Short Term Loans

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Short Term Loans

How an installment short term loan works

Even though an installment loan is a short term loan, you don’t need to pay it all back in one lump sum. You have up to 120 days to make installment payments to clear the amount you owe which makes it easy to plan and budget for.

Short term loans are often taken out as an emergency measure when you’re facing a bill you can’t pay, so needing to pay the whole amount back again quickly isn’t that helpful. Having up to 4 months can be really helpful when you need it the most.

An installment loan can be for up to $1500 and anyone who is Canadian and over 18 years old can apply for such a short term loan. With some types of loan, you may run into some kind of difficulty at this stage – you’ll need to pass a credit check to obtain a bank loan, for example.

Not everyone can pass a credit check (and there are many reasons you might fail) which makes installment loans particular useful as no credit check is necessary. If you have a steady job it works in your favor, and being able to provide 3 months of bank statements is also helpful, but that’s all you’ll need to do.

With the minimum amount of paperwork (you can apply online) and stress involved, an installment loan is the ideal short term loan for people who need a small amount of money quickly but don’t want to have to jump through hoops to obtain it.

There are very few options if you need a short term loan and don’t want to face a credit check so an installment loan is always worthy of consideration.

What are the requirements for short term loan?

A short term loan is a loan that can be paid back relatively quickly. Where bank loans and mortgages may have years of repayments (and interest added on), a short term loan can get you out of a fix quickly, and you can pay it back sooner rather than later so you won’t have debt hanging around for a long time.

You may believe that your only option for a short term loan is to get a payday loan that will need to be paid back within a few weeks at a high-interest rate, but other options are available to you.

Another type of short term loan is an installment loan.

Short Term Loans

Our Short Term Loans are called “Installment Loans“.

Please borrow responsibly.


Fast Approval Even With Bad Credit


Better than Payday Loans

514Loans, together with Greenriver Finance, has created the underlying technology and infrastructure for providing everyone in Canada fast access to better short-term financial solutions.

Installment loans in Canada are more flexible and cost substantially less than payday loans. The difference in cost and term length results in the elimination of predatory loan cycles which keep people trapped in debt. This helps the borrower to establish a budget that better suits their future financial obligations.

514Loans is proud to offer:

  • Faster processing due to our underlying platform
  • Less expensive ABR (Annualized Borrowing Rate)
  • Longer loan terms than payday loans
  • Preferred customer privileges with even cheaper rates and longer terms (for returning customers)
  • A better overall user experience

Fast Response

Customers since 2017

Hour Approval







1. Apply Online




Trusted Partners and Providers

EFT Canada

is our reliable provider of advanced electronic payment services

Decision Logic

is our trusted partner for bank transaction verification


provider of risk management reporting for our valued clients

Interac e-Transfer

is one of our methods of processing electronic payments to our clients safely and fast


is our trusted partner for real-time instant bank verification


is our trusted partner for risk management


is our trusted partner for accounting automations

Easy Installment Loans

Installment Loans Across Canada

We know it's tough to find good loans in Canada when you're stuck with a bad credit score. A payday loan is often not the right choice. That's why 514Loans is committed to offering short-term loans in Canada to anyone who needs one. 

Our loans don't require a credit check, so even applicants with a bad credit score can be accepted. And same-day responses from our loan agents mean that you get your money when you need it.

Debt Consolidation

Are you caught in a Payday Loan cycle? Are you using a big part of your paycheck to cover your Payday Loans? Consolidating your Payday Loans with an installment loan allows you have 1 smaller payment instead of seeing most of your paycheck disappear as soon as you receive it.

Your Privacy is Important

Your loan is no one else's business but your own. That's why we take your privacy very seriously. Any and all personal documents that you provide to us are handled with the utmost care and with your safety in mind. We use SSL encryption for improved network security, and we ensure that our site is accessed over HTTPS, for all users, 100% of the time. 

We do this because when it comes to finding safe online loans, Canada deserves the best options in cybersecurity.

Convenient, Modern Alternative to Traditional Payday Loans

Applying has never been easier!

Your journey begins with our three-step online application:

  1. Select your loan amount and complete our online application
  2. Upload the two required documents
  3. Complete your IBV (Internet Banking Verification)

Our fully-automated loan management software allows us to process your request faster than most payday loan providers in Canada. Loans are then able to be granted faster, meaning you get your money when you need it.

