The list above includes all the lenders we’ve reviewed. Please note that we have not signed off on the legitimacy of all these 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.
Compare payday loan organizations in Canada
The following are some of the largest direct payday lenders in Canada.
iCash is an online payday lender that offers 24/7 access to cash. The loan application process is fully automated, and if approved, the money is sent to your account by e-Transfer within two minutes. You can apply for a loan via the iCash website or mobile app.
Established in 1992, Cash Money offers in-store and online payday loans of between $100 and $1,500. You can access the money you borrow in as little as 15 minutes if you choose an Interac e-Transfer, while direct deposit and in-store cash pick-up are also available.
Money Mart makes it easy to apply for payday loans online 24/7. Known as a cash advance, a Money Mart payday loan allows you to borrow amounts ranging from $120 to $1,500, with instant decisions provided. The money you borrow will then be deposited into your bank account in as little as 24 hours.
Loan Express provides online payday loans and the ability to apply at any time. There's no credit check required, and you can access the money within minutes via Interac e-Transfer. Loan Express also accepts government benefits and the child tax credit as forms of income.
Pay2Day offers fast payday loans in Ontario, British Columbia and Nova Scotia. You can apply online or at a Pay2Day store, and once you've been approved, the funds will be in your account in as little as one hour.
Apply online or at over 30 locations
No credit checks
Fast access to funds
24/7 customer service
Not available in many provinces
Expensive
Loan amount
$300 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
Within 1-2 hours via e-Transfer once approved
Credit Check
No
What are payday loans?
A payday loan is a short-term loan of up to $1,500. It’s designed to provide you with fast access to cash in a financial emergency, with many lenders offering easy online applications and approval within minutes. Borrowers with bad credit are also accepted, so a payday loan can help you get the funds you need to get through to your next paycheque.
But payday loans have extremely high interest rates and only give you a short time to pay back what you borrow. That’s why it’s worth considering a range of other borrowing options before you apply for a payday loan.
Why should I read a payday loan review?
A good review covers the benefits and drawbacks of the lender without too much bias. If the review is too positive or negative, watch out. It could be someone paid to leave a good review or someone with bad budgeting skills leaving a bad one. The more moderate a review is, the more trustworthy it is.
There are several payday lenders across the country. Many are trustworthy and follow provincial laws and regulations. Canadian provinces are known for their strict consumer protection laws that don’t allow predatory behaviour by payday loan lenders. By reading reviews, you give yourself the chance to learn about a company before applying, saving yourself time and, potentially, money.
If you think there might be a chance the lending company you’re looking at is a scam, check with your local consumer protection agency. The provinces require a licence to operate a payday loan business. If they’re legitimate, they’ll have one.
Benefits of payday loans
There are a few reasons why a payday loan might be the right choice for you:
Fast access to cash. If you urgently need money to cover essential expenses, a payday loan allows you to access the cash you need in minutes. It’s also quick and easy to apply online with many payday loan organizations.
You can apply with bad credit. Rather than focusing on your credit score, payday lenders will assess your ability to pay back a loan when assessing your application. So even if you have bad credit, provided you have a steady source of income you can still get approved.
Non-employment income accepted. Many lenders will accept non-employment income, such as government benefits, when assessing your ability to repay a loan.
What to watch out for
Make sure you’re aware of the following risks before applying for a payday loan:
High APRs. It’s common for a payday loan to have an APR of 300% or more, so these loans are extremely expensive to repay.
Fees. You’ll also need to read the fine print to find out what other fees apply to your loan, such as late payment and NSF fees.
Short loan terms. While payday loan regulations vary by province, the maximum payday loan term is 62 days. This means you have a very short amount of time to pay back what you borrow, and if you can’t afford to repay, it’s easy to get caught in a cycle of debt.
Disreputable lenders. The payday loan sector is notorious for attracting disreputable lenders. Do your research to make sure you’re dealing with legitimate lenders – they need to be licensed and abide by all the payday loan regulations in your province or territory.
Organizations that help with payday loan debt
If you need help getting your payday loan debt under control, there are plenty of credit counselling agencies around the country that can offer assistance. A credit counsellor can sit down with you to assess your financial situation and put together a plan to help you get out of debt.
To help you find an agency near you, check out this list of credit counselling agencies by province:
Consider these alternatives before applying for a payday loan
Payday loans are an extremely expensive way to borrow money. Before you apply for a payday loan, make sure you’ve considered these payday loan alternatives:
Installment loan. An installment loan is basically a personal loan but with more lenient eligibility requirements. Lenders will assess your income and ability to repay the loan rather than focusing on your credit score, but you’ll need to accept higher interest rates.
Personal loan with a cosigner. If you’ve got bad credit, you can increase your chances of loan approval by applying for a personal loan with a cosigner. If your cosigner has strong credit, you’ll qualify for a better rate. Just be aware that they’ll be responsible for paying off the loan if you can’t keep up with the repayments.
Line of credit. With a line of credit, you can withdraw funds whenever you need them, up to a pre-approved credit limit. You only pay interest on the money you withdraw, not the total credit limit, and you’ll enjoy lower rates than you can get with a credit card.
Credit card cash advance. A credit card cash advance is a quick and convenient way to access cash when you need it. However, high interest rates apply and you’ll also need to pay a cash advance fee.
Pay advance app. Pay advance services give you early access to a small portion of your next paycheque. You don’t need to complete a credit check and some services don’t charge interest. To pay back what you borrow, the pay advance service automatically deducts the money from your bank account when you get your next paycheque.
Car title loan. If you own a car, a car title loan allows you to secure a loan to the title of your vehicle. This allows you to access better rates and higher loan amounts, but you risk having your car repossessed if you fall behind on repayments.
Pawn shop loan.Pawn shop loans are small loans secured by valuables, for example jewellery or current electronics. You can generally borrow anywhere between 20% and 60% of the item’s resale value, but watch out for high rates. The pawn shop will also take ownership of the item you provide as collateral if you default on the loan.
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio
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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.
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