Best Cash Advance Apps in Canada

Finding the best cash advance app

Looking for quick cash? Cash advance apps can help when you're short on money before payday. Here's what to consider when choosing one in Canada.

What matters most

• Loan amounts: Some apps offer small advances around $200, while others go up to $500.

• Speed: Need money now? Check how quickly you'll get cash. Some services fund you within an hour.

• Cost: Compare the total cost. Payday loans can charge up to $14 per $100 borrowed. Pay advance services usually skip interest but charge subscription or express transfer fees.

• How you get paid: Most send money to your bank through e-Transfer or direct deposit. Some provide prepaid debit cards.

Other things to check

• Eligibility: What credit score, income, and job requirements do you need to meet?

• Currencies: Important for international transfers.

• Payment options: How you can send money and how recipients get it.

• Extra features: Some apps offer peer-to-peer payments, budgeting tools, investing options, or cash back.

1. KOHO

Sometimes money gets tight before payday. When surprise car repairs or unexpected bills show up, KOHO Cover can help bridge the gap without the crazy interest rates that payday lenders charge.

How KOHO Cover Works

1. Get a KOHO account and sign up for Cover

2. Access instant cash advances for as little as $2/month with no interest

3. Get your money right away through the app

4. Talk to our financial coach for money advice

5. Get priority support when you have questions

Why Choose KOHO Cover?

• No interest - We don't charge interest, no matter how much you borrow

• No credit checks - Everyone who signs up gets approved

• Up to $250 - Borrow what you need based on your eligibility

• Money right away - Access your cash advance instantly in the app

• Financial coaching - Get tips to manage your money better

Apply today and have money in your account in minutes!

2. Nyble

Short on cash? Apply online for up to $250 to cover small expenses. No interest, no credit checks, and it helps build your credit score too.

How it works

1. Create a free account and get your money in 1-3 business days

2. Apply online in minutes

3. Borrow what you need without paying interest

4. Build your credit history with every repayment

Free vs Premium

With a free account, you'll get:

• Up to $250 interest-free

• Funds in 1-3 business days

• No credit checks

For $X/month, premium gives you:

• Fast transfers (get money in minutes, not days)

• Full Equifax credit report

• Identity theft protection

Good to know

• Only small loan amounts available

• Simple online application

• No hidden fees or interest charges

3. Bree

Need cash before your next paycheck? Bree lets you borrow up to $500 to help with bills or unexpected expenses. No interest, no credit checks.

How it works

1. Apply quickly and easily online

2. Get approved without credit checks

3. Borrow what you need (up to $500)

4. Pay it back on your next payday

What it costs

• $2.99 monthly membership fee

• $0 interest

• No late payment fees

• Small fee for fast transfers if you need money right away

Good to know

• The $500 limit might not cover bigger expenses

• You'll need to pay the monthly fee even if you don't borrow

• Regular transfers are free but take longer

What you need to know about cash advance apps

Cash advance apps let you borrow small amounts of money until your next payday. They work differently from traditional loans and come with their own pros and cons.

What exactly is a cash advance app?

These apps come in two main types:

• Some give you interest-free loans (but charge other fees or subscriptions)

• Others let you access wages you've already earned but haven't been paid yet

Either way, you get a small amount of cash now, and repayment usually happens automatically when your payday comes.

Cash advance apps vs. payday loans

Cash advance apps are generally safer than payday loans. Payday loans can charge nearly 400% interest and often trap people in debt cycles.

Cash advance apps don't charge interest, which is why they aren't regulated like payday lenders. They also help prevent overdraft fees and won't let you take more money before you've paid back what you borrowed.

Watch out for the costs

While there's no interest, you might pay:

• Monthly subscription fees

• Fast transfer fees if you need money right away

• "Suggested" tips that apps encourage you to leave

These costs can add up even without interest charges.

Choose the right cash advance app for your needs

When money's tight before payday, cash advance apps can be a lifesaver. But not all apps are created equal.

KOHO Cover gives you up to $250 instantly with no interest and includes financial coaching for only $2/month. Nyble offers the same loan amount but takes 1-3 days for free transfers. Bree provides up to $500 available for a $2.99 monthly fee.

Before you choose, think about what matters most to you:

• Need money right now? Look at KOHO or Bree's express option

• Working on your credit history? KOHO might be your best bet

These apps are much safer than traditional payday loans that charge massive interest rates. Just remember that subscription fees and express charges still add up over time.

Choose what fits your situation, and only borrow what you can pay back on your next payday. The right cash advance app can help you handle surprise expenses without the stress of high-interest debt.