Every installment lender in Canada has minimum eligibility requirements, so “no refusal” installment loans don’t exist. What does exist: licensed alternative lenders with APRs between 9.99% and 34.99% that approve borrowers with damaged or limited credit, and earned wage access products that skip the credit check entirely.
The search makes sense, though. You have bad credit or no credit history, you need to borrow money and repay it over time, and you’re trying to figure out what’s actually available. This article covers the real options, what they cost, and who actually approves people in your situation.
Key Takeaways
- “No refusal” is marketing language, not a real product. Every lender requires at least verifiable income and a Canadian bank account.
- As of January 1, 2025, interest rates above 35% APR are criminal in Canada for most consumer loans (Criminal Code, section 347). Payday loans are separately regulated at $14 per $100 borrowed.
- Spring Financial (9.99%–35% APR), Fairstone (19.99%–34.99% APR for unsecured loans), and easyfinancial (9.99%–35% APR) approve borrowers with credit scores below 600.
- NotchUp advances up to $1,500 of earned wages for a $5 flat fee with no credit check, regulated under BC licence #86443.
- Borrowell Credit Builder offers a credit-building installment product that reports to Equifax, starting at $5 biweekly.
- Licensed payday loans are capped at $14 per $100 borrowed across Canada, repaid in a single lump sum on your next payday.
This article reflects Canadian consumer lending regulations as of September 2026, including the criminal interest rate reduction that took effect January 1, 2025. Lender rates, loan amounts, and eligibility criteria can change. Check each lender’s website for current terms before applying.
$5
Flat fee — no credit check
15 min
Interac e-Transfer, 24/7
0
No credit check, no SIN
What Is an Installment Loan (And Why It’s Different From a Payday Loan)?
An installment loan is repaid in multiple scheduled payments (weekly, bi-weekly, or monthly) over a set term. A payday loan is repaid in a single lump sum on your next payday.
For larger amounts, installment loans are more manageable. Repaying $2,000 in one shot in two weeks is brutal. Repaying $2,000 over 6 months in installments of roughly $380 is harder to default on. The tradeoff is that installment loans accrue interest over a longer period, so the total cost ends up being higher.
Why “No Refusal” Is a Red Flag
A lender that truly refuses nobody has no reason to price risk carefully, which means they price it extremely high across the board. Or they use fine print to recoup money elsewhere: origination fees, insurance add-ons, prepayment penalties, or terms that make it nearly impossible to fully pay off the loan.
As of January 1, 2025, charging interest above 35% APR on most consumer loans is a criminal offence in Canada under section 347 of the Criminal Code. The previous threshold was approximately 48% APR (expressed as 60% effective annual rate). Licensed payday lenders operate under a separate federal cap of $14 per $100 borrowed, which translates to a high effective APR but is legal under the payday lending exemption. Any “no refusal” lender quoting rates above 35% APR on an installment product is either breaking the law or structuring fees to disguise the real cost. Always calculate the total cost of borrowing before you sign anything.
Scam signals to watch for:
- Upfront fees required before funds are released (legitimate lenders don’t charge upfront fees)
- No physical address, no phone number, no provincial licence number
- Pressure to sign immediately before you can read the agreement
- Interest rates above 35% APR on any product that isn’t a licensed payday loan
- No clear disclosure of total cost of borrowing
What Actually Comes Close to “No Refusal” in Canada
These are real, licensed products with high approval rates for people with bad or no credit. None of them guarantee approval, but all of them are designed to work with people that banks have turned down.
1. Payday loans with income verification
Licensed payday lenders don’t run credit checks. They approve based on income alone. You need a job, government income, or regular deposits. The catch: payday loans aren’t installment products. They’re repaid in full on your next payday. The fee is capped at $14 per $100 borrowed across Canada, so on a $500 loan, that’s $70 in fees. Expensive, but accessible when nothing else is. For a detailed breakdown of payday loan costs by province, see our payday loans Canada guide.
2. Borrowell Credit Builder
Borrowell offers a Canadian credit-building installment product designed for people with damaged or no credit. You choose a biweekly payment of $5, $15, or $25 over a 48-month term. Your payments are held in a savings-like account, and you receive the accumulated funds at the end of the term. That structure reduces the lender’s risk (since the money doesn’t leave until the end), which is how they can approve people that traditional lenders won’t touch.
