Best Apps That Let You Borrow Money

Borrowing money in Canada has never been easier, thanks to technology. Gone are the days of waiting weeks for loan approval or scheduling meetings with your bank. Now, you can access funds almost instantly, right from wherever you are.

One of the quickest ways to do this is through cash advance apps and payday loan apps. These apps streamline the entire process, letting you apply, get approved, and receive your funds sometimes in as little as 30 minutes. All you have to do is download the app, fill out the form, and submit it for approval. Once approved, the money is deposited right into your bank account.

Need a little extra cash to tide you over until payday? Check out these cash advance and payday loan apps that can help you out.

1. KOHO Cover

Koho offers Cover, a zero-interest cash advance from $20 up to $250, depending on eligibility. All you have to do is sign up for a KOHO everyday spending account. Then, subscribe to Cover starting as low as $2 a month for their monthly subscription fee, and you can easily access your cash advance funds right away in-app or withdraw them from an ATM.

Plus, the more you make use of KOHO for everyday spending and repay your monthly Cover fees on time, the more likely you'll be able to increase your Cover limit.

2. Nyble

Another option for cash advances in Canada is Nyble. With Nyble, you can apply online or through their app for an interest-free line of credit of up to $250 to cover small expenses.

They even offer a 14-day free trial, so you can test it out before committing. If you decide to stick with it, subscriptions range from $4.99 to $11.99 per month, depending on the membership level you choose.

With a free account, you’ll get your funds in 1-3 business days. Upgrade to the $11.99 premium plan, and you’ll enjoy perks like funding in as little as 1-30 minutes, a free Equifax credit report, and identity theft protection.

The best part? As you borrow and pay back your line of credit, Nyble helps you build your credit score, making it a great choice for managing short-term cash needs while improving your financial future.

3. Bree

Bree is another great option for online cash advances in Canada. Unlike traditional payday lenders, Bree lets you borrow up to $350 to avoid overdraft fees—completely interest- and fee-free.

You decide how much you want to borrow and pay it back when you get your paycheck—no complicated repayment plans are needed. Unlike other cash advance apps, instead of charging interest or monthly membership fees, Bree asks for a small tip to help keep their service running for Canadians in need.

4. Woveo

Woveo offers a flexible and community-driven alternative to payday loans. As a premium member ($10/month), you can borrow up to $250 interest-free to handle emergency expenses. Repayment is automatic, coming out of your expected group payout, and funds are available immediately after your cash advance request is approved.

To qualify, you need to be actively participating in a credit group, have made your first contribution, be awaiting a payout, and have a 100% repayment record in previous group activities.

Woveo also provides a credit line of up to $500 through a community finance wallet, with the added benefit of potentially improving your credit history. Once you create an account, you can invite friends to form a communal savings group. By pooling funds, each group member can access up to $500 from the savings pool.

Plus, Woveo reports your on-time payments to credit bureaus, which could help boost your credit score while meeting your financial needs.

5. iCash

iCash makes it super easy to get up to a $1,500 cash advance instantly through their app or website. You can even tailor your loan by choosing how much you want to borrow, your province, and how many payments work best for you. Plus, they offer perks like cashback rewards and the chance to redeem extra money.

The secret to their speed? The entire application is automated. Most customers get their funds via e-transfer in about 30 minutes. If you prefer direct deposit, that’s an option, too—it just might take a little longer.

6. Cash Money

Cash Money is another option for quick loans in Canada, and you can apply online or through their app. They’ve been around since 1992, so they’re a trusted name in short-term lending, offering lines of credit and loans to help with unexpected cash needs.

You can borrow anywhere from $50 to $10,000, and as a member of the Canadian Consumer Finance Association, Cash Money follows responsible lending practices. The best part? You’ll get an instant decision on your application, no matter the amount you’re requesting.

7. PAY2DAY

PAY2DAY makes borrowing quick and simple, offering payday loans of up to a $1,500 cash advance limit through their app, website, or in-store. No credit check is needed to apply, and there are no hidden fees. With support for Interac e-Transfers, you can get the cash you need fast.

You can apply anytime, 24/7, and once approved, the funds are usually sent via e-Transfer within 1-2 hours. The cost is straightforward—just $15 for every $100 borrowed. PAY2DAY currently operates in British Columbia, Nova Scotia, and Ontario, making it a convenient option for short-term financial needs

8. GoDay

GoDay is an online-only direct lender specializing in quick payday loans. Since 2012, they’ve been a licensed and trusted option for Canadians needing fast cash.

Whether you’re looking for a payday or cash advance loan up to $1,500 or a short-term installment loan between $1,000 and $15,000, GoDay has you covered.

