Micro loans in Canada from $25 to $350
Micro loans Canada‑wide for working people who need a small amount, fast — not a big personal loan with months of interest. Speedy Money matches you with licensed lenders that actually fund the small stuff.
Get my micro loan ⚡
How it works
- $25–$350
- All credit considered
- IBV — no credit‑score impact
- e‑Transfer funding
Micro loans Canada‑wide start at just $25 and top out at $350. A micro loan is the smallest kind of personal loan you can get — designed to cover a minor cash gap, like a bill, a tank of gas, or groceries before payday. Because the amount is small and the term is short, the total cost of borrowing stays low. Speedy Money is a free matching service that connects you with licensed Canadian lenders who specialise in these small amounts. Micro loans Canada-wide are all we do, which is why micro loans Canada through our network are approved and funded so quickly. Learn how to get a small loan and what your small loan cost will be.
What are micro loans?
Micro loans are very small, short‑term loans — typically under $500. At Speedy Money the range is $25 to $350, deliberately smaller than what most lenders offer. Banks and big online lenders usually won’t bother with an amount this small, which is exactly the gap we fill. You borrow only what you need and repay it over a short term, usually by your next payday or two. Want the basics first? Read what the smallest loan in Canada is.
How much do you want to borrow?
Want a round number under five hundred? See small loans under $500.
How micro loans Canada-wide work at Speedy Money
- Choose your amount ($25–$350) and your province.
- Get matched with a licensed Canadian lender — usually in seconds.
- Verify income with IBV — a secure, read‑only, ~60‑second bank connection that confirms your pay with no impact to your credit score.
- Review, e‑sign, get funded — the full cost of borrowing is shown up front, and funds often arrive by Interac e‑Transfer within minutes.
What micro loans Canada-wide cost
Every lender in our network follows Canada’s cost‑of‑borrowing rules, including the federal 35% APR criminal interest rate cap in force since January 1, 2025. The dollar cost of a micro loan is small because the amount and the term are small — here’s an illustrative example:
| Micro loan | Example term | Illustrative cost* | Total to repay* |
|---|---|---|---|
| $50 | 2 weeks | ~$1.35 | ~$51.35 |
| $100 | 2 weeks | ~$2.70 | ~$102.70 |
| $200 | 4 weeks | ~$10.75 | ~$210.75 |
| $300 | 4 weeks | ~$16.15 | ~$316.15 |
*Illustrative only and capped at 34.99% APR. Your real rate, fees, and total cost are set by your matched lender and shown in full before you sign. Source: Financial Consumer Agency of Canada.
Who qualifies for a micro loan?
Micro loans are income‑based, so you don’t need perfect credit. To get matched you should:
- Be a Canadian resident, 18+ (19+ in some provinces)
- Have full‑time or part‑time employment income
- Have an active Canadian bank account for IBV and e‑Transfer
All credit is considered — approval is based mainly on your income, confirmed through IBV. We never promise guaranteed approval. If your credit is poor, see our guide to small loans for bad credit.
Smart alternatives to a micro loan
A micro loan is a handy tool, but it isn’t always the cheapest option. Before you borrow, it’s worth checking whether you can:
- Ask your employer for a pay advance on hours you’ve already worked
- Use a credit‑union small loan or overdraft, which can be cheaper
- Build a tiny emergency buffer so the next surprise bill doesn’t need a loan at all
Frequently asked questions
What is the smallest loan I can get in Canada?
Through Speedy Money you can borrow as little as $25. Most lenders won’t go below a few hundred dollars, which is why we focus on the $25–$350 micro range.
Are micro loans the same as payday loans?
Not exactly. Both are small and short‑term, but micro loans through our network operate as small personal/installment loans under the 35% APR cap rather than the payday model. You always see the full cost before signing.
Can I get a micro loan with bad credit?
Yes — all credit is considered. Approval is based mainly on your employment income via IBV, so a low credit score doesn’t automatically disqualify you.
How fast are micro loans funded?
Fast. Because the amounts are small, approval is quick and many borrowers receive an e‑Transfer the same day they apply.
Does Speedy Money charge a fee?
No. Speedy Money is free for borrowers — we’re paid a referral fee by the lender, and it never changes your rate or terms.
About the author
Speedy Money is a free loan‑matching and referral service, not a lender, broker, or financial adviser. We do not make credit decisions or guarantee approval. Loans are provided by independent licensed Canadian lenders whose rates, fees, and terms vary and are governed by Canada’s cost‑of‑borrowing laws (federal criminal interest rate cap: 35% APR). Borrow only what you can repay. Speedy Money matches Canadians with full‑time or part‑time employment income only.