Loans

Best instant loans in Canada: 3 good options for fast cash

Are you looking for cash to pay for an emergency? If so, this post can help you learn all about the best instant loans in Canada!

Advertisement

by Victória Lourenço

Published on 06/24/2022

Instant loans can be a good cash option: we tell you the best options

Learn all about the best instant loans in Canada! Source: Unsplash
Learn all about the best instant loans in Canada! Source: Unsplash

When you find yourself in a financial bind and need some help, where do you go for an instant loan? This is a question that a lot of Canadians are asking lately. Luckily, there are a few good options out there when it comes to borrowing money fast. So, keep reading to learn more about the best instant loans in Canada!

physical representation of cryptocoins

TOP 5 regulated crypto brokers in Canada

Are you wondering how to find good regulated crypto brokers in Canada? If so, read our post about the best crypto brokers!

There are plenty of loan options and lending platforms out there, but are all of them good? Well, maybe not. And that’s why we created a list of the best instant loans in Canada! So, keep reading our post to find the best loan solution for you!

Advertisement

What is an Instant Loan?

Find out what is an instant loan! Source: Unsplash
Find out what is an instant loan! Source: Unsplash

An instant loan is a different type of loan that allows you to apply for small loan amounts. This way, you can get just the cash that you need at the moment of the loan to pay for an emergency you may have. Plus, there are also many types of instant loans, such as payday loans, car title loans, and others.

Moreover, you can find that payday loans are also called a cash advance because there is no collateral. Plus, you can get your money on the same day of loan approval. However, this type of loan requires shorter repayment terms.

Loan applications of higher amounts can be very distressing sometimes. This is because some loan companies and lenders tend to want to analyze everything about your life before deciding. Therefore, with instant loan applications, you don’t need to go through all of this.

To apply for an instant loan, some companies might not even require a credit check. This way, you can get your quick loan approval and start using your cash without harming your credit score. Plus, many companies that offer instant loans only evaluate your current financial situation.

However, instant loans have some downsides as well, such as the fact that you can only get very low loan amounts. Plus, you will need to make your payments within shorter periods of time. So, check out the topics below to know more about the advantages and disadvantages of applying for the best instant loans in Canada.

Advantages

One of the best advantages of applying for an instant loan is that many companies and lenders don’t perform credit checks during the application process. This way, you won’t need a high credit score to get the loan you need to solve a financial emergency.

In addition, instant loans have very few requirements for you to qualify. Most companies will only analyze your current financial situation and not your financial past. With this, you can get a loan to avoid starting a debt or other type of bad financial situation.

Another amazing feature of instant loans is that they are very easy to apply for, and you can get your money in no time with some companies! This way, you will be able to fix your money emergency very fast!

Disadvantages

Although instant loans can really help you out when you are in a bad financial situation at the moment, they might have some of the most expensive fees. Plus, you need to pay high fee amounts even if you only got lower amounts of money.

Also, you will need to start making your instant loan repayments in shorter periods, sometimes even weeks, depending on the loan amount. Plus, because most lenders won’t check if you will be able to make your loan repayments, you might get into more debt.

We help you choose the best Instant Loan for you

Find the best instant loans in Canada for you! Source: Unsplash
Find the best instant loans in Canada for you! Source: Unsplash

Now that we know all the main pros and cons of applying for an instant loan, you must know if this is the best choice for you right now or not. So, if you still need to apply for an instant loan, such as a payday loan, we can help you find the best instant loan platform for you! So, check out our list below with the best instant loans to help you decide!

LoanConnect

LoanConnect offers loans for any type of purpose, especially if you need an instant loan, such as a payday loan. Also, you can get up to $50,000 in loan amounts depending on your credit score or loan type. If you need higher loan amounts, you probably should have a higher credit score.

However, if you need a fast loan with a lower amount, you don’t even need to have a high credit score. LoanConnect doesn’t even require credit checks for certain loan types! Therefore, check out our post below to know how to apply for a loan through LoanConnect!

LoanConnect logo

How to apply for LoanConnect?

Discover how you can apply for LoanConnect and get a loan offer compatible with your financial situation. Read the steps now!

Mogo

Mogo is a lending platform that offers low APR fees that range from 9.9% to 46.6%. Plus, you can get loans for personal purposes and instant loans with shorter amounts. Also, you can get loans even if you have a really poor credit score. And the repayment terms range from nine months to five years for higher loan amounts.

Plus, you can even get approved in as little as three minutes after you complete the application process. Also, you can get personalized rates depending on your credit score! Therefore, check out our post below to learn all about how to apply for a loan with the Mogo lending platform!

Mogo loan

How to apply for Mogo Loans?

Mogo Loans are great for those who need a hand to accomplish a dream or just to consolidate debt fast enough to restart a better financial path.

iCash

If you are looking for a not-so-traditional lending platform, iCash can be for you. This platform has one of the best interfaces and mobile apps for users. Plus, you can get loans for bad credit and payday loans without any credit checks. However, you can only get lower loan amounts if you have really poor credit.

If you have bad credit, you can get loans of up to $1,500 and make loan repayments that range from 42 to 62 days. Therefore, check out our post below to know all about how the application process works to get a loan through the iCash lending platform!

iCash logo

How to apply for iCash Loans?

Are you looking for a lending platform that offers loans with fast application responses? Read our post to know how to apply for a loan with iCash Loans!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

Trending Topics

content

Ameritrade: overview on Ameritrade Investing app

If you want to know about a great online broker that can be good for beginners, keep reading our overview of the Ameritrade online broker!

Keep Reading
content

Natis Online review: Inform traffic issues!

This Natis Online review will show you how this service can work for you to get involved in traffic reports and book driving appointments!

Keep Reading
content

How to apply for LoanConnect?

Learn the easy steps to apply for LoanConnect and file your request to get access to up to $50,000 directly in your account.

Keep Reading

You may also like

content

Best investments for beginner investors: an easy guide on funds and more!

Are you wondering what the best investments for beginner investors are? This is a common doubt. The first step is the most important - and scariest. Don't worry, and we'll show you how to start.

Keep Reading
content

Aspire® Cash Back Reward Card application: how does it work?

Are you wondering if you qualify for an Aspire® Cash Back Reward Card? You've come to the right place. Learn the ins and outs to apply for this card. Read on!

Keep Reading
content

Credit score: top 10 questions answered

Do you ever wonder what your credit score is? Or how can you make it better? You're not alone! In this blog post, we'll answer some of the most common credit score questions!

Keep Reading