How to Borrow Money Online in Canada

Need money fast but don't want to deal with bank lineups and endless paperwork? You're not alone.

More Canadians than ever are turning to online lending for quick access to funds, whether it's for an emergency repair, unexpected medical bills, or consolidating debt.

1. KOHO

If you need help bridging a short-term gap, KOHO’s cash advance is built exactly for that.

With KOHO Cover, you can:

• Get up to $250 as an instant cash advance (amount depends on eligibility)

• Pay no interest on the advance

• Avoid a credit check

• Repay automatically once you add money or get paid

You subscribe to the Cover bundle for a low monthly fee, and in return you get the advance feature plus extras like a credit report, financial coaching, and priority support.

It’s designed to be a simpler, cheaper alternative to things like payday loans or expensive credit card cash advances.

2. Nyble

Nyble allows users to access up to $250 for their balance protection insurance.

Cost Structure: Paid Membership

Cost: $11.99/month

Payment due date: 31 days following drawdown

3. Bree

Bree let's users access up to a $500 cash advance to prevent overdraft.

Cost Structure: Platform/Express Fee

Cost: $2.99 to $22.99

Payment due date: Next payday

4. Woveo

Users can access a cash advance of up to $250 with a premium plan.

Cost Structure: Paid Membership

Cost: $10/month per user

Payment due date: Monthly payments over 12 months

5. iCash

Users can get loans up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or up to the maximum 62-day period

6. Cash Money

Users can apply for Payday Loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or about two weeks

7. PAY2DAY

PAY2DAY provides payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

8. GoDay

Users can access payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

9. Credit Club

Users can borrow payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

10. Wagepay

New users can access pay advance of up to $1,500. This service is currently only available to Ontario & British Columbia residents.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or Postpone Repayment Feature*

*The postpone feature and the skip payment feature can not be used on the same advance.

What does "borrowing money online" actually mean?

Online borrowing simply means applying for and receiving a loan entirely through the internet. You fill out an application on a website or app, submit your documents digitally, and if approved, the money gets deposited directly into your bank account.

Online loans work just like traditional loans: you borrow a specific amount, agree to pay it back over a set period, and pay interest on the borrowed amount.

Types of online loans available in Canada:

• Personal loans for any purpose

• Lines of credit for ongoing access to funds

• Payday loan alternatives for short-term needs

• Business loans for entrepreneurs

• Student loans for education expenses

• Debt consolidation loans to combine multiple debts

Why people choose online lending

Speed: Traditional bank loans can take weeks to approve. Online lenders often provide decisions within minutes and funding within 1-2 business days.

Convenience: Apply anytime, anywhere. No need to take time off work or wait for bank hours.

Less stringent requirements: Many online lenders work with people who have fair or poor credit, offering options when traditional banks say no.

Competitive rates: Online lenders often have lower overhead costs than traditional banks, potentially offering better interest rates.

Transparent process: Most legitimate online lenders clearly display rates, fees, and terms upfront, making it easier to compare options.

Your path to safe online borrowing

Borrowing money online in Canada can be a legitimate, convenient solution when done thoughtfully. The key is doing your homework, choosing reputable lenders, and borrowing only what you need and can afford to repay.

Remember that any loan is a serious financial commitment that should improve your situation, not make it worse. Take time to understand your options, read all terms carefully, and have a clear plan for repayment before you borrow.