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An instant online loan is an unsecured personal loan that can be applied for and obtained completely over the internet, often with no need for paperwork.

Each online lender has its own credit criteria and minimum eligibility, just like traditional lender. However, in some cases lenders who offer no credit check loans. This means that they do not take your Canadian credit score into account when making an instant lending decision. They rather use your income to check your ability to repay the money borrowed.

We help thousands of people each day to search and secure the best online loans Canada in minutes.

Why Apply Through Us?

  • We provide access to emergency cash
  • We search multiple Canadian lenders in seconds
  • Get instant online approval
  • All credit histories considered

Top Questions...

What is the difference between an internet and a traditional loan?

Many traditional Canadian lenders offer online loans and services. However, some differences can make online lenders more or less attractive, depending on your preferences.

  • No in-person contact: The main difference between internet lenders and traditional bankers is the inability to speak with customer service representatives or bankers in person. You can only communicate with an internet lender if you have any questions or concerns, which can be good or bad, depending on how comfortable you are to deal with finances over the internet and how close you live to a bank branch.
  • Review and quick applications: Online lenders might focus their efforts on automating the review and application process. The lender might be able to use a program that can quickly verify all information without contacting a person.
  • Targeted loan: Most lenders offer only one or two products and are focused on a particular type of borrower. Online lenders may specialize in lending to people with poor credit, while another might offer funds for those with good credit.
  • Potential savings: Canadian Internet lenders may offer lower rates because they don't have to maintain, build, or staff branches. This is not always true. Before applying, you should compare rates from traditional and non-traditional lenders.
  • Less cross-selling: Traditional lenders might offer lending options at low rates because they can sell you other products and services later, such as an auto loan or bank account. Others may not require you to accept as many offers to sign up for additional products.

You can compare online and traditional lenders' minimum requirements to find out which ones are best suited for you.

What is the fastest way to get an instant loan?

If you have an emergency, you might not have the time or patience to wait for funds to arrive. Our lenders offer the advantage of quickly submitting multiple prequalification requests to obtain the best rates and terms without affecting your credit score.

Many of our lenders offer same-day funding. Following online approval of your application, it can take between one and five business days for the money to reach your account. The timing of your approval will vary depending on the bank you use. Lenders can take up to seven days to approve or reject your application. If you delay uploading required verification documents, you could delay the process.

Canadian credit unions and traditional banks that have accounts may be able to get the money in your account within 24 hours of approval. However, they may take longer to review and process applications, and some financial institutions do not offer personal loans.

Can I get an instant loan with bad credit?

Our Canadian lenders can lend to those with bad credit. But, even then, you might need credit scores in the low-500s to mid-600s, which could place you at the end of the "very poor" and "fair" credit score categories.

Your income and score will be less important to get approved. However, if your application is approved, the interest rate may be higher than the credit card's charge, lowering the borrowing amount. In addition, you may not need this money to cover an emergency. Instead, focus on improving credit. To see your credit score and your credit report, you will need to assess where your credit is now and what areas can be improved.

Another option is to seek out informal ways to borrow the money, such as borrowing from friends, family members, or crowdfunding. You could also ask a close friend or relative who is creditworthy to co-sign on your application.

What is the safety of borrowing over the internet?

Many internet lenders are trustworthy and reliable. Beware of scammers. Scammers may try to scam you by reaching out to you and promising you money, regardless of your income or credit rating.

Search for reviews from Canadian third parties and check if the company has a Better Business Bureau rating. You can also find out the experience of working with the lender by reading reviews and reviewing complaints. You don't want to have to pay back the amount borrowed to someone who isn't good at customer service, even if the company is considered "safe."

Be cautious when borrowing money online with a high-interest rate such as 60 to 200% APR. Lenders can offer term loans at these high rates in most states, and they advertise that they are cheaper than quick loans. However, high-rate installment loans may still prove costly and difficult to repay.

I’m looking for loans near me, can you help?

Yes! No matter where you live in Canada, we can help. Our application process is done completely online, which means you can apply online from anywhere within Canada, from the comfort of your own home and receive an instant lending decision.

Before applying, make sure you check your loan offers

FatCat is a great way to compare loan offers and lenders quickly. We will match you with personal loans from its lender panel based on how much you wish to borrow online and what repayment terms you prefer.