10 best payday loans in Canada

If you’re looking for payday loans online or in-store, we’ve examined the marketplace and handpicked the best payday loans in Canada. We examine and compare payday loans based on several factors, such as speed, reputation and 24/7 availability. But remember that payday loans have extremely steep interest rates and short repayment terms—making these short-term loans suitable only as a last resort.

We choose the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend, which are listed first on this page. Read our advertiser disclosure for more info.

• How we selected the best payday loans in Canada

  We’ve chosen the products on this page based on licensed lenders available through Finder and online in the Canadian payday loans marketplace. These loans are not representative of the entire market. When choosing the best payday loans in Canada, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan will be the best choice for everyone, so compare your options before applying.

  Speed and availability

  Payday loans are the fastest type of consumer loan available in the Canadian marketplace, but among payday loan lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant approval and funding, while some have staff operating 24/7. We prioritized lenders that invest in speed and availability by putting these systems in place.

  Eligibility requirements

  Payday loans are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.

  Reputation and customer feedback

  The reputation of a payday loan matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores.

  Application process

  We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in-store).

  Customer support

  We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.

  Funding options

  We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers. Funding via direct deposit or prepaid debit cards were considered good perks.

Summary: Best payday loans online

Payday lender	Interest rate	Loan amount	Loan term	Key features	Link
	Varies by province	$100 – $1,500	Up to 62 days	Instant approval, e-Transfer, accepts bad credit	Go to siteLearn more
	Varies by province	$100 – $1,500	7 - 62 days	24/7 approval and e-Transfer, accepts bad credit	Go to siteLearn more
Payday Loan	Varies by province	$100 – $1,500	Up to 62 days	No credit check, instant loans, apply online or in-store	Go to siteLearn more
	24%	$100 – $1,500	Up to 62 days	Cheaper than industry standards, no credit check, flexible repayments available, employment income only	Go to siteLearn more
	Varies by province	$100 – $1,500	5 - 40 days	Instant approval, e-Transfer in as little as 15 mins, accepts bad credit	Learn more
	Varies by province	$120 – $1,500	1 - 62 days	Instant approval, no credit check	Learn more
	Varies by province	$100 – $1,500	Up to 62 days	Fast approval, no credit check	Learn more
	Varies by province	Up to $1,500	Up to 62 days	Good customer service, instant approval	Learn more
	Varies by province	$100 – $1,500	Up to 62 days	Fast approval, no credit check	Learn more
	Varies by province	$300 – $1,500	Up to 62 days	24/7 approval and e-Transfer, no credit check	Learn more

Loans Canada Personal Loan

Alternative: Loans Canada Personal Loan

Fill out one application and get matched for free with lenders. Accepts bad credit borrowers. Access cash within 1-3 business days. Loan amounts start at $300 with rates from 9.90% - 46.96% and terms from 4 - 60 months.

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Learn more about the best payday loans online

If you’re not sure which of the best online payday loans in Canada is the right choice for you, here is a breakdown of each, including who they are, what loan terms you can expect and the pros and cons of each online payday loan option.

1. GoDay

GoDay is headquartered in Toronto and first began operations in 2012. It is BBB-accredited with an A rating. GoDay offers same-day payday loans online. You can get an instant decision after you submit your application.

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

Go to site

• What customers say about GoDay

  Customers indicate the process to apply and qualify is fast and secure, with solid customer service. Some complain that there are delays in processing when you re-apply for a second loan and that the amounts you can qualify for as a first-time customer are very low. GoDay has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	3.7 stars based on 368 reviews
  Trustpilot	4.4 stars based on 3,155 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  Provide your personal information online, including your SIN, income and payroll details. You’ll also need to provide your banking details (institution ID, transit number and account number). The GoDay online payday loan application is paperless, letting you verify your income and identity via bank account verification. This lender may do a credit check.

Dive deeper: GoDay review

2. iCash

iCash provides online payday loans with flexible repayments and the chance to earn cashback. It is a member of the Canadian Consumer Finance Association (CCFA) and has provided loans online to more than 500,000 customers across Canada since 2014.

