Best Apps That Let You Borrow Money

In today's fast paced world, financial needs can arise unexpectedly.

Whether it's a surprise medical bill, car repair, or simply making it to the next payday, many Canadians are turning to digital solutions for their short-term borrowing needs.

Here's a referral code to get started: sign up, get verified, and spend $20 - you'll get 3 months free of Everything Plan!

What are Borrow Money Apps?

Apps that let you borrow money are mobile applications that allow users to access funds quickly, often without the lengthy approval processes associated with traditional bank loans.

These apps range from paycheck advances and small personal loans to peer-to-peer lending platforms, each offering different features, interest rates, and repayment terms.

Unlike conventional banking, which might require in-person visits and extensive paperwork, borrow money apps typically streamline the process with digital verification and quick approvals.

Funds are delivered directly to your account, sometimes within minutes or hours rather than days.

1. KOHO

With KOHO Cover, you can:

• Get up to $250 as an instant cash advance (amount depends on eligibility)

• Pay no interest on the advance

• Avoid a credit check

• Repay automatically once you add money or get paid

You subscribe to the Cover bundle for a low monthly fee, and in return you get the advance feature plus extras like a credit report, financial coaching, and priority support.

Need more than what Cover provides? KOHO Line of Credit gives you access to $1,000-$15,000, provided by Fora. It's a good option when traditional banks aren't available.

2. Nyble

Nyble allows users to access up to $250 for their balance protection insurance.

Cost Structure: Paid Membership

Cost: $11.99/month

Payment due date: 31 days following drawdown

3. Bree

Bree let's users access up to a $500 cash advance to prevent overdraft.

Cost Structure: Platform/Express Fee

Cost: $2.99 to $22.99

Payment due date: Next payday

4. Woveo

Users can access a cash advance of up to $250 with a premium plan.

Cost Structure: Paid Membership

Cost: $10/month per user

Payment due date: Monthly payments over 12 months

5. iCash

Users can get loans up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or up to the maximum 62-day period

6. Cash Money

Users can apply for Payday Loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or about two weeks

7. PAY2DAY

PAY2DAY provides payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

8. GoDay

Users can access payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

9. Credit Club

Users can borrow payday loans of up to $1,500.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday

10. Wagepay

New users can access pay advance of up to $1,500. This service is currently only available to Ontario & British Columbia residents.

Cost Structure: Flat Fee

Cost: $14 per $100 borrowed

Payment due date: Next payday or Postpone Repayment Feature*

*The postpone feature and the skip payment feature can not be used on the same advance.

Making Smart Borrowing Decisions

While money borrowing apps can be valuable tools during financial pinches, they require careful consideration. Here are some practical guidelines to ensure you're using these services wisely:

Do Your Research

Not all borrowing apps are created equal. Before downloading any app, research:

• Interest rates and fee structures

• Repayment terms

• User reviews

• Privacy policies and data usage

• Licensing and regulatory compliance

Understand the True Cost

Some apps advertise "no interest" but charge subscription fees, express delivery fees, or optional "tips" that can add up. Calculate the effective annual percentage rate (APR) to compare options accurately.

Borrow Only What You Need

The convenience of these apps makes it tempting to borrow more than necessary. Set a clear purpose for the funds and stick to the minimum amount required.

Have a Repayment Plan

Before borrowing, ensure you know exactly how and when you'll repay the amount. Some apps automatically withdraw from your account on payday, which could create new shortfalls if not properly planned for.

The Future of Digital Borrowing

As we continue through 2025, we're seeing promising innovations in the borrowing space. New models are emerging that consider factors beyond traditional credit scores, including banking history, education, and employment stability.

Some apps are now offering financial education resources and budgeting tools alongside their borrowing features, addressing the root causes of financial strain rather than just the symptoms.

Money borrowing apps will likely continue evolving, with increased regulation to protect consumers and technological advances making the process even more seamless and personalized.

Disclaimer: Pricing and terms are based on publicly available information as of July 2nd, 2025 and are provided for comparison only. Accuracy is not guaranteed.