Looking for a little extra cash to keep you going until payday? Cash advance solutions like KOHO, Bree, Nyble, Woveo, Wagepay and Loans Canada mean you don’t need to miss out whether you’re paying bills or enjoying life. Read on as we compare fees, features and strategies to get fast cash.
Are you finding yourself running low on cash between paychecks?
A new breed of cash advance apps are available exclusively for Canadians so you can borrow money when and where you need it.
Choose from a range of borrowing types including cash advances against your next paycheck, fee-free overdrafts on your checking account, convenient lines of credit or more traditional personal loans.
With cash advance options available even if you’ve got bad credit (most won’t even check your credit score), there’s a solution to suit most financial situations and needs.
In this article, we’ll explore the best cash advance apps and loan options in Canada for 2024.
Koho: Fee-free overdrafts up to $250
The KOHO app comes with a no-fee spending and savings account including a debit card.
As a no-fee alternative to traditional banking, KOHO comes with:
- No monthly, or annual fees!
- Clever in-app savings tools
- Earn up to 5% cash back on purchases
- Earn interest on all your money
- Credit building features
- In-app security features and card lock
- Direct deposit from your employer
When you’re short on funds, KOHO’s Cover feature also offers up to $250 to cover your bills or expenses. Cover is an overdraft line that you can access directly from your KOHO card or by withdrawing cash from an ATM
KOHO’s starting limit of $50 can be increased as you build up your deposit history and on-time repayments.
How to qualify for KOHO Cover:
- Subscribe to KOHO’s Cover feature (no credit check)
- Qualifying direct deposits or a minimum of $1,000 transferred into your KOHO account each month.
How much does KOHO cost?
KOHO has three subscription plans. You can pick from Essential, Extra or Everything for a free 30-day trial.
If you love the app, you’ll need a monthly subscription plan with the Essential Tier starting at $4/ month. This plan includes the KOHO debit card, 1% cashback on groceries, restaurants, and 5% earnings on your account balance.
Once you’ve signed up to KOHO, you’ll need to pay another small fee to access the Cover feature as this is charged separately from your monthly subscription. Fees for Cover start at $2 per month.
| 🇨🇦Loans Canada Tip: You can get the KOHO Essential Tier for $0 by setting up a recurring direct deposit (employer paycheck or Government benefits) or users who deposit $1,000 or more into a KOHO membership each month (e-transfers and transfers from other accounts both count). |
Full service banking and up to $250 in extra cash >>> Check out KOHO 👈
Bree: Cash advances up to $350
The Bree app offers cash advances up to $350 with no credit check.
Used by more than 200,000 Canadians, the Bree app’s main focus is on cash advances – and that’s pretty much it.
You won’t find extra bells and whistles compared to the extras that come with a KOHO account.comes with a no-fee spending and savings account including a debit card. But since Bree offers flexible repayment dates (up to 30 days) with no interest or fees, it’s still a handy way to bridge the gap between paychecks.
How to qualify for a Bree cash advance:
- 18+ years of age
- Canadian resident with a Canadian bank account
- Regular income evidenced by two consistent paychecks
Bree’s starting cash advance limit will likely be a lot less than the $350 maximum amount. You can increase your borrowing limit as you build up a track record of on-time repayments.
How much does Bree cost?
You can try Bree for free with a one month trial. If you like the app, Bree charges a $2.99 monthly subscription fee.
There are no interest or late fees and tipping is 100% optional. Your Bree cash advance limit won’t be affected by how much (or little) you choose to tip.
You will need to pay an express fee if you want your money within minutes. Express fees depend on how much you borrow:
- $9.99 for a $100 cash advance
- Up to $22.99 for a $350 cash advance
If you’re happy to wait, you’ll receive your funds within 3 business days at no extra cost.
Get a no interest cash advance for up to $350 >>> Check Out Bree 👈
Nyble: Interest-Free Credit Line of $30 to $150
Nyble (pronounced nibble) offers a line of credit (also called Cover) from $30 to $150 to help you build and track your credit.
Nycle’s Cover feature helps you establish payment history with an interest-free credit line dedicated to credit building. No prior credit history is required so you’re not punished for having a low credit score.
When you make purchases using your Nyble credit line, you can build your payment history with every balance payment. Each month, your payments are reported to the credit bureau.
There is no credit check for initial access and no interest or late fees to worry about. Adding extra flexibility, you’ll have up to 30 days to repay your borrowed amount, so Nyble can help when you’re between paychecks.
