The 10 Best Emergency Loans in Ontario for 2024

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Written by SnappyRates Team

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It can be very frustrating and stressful to face an unexpected personal emergency without any help. If you are in Ontario and need assistance getting out of a tough time, you can apply for an emergency loan. 

In this post, we discuss what these loans are, including emergency loans for bad credit, how much you can borrow, how to qualify, the pros and cons and how to pick the best emergency loan in Ontario.  

Main Highlights

  • An emergency loan is a short-term, personal loan providing quick financial assistance during emergency situations. It can be in the form of an installment loan, payday loan or cash advance. 
  • Loans Canada, AimFinance, FatCatLoans, LoanConnect and SkyCap Financial offer some of the best instant emergency loans in Ontario. 
  • Interest rates for emergency or installment loans in Ontario can be as low as 6.99% but as high as 46.96%, depending on your credit score. Loan amounts can range from $300 and go up to $50,000.

Best Instant Emergency Loans in Ontario 

Loans Canada

  • Loan amounts: $20 – $35,000
  • Interest rates: 6.99% – 46.99%
  • Loan term: 3 – 60 months
  • Availability: Anywhere in Canada
  • Accepts bad credit: Yes

Loans Canada is a loan comparison platform offering personal emergency loans to eligible individuals in Canada. It is not a lender but acts as a broker connecting lenders with borrowers looking for personal loans for diverse reasons. It has the largest lender network in Canada. 

The website offers fast and secure online emergency loans, competitive interest rates and flexible repayment plans. Loan amounts, approval and fund transfer times differ from one lender to another. 

If you have bad credit (a credit score below 560), Loans Canada will offer emergency loans for bad credit from lenders that cater exclusively to borrowers with low or bad credit. They will determine your creditworthiness through factors like income and debt-to-income ratio. 

AimFinance

  • Loan amounts: $1,000 – $5,000
  • Interest rates: 46.00%
  • Loan term: Bi-weekly, semi-monthly, monthly payments for 9-24 months
  • Availability: Ontario only
  • Accepts bad credit: Yes

Headquartered in Quebec, AimFinance is an alternative online lender offering personal loans, particularly emergency loans, to residents in Ontario. It approves eligible borrowers without delay and offers fast funding upon loan approval. 

You can get loan approval within minutes. There is no need to provide any collateral since AimFinance offers unsecured loans. If you opt to pay off your loan early, AimFinance does not charge early prepayment penalties. 

The lender specializes in loans for borrowers with bad credit. If you are a borrower with bad credit, you will need to submit to a credit check to qualify. 

FatCatLoans

  • Loan amounts: $300 – $50,000
  • Interest rates: 4.84% – 35.99%
  • Loan term: 3 – 120 months
  • Availability: Across Canada
  • Accepts bad credit: Yes

FatCat Loans is an online platform that connects borrowers and lenders. Using this website, you can submit a single loan application and get access to loans from various lenders. It offers easy application, fast approval and same-day funding. 

Borrowers with bad credit who need an instant emergency loan can also get matched with lenders offering options that suit their particular situation. These lenders offer loans that work with all types of credit history, including debt consolidation loans.

At FatCat, loan application until fund release is all done online. Application takes less than ten minutes and requires no paperwork, decisions from lenders are instant, and some lenders provide same-day funding. 

LoanConnect

  • Loan amounts: $500 – $50,000
  • Interest rates: 8% – 46.96% APR
  • Loan term: 3 – 120 months
  • Availability: Across Canada
  • Accepts bad credit: Yes

LoanConnect is a London-based loan search platform that lets you compare loans from various lenders and find the best option for your needs. Its network includes lenders catering to individuals with varying financial backgrounds, including those with a history of poor credit.

The website offers secured and unsecured loans as well as different options for good and bad credit. You can also get pre-approval in five minutes. If you are unsure of your credit score, LoanConnect can perform a free soft credit check with your consent.

Getting pre-approval is as fast as five minutes and the funds can be released on the same day. Fees, which vary by location, may apply. These fees may include administration fees, insurance fees, expenses related to home valuations and other miscellaneous fees.  

SkyCap Financial

  • Loan amounts: $500 – $10,000 
  • Interest rates: 12.99% – 39.99% APR
  • Loan term: 9 months – 60 months
  • Availability: AB, BC, MB, NB, NL, NT, NU, ON, PE, SK, YT
  • Accepts bad credit: Yes

SkyCap Financial provides alternative financing to Canadians, regardless of their credit history or financial background. Borrowers can benefit from its quick application for short-term loans and approval process. 

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Bad credit is accepted at SkyCap Financial, including applicants who have recently undergone a consumer proposal or personal bankruptcy, provided the conditions are met. Individuals with bad credit can also apply with a cosigner or collateral to help them get a better loan. 