Approval in Minutes

We are all about user experience, and that means not having to wait days to find out the results of your application.

Our state-of-the-art loan management software is equipped with an automated decision-making module, enabling us to approve your application in no time!

Your installment loan is automatically funded as soon as you sign our online paperless loan agreements.

Received Funds

Once you're approved, all you have to do is kick back and relax. We will automatically deposit the funds into your bank account. 

Please note that although most loans can be funded on the same day, it can take up to 24 hours in some cases.

How it works

Who we are

We are an online financial service provider. We work with licensed private lenders, to provide short term financial solutions, that are significantly less expensive and more flexible than a conventional payday loan. Good credit, bad credit, it doesn't matter. We will assist you in finding the financial product that suits your needs.

Fees and Interest

Depending on the risk associated with the application, Our lenders charge an APR ( Annual percentage rate) of 22% to 32%. Membership fees do apply. Please refer to our "Example Cost of Borrowing" section for more information.

Terms of Repayment

Our installment loans can be paid weekly, bi-weekly, bi-monthly, or monthly. The payment schedule depends on the customer's pay frequency. Unlike payday loan providers, our lenders offer loan terms of 90 and 120 days. Extended payment schedules are available for loans over $1000.

What Makes us better than Payday Lenders

Typically, Payday Loan providers require borrowers to finalize entirely on their next paycheck. The costs associated with payday loans vary from province to province.

The ABR (Annualized Borrowing Rate) for

  • payday loans ranges between 390% to as high as 560%.
  • installment loans range between 190% and 200%.

Our ABR includes all fees and interest associated with our installment loan product. Our cheaper ABR and more flexible terms make our product a better choice for Canadians in need of a short term financial solution.

Example Cost Borrowing

$300 borrowed over 3 months on a bi-weekly payment schedule, will cost the borrower 6 payments of approximately $75. The total amount reimbursed is roughly $450.00. This includes all membership fees as well as Interest and capital.

Missed Payments

Our lenders charge a $50 fee for any returned payment due to NSF (Non-Sufficient Funds). The missed payment, as well as the lenders' fee, are added to the end of your payment plan schedule. Two additional payments are extended to the payment plan.

Our Lenders charge a fee of $35.00 to reschedule a payment and extend the payment plan.
The rules for rescheduling payments are the following:

  1. A client can not reschedule the first payment.
  2. A client can not reschedule two payments in a row
  3. A client can not reschedule more than two payments per loan term.

Borrow Money Responsibly

This type of financing is meant to be used as a bridge to solve an immediate financial crisis. Interest rates are relative to risk and may be higher than conventional banking institutions.

Please note that having Multiple Installment Loans or Payday Loans can result in long term financial burdens. Please give us a call if you are caught in a loan cycle due to predatory loan practices. Our agents will assist you in finding a consolidation product that will prevent costly collections procedures as well as a negative impact on your credit file.


Please borrow responsibly.

Applying Online is Safe with us

Your important personal information is encrypted and protected using Bank Level Encryption Security. We are HTTPS secure, and our users can expect a safe and private online experience when using our website.

How to Qualify for a Personal Loan

Our application process is simple and easy on PC, tablet, or mobile phone. The following is criteria is necessary to qualify for a loan:

  1. You must be a Canadian citizen
  2. You must be over 18 years of age
  3. You must be employed full time.
  4. You must have an active bank account.
  5. Must not be engaged in a consumer proposal or a bankruptcy process.

Installment Loans versus Payday Loans

Payday Loans

Short-term personal loans in Canada often come in the form of a payday loan. A payday loan is a short-term financial solution that is usually reimbursed in one lump sum, on the borrower’s next paycheck. The ABR (Annualized Borrowing Rate) of a payday loan is 390% to 560% and can be higher depending on the province. This product is available in many brick and mortar locations across Canada, as well as being offered on several websites online.

Downside of Payday Loans

Though obtaining a payday loan can be a simple process, the expensive fees and short loan terms often complicate the situation. If, when payday comes, the borrower doesn’t have the money to reimburse their debt in full, they are often forced to roll the principal over into an entirely new payday loan.

Unlike credit cards or installment loans, payday loans can’t be paid off in installments; the whole sum has to be reimbursed in one payment. If the borrower is unable to make their payment, it will often create a loan cycle situation that can be catastrophic to one’s budget, credit score, and economic well being.