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 employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
• Serviced provinces: AB, BC, MB, NB, NS, ON, PEI

Go to site

• What customers say about iCash

  Many customers agree that the service is quick, convenient and reliable. Some customers are frustrated by the lack of customer service and slower turnaround, especially when trying to reach a real person over the phone or by email. iCash has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4.5 stars based on 6,043 reviews
  Trustpilot	4.4 stars based on 2,503 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  Create an account online. Provide your personal and financial details, then verify your income and identity via instant bank verification. The process is paperless; you won’t need to send any documents to apply for an iCash payday loan online. This lender will do a credit check.

Dive deeper: iCash review

3. Cashco

If you live in BC, Albert or Ontario, Cashco offers payday loans of up to $1,500. Apply in store or over the phone. Cashco offers other services like income tax preparation, international money transfers (powered by Western Union) and in-branch cheque cashing.

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): Cashco only accepts employment income.
• Serviced provinces: Alberta, BC, Ontario and Saskatchewan

Go to site

• What customers say about Cashco

  There aren’t many Cashco customer reviews online, but a limited number of Trustpilot reviews are negative. Complaints include unhelpful customer service and trouble negotiating payments in the event of unexpected financial difficulty. Cashco has the following ratings at the time of writing:

  Site	Rating
  Google	No Google reviews yet
  Trustpilot	2.5 stars based on 5 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  You can apply over the phone or in store at one of dozens of Cashco branches in BC, Alberta or Ontario. Provide information like your name, date of birth, residency details and income amount. Cashco requires that you have photo ID, a bank account and proof of employment, but no credit check is necessary.

Dive deeper: Cashco review

4. Wagepay

Wagepay is a new licensed lender that launched in Australia in 2020 and in Canada in 2023. Its rates are 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.

That said, Wagepay payday loans are still expensive when compared to other types of loans. Also, unlike other payday lenders, Wagepay will only accept employment income. Read our review on Wagepay.

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

Go to site

• What customers say about Wagepay

  Wagepay is still pretty new in Canada, so there aren’t many customer reviews. However, those that have left reviews have said that Wagepay is quick and easy to use.

  Site	Rating
  Google	4.5 stars based on 211 reviews
  Trustpilot	4.3 stars based on 69 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  Download the app or apply on its website. Provide your name and contact details and verify your bank account online. The process should take less than 5 minutes.

Related: Apps like Wagepay in Canada

5. Cash Money

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.

In addition to payday loans, Cash Money offers lines of credit and installment loans.

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

• What customers say about Cash Money

  Many indicate that Cash Money offers solid customer service and fast payday loans. Other customers are unhappy with the cost of Cash Money payday loans and feel like they aren’t able to pay their loans down due to high interest rates. It has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4.5+ stars for multiple locations (based on thousands of reviews)
  Trustpilot	4.5 stars based on 5,604 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  Provide your personal details, including an ID and its number, then verify your income and identity via instant bank verification. To apply for Cash Money online payday loans, you may also need to email a copy of your bank statements and submit to a credit check.

Dive deeper: Cash Money payday loan review

6. Money Mart

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.

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

• What customers say about Money Mart

  Customers indicate the process to apply and qualify is simple and fast, with an easy-to-use mobile app. Some complain that signing the loan documents online is difficult and that the process to access funds is slower than anticipated. Money Mart has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4+ stars for multiple locations (based on thousands of reviews)
  Consumer Affairs	3.1 stars based on 109 reviews
  Trustpilot	4.5 stars based on 4,264 reviews
  Apple store	4.7 stars based on 4.5K reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  If you apply for this payday loan online, provide your personal information, then choose between Express (instant bank verification) and Standard review. Express option is the faster option since you won’t need to email or upload any documents. If you choose Standard, you must send your documents to Money Mart. This lender does not do credit checks.

Dive deeper: Money Mart review

7. Loan Express

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.

