Same Day Personal Cash Loans

Canada is a very exciting place to be for a variety of reasons. One of the reason is how financing can be obtained easily. Especially in time-sensitive situations where a loan is required as soon as possible. In these situations, Smarter Loans can connect you with same day loan providers so that when it comes to both business and personal situations, more often than not you’ll be able to get approved and get your funds deposited within the same day! If a same day loan is in your best interest, don’t hesitate and obtain one through Smarter Loans today. Get same day financing in Canada with the help of Smarter Loans. We’ve made it infinitely easier for you since we’ve put together a loan directory below that includes the most qualified same day loan providers. No matter what your needs may be, our providers will be able to help you acquire a suitable loan for that situation. Everything from rates, terms and products are all listed below, making it easy as can be for you to quickly compare the options and determine the best fit for you. Once you have compared the various same day loan providers, click “Apply Now” and you’ll be able to proceed with the appropriate online application. Another option is to pre-apply with Smarter Loans where in that case, we’ll pair you up with a financing provider from Canada that is most appropriate for your needs.

We can help connect you with the top same day cash loan providers in Canada.

Pre-Apply For A Same Day Personal Loan Now

Top Same Day Personal Cash Loans Providers in Canada

Company
Amount
Interest Rate
Reviews
Terms
$500 - $35,000
5.9% - 39.9%
12 - 60 Months
$500 - $30,000
19.99% - 39.99%
6 - 120 Months
$500 - $20,000
19.99% - 46.8%
6 - 60 Months
$500 - $10,000
12.99% - 39.99%
9 - 36 Months
$500 - $10,000
19.99% - 46.99%
12 - 36 Months
$2,000 - $10,000
34.9% - 43%
12 - 60 Months
$500 - $10,000
46.93%
Open Line of Credit
$2,000 - $10,000
18.9% to 54.9%
12 - 60 Months

Can I really get a loan the same day?

 

Emergencies can happen to anyone and everyone. When they do happen, they normally come unannounced. Whatever the nature of this emergency though, these are the times when you may need liquid cash urgently. The same day loan, as the name suggests, provides these funds to you on the same day as you complete the application. Over the course of this article, we will explore how to obtain one, and the factors that need to be weighed before deciding if this is the best financial solution for your needs.

How It Works


The mechanics of the loan themselves are pretty easy to understand. Most sameday loans these days are available on the Internet, wherein the application process can be completed online, through a call or through an app from inception to completion. Unlike personal loans from a retail bank for example, the same day loan does not perform a hard credit check. Therefore, by operating via a substantially shorter application process, the same day loan makes an approval decision for customers in as little as 5 minutes.

 

Once the approval decision is made, the customer then receives a notification regarding the terms of the loan (i.e. the maximum principal that can be borrowed and the rate it will be lent out at). If these terms are agreeable to the customer, then they can select the loan and the funds are deposited from the lender into the borrower’s bank account within the day.

 

Repayment thereafter depends on the type of same day loan that is extended. The most common type of this loan used by consumers is the payday loan, wherein the funds are repaid by the borrower after the arrival of the subsequent paycheque. Another common type of loan is called the title loan, where the borrower pledges asset collateral (e.g. a car). During the life of the loan, the title of the asset is passed to the lender. Once the loan is repaid in full including interest, the title is then returned.

motusbank personal loans for as low as 5.15% APR

Numerical Example


Despite the fast application process and fund receipt, the same day loans do come with higher price tags by way of the interest rates charged on them. Because the lender does not perform the level of detailed credit checks and verifications that would be done at a local bank for example, they are subject to higher credit risk from defaulting customers. To be compensated for this higher risk, they thus charge premium rates.

 

The difference can be seen below:

 

Retail Loan with a principal of $10,000 for 1 year, 6% per year – Monthly repayment: $860.66

Day Loan with a principal of $5,000 for 1 year, 21% APR – Monthly repayment $931.14

 

As can be seen above, while the payday loan does offer a quick, hassle-free application process, the rates when annualized are comparable to credit card rates, which can make interest payments more expensive the greater the value of the loan being obtained.

How to Qualify for a Same Day Loan


In most Canadian provinces including Ontario and Alberta, the minimum requirements for a same day loan include the prospective borrower being at least 18 years of age with a checking account within a Canadian financial institution and a steady source of income.

 

The checking account is primarily a tool for the deposit and withdrawal of funds during funding and repayment stages, respectively. At the borrower’s option, the funds can be automatically extracted from their accounts on the date of their next payday to avoid the late payment fees that can accompany these loans.

 

The income requirement is to ensure that the lender retains some level of comfort that the loan will eventually be repaid. While part-time jobs are acceptable under this requirement, a job that the borrower has only commenced recently might be cause for potential non-approval.

Benefits of Same Day Loans


For cash-strapped borrowers who need instant liquidity to fund an immediate and/or emergency expenditure such as a medical bill, the appeal of a same day loan is clear.

