Easy Online Loans in Canada: No Refusal & Instant Approval 

Published on

Written by SnappyRates Team

Snappy Rates is reader-supported. This means if you click on some of our links, we may earn a commission. This does not affect the objectivity of our evaluations. Read our disclosure.

Online installment and payday loans are some of the fastest ways to get extra cash, and fortunately, applying for them online is very easy.

These loans often have few requirements and pay instantly, making them appealing to individuals needing urgent funds

This post covers the easy online loans in Canada that’ll let you borrow money instantly. 

Key Takeaways

  • The most common easy online loan types include installment loans, payday loans, and car title loans. 
  • If you need installment loans, Loans Canada, FatCat Loans, CarsFast and LoanConnect usually offer the best loan options. 
  • Pay2Day, iCASH, and Cash Money are the top payday loan providers in Canada, offering fast approvals and funds as early as 15 minutes.

Types of Easy Online Loans in Canada 

Let’s discuss the three most common online instant loans in Canada. 

Installment Loans

Installment loans are typically relatively high-valued loans with fixed interests that are repaid by making regular payments over a period of time (usually over 9 months). 

The amount borrowed typically starts from $1,000, but other lenders offer installment loans for amounts as low as $500. 

Payday Loans

Payday loans are short-term, high-cost loans that borrowers must repay short-term, typically within a month or the borrower’s next payday. 

Ranging from $300 to $1,500, these loans typically have some of the highest interest rates, with APRs being as high as 500%, as they’re disbursed instantly with very little documentation needed. 

As much as possible, it’s best to treat payday loans as a last resort, as their interest rates are excessively high compared to other funding options.

However, if you do resort to them, ensure that you pay these types of loans as fast as possible, as they can quickly spiral into unmanageable debt.

Car Title Loans

Car title loans are secured, short-term loans in which the borrower uses their car as loan collateral. You can still use your car while it’s being used as collateral for a title loan, but if you don’t make payments on time, you may lose your vehicle.

Best Installment Loans in Canada 

If you need installment loans in Canada, these platforms are often your best options.

Loans Canada

Loans Canada is a loan comparison website that automatically matches you with the best lenders who fit your needs.

Through this website, you can find instant payout installment loans ranging from $500 to $50,000 that are repayable within 4 to 60 months. The APR for these installment loans will vary depending on the specific lender, but you can expect the range to be anywhere from 6.99% to 46.96%.

Loans Canada

Loans Canada allows you to research and evaluate different lenders before you apply for a loan. The loan comparison platform is accredited by the Better Business Bureau and has been used by over 1 million Canadians. It offers many types of loans, including personal loans, debt relief loans, car loans, and business loans.

Loan amount: $50,000

Loan term: 3-60 months

Interest rates: 2.99% to 46.96%

Eligibility requirements: Ability to prove Canadian residence and 3 months of employment


On Loans Canada’s website

  • Loan comparison platform offering personal loans, debt relief loans, car loans, business loans, and free credit score checks
  • Available to Canadian residents who can prove three months’ worth of employment
  • Flexible terms with rates as low as 1.99% and term lengths between three months and five years
  • Quick and easy online application – you only need to provide the essential information so that Loans Canada can find you the best deals from their lender network
  • Launched in 2012 and now Canada’s largest network of lenders
  • Allows simplified lending experience with one universal application to find the best available loans rather than individual applications with each vendor

Many types of loans offered

Quick, efficient application process

Large network of lenders

Some lenders charge a loan origination fee

Interest rates up to 46.96% with poor credit

Loans Canada offers one of the best platforms out there if you want to compare lenders. You will easily be able to see what different lenders can offer, and the platform is able to provide many different kinds of loans under $50,000.


FatCatLoans is another reputable platform that allows you to access multiple lender offerings with just one loan application.

Its overall network of lenders has an instant approval rate of over 80% and offers loans from $300 up to $50,000 for various installment loans. 

Like Loans Canada, the typical APRs with FatCatLoans range from 6.99% to 46.96%. Loan terms on this platform can be anywhere from 3 to 84 months.


For those looking for auto loans, CarsFast is one of the best options. It has already helped over 15,000 car buyers find the perfect car across 350 dealerships. 

This lender accommodates applicants with all types of credit and usually approves car financing in minutes.

Through CarsFast, you can get up to $75,000 in auto loans, with terms extending up to 96 months. Interest rates range from 4.90% to 29.90% APR.


CarsFast is a Canadian auto financing network that has helped over 15,000 car buyers afford their perfect vehicle. The company offers auto financing to anyone, regardless of credit score, because it believes every Canadian deserves access to reliable transportation.

