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30-SECOND SUMMARY: 47% of Canadians live paycheck to paycheck (you might be the same). To help you cover expenses and make it to payday, we compared 3 new apps offering overdrafts and early access to your wages. Read on for our full breakdown of Bree, KOHO and Nyble including costs, hidden fees and how to increase your borrowing limit.
Short on cash?
Sometimes, $50 can be all it takes to cover your expenses and get you through to your next payday.
In Canada, there are a growing number of cash advance apps that can lend you $50 – even if your credit is poor.
In this guide, we’ll show you the top Canadian apps to borrow $50 so you can get the money you need quickly and without hassle.
#1 – Koho: $50 overdraft limit for $5 a month
The KOHO app offers overdraft protection with ‘KOHO Cover’, a subscription-based overdraft protection service of up to $50 with no interest.
You will need to pay a $5/month subscription fee to access overdrafts but there is no interest and no tipping to worry about.
KOHO will show you how much you’re eligible for right in the app, so your overdraft limit is never a mystery. You can use KOHO Cover as often as you like. KOHO Cover also gives you access to an in-house and in-app financial coach to help you tackle your money challenges.
Overdrafts aren’t available to all KOHO users. Using the KOHO app for spending, saving, and improving your credit might make it more likely for you to be approved.
If you’re keen to access more services, you can also upgrade to KOHO Extra. This will cost you $9/month but comes with a bunch of features including:
- 5% interest on your entire balance
- Cash back rewards
- Credit building help
- No foreign transaction fees
Whether you’re opting for the $5/month overdraft service, or paying extra for more features, you can increase your cover limit from $50 up to $250 by repaying your overdrafts on time and using KOHO for everyday spending.
Just repay what KOHO spots you, plus your $5 monthly fee, and you’ll stay covered in an emergency.
There are no late fees if you’re a little slow to repay your overdraft – though late payments may affect your ability to access KOHO overdrafts in the future.
Get up to $50 (or more) with no interest or credit check >>> Check out KOHO 👈
#2 – Bree: Access up to $250 at 0% interest (but beware of hidden fees)
The Bree app offers cash advances up to $250 with no interest and no fees.
At least… that’s what’s splashed all over their website.
We found there are a LOT of potential fees.
Despite claiming to be a no-fee app, Bree charges a $2.99 auto-recurring monthly subscription fee to use the platform. The subscription fee is automatically debited from your linked external bank account every month.
You’ll also face a fee if you don’t want to wait the three business days to get your advance. Express delivery (usually within five minutes) is available with the fee depending on the size of your advance.
Oh yeah, and now even your lender wants a tip. Bree asks you to think of it like that attentive waiter at the local bistro and add a healthy gratuity to your repayment for its attentive service. (Tips are completely optional, though.)
On the plus side, there’s no credit check to use Bree, so your credit score is completely unaffected.
With no interest on your advance, and tipping 100% optional, you may find Bree’s advance useful in a pinch.
Get a no interest cash advance for up to $250 >>> Check Out Bree 👈
#3 – Nyble: Get up to $150 at 0% to cover bills or overdrafts
The Nyble app allows you to borrow up to $150 from your next paycheck with no credit check, interest charges, or late fees. It takes less than five minutes to see if you qualify.
You’ll likely qualify for $30 to start, but you can increase your borrowing limit to the maximum $150 with on-time payments. You can also redeem your reward points – earned for checking your credit score, improving your credit, and paying off debt – for higher approval limits.
Once approved you will always have access to your limits as long as your account is in good standing.
To be eligible for Nyble Cover, you’ll need an employment or government income and a Canadian bank account. Your direct deposits should be monthly with an account history of regular deposits.
Launched in 2022, Nyble doesn’t claim to be fee-free… but doesn’t make it easy to find their fees either.
We went looking in their terms and conditions to learn that some features require a monthly membership of $4.99, $7.99 or $11.99 depending on membership type.
You can skip the fees (for now) by trying Nyble for free with a 14-day trial. Once your trial ends, you’ll be upgraded to a paid subscription. So cancel before 14 days to avoid a recurring monthly subscription.
Get up to $150 in five minutes >>> Check out Nyble
Are there other options for emergency funding?
If you need a small amount, apps like Bree, KOHO and Nyble may be the way to go.
For larger loan amounts, it’s tempting to start comparing payday loans, but the fees can quickly pile up.
Canada has strict laws around payday loans, which mean you’ll always know what you’re being charged… but that doesn’t mean you’re not still paying more than you need to.
The maximum cost of borrowing a payday loan in Canada is $15 for every $100 that you borrow. This is significantly more than the $2.99 fee you might pay to subscribe to Bree – which offers up to $250 in overdrafts.
Apps like Pay2Day and CashMoney offer payday loans to Canadians, but you’ll end up facing significantly higher fees than if you’re using apps like Bree, KOHO and Nyble.
Looking for more ways to stay on top of your finances? Check out our latest resources:
WAIT! Why borrow quick cash when you can earn it?!
Cash advance apps can be a great tool for getting a little extra cash when you need it, but you’ll need to repay it – plus fees – wihtin a week or two. Did you know there’s an easy way to earn extra cash that’s yours to keep?
KashKick is a wildly popular service that lets you earn money for playing games, completing surveys, signing up for trial offers and more. (You’ll even earn cash for just completing your profile!) You can earn cash today and withdraw your earnings through PayPal once you’ve reached $10. You can earn over $100/month with KashKick – and you don’t need to spend a dime or take out your credit card to do it.
There are dozens of high-paying offers available on KashKick, and if you’re into playing new games on your phone, you can earn some serious cash for doing what you love. Though offers change regularly, there are currently1 more than three dozen offers available where you can earn cash – sometimes over $100 – just by downloading and playing popular games like Coin Master, Monoply Go, Bingo Blitz, and more. These games are all free to download, and no in-app purchases are required to earn with KashKick.
Get paid to play on your phone >>> Check out KashKick
- As of February 13, 2024. Offers may change and may not be available to all users. Eligibity requirements apply. See KashKick's Terms of Service for full details.