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

• What customers say about Loan Express

  Customers indicate that the service is fast, professional and easy to use. Some complain that the company is less flexible about offering solutions if you can’t make your payments on time. Loan Express has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	No Google reviews yet
  Trustpilot	4.8 stars based on 8,359 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  Create an account online with Loan Express. Provide your personal information, including your SIN, reference and banking details. Verify your income and identity via bank account verification. This lender does not do credit checks.

Dive deeper: Loan Express review

8. Blue Copper Capital

Blue Copper Capital opened its doors in 2006 and offers payday loan solutions in BC and Alberta. It offers in-store and online payday loans. The company has an A+ rating by the BBB.

In addition to payday loans, it offers other forms of financing, including personal loans, business loans and lines of credit.

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

• What customers say about Blue Copper Capital

  Customers indicate that Blue Copper Capital is professional, honest and easy to deal with. A handful of customers felt the eligibility criteria were too strict for the amount they requested. Blue Copper Capital has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4.1 stars based on 41 reviews
  BBB	A+ (not accredited)
  Trustpilot	4.8 stars based on 178 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  The application is more involved compared to other payday lenders. You’ll need to provide details about your landlord (if applicable), driver’s licence, job supervisor, bank account details and three references. Verify your income and identity via bank verification. This lender does not do credit checks for its online payday loans.

9. Mr. Payday

Mr. Payday has been in business since 2002. It provides payday loans online in AB, BC, ON and operates a store in Vancouver.

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, EI, WCB, non-government disability benefits
• Serviced provinces: AB, BC, ON

• What customers say about Mr. Payday

  Customers praise the company for offering an easy and convenient loan process as well as strong communication and customer service. Others complain that the process is slow and loans are denied for unknown reasons. Mr. Payday has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4.3 stars based on 1,088 reviews
  Trustpilot	4.8 stars based on 178 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  To apply for Mr. Payday loans online, you’ll need to provide your personal details with two references and agree to instant bank verification. This lender does not do credit checks.

Dive deeper: Mr. Payday review

10. PAY2DAY

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.

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

• What customers say about PAY2DAY

  Customers appreciate that this company cares about its customers and provides special offers and incentives. A handful of customers complain that they were denied loans for unknown reasons. PAY2DAY has the following ratings on popular review sites at the time of writing:

  Site	Rating
  Google	4.5+ stars for multiple locations (based on thousands of reviews)
  Trustpilot	4.8 stars based on 6,009 reviews

  Reviews are current as of October 11, 2024.

• How to apply online

  If you apply for PAY2DAY payday loans online, you’ll need to provide your personal details and agree to instant bank verification. This lender does not do credit checks. You can also apply in-store if you prefer.

Dive deeper: PAY2DAY review

How to choose the best payday loans in Canada

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.

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.

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A person’s age appeared to influence whether or not they planned to use a payday loan in 2023.

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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 about online payday loans

• What is the best place to get a payday loan?

  The best place to get a payday loan is a licensed lender that operates either online or in physical stores in your province, abides by all payday loan regulations, accepts the income(s) you have, provides instant approval and funding and has received positive reviews from customers.

• How long does the online payday loan application process take?

  Applying for a payday loan should take around 5 to 10 minutes. You can get e-Transfer funding within minutes after you submit your contract. If you opt for direct deposit, you'll get your loan a few hours later or the next day.

• When and how do I repay payday loans online?

  Whether you apply for a payday loan online or in store, you'll usually need to repay the payday loan with your next payday, but check the regulations of your province. For instance, the minimum loan term in Alberta is 42 days, and you must repay in at least two installments.

  Most lenders require your bank account information to debit the repayment amount directly on the due date. If you apply in-store, you can provide a post-dated cheque at the time of application.

• Can I pay off my online payday loan early?

  Yes. Check the regulations of your province because several provinces have regulations where the lender must allow you to pay your payday loan early without any charges.

• What happens if I'm denied a payday loan online?

  If you're denied a payday loan online, it's likely because you already have an active payday loan or you have a very bad credit history (for example, if you're in a current bankruptcy). You can try to apply with another lender, but if you get denied again, you may want to work on paying off your outstanding debts and building your credit with services such as credit counselling or a debt management program.