Loan amount: $75,000

Loan term: 12 to 96 months

Interest rates: 4.90% to 29.90%

Eligibility requirements: Canadians with a minimum income of $2,000 per month and the ability to prove three months of steady employment


On CarsFast’s website

  • Simple online application that takes just two minutes with no account required
  • Get competitive rates by browsing what different lenders can offer you
  • Complete your car-buying process all in one place as CarsFast also has a vehicle marketplace with access to over 350 dealers
  • Fast approval and financing process – you should get your money in a matter of days
  • Auto financing for everyone, regardless of credit score
  • Rates as low as 4.90%, and loan terms ranging from one year to eight years

Large lender network to offer competitive rates

Quick, easy-to-use online application process

No additional fees through CarsFast

Only offers auto loans, not personal loans

High-interest rates with poor credit (up to 29.90%)

Some lenders may charge origination fees

CarsFast offers an easy-to-use online comparison platform so that you can explore options with different lenders for your next auto loan. No matter what your credit score is, CarsFast has access to a large network of lenders, so you’re sure to find competitive rates. If you have a higher credit score, you will almost certainly get better rates from CarsFast.


LoanConnect is another highly-rated loan comparison website that pre-approves loans of up to $50,000 in as fast as 60 seconds. 

Its rates are as low as 8.99% APR, and the terms of its lenders range from 3 to 120 months, giving you flexibility in repayment options.

Some of the most common loans LoanConnect offers include personal loans, debt consolidation loans, and bad credit loans. 

Best Instant Online Loans in Canada 

As mentioned, it’s best to avoid payday lending companies as much as possible.


With over 30 locations throughout the country, Pay2Day is one of the best options for borrowing money instantly online. It offers up to $1,500 cash instantly. 

It charges $15 for every $100 you loan and gives you up to 31 days to repay your debt before you incur additional charges or penalties. 

You can apply for Pay2Day loans in person through its locations or do so online 24/7. If you’re at least 18 years old, have access to online banking, and have proof of employment income, you can apply for Pay2Day’s payday loans. 


Having issued over 1.9 million loans since 2016, iCash is another reliable payday loan provider in Canada. It lets you borrow anywhere from $100 to $1,500, which you’ll then receive through e-transfer minutes after approval.

iCash’s interest rates vary depending on your province of residence but typically range from $15 to $17 per $100 borrowed.

To be eligible, you must be part of the legal age of majority in your province, have a monthly income of at least $800 month, and have an online bank account. 

Cash Money 

Founded in 1992, Cash Money offers flexible borrowing options ranging from $50 to $10,000. Through Interac e-Transfer, this lender provides funding as early as 15 minutes after approval, making it one of the go-to choices when you need fast cash.

Cash Money’s interest rates range from $14 to $17 per $100 borrowed, depending on your province of residence.

How to Apply For a Loan Online 

Applying for a loan online is usually a simple process, as long as you already meet the criteria required by the lender you want to apply for.

Of course, the exact steps vary depending on the loan provider, but typically, the process starts with you going to the lender’s online application form, filling in the information required, showing the necessary documents, and waiting for approval.

After that, you’ll be notified whether you can proceed, which then means you can go ahead and have the loan deposited into your bank account. 

Pros and Cons of Online Loans 

Online loans are helpful when you have no or limited access to a credit limit, but they’re not always ideal. Let’s uncover the pros and cons of online loans in Canada:


  • Fast access to extra cash when in a pinch
  • Typically don’t require borrowers to pledge collateral (except for car title loans)
  • Flexible borrowing limits ranging from $300 to $50,000


  • Interest rates can go as high as 50% to 400% APR
  • Can damage your credit when not paid on time
  • May lead you to fall into debt 

How To Choose the Best Online Loan For You 

To find the best online loans, get quotes from multiple online lenders and compare their interest rates, repayment periods, and loan amounts.

You’d want to select one that offers the lowest interest rates, repayment periods that fit your situation (not too short or long), and a loan amount that also suits your needs (don’t borrow more than necessary).

Once again, as much as possible, payday loans should be treated as a last resort. Although they’re some of the most convenient options to get cash quickly, they also incur the highest interest rates, which can strain your finances over time.

Bonuses & Deals for May

Check your Equifax credit score for free in 3 minutes.

Earn up to 5% cashback with a free prepaid card, get 5% savings interest on your balance, plus a $20 bonus when you make your first purchase!

Get the best personal loan rates in Canada. All credit scores accepted.

No current offers for this category.

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Gravatar for SnappyRates Team

SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

Leave a comment

Hello there
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.
  • Earn up to 225x more than other banks!
  • Get 4.00% interest rate* on every dollar.
  • No monthly fees and unlimited free transactions.
*Terms and conditions apply. Limited time offer.