Loan apps in Canada have become increasingly popular among borrowers seeking quick access to loans without having to go through the lengthy process of traditional lending institutions. These loan apps in Canada offer a convenient and easy way to apply for loans and receive the funds directly in one’s bank account. The rise in popularity of loan apps can be attributed to their ability to offer a faster and more efficient loan process compared to traditional banks.
Loan apps in Canada offer various types of loans such as personal loans, payday loans, and installment loans. Personal loans are unsecured loans that can be used for any purpose, while payday loans are short-term loans that are typically due on the borrower’s next payday. Installment loans are long-term loans that are repaid in regular installments over a set period. Loan apps have made it easier for Canadians to access loans that meet their specific needs and financial circumstances.
Although loan apps in Canada provide a quick and convenient way to access loans, it is essential to exercise caution and carefully read the terms and conditions before applying. Some loan apps in Canada may charge high-interest rates and fees, which can quickly add up and result in significant debt. It is essential to compare loan apps in Canada and research their reputations and customer reviews to ensure they are reliable and trustworthy.
List of the best loan apps in Canada
- Loan Away
- Loan Express
- Skycap Financial
Ranked first on our list of instant loan apps in Canada for quick cash loans is Borrowell. As a fintech lender with over one million customers, Borrowell is one of the leading quick loan providers in Canada, offering a diverse range of financial services. One of Borrowell’s unique features is its partnership with Equifax, the first Canadian lender to offer its clients free credit reports.
Borrowell’s offerings extend beyond loans, including credit monitoring, credit cards, mortgages, banking and investing, and insurance programs. Loans are available in amounts ranging from $1,000 to $35,000 and can be utilized for various purposes such as quick loans, small business loans, debt consolidation loans, home improvement loans, and vehicle purchase loans.
Fairstone, a non-banking financial institution that has been in operation since 1923, provides financial services such as payday loans and short-term loans to Canadians who cannot obtain them from traditional banks. With over 240 branches, Fairstone’s quick loans are available in all Canadian provinces except Nunavut, making it our fourth choice on the list of instant loan apps in Canada.
Fairstone offers five types of quick loans, including secured quick loans, unsecured quick loans, car and auto loans, mortgage loans, and online loans. The platform’s loans have an APR of 19.99% to 39.99% and term lengths ranging from six to 120 months, depending on whether the loan is unsecured or secured. Loan amounts range from $500 up to $35,000. While there are no fees on unsecured loans, there are fees on returned payments and late payments on secured loans.
Ranked third on the list of the top instant loan apps in Canada, iCash provides short-term loans to individuals who require additional funds to cover unexpected expenses or emergencies. As a result, the application and approval process is swift, with Canadians able to apply and receive approval in just a few minutes.
There are moments in life when immediate access to a loan is necessary, such as unforeseen overage charges on your phone bill or a sudden leak in your roof. When you require an instant money loan, you may visit a loan place, or pawnshop, or opt for an online lender like iCASH. In Canada, lenders may issue small loans up to $1,500 to assist you in bridging any financial gaps before your next paycheque. The loan, including any interest and fees, can be repaid on your next pay cycle.
LendDirect is a niche lender that provides unsecured quick online loans in Canada, earning it our fourth position on the list of the top 10 best instant loan apps in Canada. The platform offers ongoing loans of up to $15,000 with limitless, no-fee cash advances. Once your application for quick online loans is approved, you can expect to receive an open-ended line of credit within one business day. The service is presently available in Ontario, Alberta, British Columbia, and Saskatchewan.
LendDirect offers a quick line of credit with loans ranging up to $15,000, carrying an interest rate of 19.99% APR, with open-ended terms in months. Funding is usually completed within 15 minutes using Interac E-Transfer or direct deposit.
LendingMate is a non-bank lender that offers guarantor-secured quick loans, earning it our fifth position on the list of the top 10 best instant loan apps in Canada. Its services cater to borrowers with any credit score who cannot obtain a loan from traditional banks or other institutions. LendingMate operates in two Canadian provinces: Ontario and British Columbia.
