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Almost Instant Easy Online Loans in Canada for 2023

The phrase “easy online loans” is often used to describe payday loans or cash advances offered by online payday loan companies in Canada.

The loan application process for these lenders is ‘easy’ because:

  • It is quick and completed online
  • It offers up to a 95% approval rate with instant decisions in most cases
  • No physical paperwork is needed
  • Payday loan funds can be sent within minutes using e-Transfer
  • There are no credit score checks

While payday loans may be easy to apply for, their inherent downsides should make them your last resort.

Payday loan borrowers can only access a small amount (generally up to $1,500), and they pay extremely high interest rates (think as high as 500% APR), which makes it challenging to pay off the loan.

If you are in a tough spot financially and credit-wise, a traditional bank lender may not be an option for you.

If this is the case, see whether you can qualify for other financing options through personal online loan lenders before going for broke.

Below, I cover easy online loan options and platforms in Canada.

Best Easy Online Loans in Canada

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. This company holds an A+ accreditation with the Better Business Bureau and features multiple lenders on its website.

Interest rate: 1.99% to 46.96%

Loan term: 3-60 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and employed for at least 3 months with proof of income.

loans canada logo

On Loans Canada’s website

  • Loan comparison platform that offers personal, debt consolidation, bad credit, guarantor, unemployed, no credit check, and no bank or employment verification loans.
  • Flexible terms and interest rates from 1.99% to 46.96% APR and 3-60 month term lengths.
  • Fill out one application and get access to hundreds of loan options without hurting your credit score.
  • Those with poor, average, or excellent credit scores can apply.
  • Compare multiple lenders for the best loan amounts, interest rates, and term lengths.
  • Complete your entire application online with no face-to-face interaction.
  • Apply in about 5 minutes with basic personal information and required documents.

Compare multiple lenders in one place

Fast and easy application process

Many different types of loans available

Interest rates can be as high as 46.96%

Some bad credit loans can incur early repayment penalties

Loan origination fee charged by some lenders

Loans Canada is one of the top loan comparison platforms in Canada that offers many types of personal loans from various lenders. You can easily compare and apply on their website, as well as view user reviews for each lender.


Owned by LendingArch Financial, Loanz offers personal loans for those with poor to fair credit. You can be approved instantly and receive your funds in under 24 hours. Loanz offers high approval rates and flexible repayment options.

Interest rate: 29.9% or 46.9%.

Loan term: 12-60 months.

Maximum loan amount: Up to $15,000.

Eligibility: Resident of Canada, the age of the majority in your province or territory, have a chequing account and steady income stream, and not in bankruptcy or collections.


On Loanz’s website

  • Get approved for a $1,000 to $15,000 loan in as little as 3 minutes and receive funds in 15 minutes.
  • Complete an easy online application and know if you’re approved instantly.
  • After approval, choose the delivery method for your funds and get it in just 15 minutes.
  • Payments are reported to the credit bureaus. If you make your payments on time, your credit score will improve.
  • Connect your bank account for faster approval.
  • Receive your funds in as little as 15 minutes after approval and reviewing your options.
  • Interest rates and payments will remain the same for the duration of your term.

Easy application process and fast approval

Receive funds in under 24 hours

High approval rates and flexible repayment options

High APR of 29.9% or 46.9%

No mobile app for signup

Loanz offers personal loans up to $15,000 with an easy application process and instant approval. Those with bad or average credit can apply and are likely to be approved if they have steady employment. You can receive funds in as little as 15 minutes, making it very convenient when you need money fast.


LoanConnect is a search engine for finding personal loans online from various lenders. You can use it to find a loan that works for your situation regardless of your credit score.

Interest rate: 6.99% to 46.9%.

Loan term: 3-120 months.

Maximum loan amount: Up to $50,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory.

loanconnect logo

On LoanConnect’s website

  • No matter their credit score, Canadians can apply for a loan and are likely to be approved for a secured or unsecured loan from many different lenders.
  • Unsecured personal loans and installment loans are offered.
  • Types of loans include debt consolidation, home improvement, emergency, business, and medical expense loans.
  • Easily apply by filling out one form with the loan amount, purpose, personal, and employment details.

Get loans up to $50,000

No minimum credit score required

Searches through multiple lenders to find the best providers

Interest rates can be as high as 46.96% APR

LoanConnect is one of our top choices as they search through different lenders to find the best loan options for you based on the loan amount, purpose, employment information, and credit profile. The application process is straightforward, so you can get multiple loan offers in under a minute.

Loans Canada

Loans Canada is a popular online platform for finding loans of all kinds in Canada, including bad credit loans, debt consolidation loans, and car loans.

After completing the online application, they send you the best offers from lenders in their extensive network. Loan offers are available for all types of credit scores, and you can receive funding within a day.

