Sometimes, you run into financial emergencies in Canada, and you can’t wait for the next paycheque because you need cash fast. When such emergencies arise, waiting for traditional bank approvals often isn’t an option.
Thankfully, there are guaranteed payday loans in Canada that offer quick cash without lengthy applications and strict eligibility criteria. They are great for people with bad credit or not much credit history and give you peace of mind by offering quick cash without making it hard to qualify.
In this blog post, we will explore the 9 best guaranteed payday loans in Canada, their eligibility criteria, and their pros and cons. Furthermore, we will explain how guaranteed payday loans work in Canada and how to apply for them in Canada.
By the end of this guide, you will have a clearer understanding of guaranteed payday loans in Canada, enabling you to make informed financial decisions based on your unique circumstances.
How Guaranteed Payday Loans Work in Canada
Guaranteed payday loans in Canada have become a very acceptable and popular way for millions of people to get the money they need when they need it.
Guaranteed payday loans get you the cash you need before your next paycheck to help you get through an unexpected expense. If you need quick cash, payday loans can give you the money you need until your next paycheck, but be aware that the interest rate on payday loans is often extremely high.
Getting a guaranteed payday loan no matter what in Canada is a simple process. Whether you have bad credit or no credit at all, you can still apply for a guaranteed payday loan in Canada.
Unlike traditional bank loans, guaranteed payday loans may range from weeks to months, depending on the borrower’s pay cycle and residence.
Loan providers offer multiple repayment options for their loans, while others offer only one payment option. For those that offer only one payment option, the loan principal and interest must be repaid once this period elapses.
An Overview of the Best Guaranteed Payday Loans No Matter What in Canada
Payday Loans | Best For | Loan Amount | APR | |
LendingMate | Fast approval | Up to $10,000 | 34.9% to 43% | |
Mogo | 100-day money-back guarantee | Up to $35,000 | 5.9% to 46.96% | |
LoanConnect | Partners with other lenders | Up to $50,000 | 10% to 46.96% | |
Coast Capital | High long amount | Up to $50,000 | 10% to 46.96% | |
Alpine Credits | Adjustable interest rates | Up to $35,000 | 5.75% to 47.00% | |
Fairstone | High customer satisfaction | Up to $35,000 | 19.99% to 39.99% | |
LendDirect | Flexible terms | Up to $15,000 | 19.99% to 46.93% | |
LoanMeNow | Fast approval | Up to $1,000 | 28% to 32% | |
Borrowell | Multiple loan types | Up to $50,000 | 5.6% to 29.19% |
9 Guaranteed Payday Loans No Matter What in Canada
While traditional lenders may require a credit check and other criteria before approving a loan, some guaranteed payday loans in Canada don’t require these qualifications.
However, while the concept of “guaranteed approval no matter what” may seem enticing, it’s important to note that no lender can guarantee approval for every applicant. All lenders have specific minimum criteria that must be met, and there is always a chance of rejection based on perceived risks.
Here are 9 guaranteed payday loans no matter what in Canada, so you can find the right lender to help you during a financial emergency.
1. LendingMate
LendingMate is a guaranteed payday loan provider offering loan services in Ontario and British Columbia. Founded in 2017, LendingMate is a part of Richmond Group, an investment company with around $1 billion in assets.
Unlike most lenders in Canada, LendingMate requires a guarantor for loan approval, but you can get up to a $10,000 loan with LendingMate regardless of whether you have a good or poor credit score.
Loan Details
- Maximum payout: $10,000
- Loans offered: Guarantor-based loans
- Loan terms: 12 to 60 months
- APR: 34.9% to 43%
Why we recommend LendingMate
- No hidden fees
- Fast approval
Why we don’t recommend LendingMate
- Requires a guarantor
- High-interest rates
- Only available for Ontario and British Columbia residents
Eligibility Criteria
- Be an Ontario or British Columbia permanent resident
- Age between 19 – 75
- Have no active bankruptcy or consumer proposal
- Provide proof of income
2. Mogo
Mogo is one of Canada’s free credit score monitoring services providers, and they also offer payday loans. The company, founded in 2003 by David Marshall, has over 1 million members. Mogo offers one of the industry’s highest payday loan amounts and a long repayment schedule.
With MogoMoney, you can get up to a $35,000 loan and pay it off between 6 months to 5 years. It also offers mortgages, personal loans, ID fraud protection, visa prepaid cards, and cryptocurrency.
Loan Details
- Maximum Payout: $35,000
- Loan terms: 9 months to 5 years
- APR: 5.9% to 46.96%
Why we recommend Mogo
- High loan amount
- Flexible terms
- Poor credit approval
Why we don’t recommend Mogo
- High-interest rates
- No guarantee approval
- Double penalties if you default on your loan payments.
