Online same-day loan lenders compared

Loan Amount APRs Term Length
Loans Canada $500 to $50,000 1.99%–46.96% 3 to 60 months
Loan Connect $500 to $50,000 6.99%-46.96% 3 to 120 months
Afterloans $500 - $5,000 19.99% - 55.00% 6 – 36 mo.
LendDirect up to $15,000 19.99%-46.93% Open-Ended

How to choose a good same-day loan

Before you begin to check out the various same-day lenders in Canada, it’s a good idea to get acquainted with the loan features that differ from one lender to the next. Remember, reputable lenders should offer loan terms that are mutually beneficial to both lender and borrower. With that in mind, the first rule in finding a good instant loan is to learn to spot and avoid predatory lenders.

Avoiding predators

All lenders should make the terms of their loans transparent before asking you to sign, so read carefully to ensure that they haven’t switched out the words “annual” or “yearly” for “monthly” or “nominal” when referring to the interest rate. Another thing to always look out for is the list of fees that are charged for certain actions taken by a borrower. If the list is sparse or missing outright, you should probably avoid the lender in question. Most loans come with some fees, and if a lender appear to be intentionally hiding its fees, that’s probably a sign that the fees are above average or unnecessarily high. Some may even charge a fee for having low credit!

Predatory lenders also tend to convince borrowers to refinance existing debts or even to put up their home or car as collateral when it isn’t required. This is called “equity stripping” and is just another way for these bad lenders to squeeze as much as they can out of their borrowers. Finally, the number one sign of a predatory lender is simply when they try to pressure you into taking on loans that aren’t in your best interest. If you’re looking for a short, fixed-rate loan and the only offers are for adjustable-rate or long term, you should reconsider. Sometimes you’ll be pre-approved for the loan you want, only for the lender to switch it out last-minute for a more expensive option.

Optimizing your loan

Obtaining a loan is supposed to be a financial benefit—it’s not meant to make life harder. Only you understand your financial situation, so for any loan it’s important to pay close attention to factors like the interest rate, term length, fees, prepayment penalties, and any add-on products or services.

For example, if you need a fast loan online and plan on paying it back quickly, then it’s crucial to choose a loan that has no prepayment penalties, even if it has a high interest rate or unsuitable term length. If you think you’ll take a while to pay back the loan, then opt for one that has the lowest annual percentage rate, and longest term. Even among same day loans it’s easy to find variety between the elements involved.

The best same-day loans in Canada

Loans Canada

Apply Now

Loans Canada is another indirect lender that can quickly connect you to a large network of financial institutions and fund you in as little as 24 hours. After entering some quick details into their form and choosing the type of loan you desire (from auto, mortgage, and personal loans to debt consolidation and more), you’ll be prequalified for a long list of offers, each from a different lender that also must lay out its terms front and centre.

Loans Canada helps borrowers access anywhere from $500 to $50,000, with the lenders on their platform offering interest rates that range from 1.99%–46.96%. Prospective borrowers can access terms that range between 3 to 60 months, though terms do vary by lender and of course, credit. What doesn’t vary is the speed at which potential borrowers are connected with cash—and in many cases you’ll see it hit your bank account just in a day.

Click here to apply for a same-day loan or learn more by reading our complete Loans Canada review.


Apply Now

A loan search platform specializing in same day loans $500 to $50,000 for those with weaker credit, LoanConnect is capable of matching an applicant to a loan that they’re pre-approved for in just 5 minutes from its broad network of connected lenders. After being pre-approved, you’ll be directed to apply for the loan in question on the lender’s website via a link. Some of LoanConnect’s partners offer rates as low 6.99%-46.96% based on personal credit—an interest rate that we typically would not recommend borrowers consider.

LoanConnect’s only hard requirements for its platform’s users are that they be the age of majority and Canadian citizens: no proof of employment or income needed. Even applicants who have current outstanding loans or past consumer proposals can find lenders among LoanConnect’s network. Repayment terms are set by the individual lender and last from 3 to 120 months.

Click here to apply for a same-day loan or learn more by reading our complete LoanConnect review.


AfterLoans might be a good fit for those seeking smaller loan amounts, between $500 and $5,000, and approval within 24 hours. It’s a loan search platform/aggregator rather than a direct lender, and its lending partners offer other products aside from fast unsecured loans, including installment loans, home improvement loans, secured loans, and more. All you need is an ID and proof of income, and an approved 10-minute application will result in funds hitting your account within a day.

Other notable advantages include the absence of any prepayment penalties, which allows you to be rid of the loan as soon as possible without paying extra fees. Would-be borrowers should be aware of the interest rate they’re getting, as partner lenders associated with this platform charge between 19.99% and 55.00%, with term lengths between 6 and 36 months. Those with past or current bankruptcies can apply.


Apply Now

LendDirect offers personal loans and lines of credit up to $15,000 for its applicants, who can take advantage of an online application process that’s 5 minutes or less for pre-approval, or the option to apply in-person at a LendDirect branch. After being approved online, you’ll submit verification documents of your bank and identity and then get your funding through an Interac e-Transfer within 2 hours. There are also no prepayment fees, so LendDirect loans can be easy to repay when you have spare cash to put toward your principal.

Like with some other lenders, you’ll need to show proof of recurring income during your application. LendDirect will also allow you to make automatic payments from your bank account in order to avoid missing one, but if you prefer to pay manually and are worried about being delinquent, it offers a Loan Protection plan for an extra monthly fee (covering you in the case of missed loan payments).

Click here to apply for a same day loan from LendDirect. Editorial Team

The Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.


The content provided on is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.