How to qualify for a Nyble credit line:
- Employment or Government income
- Canadian bank account with consistent payroll or income deposits
- Regular deposit history (and not regularly overdrawing your account)
How much does Nyble cost?
You can try Nyble with a 14-day free trial. If you’re happy with your line of credit, Nyble monthly subscriptions range from $4.99 to $11.99 depending on your membership type.
Paying $11.99/month for a Premium membership unlocks more services including instant funding and advanced digital protection.
If you’re no on the Premium plan, you’ll need to pay an express fee to access your money instantly. Nyble express fees range from $2.99 to $5.99 and you’ll get cash in your account in 30 minutes or less.
Get up to $150 in five minutes >>> Check out Nyble 👈
Woveo: Access an interest-free credit line up to $500
Woveo offers a credit line of up to $500 through a community finance wallet – while potentially improving your credit history.
Once you create an account with Woveo, you can invite your friends and create a communal savings group. By pooling funds with others in your group, each member can access a line of credit of up to $500 from the savings pool. Woveo reports your on-time payments to the credit bureaus which may potentially increase your credit score.
As a new app on the market, Woveo plans to offer a cash advance product but these aren’t yet available and remain advertised as “Coming Soon” on the app’s website.
How to qualify for a Woveo cash advance (PENDING FEATURE):
- Membership Status: Must be a premium member subscribed to the Premium Plan.
- Credit Group Participation: Must be actively participating in a credit group, having made the first contribution and pending to receive a payout.
- Repayment History: Must have maintained a 100% repayment rate in all previous group activities.
How much does Woveo cost?
Woveo offers a free plan and a Premium plan for $10/month. Accessing your line of credit to borrow money is only available on the Premium plan, so you’ll need to factor in the momthly cost (which is significantly higher than Bree’s $2.99/month fee but less than Nyble’s $11.99/month subscription).
If you’re on Woveo’s paid plan, you’ll enjoy upgrades on the free plan including free instant transfers (these cost $2 per transfer on the free plan), $10 per successful referral ($5 per successful referral on the free plan), and unlimited group savings plans (one group savings option on the free plan). The advertised cash advance product is only available with a paid Woveo plan.
Wagepay: Cash out up to $1,500 of your earned wages early
Wagepay lets you access your wages before payday. For new customers, you can borrow up to 25% of your wages early. This can rise up to a maximum of $1,500 with a history of app usage and on-time repayments.
There’s no credit check to use the app and signing up only takes a couple of minutes. Wagepay assesses your bank account transaction history to determine your eligibility and your employer won’t be notified at any stage, so you can safely access your wages early without your work knowing.
Wagepay repayments are made automatically via your primary bank account and the app offers flexibility to change your repayment date or split it once per advance. Wagepay states that frequent use of this feature may reduce your advance limit over time, though it may be helpful in an emergency.
How to qualify for a Wagepay cash advance:
- 18 years old
- Live and work in Canada
- Employed and receive a regular, consistent income from your employer, of at least $400 per week
- Leave enough of your income each pay cycle in your account to be able to repay an advance
- Have a generally good banking history, which we determine using your Wagepay score
How much does Wagepay cost?
Wagepay doesn’t charge subscription fees, late fees or direct debit fees.
The fees you’ll need to factor in include:
- Maximum 8% flat fee
- 24% interest p.a.
Access up to $1,500 in minutes >>> Check out Wagepay 👈
Loans Canada: Comparison shop multiple lenders in minutes
If you’re looking for more cash but not loving the fees or borrowing limits, Loans Canada can help compare your options so you don’t end up leaving a good deal on the table.
Loans Canada is trusted by more than 1.5 million Canadians to compare more than a dozen lenders in minutes.
You may be able to borrow significantly more than the $250 limit of KOHO and the $350 limit of Bree. Depending on your eligibility requirements, you may be able to borrow $100, $1,000, or even $10,000 and up from Canada’s largest lender network.
Many Loans Canada lenders specialize in loans for people with low credit, so you may have options even if your credit score has taken a hit. Higher credit scores may also make you eligible for multiple offers and personal loans with better rates.
Whether you need cash, want to get out of debt, find a broker or grow your business, Loans Canada can connect you to the best third-party offers in minutes.
Compare Loans from $100 – $3,000+ >>> Get Instant Loan Quotes Here 👈