$300 to $3,000
No Credit Check Options
Get matched with lenders that offer second chance credit. Apply once, even with bad credit. Many lenders in our network deposit the money the same day you sign the contract.
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How applying for an installment loan works
Extra Money is a Canadian loan-matching service, not a lender. You fill out one online application, and we share it with a network of independent lenders that offer installment loans of $300 to $3,000, including to people with bad credit. If a lender approves you, that lender sets the amount, rate and terms, and deposits the funds into your bank account.
1. Apply Online
Fill out one simple form. We share it with lenders in our network, and a lender that can help will contact you.
2. Bank Verification
Instant Bank Verification (IBV) helps lenders confirm your identity and bank details, which can speed up their decision.
3. Receive Money
Once a lender approves you, the lender deposits your installment loan electronically into your bank account.
Instant Bank Verification (IBV)
Flinks’ Instant Bank Verification (IBV) is built for lenders. It helps them make accurate loan decisions faster, and your bank statements stay read-only.
What the bank check does
- Confirms your identity and that your bank account is real
- Shows lenders 3 months of banking transactions to assess your application
- Gives read-only access: lenders can view your statements but cannot move money
- Is required by lenders in our network before they approve a loan
How Extra Money works, in 50 seconds
No Credit Check Options
Bad credit doesn’t rule you out. If you’re Canadian, live outside Alberta and have a job, lenders in our network offer installment loans typically repaid over 90 to 120 days in regular payments.
November is Financial Literacy Month. Learn how credit scores work in Canada and how a secured card can help you rebuild. Read the guide
Lenders in our network typically look for the following 8 criteria
- Must be a Canadian citizen living in any province or territory except Alberta
- Have a bank account
- Have a job
- Not be in bankruptcy
- Not have a consumer proposal
- Not on welfare
- Must have direct deposit
- Must complete an IBV
Second Chance Loans
Our network includes lenders who offer second chance credit. Apply once, and lenders willing to give you a second chance can review your application.
Why Extra Money?
No Credit Check Options
Many Lenders Deposit the Day You Sign
Get up to $3,000
No Upfront Fees to Apply
A secured card for building your credit history
If a loan is not the right fit, the Achilles Secured Mastercard® is another option. It is offered through Achilles Finance, the team that provides Extra Money’s support, and it is issued by Zūm Rails.
Check if you qualify- $12.99 a monthPlus tax. No interest is charged on the monthly fee.
- $200 to $5,000 depositYour credit limit is the same as your security deposit.
- Reported to EquifaxZūm Rails reports your payments, so paying on time helps rebuild your credit history. Late or missed payments can be reported too.
- Purchase termsInterest and fees on purchases are set out in the cardholder agreement you sign with Zūm Rails.
Prefer to spend only what you load? The Achilles Prepaid Mastercard®, also offered through Achilles Finance and issued by Zūm Rails, is a reloadable card you can use anywhere Mastercard is accepted. It costs $9.99 a month plus tax (for example $11.49 in Quebec, $11.29 in Ontario or $10.49 in Alberta). There is no credit line and no interest. It does not build credit, because nothing is reported to the credit bureaus. Checking eligibility takes one question about your province, with no credit check.
See the prepaid cardBoth cards are issued by Zūm Rails. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
How Does it Work
What is an Installment Loan?
An installment loan is a loan you repay in fixed, scheduled payments over a set term, instead of all at once. Most lenders in the Extra Money network offer $300 to $3,000, repaid over 90 to 120 days, at 22% to 32% APR depending on the application. Each lender sets its own terms, including the payment schedule (weekly, bi-weekly, semi-monthly or monthly), the payment amount and the total cost, and shows them to you before you sign.
Representative example, for illustration only: a $300 loan at 32% APR over 98 days is repaid in 7 bi-weekly payments of about $44.99, for a total of $314.93. Of that, $14.93 is the cost of borrowing. Your amount, rate and schedule depend on the lender and your application.
How can I get a short term loan?
To get a short term loan through Extra Money, fill out one online application, which takes a few minutes. Your application is processed by our partner Intelligent Leads and shared with independent lenders in our network that offer installment loans of $300 to $3,000, including to people with bad credit. Lenders ask you to complete Instant Bank Verification (IBV) through Flinks so they can confirm your identity and review 3 months of banking transactions. A lender that can help will contact you, often the same day. If a lender approves you, it may call you to confirm details or ask for supporting documents, so keep your phone nearby and check your email, including your spam folder. Once you sign the lender’s loan agreement, the lender deposits the funds into your bank account, typically within 24 hours.
How long does it take to get a loan?
It depends on the lender and on how quickly you complete each step. After you submit one application, it is matched with lenders in our network; a lender that approves you typically deposits the funds within 24 hours of approval, once you have signed its loan agreement and completed bank verification.
Do you do credit checks?
No. Extra Money doesn’t run credit checks, and neither do the lenders in our network. Our network focuses on second chance borrowing and understands the needs of higher risk borrowers. Lenders do verify your bank account online through a third party called Flinks, and a lender may ask for more documents, such as ID, proof of income or a recent bank statement.
How much money can I receive?
Lenders in our network typically lend between $300 and $3,000 depending on several factors. First time borrowers will most likely receive under $1,000. Repeat borrowers in good standing with their lender can often borrow more, on better terms.
How do I receive the money?
Once you sign the lender’s loan agreement, the money is typically deposited electronically into your bank account. Many lenders in our network deposit it the same day you sign. Your lender will send you instructions and notifications when the money is sent. If you have any problems receiving the money, contact your lender or our support team.
What is Instant Bank Verification (IBV)?
Instant Bank Verification (IBV) is a secure, read-only check of your bank account, run by a third party service called Flinks. It confirms your identity and that your bank account is real, which protects you and the lender from fraud. Lenders use it to verify your bank statements and review 3 months of transactions before they decide on your application.
Is there a way to rebuild my credit besides a loan?
One option is the Achilles Secured Mastercard®, offered through Achilles Finance and issued by Zūm Rails. You put down a security deposit of $200 to $5,000, and that amount becomes your credit limit. The card costs $12.99 a month plus tax, with no interest charged on that fee; interest and fees on purchases are in the cardholder agreement you sign with Zūm Rails. Zūm Rails reports your payments to Equifax, so on-time payments help rebuild your credit history, and late or missed payments can be reported too. You can check if you qualify and apply on the Achilles Finance website.