The lender offers guarantor-based quick loans, which require a guarantor to vouch for you and repay the loan in case of default. Quick loans from LendingMate can be used to cover various expenses such as debt consolidation, home improvements, vacations, vehicle purchases, student loans, and more. The minimum loan amount is $2000, while the maximum is $10,000, with loan terms ranging from 12 to 60 months, carrying an interest rate of 43%.
6. Loan Away
Ranked sixth on our list of instant loan apps in Canada, Loan Away provides online installment loans of up to $5,000 for those seeking emergency funding. This online-only lender is available in six Canadian provinces, namely Ontario, Alberta, New Brunswick, British Columbia, Newfoundland and Labrador, and Nova Scotia. Loan Away offers various types of loans, including unsecured loans, home equity loans, and debt consolidation loans, which can be used to cover different expenses such as private student loans or emergency costs.
Loan Away’s loans range from $1,000 to $5,000, with an APR between 19.9% and 45.9%. Loan terms can vary from 6 to 36 months. Unfortunately, the fees and penalties associated with their loans are not disclosed.
Our seventh pick on the list of the top 10 best instant loan apps in Canada is LoanConnect. It is not a lender itself but a search engine that enables users to access quick loans from various lenders at competitive interest rates. LoanConnect is a BBB-accredited business with an A+ rating and offers some of the best comparative loan rates in Canada.
The platform provides unsecured loans for different purposes, including business loans, emergency loans, vehicle loans, home renovation loans, and debt consolidation loans. The loan amounts range from $500 to $50,000, and the loan terms are between 6 to 60 months. The interest rates are from 10% to 46.96%, depending on the lender chosen, and the fees are determined by the lender selected.
8. Loan Express
Loan Express is included in our list of top 10 instant loan apps in Canada as the eighth pick. They have offered instant online loans across Canada for over 15 years. Whether you need extra money for yourself, want to hang out with friends, or working hard, Loan Express is always there to provide a helping hand.
Their short-term, instant online loans are designed to assist you in emergencies, take advantage of opportunities or help friends. A quick cash advance from Loan Express can be the difference between being in control of your finances and missing out entirely.
Mogo is an online lender based in Toronto that ranks as our ninth pick among the top 10 instant loan apps in Canada. With a client base of over 900,000, Mogo offers Canadians a diverse range of financial solutions, including quick loans ranging from $100 to $35,000, mortgages, credit cards, cryptocurrency, identity fraud protection, and free credit score monitoring.
The interest rates for Mogo’s loans vary from 5.9% to 46.96% APR. One advantage of Mogo is that it provides loans to individuals with poor credit scores, but borrowers should be cautious as the interest rates may be considerably high.
10. Skycap Financial
Our tenth pick for the top 10 best instant loan apps in Canada is SkyCap Financial. This fast-growing lender aims to provide financial solutions to all Canadians, regardless of their credit history or financial past.
SkyCap Financial offers quick loans that are typically approved within 24 hours and can be used for a variety of purposes, such as home improvements, bills and expenses, travel, debt consolidation, moving expenses, weddings, and more.
In conclusion, loan apps in Canada cater to a range of needs and offer competitive interest rates, flexible repayment terms, and quick application processes. Whether for emergencies, debt consolidation, or credit building, online lenders like LoanConnect and Loan Express, as well as credit-building lenders like iCash, Mogo, and other loan apps in Canada are capable of providing accessible funds for Canadians.
These loan apps in Canada offer a convenient alternative to traditional banking methods and are suitable for borrowers with varying credit scores. While borrowing money should always be done responsibly, these apps provide a transparent and easily accessible process that has become an essential part of the country’s financial ecosystem. They have provided hope and stability to many Canadians, especially during these uncertain times, and for that, we are grateful.