Nowadays, more people looking for loans in Canada are turning away from payday loans and towards installment loans as a better short-term financial solution.

Installment Loans

  • Online Installment loans in Canada are 50% to 60% cheaper than payday loans and are available with longer repayment terms, making them significantly safer for your credit score.
  • As the borrower, you benefit from a straightforward reimbursement process and avoid the risks associated with costly and dangerous loan cycles.
  • When you take out no credit check installment loans in Canada, you also benefit from an automated stress-free payment plan that enables you to budget more efficiently for your future financial obligations.
  • Moreover, you can further benefit from reduced rates and increased credit limits with every loan you successfully reimburse.

Find out why Canadians are switching to this better alternative. Our agents are waiting to serve you.

What are you waiting for? Apply Now!

Happy Customers

très bon service rapide et professionnel cinq étoile.
Paul Lalonde 
Paul Lalonde
Très professionnel ! 🙂
Nancy C. 
Nancy C.

They are a very knowledgeable company and very friendly to work with when getting a loan. They try and accommodate you the best they can are very helpful. Would use them again if ineed of a loan.


Wonderful service and customer service

Annie Levesque 
Annie Levesque

Since being with 514 loan my experience has been good. They offer a range of different loan amounts, keep in mind it will depend on a few factors, employment, income, they will offer you the best loan that will make it easier to payback. Once approved the funds will be deposited into your bank account right away.


Please give your feedback

We all fall on hard times

Installment loans can see you through until skies look a little brighter

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Short-Term Loan Requirements

Offering users a great customer experience is our number one priority. In order to achieve this, we start by making the application process as simple as we can.

Once you've filled out the application, all we need from you are two documents in order to expedite the process. Make sure you can provide the following:

  1. Photo ID (ie. a driver’s license or a passport)
  2. Proof of Address (ie. a phone, electric, cable or gas bill, or any most-recent document from your financial institution where your name and address are displayed)

Your application can be submitted online in five short minutes by hitting the "Apply Now" button.

When it comes to installment loans, Canada has the best service available: 514Loans, offering great payment plans and reasonable interest rates. We look forward to assisting you in finding the best financial solution for your needs.


In your bank account



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Frequently Asked Questions

What is an installment loan?


A cash advance is a short term financial solution, often used to cover car repairs, collection notices or any other type of unexpected expenses. Short-term cash advance services fulfill a need not met by traditional financial institutions, offering a less costly and often more desirable option for short-term loans.

A non-traditional cash advance is often the best way to receive a quick loan. Industry group CFSA reports that non-sufficient funds (NSF) cost consumers tens of billions of dollars each year from banks and credit unions. CFSA notes that millions of people each year “choose payday advance as a dignified, discreet, and often less costly solution for cash flow problems, without asking family for money or risking personal items as collateral.”

Many applicants also struggle to attain traditional financing despite having excellent credit. Many of them need quick access to working capital. Online lenders have emerged as a welcome alternative for borrowers everywhere. Online lenders are increasingly being used by consumers and businesses to get fast access to capital outside of banks. Also known as marketplace lenders, they “have leveraged low operating costs, minimal regulations, Big Data, and technology streamlined for a mobile generation to mediate terms between everyday borrowers who want quick access to cash.


What are the requirements for an installment loan?


We like to keep things simple.

  1. You must be over 18 years of age
  2. You must be a Canadian citizen
  3. You must be employed full-time
  4. You must have an active bank account
  5. You must not be engaged in a consumer proposal
  6. You must complete an IBV (Instant Bank Verification)


Can self-employed individuals apply for an installment loan?


Absolutely! Just as long as our agents can verify a frequent source of income through your IBV (Internet Banking Verification).


How much can I borrow with an installment loan?


Our loans range from $300 to $3000.

However, ou lender's credit risk may assign a different amount than originally requested. This assures that the borrower will be able to reimburse the loan without any negative impact on their budget and/or financial situation.


When will the funds be deposited?


Your funds are deposited automatically as soon as we receive your signed electronic contract. Deposits typically happen on the same day; however, some deposits can take up to 24 hours to appear in your bank account.


What documentation is needed for an installment loan?


You may fax or upload your documents during your application process.