Borrowell reports your payment history to Equifax, so consistent on-time payments actively improve your credit score over the loan term. If your goal is to borrow while also building your credit profile, this is one of the more accessible ways to do it in Canada. For more on credit-building strategies, see our guide on how to build credit in Canada.
3. Spring Financial
Spring Financial uses a soft credit check (not a hard inquiry) for initial pre-qualification. APR ranges from 9.99% to 35.00%, with loans up to $35,000 and terms from 6 to 84 months. They specifically target people who’ve been declined by banks and work with a range of credit situations. The application is online and approval decisions come back quickly. A hard credit pull applies at full application.
4. Fairstone
Fairstone offers both secured and unsecured personal loans. Unsecured loans range from $500 to $25,000 with APRs of 29.99% to 34.99% and terms of 6 to 60 months. Secured loans (backed by home equity) range from $5,000 to $50,000 with APRs of 19.99% to 25.99% and terms of 36 to 120 months. They have physical branches across Canada as well as an online application. They’re more accessible than banks for borrowers with imperfect credit, though they do run a credit check.
5. easyfinancial and LendDirect
Both are subsidiaries of goeasy Ltd. easyfinancial offers personal loans from $500 to $20,000 at APRs from 9.99% to 35%, with repayment terms of 9 to 84 months. It’s one of the largest alternative lenders in Canada. LendDirect offers lines of credit up to $10,000 (and secured loans up to $25,000) at 24.99% to 34.99% APR. Both work with damaged credit histories. easyfinancial has physical locations across the country; LendDirect is online only. Both report to credit bureaus. For a deeper look at LendDirect specifically, see our LendDirect review.
6. NotchUp
NotchUp isn’t an installment loan. It’s earned wage access: a $5 flat advance on wages you’ve already earned, repaid on your next payday. No interest, no credit check, no SIN required, regulated under BC licence #86443 by Consumer Protection BC. Funds arrive by Interac e-Transfer in about 15 minutes, including weekends and holidays.
The Credit Ladder feature increases your advance limit with each on-time repayment, up to $1,500. If you need $1,000 but can manage $500 now and another $500 next pay cycle, two back-to-back advances cost $10 total. For someone who would otherwise take a $1,000 installment loan at 34.99% APR over six months and pay roughly $100 in interest, spreading two advances across two pay cycles is considerably cheaper, as long as the timing works. This only applies to people with employment income who can repay each advance on payday.
An advance covers a timing gap. It isn’t a solution for an ongoing budget shortfall. Approval is based on your current account activity, so past approval doesn’t guarantee the next one.
Key Takeaway
No lender in Canada approves literally everyone — but several approve people banks won’t touch. If you need more than $1,500 and want installment payments over months, Spring Financial, Fairstone, or easyfinancial are realistic options. If you need up to $1,500 and have employment income, NotchUp costs $5 and takes 15 minutes. Use the tool that fits your actual amount and timeline.
Side-by-Side Comparison
| Lender / product | Credit check | Max amount | Repayment | Approx. cost |
|---|---|---|---|---|
| Payday loan (licensed) | No credit check | $1,500 | Single payment on payday | $14/$100 (federal cap) |
| Borrowell Credit Builder | No hard check | $5–$25 biweekly (48 months) | Biweekly installments | Credit-building product (funds returned at end) |
| Spring Financial | Soft check (pre-qual), hard check (full app) | ~$500–$35,000 | Monthly installments (6–84 months) | 9.99%–35.00% APR |
| Fairstone | Hard check | Up to $50,000 | Monthly installments (36–120 months) | 29.99%–34.99% APR |
| easyfinancial | Hard check | Up to $45,000 | Weekly/bi-weekly/monthly (9–84 months) | 9.99%–35.00% APR |
| LendDirect | Soft (pre-qual) + hard (full app) | Up to $15,000 | Flexible | 24.99%–34.99% APR |
| NotchUp | No credit check, no SIN | $50–$1,500 | Single payment on payday | $5 flat fee |
Installment Loan vs. Earned Wage Access: Which Fits Your Situation?
