Sometimes the gap between today and payday is small. A phone bill, a tank of gas or groceries for the week can leave you $50 or $100 short, and that is enough to cause a late fee or an overdraft charge. If you are looking for a way to borrow $50 quickly in Canada, it helps to know what your options are and what a small loan will actually cost before you apply.
This guide covers where Canadians usually turn for a small amount of money, how a $50 to $100 payday loan works with Cash Cowboy, and how to keep a small loan from turning into a bigger problem.
Can You Borrow $50 Instantly in Canada?
Yes, there are a few ways to get a small amount of money fast, but “instantly” usually means “the same day” rather than in seconds. Online lenders still need to review your application and confirm your bank account and income before sending money. With Cash Cowboy the application takes a few minutes, and once you are approved and accept your loan terms, funds are sent by Interac e-Transfer, so many borrowers receive their money the same day.
Our loans start at $50, so you do not need to borrow more than you actually need.
Options for a Small Loan of $50 to $100
1. Ask your bank about overdraft protection
If you have a chequing account, overdraft protection can cover a small shortfall. There is usually a monthly fee and interest on the amount you use, so check the cost with your bank first.
2. Talk to the company you owe
Many utility, phone and internet providers will move a due date by a few days if you call before the bill is late. It costs nothing to ask.
3. Borrow from someone you trust
A small loan from family or a friend is often the cheapest option. Agree on a repayment date in writing so there is no confusion later.
4. A small online payday loan
If the options above do not work, a small payday loan can cover a short gap. Payday loans are high-cost credit, so they are best for a one-time shortfall that you can repay on your next payday.
What Does a $50 or $100 Payday Loan Cost?
At Cash Cowboy the cost of borrowing is $14 per $100 borrowed. On small amounts that works out to:
- Borrow $50: cost of borrowing $7, total to repay $57
- Borrow $100: cost of borrowing $14, total to repay $114
- Borrow $200: cost of borrowing $28, total to repay $228
The APR ranges from 82.4% to 365% depending on the repayment period you choose. A shorter loan has a higher APR even though the dollar cost is the same. Every cost is shown in your digital contract before you sign.
How to Borrow $50 Online with Cash Cowboy
- Apply online. Fill out the application on your phone or computer. It only asks for basic details about you, your income and your bank account.
- Get your decision. Our team reviews your application. Once approved, you receive your loan terms and a digital contract that shows the full cost and your repayment date.
- Receive your funds. After you accept the terms, the money is sent by Interac e-Transfer.
- Repay on time. Repay in one installment on your payday, or split the loan into up to 3 installments over a maximum of 62 days. You can pay early at any time.
Who Can Apply
- 18 or older
- Access to online banking
- A regular income
- Government-issued photo ID, recent proof of income and proof of address
Cash Cowboy is a licensed payday lender in Ontario, British Columbia, Alberta and Manitoba. See local details for Ontario, Toronto and Vancouver.
Tips for Borrowing a Small Amount
- Borrow the exact amount you need. If $50 covers it, do not take $200.
- Pick a repayment date that lines up with your next pay.
- Do not take a new loan to repay an old one.
- If you find yourself short every month, a budget or a free credit counselling session may help more than a loan.
- Read the Financial Consumer Agency of Canada’s guide to payday loans before you borrow.
FAQs About Borrowing $50 in Canada
What is the smallest amount I can borrow with Cash Cowboy?
You can borrow as little as $50, up to a maximum of $1,500.
How fast can I get $50?
The application takes a few minutes. Once you are approved and accept your terms, funds are sent by Interac e-Transfer, and many borrowers receive their money the same day.
How much does it cost to borrow $100?
The cost of borrowing is $14 per $100, so a $100 loan costs $14 and you repay $114 in total.
Can I repay early?
Yes. You can repay your loan early at any time.
Apply for a Small Loan Online
If a small loan is the right fit, you can start your application online in a few minutes, or read more on our payday loan page.
