
Written By
Amy Orr
Financial Content Specialist
Amy is a financial writer with 10+ years covering Canadian, U.S., and U.K. financial markets. She holds a Masters in Finance from the University of Edinburgh Business School and formerly worked in the hedge fund sector.
Masters in Finance, University of Edinburgh
Former hedge fund professional
Published in major financial publications
About Smarter Loans
Canada's independent lending comparison platform since 2016. Trusted by over 2 million Canadians and recognized by the Toronto Star as "the GPS of FinTech Lending." Featured in the National Post and major Canadian publications.
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Every page undergoes research, expert writing, fact-checking, and review by our Financial Content Director. We verify all rates, terms, and regulatory information against official sources including FCAC guidelines and provincial lending regulations.
Last Updated: October 17, 2025 | Next Review: Ongoing monitoring
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