Consider an installment loan if:
- You need more than $1,500
- You can’t repay the full amount on your next payday and need months to pay it down
- You want to build credit history (look specifically at products that report to bureaus)
- A bank has declined you but you have steady income
Consider NotchUp if:
- You need up to $1,500
- You have employment income paid by direct deposit
- You’ll have the money back on your next payday
- You don’t want a hard credit inquiry on your bureau
- You need the money in the next 15 minutes
NotchUp is available in BC, Alberta and Ontario. It’s not available in Quebec. It doesn’t work for government income alone (EI, ODSP, CPP, OAS, CCB). Employment income is required. For a broader comparison of wage access products, see our cash advance apps in Canada guide.
Special Situations: Consumer Proposal and Bankruptcy
If you’re currently in a consumer proposal or have had a recent bankruptcy, your options narrow but don’t disappear. easyfinancial and some payday lenders specifically work with applicants in active proposals. NotchUp doesn’t run a credit check at all, so proposal or bankruptcy history doesn’t affect your eligibility. Only your employment income and bank account matter.
For more detail, see our article on loans during a consumer proposal in Canada.
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Frequently Asked Questions
Are no refusal installment loans actually real in Canada?
No. Every lender in Canada has minimum criteria. “No refusal” is marketing language designed to attract clicks, not an accurate description of any product. Lenders like easyfinancial, Spring Financial, and LendDirect have much lower approval thresholds than banks and work with people who have bad or no credit. If you have verifiable income and a Canadian bank account, you have options. Without those basics, no legitimate lender will approve you regardless of what the ad says.
What is the easiest installment loan to get with bad credit in Canada?
The most accessible installment-style products for damaged credit are Borrowell Credit Builder (credit-building focused, no hard inquiry for approval) and Spring Financial (soft credit check pre-qualification, loans from 9.99% to 35% APR). Both are designed for people banks decline. easyfinancial and LendDirect are also accessible with lower approval thresholds than banks. If you have employment income and only need up to $1,500 repaid on your next payday, NotchUp requires no credit check at all.
Can I get an installment loan in Canada with no credit check?
True installment loans with zero credit check are rare from legitimate lenders. Borrowell’s Credit Builder doesn’t require a hard pull. Payday loans (single repayment, not installments) are approved on income alone with no credit check. NotchUp is earned wage access rather than a loan and requires no credit check or SIN, but repayment is on your next payday, not spread over months. If you genuinely need installment payments over several months and have damaged credit, a soft-check pre-qualification through Spring Financial is the closest you’ll find without a hard inquiry.
What credit score do I need for an installment loan in Canada?
Banks typically want a score of 660 or higher for personal loans. Alternative lenders like easyfinancial and LendDirect work with scores in the 500 to 600 range or lower, with income verification. Spring Financial considers your overall financial picture rather than just the score. There’s no universal minimum across the industry. If you’ve been declined, the issue is often income-to-debt ratio rather than score alone.
What is the maximum interest rate a lender can charge in Canada?
As of January 1, 2025, the criminal rate of interest in Canada is 35% APR for most consumer credit (Criminal Code, section 347). Any lender charging above this on an installment loan is breaking the law. Licensed payday lenders operate under a separate federal framework capped at $14 per $100 borrowed, which translates to a much higher effective APR but is legal under the payday lending exemption.
Can I get a loan during a consumer proposal in Canada?
Yes, for some products. Some licensed payday lenders and easyfinancial work with applicants in active consumer proposals. NotchUp doesn’t run a credit check, so proposal or bankruptcy history doesn’t affect eligibility. Only your employment income and bank account matter. For the full picture, see our article on payday loans during a consumer proposal.
How do I avoid “no refusal” loan scams in Canada?
Check for a provincial lending licence number. Confirm the lender has a physical address and working phone number. Never pay upfront fees before receiving funds. Verify the total cost of borrowing is disclosed clearly. Any rate above 35% APR on an installment loan is illegal. If the lender promises guaranteed approval with no requirements at all, that’s your clearest warning sign.
Is NotchUp an installment loan?
No. NotchUp is earned wage access, not a loan. It advances wages you’ve already earned for a $5 flat fee, repaid on your next payday. There’s no interest, no credit check, and no SIN required. It’s regulated under BC licence #86443 by Consumer Protection BC. The total cost of a $500 advance is $505. It’s designed for people who need short-term access to money they’ve already earned, not for borrowing over multiple months.
This article is for informational purposes only and doesn’t constitute professional financial advice. If you’re experiencing financial difficulty, consider contacting a licensed insolvency trustee or a non-profit credit counselling agency for free, confidential support.