The required documents are:

  1. A copy of your driver's license
  2. A proof of residence (any most recent utility bill with your name and address indicated on it)


Consolidate Your Debts and Get out of Dangerous Loan Cycles

Debt Consolidation

Are you caught in a loan cycle?

514Loans is here to help! We work with a non-profit corporation to help Canadians get out of loan cycles. We can help you get your paycheck back!

If you are struggling with multiple loans, unable to keep up with high interest rates, or are facing a potential bankruptcy, give us a call now and let us help you consolidate your debts into one small monthly payment.

Debt Counselling

If you are unfamiliar with how the credit reporting system works or if you would like guidance in understanding and improving your credit standing, please contact a non-profit credit counsellor at Consolidated Credit by calling 1 (844)-871-1426.

Call today for a free, no-obligation consultation or complete a form: click here for a free consultation.

Credit counsellors can help to assess your situation, clarify errors on your report and outline the best options to rehabilitate your credit through repayment of debts at lowered interest rates. Doing this will enable you to qualify for new credit in the near future.

Debt Consolidation Programs

We work with a non-profit credit counseling company.

We frequently recommend to our clients to explore all of their financial options through a professional counselor at Consolidated Credit Counseling Services of Canada. This approach allows our clients to decide for themselves which option is best for them and their financial well being.

If you are struggling with too many loans, please click on the free consultation button on this page, and see if you qualify for the debt relief you deserve.

Benefits of a Debt Management Program (DMP) w/ Consolidated Credit

  • Lowered monthly payments to creditors
  • Lower interest rates than credit cards, Payday Loans or Installment loans
  • Get a clear understanding of how to budget to avoid loan cycles in the future
  • Have more money left on your paycheck to begin saving again.

Disadvantages of a Debt Management Program w/ Consolidated Credit

  • Any unsecured account(s) consolidated in a DMP will be permanently closed in order to achieve the reduced interest rate(s).
  • RBC and Canadian Tire Mastercard are “full-budget creditors” meaning they will review the prepared budget and credit file to ensure all unsecured creditors have been included on the DMP before they agree to be included and that no budgeted expenses are unrealistic for a hardship circumstance.
  • Scotiabank will review the same to ensure that all of their unsecured products have been included prior to agreeing to our proposal.

Unsecured Loans

Even With Bad Credit



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Offering Installment Loans in Canada, Even with Bad Credit

When Canadians find themselves in need of short-term loans, bad credit shouldn't stand in the way. And the repayment process for those loans should be as simple as paying rent or mortgage, phone plans, electricity and other monthly bills.

Installment loans offer the bridge you’re looking for when you’ve landed in a spot of financial trouble. The small and steady payments allow you to easily plan your budget accordingly. Most importantly you can usually obtain prompt approval for these loans without a credit check.

Here are some of the most frequent situations that may call for an installment loan:


It doesn’t matter who you are, you need a roof over your head. But an unexpected expense can cause anyone to be short on their rent, often a day or two before it is due.

Thankfully, an installment loan can help you in a few ways. First and foremost, you’ll have the cash to cover this month’s rent. And if you budget accordingly, the flexibility of an installment loan will also help you avoid falling behind financially in the future.

Car Payments

Falling behind on a car payment can be hazardous to your credit. An installment loan is a great solution that helps you make the necessary payments while allowing you to stay on course with your budget.

An installment loan can also help you phase out and replace a payday loan, which typically reduces additional financial concerns in the future.

Debt Consolidation

Are you caught in a payday loan cycle? Are you using a big part of your paycheck to cover your payday loans? Consolidating that debt with an installment loan allows you to have a single small payment, instead of seeing most of your paycheck disappear as soon as you receive it.

If you have Bad Credit

Even people with bad credit are usually able to take out our installment loans. The benefits of that can be huge; you get somewhere to turn to when you need money, and you don't have to do so at a further cost to your credit score.

According to, installment loans won’t negatively impact your credit. Individual installment loans don’t account for enough money to play a huge role in your credit score. In fact, the same blog explains that paying off an installment loan for a lengthier term has a positive influence over credit scoring models.

Avoid NSF Charges

Unpaid NSF fees are damaging to your credit. If they remain unpaid for 30 days, your account will be considered delinquent and reported to the credit bureau. Delinquent accounts do harm your credit score and can further complicate your situation. 514Loans can help you avoid unnecessary NSF charges.


