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.
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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: $14 per $100 borrowed
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
Apply for funds 24/7
Fully online payday loan application
GoDay offers instant approval
Several payment methods (e-Transfer and direct deposit)
Accepts government assistance as income
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
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.
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.
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: $14 per $100 borrowed
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
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
Very high interest rate
Customers indicate it can be difficult to reach the company by email or phone
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.
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.
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: $14 per $100 borrowed
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
Cashco offers instant approval
Fast funding by e-Transfer
No early payment penalties
Apply online, over the phone or in-store at one of Cashco’s branches
Cashco also cashes cheques in branch, prepares income tax filings and offers money transfer services (via Western Union)
High cost of borrowing
Short repayment term
Not available in all provinces
Past Cashco customers have complained about high interest rates, but there are also many positive reviews about its quick process and friendly service.
Site
Rating
Google
4.2/5 stars based on 10 reviews and 2.6/5 stars based on 44 reviews (Edmonton offices)
Trustpilot
4.7/5 stars based on 306 reviews
Reviews are current as of November 28, 2024.
Fill out an application by providing your name, contact details and employment information. Get an instant decision, sign your contract and receive your money.
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: $8 per $100 borrowed
Eligibility requirements: Min. $1,600 monthly income.
Incomes it accepts (besides employment): Wagepay only accepts employment income.
Serviced provinces: BC, ON
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
Very high interest rate
Not as established in Canada as other lenders
Doesn’t accept benefits such as welfare, disability income and CCB
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.
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.
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: $14 per $100 borrowed
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
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
Very high interest rate
Short repayment term
Not available in all provinces
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.
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.
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: $14 per $100 borrowed
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
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
Very high interest rate
Short repayment term
Bank deposits take longer to process
Customers complain that applications are denied after “instant approval” online
Not available in certain provinces
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.
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.
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: $14 per $100 borrowed
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
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
Very high interest rate
Short repayment term
You must have a bank account to qualify
Less flexible repayment terms
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.
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.
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: $14 per $100 borrowed
Eligibility requirements: 3+ months of employment income
Incomes it accepts (besides employment): Only private disability
Serviced provinces: BC, AB, SK
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
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
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.
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: 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: $14 per $100 borrowed
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
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
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
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.
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.
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: $14 per $100 borrowed
Eligibility requirements: Steady source of income
Incomes it accepts (besides employment): EI, retirement income
Serviced provinces: ON, BC, NS
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
Very high interest rate
Short repayment term
Not available in most provinces
First-time interest-free promotion only available in-store
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.
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.
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 was considered a good perk.
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. You could expect to pay $14 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.
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
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
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.
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.
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.
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.
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.
Leanne Escobal is a publisher for Finder. She has spent over 12 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
Find out where you can apply online for ODSP loans and get funded on the same day.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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