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Same Day Loans in Canada

This Page's Content Was Last Updated: January 5, 2024
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What You Should Know

  • Same day loans have a simple application process that takes less than 10 minutes on average.
  • The approval for a same day loan typically takes a few minutes to a few hours, and you can receive the funds in your account in less than 24 hours.
  • Most same-day lenders are online lenders that allow online or over-the-phone applications.
  • The interest rates for same day loans typically range from 19.99% to 47%.
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While having a rainy day fund is ideal for dealing with financial emergencies, getting external help may be necessary for some situations. There are several lenders in Canada that offer same-day loans and access to funds within minutes or hours. Most of these lenders offer online applications and send the funds directly to your bank account via direct deposits or Interac e-Transfers.

About Same Day Loans

ico Uses of a Same Day Loan

There may be several personal or business emergencies in which you may need to get a same-day loan. You could get a same day loan to pay for medical emergencies, pay utility bills that are due, pay for car repairs, pay for unforeseen home repairs, pay employee wages, pay for facility maintenance, etc. Basically, there is no limit to how the money can be used.

icon Processing Time

While it is expensive to get same-day loans, they might be the quickest way to get a loan. Unlike banks, same-day loans have an easy application process, and the process is fast. It takes only 5 - 10 minutes to apply for a same-day loan, and if the case is simple, you will likely receive approval within hours and the funds in your account in less than 24 hours after applying. However, if your case has some complexity, such as a bad credit score or an inconsistent income, the lender may take a couple of days to make a decision.

icon Interest Rates

Same-day loans tend to have very high interest rates, with APRs (annual percentage rates) typically ranging between 19% and 47%. The interest rate determines how much more you will pay the lender back on top of the principal borrowed. Interest is the main source of income for lenders. Since most same-day loans are not secured by collateral, the lender is taking a risk by loaning you the money. Your interest rate is determined based on many factors, such as your income, current debt, and credit score.

In general, the riskier your profile seems, the higher your interest rate will be. The interest rate would affect how much you would pay every month and the total amount you end up paying. The table below compares the monthly payments, total loan cost and total interest paid on a 1-year loan of $10,000 for different APR rates.

APRMonthly PaymentTotal Loan CostTotal Interest Paid

It is evident from the table above that the monthly payments and the total loan cost would increase significantly with interest rate.

icon Loan Amount

Same day loan amounts vary based on many factors, such as the lender, your credit score, your income, etc. The minimum loan amount is usually $500. Payday lenders usually offer loans of up to $1,500, but these loans must be paid off on your next payday. Lenders who offer instalment loans generally tend to offer a higher loan amount, with most lenders offering up to $20,000 and some lenders offering up to $50,000. However, the loan amount also depends on your qualifications; for example, you may apply for a $10,000 loan, but the lender may only approve you for $5,000 based on your financial situation.

icon Access to Funds

The lenders typically send the loan amount to your bank account using direct deposit or Interac e-Transfer. However, you may also be able to request the lender to give you a cheque. Some lenders offer a cash pickup if they have a branch in your city.

icon Repayment

Same day loans are typically repaid in instalments, with the standard repayment method being automatic withdrawal. Some lenders may accept post-dated cheques or cash payments.

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Eligibility Requirements for a Same Day Loan

To be eligible to get a same-day loan in Canada, you need to meet certain basic eligibility requirements, which often include:

  • Be a citizen or a permanent resident of Canada
  • Have reached the age of majority in your province of residence
  • Have a steady source of income (most lenders have a minimum monthly income requirement)
  • Have an active bank account
  • Have a Canadian phone number, address and e-mail address

The above requirement can vary slightly from lender to lender. The qualification criteria followed by same-day loan lenders are typically less stringent than banks and credit unions. They are usually more accommodating for borrowers with a low credit score or income and borrowers who are self-employed.

