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The Best Emergency Loans For Bad Credit in Canada 2023


Fact Checked

Emergency loans give you access to funds when you need cash on short notice to cover expenses.

Life happens, which sometimes means you get hit with unexpected bills when you are low on cash.

If you have bad credit, getting a traditional personal loan from your bank is nearly impossible. And if you have already maxed out your credit card, an emergency loan or expensive payday loan may be your only option.

Read on to learn about the best emergency loans in Canada, how they work, the potential costs, pros, cons, and alternatives.

Compare Emergency Loans in Canada

 Loan InterestLoan TermLoan AmountMinimum Credit Score
Loans Canada2.99% – 46.96%4 – 60 months$500 – 50,000None
LoanConnect6.99% – 46.96%3 – 120 months$500 – $50,000None
Loanz29.99% – 46.9%12- 60 months$1,000 – $15,000None
Mogo9.9% – 46.96%6 – 60 months$1,000 – $35,000Fair

Best Emergency Loans For Bad Credit

The following online lenders and loan comparison sites provide access to short-term loans you can use for emergencies.

They are available in Ontario, Alberta, Manitoba, British Columbia, Saskatchewan, and many other provinces and territories.

Loans 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: 2.99% 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.

Loans Canada works with various lenders, including those that offer bad credit emergency loans.

Loan terms as short as 4 months are available, and the interest you pay depends on the strength of your credit profile.

To apply, complete the online application, and you can receive pre-approval within minutes.



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.

LoanConnect is a search engine for finding appropriate loans that meet your current needs.

While not a lender itself, you can use the platform to find all types of installment loans, including those suited for emergencies.

Repayment terms start at 3 months, or you can extend for as long as 120 months.

To get started, complete the online application form, and you could be pre-approved in 5 minutes. In many cases, you can also receive funds on the same day.

Learn more in this review.



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.

Loanz is a part of LendingArch, a popular lending platform founded in 2015. The alternative lending platform offers emergency loans regardless of your credit score.

To qualify for a loan, you must have a steady income of at least $1,200 per month and not have declared bankruptcy.

Emergency loans on Loanz are available in just 15 minutes.



Along with its other products, Mogo offers flexible personal loans from Lendful and MogoLiquid powered by easyfinancial. You can get a no-obligation pre-approval loan in just 3 minutes and a personalized dashboard and payment plan.

Interest rate: 9.9% to 46.96%.

Loan term: 9 months to 5 years.

Maximum loan amount: Up to $35,000.

Eligibility: Resident of Canada and the age of the majority in your province or territory; minimum income requirements, identity verification, and other conditions may apply.

mogo logo

On Mogo’s website

  • Mogo offers two personal loans with terms ranging from 9 months to 5 years:
  • Lendful personal loans from $5,000 to $30,000 with an APR of 9.9% to 21.5%. It is available to residents in BC, AB, ON, NB, MB, NL & NS.
  • MogoLiquid Personal Loan powered by easyfinancial – from $500 to $15,000 with interest rates ranging from 29.99% to 46.96%. It is available in BC, AB, MB, ON, NB, PE, NL & NS.
  • Get pre-approved in just 3 minutes for either loan.
  • MogoMoney pre-approval loans do not impact your credit score and are transparent.
  • When you make payments on time, you can get lower interest rates or higher loan amounts.
  • Access a personalized dashboard where you can see your payment progress, the amount remaining, and more.
  • The MogoLiquid loan has a fixed term, saving you money on interest.
  • Most Mogo loans include a 100-day test drive. If you don’t like your loan experience, pay back the principal, and they will refund you the interest and fees you’ve already paid.
  • Get a free MogoCard and monitor your credit score for no extra cost.
  • Loans can be paid off in full at any time with no penalties.

Low interest rates for Lendful personal loans

Pay off loans in full at any time with no penalties

100-day test drive and free MogoCard

Loans are not available in all provinces

There can be additional loan fees not disclosed on the website

$20 to $50 NSF fees if you can’t make payments on time

Mogo personal loans are available to most Canadian residents with lower interest rates and fixed-term payment schedules, designed to help you incur lower fees and interest. You can pay off the loan in full at any time with no penalties, and you get access to a free MogoCard and credit check.

Mogo is a financial technology company with offices in Winnipeg, Surrey, and Vancouver.

You can borrow a minimum of $500, and this platform requires you to earn at least $15,000 per year.

Emergency Loans Explained

Emergency loans are personal loans designed to take care of short-term financial emergencies.

They are paid out quickly (usually within hours or 1-2 days).

Emergency loans are usually unsecured; however, some lenders may require collateral or ask for a co-signer.

The common types of emergency loans are:

  • Online unsecured personal loans
  • Payday loans
  • Credit card cash advances
  • Guarantor loans

You can get an emergency loan from an online lender bank or credit union.

What Are Emergency Loans Used For?

You can use an emergency loan to pay for various kinds of expenses, including:

  • Car repairs
  • Home renovations
  • Application repairs and replacement
  • Bill payment, e.g. utilities, rent, mortgage, etc.
  • Medical bills
  • Emergency travel
  • Funeral expenses

Given that emergency loans are generally expensive, you should only apply for one if you have run out of cheaper funding or financing options.

How To Apply For an Emergency Loan

Emergency loan applications can be completed online. You will need to complete an application form and wait for pre-approval and quotes.

The lender typically asks for some documentation, and they will run a credit check.

If your application is approved, you could receive the funds in your bank account via a direct deposit or Interac e-Transfer.

A government-issued ID such as a passport or driver’s license can help confirm your identity, while utility bills can confirm your address.

For proof of income, you can provide your bank statements or copies of your pay stub.

How To Choose an Emergency Loan

Always shop around for the best rates when applying for a personal loan.

Consider these factors:

Interest rates: A lower interest rate means more money in your pocket than a higher rate loan if other loan terms are similar.

Fees: Some lenders charge origination and administration fees. Read the fine print to find out if there are add-on fees you should be aware of.

Prepayment terms: Can you pay back the loan early without penalty?

Loan terms: How much can you borrow and how long? If you need $5,000, you want a lender who offers up to a $5,000 loan.

Credit score requirements: Some lenders require a fair to good credit score (660 or higher), while others accept bad credit scores.

Income requirement: Many lenders will only approve your loan application if you have a steady income from being employed. Find out what the minimum income requirements are.

Emergency Loan Alternatives

Instead of applying for an emergency loan, you could get money from other sources:

  • Credit card cash advance: Interest fees usually exceed 20%
  • Line of credit
  • Home equity line of credit
  • Low-interest credit card
  • Loans from friends or family

Frequently Asked Questions

Can I get an emergency loan with bad credit?

There are online lenders and private loans available to individuals with bad credit.

Can I get an emergency loan with no job?

You will likely need a co-signer or guarantor to access a no credit check emergency loan or be approved without a job.

Can I get an instant emergency loan?

Almost instant emergency loans are available in Canada, with funding within 15 minutes.


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.


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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

About Savvy New Canadians

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