Roughly 1 out of every 2 Canadians are living paycheck to paycheck. If you’re looking for extra cash to get through to next payday, the apps on this list can help. Read our hands-on review of the top Canadian cash advance apps – including hidden costs, borrowing limits and tips to borrow more money.
It’s a common scenario: an unexpected expense pops up, leaving your bank account looking thin (or empty) before your next paycheck arrives. If you’re among the estimated 47% of Canadians living paycheck to paycheck, you already know how frustrating it is to be short on cash when bills start landing in your inbox. Fortunately, a new wave of financial technology apps offer quick (sometimes instant) funds often with no credit check, interest or fees. To compare your options, we’ve road tested five Canadian cash advance apps to see which is right for you.
Read on for our hands-on review including subscription costs, borrowing limits, and hidden fees.
#1 – KOHO: Enjoy interest-free overdrafts of $100 (and up to $250)
KOHO is a no-fee, everyday account and integrated app that gives you real-time insights into your spending plus a subscription-based feature (‘Cover’) which gives you extra cash when you need it.
To access KOHO Cover, you’ll need to start by signing up to one of three plans on offer:
- Essential ($4 per month)
- Extra ($9 per month)
- Everything ($19 per month)
Once you’ve got a KOHO account, you can sign up for the Cover feature which incurs an additional fee on top of your KOHO plan. Instant cash advances start as low as $2 (this varies based on the amount of your advance) which is cheap, but with some apps rolling cash advances into one subscription cost, it’s frustrating having to pay twice if you’re not using the other features that come with your KOHO plan. You’re likely to qualify for closer to $20 as a new user. You’ll need to work your way up to borrowing one hundred bucks, but you can unlock a higher limit over time by making on-time repayments and actively using the app for spending, saving, and credit building.
What we love about the KOHO app:
| ✓ No interest: There’s zero interest on your advance, no matter how much you borrow, plus late fees if you need a little extra time to repay. |
| ✓ Guaranteed cover: KOHO has no application process, credit checks, or hoops to jump through – just sign up and request an advance. |
| ✓ Borrow up to $250: Canadians can borrow $100 (and up to $250) and get your money instantly through the KOHO app. |
Borrow $100 (or more) with no interest or credit check >>> Check out KOHO 👈
#2 – Bree: Borrow $100 and up to $250 at 0% interest
Bree offers up to $350 in cash advances to help prevent overdrafts (and sky-high overdraft fees) with no interest. Used by 200,000+ Canadians, the Bree app’s mission is to help people move towards financial wellness. Offering a single cash advance product (unlike the full suite of products that come with a KOHO subscription), Bree’s subscription will cost you $2.99 per month. The app also accepts tips, though there’s no obligation to tip if you don’t want to and not tipping won’t impact your eligibility or borrowing limit.
Since the team at Bree are focused on helping Canadians fall further into debt traps, you’ll need to hit a few eligibility milestones to request an advance, including:
- Connecting your checking account
- Consistent income deposits (Government benefits are accepted)
- Enough funds after your next paycheck to pay your Bree advance back
Standard delivery is free so you can skip extra fees if you’re happy to wait up to 3 business days for your funds. If you need to borrow one hundred immediately, there’s a small express fee which transfers funds in as little as 5 minutes. Bree advances won’t impact your credit score with the information you provide only used to verify your identity, which makes Bree an option if you’re dealing with a poor credit score.
What we love about the Bree app:
| ✓ No credit check: Struggling with low (or no) credit? No problem. Bree doesn’t require a credit check and your score remains unaffected. |
| ✓ No late fees or penalties: You’re in control of your payback date and if you need a little extra time, you’re in control of that too. |
| ✓ Strict data security: Bree goes above and beyond standard practices to protect your data and keep your information safe. |
Get a no interest cash advance for up to $350 >>> Check Out Bree 👈
#3 – Nyble: Credit Lines up to $250 with a free subscription plan
Nyble offers an interest-free line of credit from $30 to $250 to help cover emergency expenses and build credit history.
