Instant online loans in Canada can provide the money you need quickly. However, lenders and products vary greatly. Nonetheless, you may be tempted to apply for almost any instant online loans in Canada when you need money fast.

Instead, we suggest you take just 5 minutes out of your day to read this post. It can help you separate good lenders from less desirable ones. It may also point out some of the features you’ll want in instant online loans in Canada, and what you’ll want to avoid.

Licensing is Important

A valid license in your region indicates the lender adheres to the consumer standards and lending practices required by your province. Licensed lenders are supervised by regulatory bodies and they can be fined or lose their license if they don’t meet requirements.

These requirements are robust and broad. The details can be found within the legislation for your specific region. You have recourse if you believe a lender mismanaged your loan or used unethical practices. This includes filing a complaint through your provincial regulator.

Membership in Groups & Associations

Good lenders join both industry and consumer groups. Examples include the Canadian Consumer Finance Association (CCFA) which represents the majority of Canada’s regulated providers installment loan lenders.

Accreditation through a consumer group such as the Better Business Bureau is a good indication the lender is willing to undergo scrutiny and will respond to any issues.

Lender Transparency

With so many lenders to choose from it can be difficult to decide which is best for you. However, one of the simplest ways to narrow the field is by checking what they lender requires from you.

All too often, lenders want you to complete an application form, even though you don’t know their requirements. Obviously, this can be a complete waste of time if you don’t meet their basic requirements.

Look for a transparent lender that provides their basic requirements. While this isn’t a guarantee of approval, it certainly makes things easier.

Some lenders have a minimum credit score requirement, while others look at many factors. Some charge an unnecessary origination fee, which can reduce your funds by between 0.5 and 8.0 percent of your loan amount. Others don’t charge this fee.

Still others charge prepayment penalties if you want to pay extra or pay off your loan early. Others welcome payments at any time. Check the details carefully before you commit to a lender or loan.

Electronic Income Verification

Instant online loans in Canada shouldn’t involve verifying your income in a traditional manner. Uploading or dropping off pay stubs, a letter from your employer, or an income statement takes far too long.

Always look for a lender that offers electronic income verification. Basically, the lender asks your permission to obtain bank statements to confirm your direct deposits. It’s safe and ensures the loan process proceeds quickly.

Soft Credit Inquiry

Good lenders use a pre-approval process and a soft credit inquiry. This is important as a soft credit inquiry does not impact your credit score.

If you’re turned down, you can apply elsewhere without a problem. If you’re pre-approved, the lender may perform a hard credit inquiry. However, this only occurs if you like the loan terms they’ve offered and decide to move forward. There’s no obligation.

Understand the Product

With so many lenders available, it is very important that you understand the details of the products they offer.

Instant online loans in Canada offer a lump sum of money which you repay in installments. The lender should charge you simple, not compound interest. Every payment should pay a portion towards interest and reduce your balance.

However, some loans must be backed by collateral such as your car or home. Others don’t have this requirement.

Check Their Options

Lenders may offer a very limited range of loan amounts. The usual minimum loan amount is $1,000 and maximums are often only a few thousand dollars. However, some lenders grant instant online loans in Canada for as little as $500 and as much as $15,000.

You will also want to check the repayment terms the lender offers. Do they offer a six-month term if you just need money for a short time? Or are you forced to pay more interest and drag out payments over a year? Can you repay over five years if you want to enjoy more affordable payments?

Of course, interest rates are always important. Luckily, if you apply through lenders that use a soft credit inquiry, it’s easy to shop around without impacting your credit score.

Finally, check whether the lender offer the payment options that suit your life. If you’re paid twice a month, you may want to make bi-monthly payments. If you’re paid weekly, you may not want to be forced to make monthly payments.

How Instant is Instant?

It’s easy for a lender to build a website offering instant online loans in Canada. However, what that means varies greatly between lenders.

Do they offer a quick online application form that only asks for pertinent information? Or are they asking you about where you lived, worked, and banked five years ago?

You’ll also want to know how long it will take them to make a decision. Good lenders let you know within minutes, while others could take hours or days.

If you’re pre-approved and want to move forward, you’ll also need to know how long it will take to get and sign your loan contract. Good lenders prepare documents the next business day. They ask you to sign them electronically, which sets the funds release process into motion quickly.

Once signed, a good lender should have funds in your bank account with 24 hours, or less. If you sign outside of business hours, you should get your money the next business day.

Multiple Customer Service Options

Most times, you won’t need to contact an online lender that offers instant online loans in Canada. Everything’s automated and pretty much worry-free.

However, no one can predict what might happen. You may come into money and want to pay off your loan. You could encounter a temporary financial challenge and need to reschedule your payment.

No matter the reason, you’ll want to be able to contact the lender quickly and easily. Consequently, it is very important that they offer multiple customer service options.

Regrettably, many online lenders depend heavily on email. While this is fine in most cases, it isn’t enough if you need an immediate answer. Always look for an online lender that offers a toll-free number and scheduled business hours. That way, if you need to talk to a real person, you can.

The company should also offer a website FAQ section that answers common questions. Finally, they should allow you to file a support ticket on their website. This ensures you have a written record of your request.

Instant Online Loans in Canada Through FlexMoney

FlexMoney is a licensed lender in Ontario, British Columbia, Alberta, Nova Scotia, Saskatchewan, Newfoundland & Labrador, Prince Edward Island, and Yukon Territory. Our requirements are less stringent than traditional lenders and we’re fast.

In most cases, once you sign your loan documents, you’ll have it on the same day or the next morning. The only variables that could affect the speed of your funds transfer are when you sign your loan documents and your financial institution’s business hours. Regardless, you can expect to have the cash you need in your back account within 24 hours.

If you have any problems with the funds transfer, contact use right away. This doesn’t happen often, but if it does, we will get to the bottom of it quickly. Just talk to one of our Canadian customer service representatives. They’re eager to help.

FlexMoney offers…

  • Simple application form
  • No obligation pre-approval process using soft credit inquiry
  • No minimum credit score requirement
  • Wide array or payment and repayment options
  • Loans between $500 and $15,000
  • Terms between 6 months and 5 years
  • No origination or prepayment fees
  • Telephone, email, and online customer service options.

Our Basic Requirements

  • Canadian citizen
  • At least 20 years old
  • Consistent income source for at least the last 3 months paid by direct deposit
  • Minimum net monthly income of $2,000 (We consider self-employment and pension income)
  • Mobile phone
  • Valid email address
  • Active account with a Canadian financial institution with at least three months of transaction and banking history.

Sorry, we can’t help everyone. Please do not apply if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program. We can’t consider your application if your income comes from Employment Insurance (EI), Student Aid, or COVID-19 relief benefits either.


FlexMoney makes it easy to obtain instant online loans in Canada. We offer more information on Canadian online installment loans here. However, it you’re ready to start the application process, simply visit our website.

You’ll also find contact information there if you would like to talk to one of our customer service representatives. We have also included an extensive FAQ section with answers to many common questions.