Online loans available through the Loans Canada platform are up to $35,000, with terms ranging from 4 months to 60 months.

  • Loan amount: $500 – $35,500
  • Interest rate: 2.99% to 46.96%
  • Loan term: 4-60 months


Loanz is a good option if you have bad credit and need to get a loan quickly. It provides immediate approvals, and you can get your funds in minutes.

It’s a flexible online lender, providing unsecured personal loans with no collateral required. Just fill in the online form for quick approval, even if you have a bad credit score.

  • Loan amount: $1,000 to $15,000
  • Interest rate: 29.90% to 46.90%
  • Loan term: 12-60 months


This loan search engine simplifies the process of getting an online loan. You can borrow up to $50,000. Pre-approvals take 5 minutes, and it is possible to receive funds on the same day.

Loan Connect works with various lenders, so you can easily match up with a lender that meets your needs.

  • Loan amount: $500 to $50,000
  • Interest rate: 5.75% to 46.96%
  • Loan term: 6-60 months

Learn more about how to find the best loan rates in this LoanConnect review.


Mogo is a financial technology company that offers Canadians access to free credit scores, online personal loans, and a prepaid card.

MogoMoney loans are up to $35,000 with terms ranging from 9 months to 5 years.

Loan pre-approval takes 3 minutes, and you can check your Equifax credit score for free.

  • Loan amount: $500 to $35,000
  • Interest rate: 9.9% to 46.96%
  • Loan term: 9 months to 5 years

Other lenders in Canada offering fast and easy application online loans include:

SkyCap Financial

SkyCap Financial is a good option if you want a personal loan from a reputable online lender.

Approval is based on your credit score, income and stability, but you don’t have to have a perfect credit score to get a loan here. You can borrow up to $15,000 with terms of up to 60 months, and approvals are made in 24 hours.

  • Loan amount: $500 to $15,000
  • Interest rate: 12.99% to 39.99%
  • Loan term: 9-60 months

Spring Financial

Spring Financial could be a good choice if you want to borrow from an online lender in Canada with a good reputation.

Here, you can find specialized loan products, including unsecured loans, and the application process is very easy and takes less than five minutes, with approval in a few hours. You can transfer the money to your bank account on the same day.

It also has a credit-building loan called The Foundation if you want to improve your credit score.

  • Loan amount: $500 to $35,000
  • Interest rate: 17.99% to 46.96%
  • Loan term: 9-60 months

Payday Loan Alternatives

Payday loans can be an expensive option when you need to borrow money, with APRs running as high as 500%. They can be very useful, but it’s a good idea to look at all your options instead of using them as your default option.

There are other alternatives, like short-term personal loans, which can be more flexible and have lower interest rates.


iCASH describes itself as an alternative to traditional payday loans. You can apply online without presenting any documents and get an instant loan decision. You then receive your funds via e-Transfer in minutes.

You can borrow up to $1,500. It has a 5-day grace period and the option to repay in up to three installments, depending on your location.

Cash Money

While Cash Money offers payday loans, it offers other loan products, including installment, online, and personal loans.

You can borrow from $50 to $10,000 and arrange everything online, on the phone or in person. The income requirements are flexible, and you can also pick up funds at a Cash Money store if you prefer.

  • Fairstone
  • Loan Away
  • SkyCap Financial
  • Easy Financial
  • Spring Financial

Easily Approved Loans in Canada Compared

LenderAmountInterest RateTerm
Loans Canada$500-$35,0002.99% – 46.96%4-60 months
Loanz$1,000-$15,00029.90% – 46.90%12-60 months
LoanConnect$500-$50,0005.75% – 46.96%6-60 months
Mogo$500-$35,0009.90% – 46.96%9-60 months

What is a Personal Loan?

A personal loan refers to money you borrow to take care of personal needs.

These needs include emergencies, debt consolidation, home renovation, medical, vacation, a wedding, car repair, and other bills.

When you take a personal loan, the lender expects you to pay it back over a period of time (instalments) and with interest.

The cost of the loan (interest and fees) is higher when you have a poor or bad credit score.

For example, a borrower with an 800 credit score (excellent) may be approved for a personal loan with an interest rate of 5%.

Whereas a borrower with a 600 credit score (poor credit rating) may qualify for the same loan amount at an interest rate of 21%.

What is an Online Loan?

When you need a loan, you can approach your traditional bank (such as RBC, TD, CIBC, or BMO), credit union, or an alternative lender (aka online lender), payday lenders, title loan companies.

You can apply for an online loan without setting foot in a bank or meeting in person with a representative.

Since the onboarding process is all digitized, loan processing is faster, and you can receive funds within a day.

Types of Easy Online Loans

There are two main types of online personal loans: unsecured and secured.

Unsecured online loans do not require the borrower to provide collateral.

Secured online loans require the borrower to provide collateral. For instance, you may secure your loan with a home, cash, vehicle, or another asset.