Eligibility
- Be a citizen or permanent resident of Canada
- Reach the age of majority in your province/territory
- Have a valid ID
- Have proof of income and bank statement/verification
You can check out our Mogo Review for more information
3. LoanConnect
LoanConnect is a “guaranteed payday loan no matter Canada” search engine that partners with over 25 lenders to provide flexible unsecured personal loans to Canadians. The company was founded in 2016 with headquarters in Toronto.
You can get up to a $50,000 loan through LoanConnect with an annual percentage rate (APR) ranging from 5.75% to 46.96%. They offer several loan types for debt consolidation, home renovation, business, vacation, auto, etc.
Loan Details
- Maximum Payout: $50,000
- Loans offered: Unsecured personal loans
- Loan terms: 6 to 60 months
- APR: 10% to 46.96%
Why we recommend Loan Connect
- It’s free to apply and won’t affect your credit score
- A singular application saves time applying to multiple lenders
- Allows you to compare loan options with terms and conditions upfront
- Partnered with lenders who serve all credit scores
- Application takes less than 5 minutes, with funds possible the same day
- New partners with lower APR range for better loan options
- Loan types to serve all purposes
- Unsecured personal loans don’t have restrictions on how they’re used
Why we don’t recommend Loan Connect
- LoanConnect is the aggregator, not the lender
- Your results only present the lenders they work with, not all in the market.
Eligibility
- Eligibility with vary based on each lender, but as a general rule, for pre-approval, you’ll need to meet the following criteria:
- Be a Canadian resident
- Reach the age of the majority of your province/territory
- Your total debt must not exceed 60% of your income
You can check out our LoanConnect Review for more information.
4. Coast Capital
Coast Capital is a loan and line credit platform with over 80 years of experience in the industry. It’s a member-owned cooperative that offers eligible members flexible loans and lines of credit.
You can get up to a $50,000 loan or lines of credit through Coast Capital if you’re an Alberta, British Columbia, Manitoba, Ontario or Saskatchewan resident.
Loan Details
- Maximum Payout: $50,000
- Loans offered: Unsecured personal loans
- Loan terms: 12 to 60 months
- APR: 10% to 46.96%
Why we recommend Coast Capital
- High long amount
- Flexible terms
- Multiple loan types
- Multiple lenders
Why we don’t recommend Coast Capital
- Only available to the residents of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan
- Credit check (with your consent)
Eligibility
- Be a resident of Alberta, British Columbia, Manitoba, Ontario or Saskatchewan
- Reach the age of majority in your province
5. Alpine Credits
Alpine Credits offers equity-based loans to home or other real estate owners in Alberta, Ontario, British Columbia, and Quebec. Regardless of your income, credit history or age, you can get fast loan approval through Alpine Credits using your home or real estate equity.
With over 50 years of experience in the industry, Alpine Credits offers flexible payday loans without regard to credit scores.
Loan Details
- Maximum Payout: Variable
- Loans offered: Unsecured personal loans
- Loan terms: Up to 60 months
- APR: 5.75% to 47.00%
Why we recommend Alpine Credits
- Poor credit approval
- Flexible terms
- Adjustable interest rates
- Fast approval and funding
- High loan amount
Why we don’t recommend Alpine Credits
- Only available to the residents of Alberta, Ontario, British Columbia, and Quebec
- No approval guarantee
- Credit check
Eligibility
- You must be a resident of Alberta, Ontario, British Columbia, and Quebec
- Reach the age of majority in your province
- Have 20% or more home equity or other real estate equity
- Have steady income
- Your outstanding debt should be as little as possible
6. Fairstone
Fairstone is one of Canada’s top providers of payday loans, offering up to $35,000, one of the industry’s highest payday loan amounts for non-bank lenders.
Founded in 1923, the company is owned by Duo Bank, with Scoot Wood as president. Fairstone has flexible loan terms and high customer satisfaction, making it one of Canada’s reliable payday loan providers.
Loan Details
- Maximum Payout: $35,000
- Loans offered: Unsecured personal loans, mortgage loans, car loans, and online loans.
- Loan terms: 6 to 60 months
- APR: 19.99% to 39.99%
Why we recommend Fairstone
- High loan amount
- Flexible terms
- High customer satisfaction
Why we don’t recommend Fairstone
- High-interest rates
Eligibility
- Be a Canadian resident
- Reach the age of majority in your province/territory
- Proof of income
- Rent or mortgage verification
- Government-issued ID
7. LendDirect
If you’re looking for a recurring line of credit without cash advance fees, LendDirect is what you need. LendDirect offers up to a $15,000 line of credit to eligible Canadians. LendDirect has flexible terms and fast approval, as you can disburse funds in your account within 15 minutes after approval.
