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10 best payday loans in Canada

We dug through the winners, losers and scammers so you don't have to. Presenting the 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.

⚠️ 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

Payday lenderInterest rateLoan amountLoan termKey featuresLink
GoDayVaries by province$100 – $1,500Up to 62 daysInstant approval, e-Transfer, accepts bad creditGo to siteLearn more
iCashVaries by province$100 – $1,5007 - 62 days24/7 approval and e-Transfer, accepts bad creditGo to siteLearn more
Cashco

Payday Loan

Varies by province$100 – $1,500Up to 62 daysNo credit check, instant loans, apply online or in-storeGo to siteLearn more
Wagepay24%$100 – $1,500Up to 62 daysCheaper than industry standards, no credit check, flexible repayments available, employment income onlyGo to siteLearn more
Cash Money

Varies by province$100 – $1,5005 - 40 daysInstant approval, e-Transfer in as little as 15 mins, accepts bad creditLearn more
Money Mart

Varies by province$120 – $1,5001 - 62 daysInstant approval, no credit checkLearn more
Loan Express

Varies by province$100 – $1,500Up to 62 daysFast approval, no credit checkLearn more

Blue Copper Capital

Varies by provinceUp to $1,500Up to 62 daysGood customer service, instant approvalLearn more
Mr. Payday

Varies by province$100 – $1,500Up to 62 daysFast approval, no credit checkLearn more
PAY2DAY

Varies by province$300 – $1,500Up to 62 days24/7 approval and e-Transfer, no credit checkLearn more

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.

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 home page banner

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

Pros

  • Apply for funds 24/7
  • Fully online payday loan application
  • GoDay offers instant approval in under 5 minutes
  • Get funded in as little as 1 hour
  • Several payment methods (e-Transfer and direct deposit)
  • Accepts government assistance as income

Cons

  • Very high-interest rate
  • Short repayment term
  • Must have a bank account enabled with direct deposit
  • No in-person service
  • First-time borrowers may get a lower amount of funding

2. iCash

iCash home page banner

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

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Pros

  • e-Transfers in as little as 2 minutes
  • iCash offers payday loans online 24/7
  • Instant approval up to $1,500
  • Earn up to 20% cashback for every loan you repay on time
  • Free highly-rated mobile app

Cons

  • Very high interest rate
  • Customers indicate it can be difficult to reach the company by email or phone

3. Cashco

Cashco Financial

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

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Pros

  • Cashco offers instant approval
  • Fast funding by e-Transfer
  • No early payment penalties
  • Apply over the phone or in store at one of many Cashco branches
  • Cashco also cashes cheques in branch, prepares income tax filings and offers money transfer services (via Western Union)
  • Flex Loan available for larger, long-term financial needs (not a payday loan)

Cons

  • Can’t apply fully online
  • High cost of borrowing
  • Short repayment term
  • Not available in all provinces
  • Only accepts employment income (government benefits and social assistance not accepted)

4. Wagepay

Wagepay home page banner

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

Pros

  • Instant 24/7 loans via e-Transfer
  • No credit check
  • Rewards program
  • iOS, Android and web apps available
  • Cheaper than other lenders
  • No late or NSF fees

Cons

  • Very high interest rate
  • Not as established in Canada as other lenders
  • Doesn’t accept benefits such as welfare, disability income and CCB

5. Cash Money

Cash Money home page banner

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

Pros

  • Get Cash Money payday loans online or in-store
  • Dozens of in-person locations across Canada
  • Several payment methods (e-Transfer, direct deposit and cash pick-ups)
  • Receive funds in as little as 15 minutes
  • Accepts government assistance as income
  • Free highly-rated app

Cons

  • Very high interest rate
  • Short repayment term
  • Not available in all provinces

6. Money Mart

Money Mart home page banner

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

Pros

  • Apply for Money Mart payday loans online with quick approval
  • Dozens of in-person locations
  • Get your funds in under 5 minutes
  • Secure service with bank-level encryption
  • Free app available
  • Operates a charitable giving program

Cons

  • Very high interest rate
  • Short repayment term
  • No e-Transfers
  • Bank deposits take longer to process
  • Customers complain that applications are denied after “instant approval” online
  • Not available in certain provinces

7. Loan Express

Loan Express home page banner

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

Pros

  • Apply for Loan Express payday loans online with quick approval
  • Get your funds in under 5 minutes
  • Receive funds through bank transfer or e-Transfer
  • Accepts different forms of income
  • Secure service with bank-level encryption

Cons

  • Very high interest rate
  • Short repayment term
  • You must have a bank account to qualify
  • Less flexible repayment terms

8. Blue Copper Capital

Blue Copper Capital online payday loan

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

Pros

  • Simple application
  • Apply for Blue Copper Capital payday loans online
  • Get approved in as little as 20 minutes
  • Mostly online service, but in-person in Calgary and Edmonton
  • Join the Blue Copper Club to get discounts and flexible terms on payday loans

Cons

  • Very high interest rate
  • Short repayment term
  • First-time customers qualify for lower amounts than repeat customers
  • Must show 3 months of consistent employment
  • Three references are required to qualify

9. Mr. Payday

Mr Payday online payday loan

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

Pros

  • Apply for Mr. Payday loans online
  • Easy 5-minute application
  • Get cash in as little as 30 minutes
  • 24/7 customer support
  • High approval rate for applicants
  • Accepts different forms of income

Cons

  • Very high interest rate
  • Short repayment term
  • Loans only approved during business hours
  • 2 months of consistent employment required
  • 2 references needed if applying online
  • Monthly income must be at least $1,100

10. PAY2DAY

Pay2day online payday loan

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

Pros

  • Fast e-Transfer of funds
  • Save up to $300 on your first payday loan
  • Money-back guarantee within 48 hours
  • Apply entirely online for PAY2DAY loans
  • Refer-a-friend bonus
  • Over 30 in-person locations
  • Easy-to-use mobile app
  • Accepts government assistance as income

Cons

  • Very high interest rate
  • Short repayment term
  • Not available in most provinces
  • First-time interest-free promotion only available in-store

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.

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

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 about online payday loans

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To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.
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Publisher

Leanne Escobal is a publisher for Finder. She has spent over 11 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

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