Loans Canada Personal Loan
10 best payday loans in Canada: Borrow money fast
We dug through the legit lenders and scammers so you don't have to. Check out the best payday loans you can apply for online.
If you have an urgent expense and need to borrow money fast, payday loans are an option. These loans are designed for easy approval and quick funding. The catch? They’re extremely expensive, so they’re only suitable as a last resort.
If you’ve decided a payday loan is best for your personal situation, check out the best payday loans in Canada from licensed lenders.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). You may also want to consider payday loan alternatives. Maximum borrowing costs will vary by province. Review the maximum borrowing cost for your province before entering into a loan agreement.Summary: Best payday loans online
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Loans Canada Personal Loan
1. GoDay: Fast online payday loans
GoDay is headquartered in Toronto and first began operations in 2012. It is BBB accredited with an A rating.
Why it’s one of the best
- Fast approval and funding. Get an instant decision and Interac e-Transfer funding in as little as 2 minutes.
- Low income is okay. As long as your income is recurring, GoDay is open to approving you.
- Fair or bad credit scores are okay. It’s possible to get approved if your credit score is under 660.
Loan details
- Loan amount: $100 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Steady source of income
- Incomes it accepts (besides employment): CCB, disability tax credit, OAS, CPP and private pensions
- Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
Dive deeper: GoDay review
2. iCash: 24/7 instant payday loans
Headquartered in Hawkesbury, Ontario, iCash has provided payday loans to more than 500,000 customers across Canada since 2014. It is one of the most popular online payday lenders.
Why it’s one of the best
- Instant loans. Thanks to iCash’s automated systems, you can get instant approval and funding 24/7.
- Lenient. iCash accepts many types of income, such as EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance. Bad credit is also okay.
- Highly rated app. iCash’s app has over 500,000 downloads and has at least a 4.7 rating. You can also easily apply on its website.
Loan details
- Loan amount: $100 – $1,500
- Loan term: 7 - 62 days
- APR: Varies by province
- Eligibility requirements: Min. $800 monthly income.
- Incomes it accepts (besides employment): Many types, including EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
- Serviced provinces: AB, BC, MB, NB, NS, ON, PEI
Dive deeper: iCash review
3. Cashco: Same-day payday loans with no credit check
Edmonton-based Cashco offers payday loans of up to $1,500 that you can get on the same day. Apply online in less than 10 minutes.
Why it’s one of the best
- No credit check. Cashco doesn’t do any credit checks for its payday loans, so you can get approved with bad credit.
- Non-employment incomes are accepted. It doesn’t matter if you don’t have a full-time job. As long as you have a recurring income paid into your bank account, there’s a chance of getting approved.
- Established. Cashco is relatively new in the payday loan space, but it has decades of experience in providing installment loans to Canadians.
Loan details
- Loan amount: $100 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Steady source of income
- Incomes it accepts: Many types, such as employment, government disability, private disability, private pension, CPP, OAS, CCB, worker's compensation
- Serviced provinces: Alberta, BC, Ontario and Saskatchewan
Dive deeper: Cashco review
4. Wagepay: Lower-cost online payday loans
Wagepay is a new licensed payday lender that launched in Australia in 2020 and in Canada in 2023.
Why it’s one of the best
- Cheaper than industry standards. For example, in Ontario, a $500 loan over 14 days would cost you $575 total with most payday lenders. With Wagepay, a $500 loan over 14 days would cost you $544.60—which saves you $30.40.
- No credit check. It’s possible to get approved with fair or bad credit.
- Android and iOS apps available. Wagepay’s apps have at least a 4.0 rating, and it has over 5,000 downloads.
Loan details
- Loan amount: $100 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Min. $1,600 monthly income.
- Incomes it accepts (besides employment): Wagepay only accepts employment income.
- Serviced provinces: BC, ON
Related: Apps like Wagepay in Canada
5. Cash Money: Online and in-store payday loans
Cash Money has been in business since 1992 and has helped nearly 1.2 million Canadians with their short-term cash needs. You can apply for Cash Money payday loans online or in-store.
Why it’s one of the best
- Flexible requirements. You can apply if your credit score is at least 525, and your income doesn’t have to come from employment.
- Established lender. Cash Money is one of the biggest payday lenders in Canada and has been lending since 1992.
- Easy online and in-store applications. Apply online within minutes, or visit one of Cash Money’s stores and walk out with your loan. Cash Money has hundreds of locations across Canada.
Loan details
- Loan amount: $100 – $1,500
- Loan term: 5 - 40 days
- APR: Varies by province
- Eligibility requirements: Min. $1,000 monthly income.
- Incomes it accepts (besides employment): Many types, including CPP, child tax credit, unemployment, disability
- Serviced provinces: BC, MB, NL, NS, ON, SK
Dive deeper: Cash Money payday loan review
6. Money Mart: Online and in-store no credit check loans
Money Mart offers in-person and online payday loans. It started offering financial services in Canada in 1982 and has expanded to include over 500 locations. In addition to payday loans, Money Mart offers financial products such as installment loans, business loans, money transfers and prepaid credit cards.