There are two Nyble plans to choose from:
- Basic (Free)
- Membership ($11.99/month)
Both plans include a dedicated credit building line up to $250 with monthly payments and activity reported to the credit bureaus (Equifax Canada). On-time payments may improve your credit score. If you’re looking for more credit building and additional features, you can upgrade to the $11.99/month plan which includes balance protection, digital coverage and more. Whether you choose the paid subscription of the free version, you’ll still have access to your line of credit which makes Nyble an affordable option compared to the subscription costs of KOHO and Bree,
There’s no prior credit file or deposit required to get started. Instead, Nyble has ’s line eligibility criteria including:
- Legally of age in your province or territory
- Valid Canadian bank account (verified by Nyble)
- Eligible direct deposits (greater than $1,000)
- No existing Nyble accounts that are not in good standing
If you’re curious about Nyble’s extra features, you can try a Membership subscription for free for 30 days.
What we love about the Nyble app:
| ✓ Easy to use: It’s quick and easy to sign up with Nyble with online applications or the app getting you set up in minutes. |
| ✓ Reports to credit bureaus: Nyble’s line of credit can help cover gaps until payday and may improve your credit score. Win-win. |
| ✓ No credit score required: Nyble assesses your income and the number of NSF transactions in your bank account, not your credit rating. |
Get up to $150 in five minutes >>> Check out Nyble 👈
#4 – Woveo: Community-based cash advances up to $250
Woveo offers community-focused financing cash advances up to $250 with no credit check, interest or fees. By participating in a group savings plan, members can take turns accessing pooled funds via an interest-free line of credit. Building out their community-supported credit options, Woveo’s new cash advance feature offers up to $250 with no interest or fees (Woveo’s website advertises a $1,500 limit but we couldn’t find anything in their terms and conditions for a borrowing limit this high).
To qualify for a cash advance, you’ll need to be an existing member of a Woveo community financing group and meet the following criteria:
- Membership Status: Must be a premium member subscribed to the Premium Plan ($10/month/user).
- 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.
Your cash advance will be automatically repaid from your expected group payout. So, if your combined group rotates a $1,000 line of credit and you request a $250 cash advance, you’ll receive a $750 line of credit instead.
What we love about the Woveo app:
| ✓ Community focused: Save together and take turns accessing funds to enjoy an interest-free alternative to costly personal loans. |
| ✓ Convenient digital wallet: Manage your funds, monitor your credit score, and access loans seamlessly from a secure digital wallet. |
| ✓ Options for low credit borrowers: Woveo’s credit products and cash advances offer quick, short-term funds no matter your credit rating. |
#5 – Wagepay: Access up to $1,500 of your wages early
Wagepay lets Canadians access a portion of their pay early for a quick and seamless payday advance. Sign up in minutes and securely link your bank account so Wagepay can assess how much you’re eligible for. Eligible users can advance up to 25% of their wage early (up to a maximum of $1,500) and quickly receive their funds via Interac transfers. A Wagepay advance has a credit fee of just 8% (maximum of $8 per $100 advanced) which is almost half the cost of a typical payday loan though you’ll need to factor in 24% interest which can make an advance pricier than the other apps on this list..
To be eligible for an early pay advance, you’ll need to meet the following requirements:
- 18 years old
- Live and work in Canada
- Employed and receive a regular income (at least $400 per week)
- Enough income each pay cycle to be able to repay your advance
- Generally good banking history (determined by your Wagepay Score)
You’ll typically need to pay back your advance on your next payday but you can move your repayment or split it once for each advance. Wagepay is 100% online and advertises a feature coming soon to reward top customers with tiered pricing and lower rates, though this isn’t active yet.
What we love about the Wagepay app:
| ✓ More affordable than a payday loan: Wagepay has lower rates than a traditional payday loan (although it’s still an expensive way to borrow money). |
| ✓ Fast funding: It’s possible to sign up and get funded in a matter of minutes to help cover emergency expenses. |
| ✓ No credit check: You don’t need a credit check to qualify for funding, so bad credit won’t stop you getting a loan. |
Get up to $1,500 in minutes >>> Check out Wagepay 👈