Short Term Loans for Bad Credit
Life is full of surprises, and even when you think you’ve cleared all your bills, money problems can always show up. A short-term loan in Canada is obtained to support temporary personal or business capital, repaid with interest within a specified date — usually within one year. Cash Depot offers short-term loans for bad credit for amounts between $300 and $3,000, approved in less than 24 hours.
What Are Short-Term Loans in Canada?
Short-term loans are financial boosts given to a person and expected to be paid back in full with interest over a short period — from 24 hours to a couple of months. Once approved, funds are sent directly to your bank account via e-Transfer. The approval process is simple; all you need is a few personal details.
Types of Short-Term Loans
Installment Loans — Repaid in regular installments over 6 months to 2 years. Great for covering medical emergencies, car repairs, home appliances, or mortgage bills. They have flexible, pocket-friendly payments with lower rates and access to larger amounts ($5,000–$30,000).
Prêts sur salaire — Backed by your paycheck and due on your next payday. Ideal for covering a shortfall for a short period. Amounts between $300 and $3,000; disbursed within 1 day. Cash Depot does not check your credit score for payday loans.
Credit Card Cash Advances — Technically a short-term loan from your credit card. Has an interest rate (usually above 20%) with no installment requirement. Best used only when you desperately need cash — pay back as soon as possible to avoid high debt accumulation.
Apply for a Short-Term Loan Today!
How to Apply & Repay Your Short-Term Loan
Our process is straightforward, with fewer requirements than banks. Cash Depot uses your budget, personal information, and banking information to determine the best loan for you — all within a couple of minutes.
Documents Required to Apply
To register and apply for a short-term loan in Canada, we need:
- Genuine Government-issued ID
- Six-month bank statements
- Proof of income history to show stability
With these documents you can apply online today. The process takes only minutes and you will receive a response in less than 30 minutes.
Repayment Terms
Installment loans — Up to $20,000, repaid in monthly installments over up to 60 months. Pay larger installments anytime to finish sooner.
Payday loans — Repaid on your next payday. Automatic deduction from your paycheck account. You can repay early to improve your credit score.
Credit card cash advances — No set repayment period; pay directly to your linked bank account. The longer you wait, the higher the interest accumulated — pay as soon as possible.
Advantages of Short-Term Loans in Canada
Short-term loans have many benefits that make them the ideal solution for urgent financial situations. Here’s why thousands of Canadians choose Cash Depot:
- Fast Approval — Instant approval decisions; receive your money in a few minutes. Even denials are communicated quickly so you can explore other options.
- No Collateral Required — No need to back your loan with a valuable asset. Our experts approve any amount without collateral requirements.
- Flexible Repayments — Adjust your repayment schedule based on your financial situation, ensuring you can pay on time with minimal stress.
- Shorter Repayment Period — Repaying over 1–2 years means you actually pay less in total interest compared to a 5-year bank loan.
- No Credit Score Check — Especially for payday loans; flexible and available even with poor credit. No hard inquiry that would further damage your score.
- Apply From Anywhere, 24/7 — No long queues or piles of documents. Just a stable internet connection and a few minutes on any device.
How Short-Term Loans Help Canadians
- Paying Bills — Clear overdue phone, gas, electricity, or internet bills before they generate late fees or service interruptions.
- Child Care — Cover dental care, babysitting, medical bills, and other child-related expenses beyond government child care benefits.
- Legal Fees — Pay your attorney during legal proceedings, cover medical bills for injury settlements, or handle other legal costs.
- Emergency Funding — Swift disbursement for any unexpected emergency — you can never be too prepared, and short-term loans are there when you aren’t.
- Divorce Funding — Cover legal fees, divorce debts, bill payments, alimony, moving costs, and other divorce-related finances quickly.
Foire aux questions
Will my credit be affected?
Hard inquiries may cause a slight temporary drop, but regular repayments will eventually increase your score.
How long does processing take?
You will receive your money in as little as 24 hours after approval — sometimes in minutes.
Can I extend my term if I don’t have funds?
Extensions depend on the loan type. Please contact us and we will work something out based on your situation.