Why it’s one of the best
- Quick funding. You can get an instant decision as well as instant funding. Apply online or at one of its stores.
- Established lender. Money Mart is one of the largest payday lenders in Canada. It has hundreds of locations across the country.
- Easy requirements. Money Mart offers no credit check payday loans, so you can apply with bad credit. Non-employment incomes are also eligible.
Loan details
- Loan amount: $120 – $1,500
- Loan term: 1 - 62 days
- APR: Varies by province
- Eligibility requirements: Steady source of income
- Incomes it accepts (besides employment): child tax credit, EI, disability and pensions
- Serviced provinces: AB, BC, MB, NS, NT, ON, SK, YT
Dive deeper: Money Mart review
7. Loan Express: Fast online loans with no credit check
Loan Express has been offering online payday loans in Canada since 2005. It accepts applications 24/7, so you can apply whenever you need funds.
Why it’s one of the best
- Instant bank verification (IBV) or manual review. Get your loan instantly with IBV. But if you prefer not to link your bank account, Loan Express offers the manual option where you email documents (which will take longer).
- No credit check. Loan Express is one of the payday lenders that don’t do credit checks.
- Established lender. Loan Express has been around since 2005 and serves many provinces.
Loan details
- Loan amount: $100 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Steady source of income
- Incomes it accepts (besides employment): Many types, including pension, disability, child tax credit, most other government benefits paid regularly
- Serviced provinces: AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT
Dive deeper: Loan Express review
8. Blue Copper Capital: Opportunity to get more affordable options
Blue Copper Capital opened its doors in 2006 and offers in-store and online payday loans. It also provides other forms of financing: personal loans, business loans and lines of credit.
Why it’s one of the best
- Eventually access other forms of financing. Clients who build up a history of repaying Blue Copper Capital payday loans on time can eventually gain access to more affordable financing.
- Fair or poor credit is okay. Your application won’t necessarily be denied because of your credit score.
- Easy online application. The entire process can be completed in as little as 20 minutes.
Loan details
- Loan amount: Up to $1,500
- Loan term: Up to days
- APR: Varies by province
- Eligibility requirements: 3+ months of employment income
- Incomes it accepts (besides employment): Only private disability
- Serviced provinces: BC, AB, SK
9. Mr. Payday: Easy online payday loans
Mr. Payday has been in business since 2002. It provides payday loans online in AB, BC, ON and operates a store in Vancouver.
Why it’s one of the best
- No credit check. Mr. Payday doesn’t do credit checks, so people with low credit scores can apply.
- Easy online application. It’s possible to complete the entire process in less than 60 minutes.
- Non-employment incomes accepted. Mr. Payday accepts CPP, private pension, EI, WCB and private disability benefits.
Loan details
- Loan amount: $100 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Min. $1,100 monthly income.
- Incomes it accepts (besides employment): CPP, private pension, EI, WCB and private disability benefits
- Serviced provinces: AB, BC, ON
Dive deeper: Mr. Payday review
10. PAY2DAY: 24/7 no credit check payday loans
PAY2DAY was founded in 2006 and provides cash in hand when visiting one of its stores in BC or Ontario. You can also apply online for a payday loan and get an e-Transfer to your bank account in an hour.
Why it’s one of the best
- 24/7 instant loans. PAY2DAY’s application decisions, funding and customer service are all 24/7.
- No credit check. You won’t have to go through a credit check when applying.
- Store locations available. If you prefer to apply in person, PAY2DAY has over 30 locations in Canada.
Loan details
- Loan amount: $300 – $1,500
- Loan term: Up to 62 days
- APR: Varies by province
- Eligibility requirements: Steady source of income
- Incomes it accepts (besides employment): EI, retirement income
- Serviced provinces: ON, BC, NS
Dive deeper: PAY2DAY review
How to choose the best payday loans in Canada for you
With so many options, it may be hard to decide on the best one for your personal situation. To help you choose the right online payday loan, ask yourself these questions:
- Does the lender follow provincial regulations? Each province has its regulations that each payday lender must follow. For example, Ontario lenders are only allowed to lend you a maximum of 50% of your take-home pay, while Alberta lenders have to give you a minimum loan term of 42 days, and you’re allowed to repay in installments.
- How transparent is the lender about fees? A legitimate lender must be upfront and clear about the cost of your payday loan. The annual rate of a payday loan is in the triple digits, making it the most expensive type of consumer loan in Canada.
- How long does it take to get the loan? Does the lender provide online payday loan applications? Can the lender give an instant decision for its payday loans? Is the lender available 24/7 or on weekends?
- Does the lender offer e-Transfer? E-Transfer is faster than direct deposit. The best payday lenders can offer e-Transfer payday loans 24/7.