Loan Details
- Maximum Payout: $15,000
- Loans offered: Line of credit
- Loan terms: Open-ended line of credit
- APR: 19.99% to 46.93%
Why we recommend LendDirect
- Flexible terms
- Fast approval
- Flexible requirements
Why we don’t recommend LendDirect
- High-interest rates
- Credit check
Eligibility
- Be a Canadian citizen
- Reach 18 years and above
- Have proof of income
- Have an active bank account
- Provide a valid government-issued ID
8. LoanMeNow
LoanMeNow is one of the best lenders in Canada that offers fast payday loans regardless of credit score. While it has a low loan amount, your chances of approval are high once you meet the requirements. This makes it reliable for individuals with poor credit scores looking for fast loan approval.
Loan Details
- Maximum Payout: $1000
- Loans offered: Personal loans
- Loan terms: Up to 60 months
- APR: 28% to 32%
Why we recommend Loan Me Now
- Fast approval
- Flexible terms
- Poor credit approval
Why we don’t recommend Loan Me Now
- Low loan amount
Eligibility
- Be a Canadian resident
- Reach 18 years of age or above
- Have $1,200 or above as monthly income
- Work for one employer for 2 months
- Possess an active bank account
- Have no active consumer proposal or bankruptcy
9. Borrowell
Borrowell is a free credit score service providing access to multiple personal loans in Canada.
This company partners with several lenders that offer different types of loans for debt consolidation, business, car, credit card payment, home improvement, etc.
Loan Details
- Maximum Payout: $50,000
- Loans offered: Personal loans, small business loans, debt consolidation, and vehicle purchase loans.
- Loan terms: 36 to 60 months
- APR: 5.6% to 29.19%
Why we recommend Borrowell
- High loan amount
- Flexible terms
- Multiple loan types
- Multiple partners
- Free credit score monitoring
Why we don’t recommend Borrowell
- Credit check
- Not all credits are accepted
Eligibility
- Be a Canadian resident
- Reach 18 years of age or above
- Have a good credit score
- Have a Canadian bank account
- Provide proof of income
How to Apply for Guaranteed Payday Loans in Canada
Many Canadian payday loan lenders offer a streamlined process that lets you apply for a guaranteed payday loan in Canada from the comfort of your home or office.
The application and approval process for many guaranteed payday loans usually follows these pattern:
Step 1: You fill out an online application that includes information about the amount of the loan and other necessary details. The process requires only a few minutes; no scanning, faxing, or mailing of any documentation is necessary.
Step 2: Advanced algorithms review your application to provide instant approval on the loan.
Step 3: After receiving the application, a digital loan agreement is sent to you within minutes, which you can sign and return with just a few clicks.
Step 4: Within a few minutes, your funds are released according to your selected funding method. You can use the funds in whichever way you wish.
Step 5: Principal and interest payments are automatically made from the bank account you provided in the application to repay the loan by the date specified in the loan agreement.
RECOMMENDED READINGS:
- 10 Best Online Payday Loans With Instant Approval (2024)
- The 10 Best Payday Loans in Canada (2024)
- 10 Best E-Transfer Payday Loans Canada 24/7 (2024)
- 12 Best No Credit Check Loans in Canada: Instant Approval Loans
Final Thoughts on Guaranteed Payday Loans in Canada
When it comes to payday loans in Canada, there is too much information, and it can be overwhelming. Some payday loans in Canada promise guaranteed approval, but this is different. Many applicants are turned down for one reason or another.
You might be turned down for a payday loan in Canada for many reasons. The fact remains that there is no such thing as “guaranteed payday loans no matter what in Canada.”
Don’t find yourself in a situation where you are disappointed with the results of your research on “guaranteed payday loans no matter what in Canada.”
FAQs on Guaranteed Payday Loans No Matter What in Canada
Why do I keep getting denied payday loans?
Credit scores, past borrowing history and income are the three most common reasons you may be denied a payday loan.
Can I get guaranteed loan approval with no credit check?
A credit check is also nothing to worry about, as most guaranteed payday loans in Canada don’t have a minimum credit threshold for approving loans. This means poor credit scores will not disqualify you from receiving a loan.
Can you get a payday loan if you owe another?
Indeed, you can usually get another payday loan, but it likely will be from a different lender or at a worse rate.
Do payday loans affect your credit in Canada?
Payday or cash advance loans do not damage your credit score if they are repaid on time and with the associated interest.
Can I get guaranteed payday loans with MoneyReverie?
No. Money Reverie is not a payday loan lender. Instead, it offers access to payday lenders, such as LendingMate, LoanConnect, Mogo, LendDirect, Borrowell etc.