 

Some of the primary advantages offered are:

No Credit Check

Because there is a soft credit check, applying for the loan does not harm the credit score of the borrower. This feature also enables borrowers with below-average scores to gain access to funding that they may need during emergencies, which they would not get at most traditional banking institutions.

Versatility

Unlike personal loans which are required to be channelled towards a purpose that the borrower defines at the inception of the relationship, the same day loans are not restricted in that regard. This means that once the borrower receives the funds, he/she can use it for the purposes that they deem most appropriate.

Instant Cash

After the applicant chooses to apply for the loan, the application process is a simple one to follow, at the end of which, the funds can be received relatively quickly. Unlike other loan providers, wherein the application and funding process can take days, if not weeks, the short nature of the same day loan is its most appealing feature.

Online Process

The entire process can be completed from the comfort of the borrower’s house. Particularly in cases like medical bills, where the borrower may not have the time to go to a physical loan provider, this is another useful proponent of the same day loan. The loan can also be tracked online after too via email or the app (if available).

Things to Watch for with Same Day Loans


Despite these seemingly compelling benefits though, there are also downsides to the same day loans that cannot be ignored. When making a final decision, consumers would do well to remember these:

Interest Rates

Starting with the obvious one, the interest rate differential between the same day loan and other personal loans is a tremendous consideration. Depending on the principal and term of the loan, the difference in interest payments could end up being in the hundreds or thousands. Therefore, while it may be good for small sums of instant cash, it is not intended to be a long-term financial solution.

Risk of Endless Cycle

When consumers cannot repay their existing loans in full, they are forced to extend them to give themselves more time to raise the funds necessary. However, if financial responsibility is not adhered to, this can become a never-ending cycle where each payday goes to the repayment of existing interest payments while the value of the principal does not diminish significantly.

Responsible Lending Practices

Since same day loans are not governed by the same set of regulations that are imposed upon convention financial institutions, there are lenders out there who can engage in unfair business practices, which ultimately harms their borrowers. It is vital to read policies and offer documents carefully, and to borrow only as much as needed to prevent being a victim of these practices.

Same Day Loan Uses


For both individuals and businesses, there are a range of usage applications of the same day loan. In cases where time is critical, and funds need to be acquired immediately to make a payment, the day loan stands out in comparison to other types.

 

While there are no specific conditions with regards to the usage of this loan, individuals most often use it for emergency expenses including:

  • Medical bills (possibly while they are waiting for insurance funds to arrive)
  • Car repairs (if access to a vehicle is absolutely necessary)
  • Home repairs (if there has been an accident or natural disaster)
  • Unpaid utility bills (if the utility is going to be cancelled soon if unpaid)
  • Assorted expenses when the borrower does not have liquid cash on hand

 

 

In a similar vein, businesses might also use the same day loan for a variety of purposes. Most often, this has included:

  • Paying off suppliers (when the credit terms are almost over)
  • Increasing working capital (to fund day-to-day expenses)
  • Paying unpaid wages (to ensure workers continue working)
  • Repaying unpaid utility bills (if the utility is going to be cancelled soon if unpaid)

Statistics


Frequently Asked Questions


How can same day loans be paid back?

Different lenders have a variety of different preferred repayment methods, some of which include post-dated checks, automatic payments credited directly from the bank account, and/or cash settlement on a pre-defined date.

 

What is the maximum amount that can be borrowed under these loans?

Each lender has their own restrictions concerning the cap on the amount available to be lent out. This is also a function of the borrower’s income and collateral. The higher the income and/or level of collateral posted, the higher the lender will be willing to go in terms of principal amounts lent.

 

What types of surprises should I keep watch for?

Same day loans may often come with fees regarding certain aspects like: early repayment penalties, administrative fees, missed payment fees etc. At the outset of gaining the funds, it is important to read the requisite documents to make sure that you understand all fees that you could be on the hook for.

 

What happens if I miss a payment?

A representative of the lender will contact you and ask for the payment to be made. If it cannot be made, then there is the option of a loan extension. Failing that (e.g. if the borrower is delinquent), then the credit score will be impacted for up to 5 years and the lender may choose to take additional legal action.

 

Can I use it to repay existing debt?

While there is no restriction on the usage as mentioned above, it is important to keep in mind that the interest costs for the payday loan are significantly higher. Therefore, this option should likely only be undertaken when a debt repayment is due soon, and the borrower has absolutely no way of raising the cash required.

 

Can I apply if I have bad credit?

Yes. While there is no guarantee of being approved, borrowers with poor credit may apply for same day loans.

Pre-Apply for a Same Day Loan Here

More About Personal Loans in Canada


Types of Same Day Personal Cash Loans offered:

  • Personal Loans
  • Short Term Loans
  • Debt Consolidation Loans
  • Long Term Loans
  • Credit Cards
  • Bad Credit Loans
  • Dentist Loans
  • Installment Loans
  • Prime Loans
  • Subprime Loans
  • Same Day Loans
  • Wedding Loans
  • Home Improvement Loans
  • Vacation Loans
  • Car Repair Loans
  • Emergency Loans
  • Cash Advance Loans
  • Online Loans

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