- Does the lender assess your ability to repay the loan? Lenders must make a reasonable judgment on your ability to repay the loan by assessing your financial circumstances. If a lender guarantees your loan without checking your finances, the lender may not be legitimate.
- Is the lender okay with bad credit? Some payday lenders are less strict than others when it comes to credit scores.
- What is the lender’s reputation? Read reviews to see what other people have to say about the lender.
What are the pros and cons of payday loans online?
Even the best online payday loans in Canada have their share of benefits and drawbacks.
Pros
- You can get your money quickly. You can get your money immediately after approval if you apply in-store, and most online lenders can e-Transfer the money to you within minutes.
- Freedom to use the money as you like. As long as you use the money for legitimate and legal purposes, you are free to do whatever you would like with the loan.
- Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories, but make sure you compare other aspects when looking for a bad credit payday loan.
- Automated approval. Many online payday loan providers have automated application approval processes in place, so once you submit your application online, you can receive an instant approval decision within minutes.
Cons
- Higher than normal fees. Even the best payday loans in Canada come with exorbitant fees. Depending on where you live, expect to pay between $14 to $17 for every $100 borrowed.
- Disreputable lenders. If a payday lender sounds great and offers rates that sound too good to be true, they probably are. Ensure the lender complies with all relevant provincial regulations and operates legally.
Why are payday loans so risky?
Payday loans are risky because their high rates and short repayment terms can trap borrowers in a cycle of debt. Before you apply, make sure you won’t have any problems repaying your loan by the due date—and don’t forget you’ll need enough income left over to pay essential expenses and other debts. If you don’t have enough, you might need another payday loan—and the cycle continues.
Is it possible to find cheap payday loans online?
Unfortunately, no. There’s no such a thing as a cheap, low interest payday loan online or in-store.
Payday loans are high interest loans because they are designed for high risk borrowers who don’t qualify for a loan from traditional lenders, such as banks. Borrowers are considered high risk of defaulting on a loan if they have poor credit, too many debts, low income or unstable employment.
Am I eligible for payday loans?
Basic eligibility requirements for payday loans online or in-store include the following:
- Be the age of majority in your province or territory (18 or 19)
- Be a Canadian citizen or resident
- Have a recurring income
- Be working the same job for a certain amount of time (usually 3 to 6 months)
- Have a bank account
Is it safe to apply for online payday loans?
Yes, it’s safe to apply online for payday loans as long as you apply to a legitimate lender. To find legit and safe online payday loans, look out for the following:
- Check for a licence. This is required for payday loans. You can check your provincial government’s business licence database to see whether the payday lender is licensed to operate in your province.
- Secure online application. Lenders who provide safe online payday loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe. They use bank-level security and won’t share your information with any third parties.
- Google safe browsing. To see whether a payday loan site is currently dangerous to visit, copy the URL and head over to Google’s safe browsing site, where you can paste the link of the website in question. Google will check the site status and let you know if it finds any unsafe content.
- Check for the “S” in HTTPS. Although not foolproof, check whether there’s an “S” in the HTTPS of the site’s URL, or you can look for a lock icon.
- Abides by provincial laws. A lender should abide by any existing laws or regulations. Some provinces limit the maximum amount of interest that can be charged per $100 borrowed, while others additionally limit loan terms and how many loans you can take out at one time.
- Contact information easily available. Check the website for a phone number, address, email or chat support.
- No upfront fees. Legitimate payday lenders will never ask you to pay fees up front.
- No guaranteed approval. Avoid lenders that promise you’ll get approved because this could be a scam.
Compare the best online payday loans
How do I apply for online payday loans?
With online payday loans, you fill out a quick application and get an instant decision. To get approved, you must either email your documents to the lender, such as your ID and bank statements, or do instant bank verification.
Instant bank verification is a paperless process. You’ll log in to your bank account and give the lender a snapshot of your bank statements so it can verify your income and identity. Your payday lender will never gain access to your account or see your username and password. However, make sure to apply to a legitimate payday lender only.
Visit the following government sites to check whether a payday lender is licensed
- Ontario payday lenders
- BC payday lenders
- Alberta payday lenders
- Nova Scotia payday lenders
- New Brunswick payday lenders
Plans to get a payday loan in Canada
One in 10 Canadians (14%) planned to use a payday loan in Q2 2023, according to results from the Finder: Consumer Sentiment Survey Q2 2023. Plans to get a payday loan was almost the same for men and women.
A person’s age appeared to influence whether or not they planned to use a payday loan in 2023.
Survey methodology
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use Payday loans and other forms of short-term credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
Bottom line
Remember that while the best payday loans in Canada can give you quick access to cash online or in-store, they are also extremely expensive. We advise avoiding payday loans unless it’s a last resort or you’ve worked out a plan to pay the loan back by the due date—with enough income left to pay for other essential expenses. Make sure you take time to research and compare lenders to find the best payday loans online for your needs.
Frequently asked questions
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