When January 24th rolls around, most people are nervously anticipating their credit card bill from the holidays. Sometimes you have to financially overextend yourself during the holidays so you’re able to purchase gifts for your friends. Other times it’s a big family trip you couldn’t back out of, even though you were a little light on funds. 

Regardless, an installment loan can help you recover from the financial stress of the holidays.

No Credit Check Loans

Benefit From Our Policy


Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.

When you apply for a loan
Our applicants are not subject to credit checks. We use your banking transactions as well as other criteria to assess your request. We give you a clean slate. We believe in second chances, and we will take a chance with you when nobody else will.

Please borrow responsibly.

What is a short term loan good for?

It should be considered as a bridge money to pay for urgent bills and not a method to increase your credit. Our rate are higher because we take a lot of risk with lending to someone with having done a credit check when issuing a customer a loan.


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Short Term Loans

We understand that there are limits to how much you can stretch your paycheck in order to accommodate unforeseen expenses. Don't worry, we've got your back when it comes to installment loans in Canada.

Our Loan Rates

Our lenders charge an APR (annual percentage rate) of 22% to 32% depending on the risk score of the application.

Repayment Example

A 300$ loan with an APR of 32% is refundable in 6 bi-weekly payments of approximately $75. This example includes all the fees associated with the borrowed capital over the three months.

Terms of Repayment

Our installment loans are repayable within a period of 90 to 120 days. Longer loan terms are available for loans over $1000.

Borrow Responsibly

Abusing microloans can cause negative impacts to your financial well-being due to their higher interest rates. The interest rate on an installment loan is higher than conventional financial institutions and should be used only for emergencies.

Types of Loans

Go ahead
Call them whatever you want

We specialize in

Installment Loans

Installment loans are Canadians' trendiest loan choice since 2017.

Payday Loans

Payday Loans are:

  • Old news
  • Extremely expensive
  • Have a short payback of 14 days
  • Being replaced by installment loans 

Cash Advance Loans

Cash? Who does that anymore?

Our Installment loans are delivered instantly by Interac e-Transfer.

Instant Loans

Get your instant loan application started today. Our installment loan processing is optimized to provide you with your money when need it most.

Mobile Loans

Our installment loan application process is optimized for iPhone and Android mobile devices (smartphones).

Unsecured Loans

Our installment loans do not require any guarantees nor liens. We do not offer title loans.

Short Term Loans

Our short term loans are offered as follows:

  • 300$ to 3000$
  • 90- to 120-days payback period

Online Loans

Our process is entirely done online.

  1. Apply today
  2. Get approved within an hour
  3. Receive your money in your bank account.

Private Loans

Any installment loan agreements are treated with the utmost discretion.

Easy Loans

Our installment loans are quick and easy. Get yours today.

Small Loans

Our installment loans range between 300$ and 3000$.

Personal Loans

We offer personal loans to Canadians electronically. Apply today for your personal installment loan.

Fast Loans

Our one-hour approval process is pretty fast. Apply today and witness it for yourself.

Direct Loans

Our installment loans are actually direct loans between the lender, and you, the applicant.

Areas Served

Proudly serving Canadians with no credit check installment loans, the best alternative to payday loans and the go-to alternative financial services. Thanks to you, we are the fastest growing installment loans provider across the country.

Where are you from?


Winnipeg, Dauphin, Morden, Portage La Prairie, Selkirk, The Pas, Winkler, Steinbach, Thomspon


Montreal, Laval, Quebec, Gatineau, Lasalle, Terrebonne, Longueuil, Levis, Brossard, Sherbrooke, Repentigny, Saint-Hubert, Verdun


Calgary, Edmonton, Lethbridge. Red Deer. St. Albert, Grande Prairie, Airdrie


Toronto, Brampton, Mississauga, North York, Ottawa, Scarborough, Hamilton, Kitchener, London, Etobicoke, Windsor, Oshawa, Barrie, Richmond Hill, Brantford, Markham, Niagara Falls

Nova Scotia

Halifax, Cape Breton, Dartmouth, Truro, Sydney

New Brunswick

Moncton, Saint John, Fredericton

Prince Edward Island

Charlottetown, Summerside

514loans - Payday Loan Alternative

225 Rue Chabanel O #1004
Montreal, QC H2N 2C9

+1 844-508-2274

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