Steps to Get a Same Day Loan

The easiest way to get a loan on the same day is to apply for one online. Typically the following steps are involved in getting a same-day loan:

  • Complete the application form and submit it: The first step is to complete the application form and submit it along with the supporting documents. Most lenders have an online application that can be completed from their website in under 10 minutes.
  • Receive a decision: The lender will respond with their decision through phone or email. The decision time generally varies between a few minutes to a few hours. If you have a complicated case, such as a low credit score or inconsistent income, the decision time may be longer. If you are approved, the lender will send you a loan agreement or contract.
  • Sign the contract:Once you are approved, you will receive a contract that will outline the details of the loan, including the amount you are approved for, the interest rate, associated fees, and payment terms. You should carefully read the document and ensure you understand all the terms. Once you are satisfied, you can sign the contract.
  • Receive the money in your account: After signing the contract, you will receive the amount in your bank account. Lenders usually send you the amount via direct deposit or Interac e-Transfer. Lenders may also agree to send you a cheque, which might take a couple of days. Lenders who have a physical location in your city might allow you to pick up cash from there.
  • Repayment: Once you have the loan, you must make the loan payments on time. Many lenders prefer to set up automatic payments, and you must ensure that your bank account has sufficient funds for the same. Not making timely payments can result in heavy penalties and affect your credit scores.

Many lenders also let you apply over the phone. If you are applying over the phone, you should ensure you are supplying the correct information. Even if you are applying over the phone, you may have to sign the contract documents online or in person at a branch.

If you prefer to get cash instantly, you can visit a lender that has a shopfront in your city and fill out a form in person. If you are approved, you can pick up cash from the lender then and there.

Documents Required to Get a Same Day Loan

You will have to submit a few documents along with your application to prove your identity and eligibility. The documents that are generally required are:

  • Proof of identity: Any government-issued photo identification document, such as a passport, driver’s license, or permanent resident card, which can help establish your identity.
  • Proof of address:Any documents that are admissible as proof of your permanent address, such as utility bills, phone bills, etc.
  • Proof of employment and income:Documents that prove you are employed and have a source of income, such as pay stubs, employment letters, etc.
  • Proof of Bank Account:Your latest bank statements will prove that you have an active bank account. The lender may require you to have an account with direct deposit as they might send you the loan amount through direct deposit.
  • A void cheque or a pre-authorized debit (PAD) form:The lender might want to set up automatic payments from your bank account and ask for a pre-authorized debit form or a void cheque to do the same.

If you are using a co-signer, you will also have to submit the personal and financial documents of the co-signer as well.

Choosing a Same Day Lender

Same-day loans are generally offered by private lenders, a market which isn’t as regulated as banks and other reputed financial institutions. This has led to many scammers conducting fraudulent activities in the market, and you can be at risk of identity theft and losing money if you aren’t careful. You can take the following precautions to ensure a lender is genuine:

  • Research the lender carefully and compare them and their rates with other lenders.
  • Carefully check their reviews and ratings on platforms such as Google and Trustpilot for more information.
  • Look the company up in the Better Business Bureau (BBB) database. Check reviews and complaints on the BBB.
  • Ensure that their rates and fees are disclosed on their website.
  • Check if the address and credentials mentioned on their website are legitimate.
  • Call their phone number to get a quote or ask questions to ensure the company is authentic.

You should avoid a lender if you see the following red flags:

  • The company’s website is missing key information, such as the interest rates and fees.
  • The company boasts a 100% approval rate.
  • You cannot find any reviews and ratings about the company on websites other than their own.
  • The company isn’t registered and doesn’t have basic information like an address and phone number.
  • The customer service representatives aren’t able to answer your queries or seem very pushy.
  • The lender requires you to pay a security to get approved for a loan or charges an application fee.
  • The interest rates seem too good to be true compared to other lenders or are higher than the legal limit in your province.

Advantages and Risks of Same-Day Loans

While same-day loans offer fast funding, they also have some risks. Listed below are the main advantages and risks associated with same-day loans.


