If you find yourself short on cash, there are services you can turn to even on the weekend. These lenders often have quick and simple processes, and some don’t even require any credit checks. However, watch out for very high interest rates.
Keep reading to find out where to get and how to apply for weekend payday loans in Canada.
⚠️ 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. View payday costs and regulations by province here. 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.
Weekend payday loans in Canada
1 - 5 of 5
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Alternatives to payday loans: Cash advance apps
Cash advance apps are also another way to borrow money on a weekend. Like payday loans, these have automated processes that can provide instant approval and funding no matter which day of the week. They have lower loan amounts than payday loans, but they can also be cheaper.
Yes, there are lenders in Canada that give approval and funding for payday loans on weekends. You can visit a store that’s open on weekends, get approved on the spot and walk out with your funds.
You can also apply online with a payday lender that operates on a weekend. If you’re applying online, check that there’s an option to receive your funds via Interac e-Transfer as e-Transfers can be sent and received 24/7 even if your bank is closed or it’s outside business hours.
What do I need to get a weekend payday loan in Canada?
Basic requirements for online payday loan applications include the following:
Be at least 18 years old or the age of majority in your province.
Be a Canadian citizen or resident.
Provide government-issued ID.
Provide proof of recurring income.
Have a valid bank account (make sure you have e-Transfer set up).
These are the basic requirements for in-store applications:
Be at least 18 years old or the age of majority in your province.
Be a Canadian citizen or resident.
Provide government-issued ID.
Provide proof of recurring income.
Have a working phone number.
How quickly can I receive a weekend payday loan in Canada?
We’ve rounded up a list of lenders offering weekend payday loans in Canada and information on their availability.
Provider
Availability
Serviced provinces
iCash
Online 24/7
AB, BC, MB, NB, NS, ON, PEI
GoDay
Online 24/7
AB, BC, MB, NB, NS, ON, PEI, SK
My Canada Payday
Online 24/7
AB, BC, MB, NS, ON, SK
Cash 4 You
9am -5pm Sat (closed Sun)
ON
PAY2DAY
Online 24/7
Typically 9am-9pm Sat
Typically 10am-6pm Sun
ON, BC, NS
Cash Money
Online 24/7
Typically 9am-9pm Sat
Typically 10am-6pm Sun
BC, MB, NL, NS, ON, SK
How to compare weekend payday loans in Canada
While many weekend payday lenders offer the same features, there are some differences to watch out for, which can help narrow down your options of loans to apply for. These features include the following:
Turnaround time. One of the fastest ways to get weekend payday loans in Canada is from online lenders who have fully automated application and approval processes. Many lenders operate online 24/7 and offer e-Transfer within minutes of getting approved.
Reputation. Make sure you choose a legitimate payday lender that abides by provincial regulations and properly assesses your ability to repay a payday loan. Also, read reviews from people who have taken out a loan from them.
Application. Lenders’ applications differ too. They may ask for online banking verification or a photo of yourself. They might give an instant decision or take an hour or 2 to respond. Watch out for lenders like Speedy Cash, for example, that advertise 24/7 online applications over the weekend but won’t deposit loan funds until the next business day.
In-store network. If getting a weekend payday loan at a store is important to you, check whether the lender has any convenient locations.
How much do payday loans cost in Canada?
Since payday loans are provincially regulated in Canada, the overall cost of a weekend payday loan will vary based on where you live. Here’s a breakdown of how much a $500 payday loan would cost:
Province
Cost per $100
Total fee
Total repayment amount
Alberta
$15
$75
$575
British Columbia
$15
$75
$575
Manitoba
$17
$85
$585
New Brunswick
$15
$75
$575
Newfoundland and Labrador
$14
$70
$570
Nova Scotia
$17
$85
$585
Ontario
$15
$75
$575
Prince Edward Island
$15
$75
$575
Saskatchewan
$17
$85
$585
Payday loans are one of the most expensive types of personal financing on the market. For example, a payday loan taken out over a 2 week period will be more expensive than a credit card cash advance in that instance. Check out our full guide to payday loan alternatives to learn more about cheaper options.
