Same Day Personal Cash Loans

No matter how well you manage your personal finances, there will always be times when you need a loan fast. That’s where same day loans come in. Thanks to today’s technology and online lenders that offer same day loans, it is completely possible to get a personal instalment loan the same day you apply.

Not all Canadian same day cash loan lenders are created equal. That’s why Smarter Loans have compiled a list of the most trusted firms in the industry. The lenders rank highly in terms of client satisfaction, reliability and fairness of same day personal loan terms. Most of these companies offer an online loan application process, and you can expect to learn whether you’ve been approved within minutes.

Because same day personal loans tend to be for smaller sums, you will also not need to provide any collateral.

Use the comparison of Canadian same day lenders below as an aid in your research. We’re confident you’ll find the right offer for your needs. Once you have compared the 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 lender 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 - $15,000
29.99% - 47.72%
12 - 60 Months
$500 - $30,000
19.99% - 39.99%
6 - 120 Months
$500 - $10,000
12.99% - 39.99%
9 - 36 Months
$100 - $1,500
Varies
2 months
$500 - $1,000
Varies
3 - 6 months
$250 - $7,000
Varies
6 - 60 Months
$500 - $20,000
19.99% - 46.8%
6 - 60 Months
$100 - $15,000
46.93%
12 - 60 Months
$2,000 - $10,000
34.9% - 43%
12 - 60 Months
$100 – $15,000
19.99% - 46.93%
Open Line of Credit
$500 - $10,000
46.93%
Open Line of Credit

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 Same Day Loans Work?


The mechanics of the loan themselves are pretty easy to understand. Most same day loans 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 may be easier to qualify for, even though it may cost extra in terms of interest rates. 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. It can be a few months or a few years. The most common type of this loan used by consumers is an instalment cash loan, wherein the funds are repaid at regular intervals over the term of the loan. 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.

Same Day Loan Numerical Example


Despite the fast application process and fund receipt, it is important to understand how the math works in terms of interest rate and total cost of the loan. Below are a couple of examples of different loan amounts and interest rates, so you can see what the monthly payments work out to. 

The difference can be seen below:

Same day loan with principal of $10,000 for 1 year, 6% per year – Monthly repayment: $860.66

Same day loan with a principal of $5,000 for 1 year, 21% APR – Monthly repayment $931.14

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:

Easy Approval

Same day loans are usually easier to get approved for than a conventional personal loan from a bank. This gives people with below-average credit scores 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

Depending on the lender you choose, it is important to understand the total cost of the loan, and make sure that the repayment amounts can comfortable fit into your budget. It is possible for same day loans to have an interest rate of 20%-40%, so it is very important to fully understand the terms of the loan. 

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 more money is borrowed in order to repay their outstanding loan, and this can continue for a long time. Make sure to have a repayment plan that pays down the principal of the loan, and not just the interest. 

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)

Same Day Loans FAQs


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?

It varies from lender to lender, but typical same day loans are between $500 and $5,000. 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?

Yes, you can use a same day loan to consolidate other debt. However make sure that your final outstanding debt is less expensive than the debts you are paying off with the new loan. 

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.

What are the requirements for getting a same day loan?

Same day personal loan lenders understand that it’s hard to prepare so many documents if you need a fast loan. The vast majority of Canadians have the necessary documents for a same day loan. Usually, all you need to apply for a same day loan is a government-issued ID and proof of income.

To get a same day loan in Canada, you must be at least 18 years old. Each lender will assess you by their own standards, but if you are an adult with an income, it should be easy to get a loan same day. Many same day lenders can transfer you the funds in a couple of hours.

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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