PAY2DAY Payday Loan review

What types of loans does PAY2DAY provide?

PAY2DAY offers payday loans up to $1,500, depending on how much income you earn. By law, you can only borrow up to 50% of your net monthly income. The fee is $15 for every $100 borrowed for both Ontario and BC. These loans typically need to be repaid by your next paycheque, which is usually within 1 to 4 weeks.

Make sure that you have enough money coming in to repay your loan so that you don’t get sucked into an unmanageable cycle of debt.

What are the benefits of PAY2DAY Payday Loan?

You can take advantage of a number of perks when you take out a payday loan with PAY2DAY.

• Easy application. You can apply for a loan with PAY2DAY in a matter of minutes.
• Fast approval. You’ll get approved for your loan and have your money deposited on the same day as your application.
• Mobile app. You’ll be able to apply for financing through PAY2DAY‘s easy-to-use mobile app (which can be downloaded from Google Play or the Apple Store).
• No collateral required. You won’t have to worry about losing any of your assets if you can’t pay your loan back on time.
• Bad credit doesn’t matter. You can still apply with bad credit because your credit score won’t factor into your loan decision.
• First-time discounts. You’ll be able to borrow your first $300 with no fees if you apply for your first payday loan in-person at a store location.
• Some types of non-employment income are accepted. PAY2DAY accepts EI, CPP and OAS. It does not accept social assistance or disability income.
• Cooling period. By law, if you change your mind about your payday loan, you have 2 days to cancel it without penalty.

What should I watch out for?

PAY2DAY Payday Loan come with a number of disadvantages that you should think about carefully before you take one out:

• Very high fees. You’ll pay $15 for every $100 you borrow with this type of loan, which is an exorbitant fee compared to other forms of credit (such as personal loans and credit cards).
• Short terms. You’ll typically only have until your next payday to pay this type of loan off. Short repayment terms do not give your finances much time to recover.
• Only available in certain provinces. You’ll only be able to use PAY2DAY Payday Loan if you live in Ontario or British Columbia.
• Banking, identity and phone verification. You’ll need to undergo online banking verification, provide government-issued photo ID, upload a photo of yourself and verify your phone number.

Compare other payday loans

1 - 5 of 5

Product CAFSL	Loan Amount	Loan Term	APR	Speed	Serviced Provinces	Offer	Table description
GoDay Payday Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI, SK		To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.	Go to siteMore Info Compare	loading Fetching your data...
iCash Payday Loan	$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to siteMore Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	Lower and transparent fees. No late or NSF fees.	Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.	Go to siteMore Info Compare	loading Fetching your data...
Money Mart Payday Loan	$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info Compare	loading Fetching your data...
Cash Money Payday Loan	$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info Compare	loading Fetching your data...

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Is PAY2DAY legitimate?

Yes. PAY2DAY loans are available at over 30 store locations in Ontario and BC, and you can give the lender a call 24/7.

How much will I have to pay for a PAY2DAY payday loan?

You’ll pay $15 for every $100 you borrow with this type of loan. The fees you’ll pay for your specific loan will be outlined in your loan contract. You can see some examples of how much you’ll have to pay in fees based on your loan amount in the table below.

What do I need to apply for a PAY2DAY Payday Loan loan?

Eligibility requirements

To apply for a loan from PAY2DAY, you need to meet the following criteria:

• Be at least 18 years old (or 19 in BC)
• Live in BC or Ontario
• Have a Canadian bank account
• Have access to online banking
• Have a steady form of income

Required documents and information

• Proof of ID. You’ll have to show a government-issued piece of ID like your driver’s licence or passport to prove your identity.
• Proof of address. You may be required to submit a utility or cell phone bill to prove that you live at a stable address in Canada.
• Void cheque. You’ll likely have to supply a void cheque or direct deposit form to facilitate withdrawals from your account.
• Income verification. You will be required to agree to online banking verification.

Bottom line

PAY2DAY is a well-reviewed payday loan provider that operates in BC and Ontario. You can borrow up to $1,500 at a time depending on your income. Be sure to consider the fees on the amount you borrow before you sign onto your loan. If you think you might have trouble paying back the loan, consider other forms of financing.