The lender only requires one valid government-issued ID to apply for a loan. The application can be completed in ten minutes and approved in as little as 24 hours. After loan approval, the money will be deposited directly into your bank account. 

Nyble

Nyble is a personal finance platform that helps consumers improve their credit, avoid NSF and overdraft fees and get identity theft protection. It does not offer emergency loans but instead provides a line of credit ranging from $30 to $150 to cover bills, late payments and overdraft fees. 

To access the line of credit, sign up for a Nyble membership ($4.99, $7.99 or $11.99, depending on membership type). Approval is immediate and the funds can be released within 30 minutes (for a $2.99 fee) or up to three days. Nyble does not charge interest on the borrowed amount or late payment fees.

Bree

Bree works similarly to Nyble, providing overdraft protection that also offers free advances to help cover unexpected expenses. Consumers can access fast cash of up to $250 with no interest and no hidden fees. No credit check is required.  

Accessing the advance requires signing up at Bree and submitting an application. Fund release can be Standard or Express. Standard is free but can take up to two days. Express arrives in less than three hours but comes with a fee.

iCash

  • Loan amounts: $100 – $1,500
  • Interest rates: $15 per $100 to $17 per $100
  • Loan term: Choice of 1 to 3 repayments
  • Availability: AB, BC, ON, NB, MB, NS, PE, NL, SK, QC
  • Accepts bad credit: Yes

iCash is an online direct lender that lets you borrow up to $1,500 in minutes when you need it for an urgent situation. It offers a fast online application, requires no documents, has no hidden fees, provides 24/7 instant decisions, and sends funds in 2 minutes via e-transfer.

Loanz

  • Loan amount: $1,000 – $50,000+
  • Interest rates: 29.9% to 46.9%
  • Loan term: 12 months to 5 years
  • Availability: Not available in Quebec
  • Accepts bad credit: Yes

Loanz is a free-to-use online platform that connects borrowers with lenders that offer optimal loan options. A single application will provide access to various loan offers. Upon approval of your loan, you can choose your preferred method of fund disbursement.  

Cash Money

  • Loan amounts: $100 – $10,000
  • Interest rates: $14-$17 per $100 (depending on location)
  • Loan term: Up to 60 days
  • Availability: AB, BC, MB, NB, NL, NT, NS, NV, ON, PE, QB, SK YT
  • Accepts bad credit: Yes

Cash Money offers flexible, short-term and same-day cash loans to Canadians needing fast cash. To apply for an emergency loan, fill out an online application, visit a store or call them by phone. Fund disbursement can be through the store, via direct deposit or Interac e-Transfer. 

It is also known as a payday lender.

Emergency Loans Explained

Emergency loans are short-term, often unsecured, loans that eligible borrowers needing fast cash can access to help address unexpected expenses. As with personal loans, emergency loans typically require payment in monthly installments, with terms varying from lender to lender.

How Much You Can Borrow With an Emergency Loan

The emergency loan amount you can borrow depends on the lender you choose. Some lenders offer loans of as low as $20 to as high as $50,000. Higher loan amounts may require an excellent credit score. 

How Long It Can Take to Get an Emergency Loan

Depending on the lender, you can get approved for emergency loans or installment loans in Ontario in minutes and have your funds released on the same day. With some lenders, it can take up to a few business days before they give their approval. 

Emergency Loan Eligibility Requirements

While each lender will have specific eligibility criteria for their emergency loans, the typical requirements include age, proof of income, residency, a bank account and credit history. Some lenders require only one valid government-issued ID and proof of income. Others require a specific minimum credit score. 

Credit Score Required for an Emergency Loan

You typically need good credit to qualify for an emergency loan with better terms. If you have bad credit, you can still get an emergency loan through some alternative lenders, but this will usually result in higher interest rates for your loan. 

How to Apply for an Emergency Loan in Ontario

To apply for an instant emergency loan, choose a lender online, visit its website, fill out the online application form and submit it. Provide the necessary documents and meet the requirements. Wait for approval and select your preferred mode of fund disbursement. 

Pros and Cons of Emergency Loans

Pros:

  • Provides fast cash
  • Offers quick relief for unexpected expenses 
  • Easy application and quick approval
  • Fast fund release
  • Accepts bad credit
  • Less stringent requirements

Cons:

  • High interest rates and fees
  • Short repayment terms
  • Hidden fees
  • Can impact your credit score
  • Can lead to a debt cycle

How to Choose the Best Emergency Loan in Ontario

Consider the following factors when looking at emergency or installment loans in Ontario:

  • Interest rates. Compare APRs from various lenders and pick one with the lowest interest rate.
  • Loan term. Choose a loan term that lets you pay off your debt through a manageable repayment plan. 
  • Extra charges. Find a lender that charges low NSF fees and does not charge prepayment and late fees.
  • Secured loans. Consider getting a secured loan to get a better loan term. Since your loan is backed by collateral, the lender will offer a loan with a lower interest rate.

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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.

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