There are also guarantor loans that require the borrower to find someone willing to make loan payments if they are unable to.

Online loans can be further categorized as:

Payday Loans

Payday loans are very quick and easy to arrange. They are designed for an immediate need where you can repay in a few days or weeks, and they are typically the most expensive way to borrow money.

They are usually suitable for smaller amounts up to about $1,500, and you can also get no-refusal payday loans if you don’t have a great credit score. However, if you cannot pay them back on time, they can get very expensive.

Installment Loans

Installment loans are unsecured personal loans that you can find online. Like a personal loan, you receive a lump sum and repay it in installments of the same size over a fixed term.

They are usually suitable for smaller amounts up to about $15,000, and they can be a good option if you cannot get a personal loan from a bank or credit union because lenders are often more lenient in their requirements.

Car Title Loans

With this form of loan, you use your car title as collateral to get a loan. This means there is less risk for the lender, but the risk to you is that the lender can repossess your car if you fail to pay back your loan.

You can sometimes borrow as much as 50% of your car’s value, but be aware that the car must be paid off. Interest rates can be high, but these loans are typically quick and easy to arrange.

Credit Builder Loans

This type of loan is slightly different, and the primary aim is to build your credit.

You don’t receive the money right away. Instead, you borrow the funds, pay them back over a few months, and then you get access to the funds at the end. You build your credit score by making your repayments, making it easier to apply for other loans.

It’s only suitable if you want to improve your credit score and not if you need access to funds now. However, if you can wait for a few months, it can be a good way to save up and build your credit score at the same time.

Lines of Credit

Lines of credit are a convenient option when you want to regularly borrow small amounts of money. These provide you with an account that you can use to withdraw the money you need when you need it.

You have a maximum limit, and you only pay interest on the amount you borrow.

They are easy to arrange with online lenders, and requirements don’t tend to be as strict as personal loans from a bank.

Benefits Of Online Loans

Compared to a bank loan, an online lender may extend credit even if you have bad credit.

They consider other aspects of your financial picture besides your credit rating, allowing you to qualify for a loan if you can show that you have the money to make payments (e.g. have a job).

Other advantages of online loans are:

  • The application process is easy and available online 24/7
  • You can pre-qualify without hurting your credit
  • It is easy to compare rates across lenders and also look at their terms, e.g. pre-payment policies
  • Faster approvals and quick funding

Downsides of Online Loans

If you have an excellent credit history and score, you will typically get a better interest rate at your bank or credit union.

The online lending world is littered with scam companies, and you should do your due diligence to avoid getting conned.

A high interest loan can result in a vicious cycle of debt if you are unable to pay off the loan within a reasonable amount of time.

How to Apply for Easy Online Loans

Applying for an easy online loan is usually a straightforward process.

First, you need to choose the most suitable lender for your situation. You can use the information in this guide to help you.

Once you have chosen a lender, find out about their eligibility criteria. You will need to be the age of majority in your province or territory and be a resident or citizen of Canada.

Depending on the loan, you may need a fair credit rating, a recurring income and a bank account.

If you meet the requirements, you can usually apply via the website. Some lenders require more information than others. They might require documents, pay stubs, bank statements, a letter of employment, a photo ID and more.

When you have prepared everything, fill in the information and submit your request. With instant online loans, the lender may make a decision almost immediately, but it can take a few hours or longer.

If the lender approves your request, the money should be transferred to your bank account quickly.

Online Loan Payoff Calculator

How To Choose An Online Personal Loan

When applying for an online loan, you should watch out for:

Interest rates: How much interest are you going to pay? A lower rate means you can pay off the loan faster. You can compare rates across providers using a loan comparison service.

Fees: Find out if there are any hidden fees. Do you pay an application or origination fee?

Payment terms: You should be able to pay off the loan earlier without incurring prepayment penalties.

Loans terms: How long can you borrow the money for?

Before giving out your information to an online lender, read the reviews from real users on platforms like Trustpilot and the Better Business Bureau (BBB).

Easy Online Loan FAQ

How do I get an online loan in Canada?

Visit the online lender’s website to complete the application form or get pre-approval. They will ask for information to identify you and confirm your bank account and financial details.

Where can I borrow money online in Canada?

You can get an online loan through LoanConnect, Mogo, LendingMate, and Loan Canada.

Have comments about online loans? Leave them in the comments.


Top Loan Offers this month

Compare the best loans for good and bad credit in Canada

Get the best loan rates from lenders regardless of credit score.

Quick online application from the comfort of your home.

Borrow up to $50,000 for 3 months to 60 months.

Loans for any reason with rates from 2.99% to 46.96%.

Check your credit score for free online in 3 minutes or less

Get access to your Equifax credit score for free.

It takes only a few minutes online, and no credit card is required.

Includes your credit report updated weekly.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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