Need money this week?

A car that won't start, rent you're short on, a hydro bill with a disconnection date. When a bill can't wait for payday, it's tempting to take the first loan you find. A few calls first can save you money, and some of them cost nothing.

Guides for common situations: rent you're short on, a car repair you can't pay for yet, a hydro or gas bill you're behind on, and a vet bill.

Try these first

1. Ask the company you owe for more time

   Call your landlord, utility or garage before the due date and ask whether you can split the bill or move the date. A payment arrangement usually costs less than a loan, and asking is free.

2. Ask your employer for an advance

   Some employers will pay part of what you've already earned before payday. It doesn't hurt to ask your manager or payroll.

3. Use credit you already have

   If you have an unused line of credit or overdraft protection at your bank or credit union, it usually costs less than a new loan for a small amount over a short time.

4. Look for help near you

   211.ca refers you to community and government services where you live. In some provinces that includes emergency financial help, such as rent banks and utility assistance programs.

5. Talk to a credit counsellor

   If several bills are behind, a non-profit credit counsellor can help you look at the whole picture for free, before you add a new payment.

When an installment loan makes sense

If those options don't cover it, an installment loan can bridge the gap. It makes sense when you need between $300 and $3,000, you know what the money is for, and the payments fit your budget for the next three or four months.

With Urgent Loans, you fill in one application and it goes to the lenders in our network:

• Loans of $300 to $3,000, repaid over 90 to 120 days
• The lenders in our network don't run credit checks. A lender may ask for more documents, such as ID, proof of income or a recent bank statement, and may verify your bank account online.
• Funds often the same day you sign
• Applying is free, and nothing is final until you sign a lender's contract

For example, 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. This example is for illustration only. See what an installment loan costs for how to read an offer.

When it doesn't

If the payments wouldn't fit your budget, or you already have other loans to repay, a new loan can make things harder. Having several loans at once can hurt your finances. In that case, a credit counsellor is a better first step.

How to spot a loan scam

People who need money fast are a favourite target. Walk away if someone:

• Asks you to pay a fee, such as an application or insurance fee, to get approved. The Canadian Anti-Fraud Centre lists this as a common loan scam.
• Guarantees approval before looking at your application
• Pushes you to decide on the spot, or won't show you the rate and fees in writing
• Asks for your online banking password by email, text or phone

A real lender shows you the amount, rate, fees and payment dates before you sign. Applying through Urgent Loans is free. See how to spot a loan scam for more.

Start my application

Urgent Loans is not a lender. Each lender in our network sets its own terms and makes its own decision. See how it works.