  • Online Process:The application process is usually simple and can be completed online within 5-10 minutes. You can submit the supporting documents online as well, and the contract documents can also be signed online. The loan and payments can also be tracked online.
  • Fast Approval and Funding:You can receive approval within a matter of a few hours, and you can receive the funds in less than 24 hours.
  • Don’t Usually Require Security:Most same-day loans do not require any collateral or security unless it is a title loan, such as a car equity loan.
  • Not attached to a Particular Spend:Unlike mortgages and car loans that can only be spent on a particular purchase, same-day loans can be spent on whatever you want.
  • Accommodating for Bad Credit and Self-Employed:Same-day loan lenders have more lenient approval criteria than banks and have a higher chance of approving borrowers with a bad credit score or who are self-employed. Such borrowers may have lower borrowing limits and higher interest rates, but most people will be approved for a same-day loan.


  • High Interest Rates and Total Costs: Same-day loans generally have high interest rates; thus, you may end up paying a lot of money in interest even if you borrow a small amount. Same day loans typically have an APR of over 20%, with some lenders charging an APR as high as 47%. The high interest rate translates into high monthly payments and total loan costs.
  • Hidden Fees:Lenders generally charge a variety of fees, such as loan origination fees and processing fees to the borrower that can quickly add up. The fees charged by every lender are different, and some lenders may not be upfront about all the fees from the beginning. The APR of the loan would give you a better estimate of the total loan cost, as it accounts for not just the interest rate but also the fees associated with a loan.
  • Heavy Penalties:The lender may charge you heavy penalties for late or missed payments. This can lead to increased debt, and you will also be at risk of endless debt. Meanwhile, defaulting on your payments can also hurt your credit score.
  • Irresponsible Lenders:Lenders offering same-day loans aren’t heavily regulated like banks and credit unions, leaving scope for predatory lenders to engage in irresponsible business practices. Such lenders may push you to borrow more than you can afford or be notorious when it comes to disclosure. Therefore, it is important to research a lender and read their offer document carefully before getting a loan from them.

Types of Same Day Loans


Online Personal Loans

One of the most common types of same-day loans, online personal loans are instalment loans offered by online lenders. These are unsecured loans; thus, you don’t have to provide any security to get such loans. These loans are paid off over the term of the loan in equal monthly installments. In general, instalment loans tend to have APRs starting from 19.99%; however, some lenders offer lower interest rates for well-qualified borrowers.


No Credit Check Loans

Some lenders take into account your overall financial health to approve you for same-day no credit check loans. These lenders don’t perform a credit check on you, so your credit score is unaffected. However, such loans typically have high interest rates, generally ranging between 35% and 45%, and the loan amounts tend to be low, as the lender has a greater risk.


Title Loans

Title loans are short-term loans against the ownership of an asset, such as car title loans. These loans are also typically paid off in installments, and a failure to pay installments can lead to your asset being seized by the lender. If you pay back the loan on the decided terms, the title will be released. Title loans tend to have high interest rates and are recommended only if you aren’t able to qualify for an unsecured loan.


Payday Loans

Same day payday loans tend to have the highest interest rates and can prove to be very expensive. These loans generally offer very small loan amounts, up to $1,500, and are required to be paid off on your next payday. The APR for payday loans generally tends to be around 400%.


Are Same Day and Payday Loans the Same?

While payday lenders are a type of same-day lender that offers access to funds within a day, there are other types of same-day lenders as well, offering loans for a lower interest rate and a bigger sum than payday lenders.

How much money can I get with a same-day loan?

Same day lenders typically offer loans starting from $500. The loan amounts usually range up to $20,000, with few lenders offering up to $50,000 in loans.

Can I get a same-day loan with bad credit?

Yes. Most same-day lenders offer loans to borrowers with bad credit. However, the lender may approve you for a small loan amount or charge you a higher interest rate if you have bad credit.

What happens if I miss my loan payments?

Missing loan payments can be detrimental to your credit health, and your credit score may be hurt. The lender is also likely to charge you a penalty for missing a payment, which will increase your debt. If you continue to miss payments, you can fall into a debt trap and remain in debt endlessly.

Can I repay other loans with a same day loan?

There is no restriction to how you use same day loans, and thus you can use it to repay other loans. However, if you intend on doing so, you must ensure that getting a same day loan to pay off another loan wouldn’t end up being more expensive ultimately.

The calculators and content on this page are provided for general information purposes only. WOWA does not guarantee the accuracy of information shown and is not responsible for any consequences of the use of the calculator.