Pros and cons of weekend payday loans
Pros
You’ll get your money anytime from anywhere. Some payday loan providers let you borrow funds any day of the week, day or night. Since they offer loans online, you can apply for one anywhere or anytime.
You’ll be able to use the funds for any purpose. Payday loan providers don’t place restrictions on how you use the money you receive as long as it’s for legitimate purposes.
A bad credit score is OK. Unlike traditional lenders, payday lenders accept applications from individuals who have a poor credit score or bad credit history. What’s important is demonstrating an ability to repay the money you borrow.
You’ll pay a higher APR. One of the biggest drawbacks of weekend payday loans in Canada is the high fees. Make sure you’re aware of how much you’ll be expected to repay. Fees can vary depending on your credit score and the province or territory you live in.
The loans are only short-term. No matter how much money you borrow, expect to repay the entire amount on your next payday. Payday loans are not a solution for larger amounts of debt.
Predatory lenders. When you need money now, it’s easy to go with the first lender you find, but be sure to check if they are a reputable and trustworthy lender before signing a loan contract. This saves you time and money in the long run.
When should you avoid weekend payday loans?
Avoid a loan you can’t repay. If you think you’ll have trouble repaying your loan, don’t take it out. Late or missed payments could lead to extra charges, costing you more money and sending you into a vicious cycle of debt.
Avoid skimming quickly over your loan offer document. Before you accept the weekend payday loan, take time to go through the terms and conditions carefully. This should give you a clear picture of the fees and charges you might be expected to pay under various circumstances.
How do I know a payday loan is legit?
There are a few ways to determine if a payday lender is legit.
Check that the lender has a licence. A payday lender operating in Ontario, for example, must have an Ontario payday loan licence.
See if the lender is transparent about fees. Lenders in Ontario, BC and other provinces are required to show you a full breakdown of the cost of your loan.
Avoid lenders guaranteeing approval. Steer clear of lenders who promise you that you’ll get a loan. Responsible, legitimate lenders make sure you can afford to repay the loan before approving. Learn more about guaranteed approval loans.
Bottom line
Many online lenders offer weekend payday loans in Canada. You can always visit a local payday store location to apply for the loan in person, if there are any open near you on the weekend. However, it’s becoming more common to apply for payday loans online and receive your loan funds anytime day or night – even on the weekends. Compare and apply with an online weekend payday lender here.
Frequently asked questions
No, weekend payday loans don't affect your credit score in Canada. Payday loan lenders don't report your payment history to major credit bureaus. The only way your score could go down is if you don't make your repayments. If this happens, then the lender will likely report the missed payments to the credit bureaus and your credit score will go down.
You can borrow up to $1,500, but some provinces limit the amount to a percentage of your income. In Ontario, for example, you can only borrow up to 50% of your net income.
You should be the age of majority in your province or territory, which is usually 18 years old, have a steady source of income and have the ability to repay the amount borrowed. You will also need to be a Canadian citizen or permanent resident. Each lender will have a range of income requirements and other lenders may require you to be employed.
You may still be eligible for a weekend payday loan if you're unemployed as long as you have some form of income that proves you can repay the loan. Payday loan lenders are less interested in your credit history and employment and are more interested in your ability to pay back what you borrow.
Acceptable forms of income could include government unemployment benefits, welfare payments, self-employment income and investment income. Learn more about unemployment loans.
There are a number of reasons your weekend payday loan hasn't been deposited into your bank account yet. This could be due to your bank, the lender you applied with or the fact that you haven't been approved. Check with the company you applied with first before seeking another loan.
Yes, some lenders of payday loans and cash advances do not require any credit checks.
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Written by
Leanne Escobal
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 profile
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