Their process is super straightforward, with no hidden fees. Once you submit your application, you’ll know within seconds if you’re pre-approved. Applications are processed instantly by their automated system, available 24/7. Once approved, you can get your cash in as little as an hour, making GoDay a convenient choice when you need funds fast.

9. Credit Club

With Credit Club, you can borrow up to $1,500 in just 30 minutes using their website or app. It currently operates in British Columbia, Nova Scotia, and Ontario. While there are some fees, they’re straightforward and transparent—no surprises. It’s just $15 for every $100 borrowed.

If a payment doesn’t go through, the unsuccessful payment fee ranges from $20 to $50, but as long as you stay on top of your payments, that’s not something you’ll need to worry about.

You can apply anytime, 24/7, and repayments are handled automatically through direct debit from your bank account based on your schedule. Plus, the whole process is fully online, so there is no faxing or piles of paperwork to deal with.

10. Wagepay

Wagepay makes it easy to access your wages before the next payday, giving you a financial boost when you need it most, like during this pay period. New users can borrow up to 25% of their wages early, and with a track record of on-time repayments, this can increase to a maximum of $1,500. You can sign up online or using their mobile app.

Signing up is quick and hassle-free—just a couple of minutes—and there’s no credit check involved. Wagepay simply looks at your bank account transaction history to determine eligibility. Best of all, your employer is never notified, so you can access your wages early with complete privacy.

Repayments are automatic through your primary bank account, but the app offers flexibility to adjust your repayment date or split payments once per advance. Fees are straightforward, with a maximum flat fee of 8%, no late fees, and an annual interest rate of 24%.

11. Money Mart

Money Mart gives you a few options when it comes to cash and personal loans. You can borrow up to $15,000 with an installment loan or up to $1,500 with a short-term loan. The application process is simple—just log into your account on their website or app to get started.

Fees depend on how much you borrow and your repayment timeline, so it’s important to plan carefully. Keep in mind that missing payments could lead to late fees and affect your interest charges.

With over 40 years in the business (founded in 1982), Money Mart has earned the trust of many Canadians. Their online platform is secure and gives you 24/7 access to your account. Once approved, you can get your funds in as little as 15 minutes, though some cases may take up to two business days.

How to find the right cash advance app for you

When looking for the right cash advance app for your needs and wants, there are several factors you should consider, such as:

How much you can borrow

Take a look at these cash advance apps to see how much you can borrow. Some let you take out small loans of $200 or less, while others offer payday loans of up to $1,500. There’s something for everyone!

How soon you'll receive the cash

Be sure to check the details to see how long the process will take. Some cash apps can get you a loan in as little as 30 minutes, while others might take 1 to 3 days. It’s always good to know what to expect.

How you can access your cash

How will you get your funds? Will they be sent to your bank account through Interac e-Transfer or direct deposit, or will you be able to use a prepaid debit card to spend the loan amount?

Your eligibility

Check what you’ll need to qualify for a loan—things like your age, credit score, income, and employment status. Also, most cash advance apps require you to link a bank account that receives regular direct deposits. It’s good to know the criteria for the cash advance app upfront.

If there are any fees or interest rates

Make sure to look at the total cost of borrowing, including interest rates and any fees. For payday loans, lenders can charge $14 to $17 per $100 borrowed, depending on your province—but they don't have to. Some may offer lower fees. And if you’re using a cash advance service, there’s usually no interest, but you might have to pay subscription or express transfer fees. It’s always good to know what you’re signing up for.

An alternative to cash advance loans

If you’re in a tough spot and you can't seem to get a personal loan due to bad credit, cash advance loans aren’t your only option. Depending on your credit score and financial situation, you might qualify for other solutions like overdraft protection.

Overdraft protection

If you have a solid credit score and a good relationship with your financial institution, overdraft protection could be a great alternative. This allows you to spend beyond your account balance, up to a predetermined limit, covering unexpected expenses or automated bills without costly penalties.

Overdraft limits typically range from $250 to $5,000, with most people opting for $500 or $1,000. The exact amount you qualify for depends on your bank and financial situation. Some banks have a minimum overdraft limit of $500, while others might start at $1,000.

While you’ll likely need to pass a credit check to qualify, even those with less-than-perfect credit can often get approved—though the limit may be smaller. Overdraft fees are generally low and can save you money compared to other short-term borrowing options.

Looking for an app that lets you borrow money? Contact Koho today!

Sometimes, we all need a little extra help to get through to payday. KOHO can help with that.

And if you want to learn more about things like the best loans for credit building, check out these topics and more in our resource hub. Want to open a high-interest savings account? KOHO makes it easy to do it all, no matter where you are in Canada.