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Compare 1-week payday loans

Though 1-week payday loans can be convenient, repayments can be difficult to afford with such a short term.

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GoDay Payday Loan logo
  • Direct deposit of funds
  • Legitimate lender
  • APR & loan term vary by province
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A payday loan that you pay back in 1 week can be convenient if you’re in a financial bind and don’t have the credit to qualify for a traditional loan. But when you only have seven days to come up with the money, it can be hard to repay your loan and its high fees.

Where can I get a one-week payday loan?

You can find 1-week payday loan lenders both online and at a physical storefront. Most payday loan lenders in Canada offer payday loans that you don’t have to pay back until your next paycheque comes in – whether that’s one week or one month away. Many online lenders can even e-transfer the funds to you within an hour of receiving your application.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. 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). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Compare 1-week payday loans

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a loan.
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
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
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.
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Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

How do I apply for a 1-week payday loan?

While the exact application process will vary by lender, you can generally expect to go through the following steps when applying for a 1-week payday loan:

  1. Compare lenders to find one that operates in your province or territory.
  2. Visit the lender’s website to start the application. You can click the green button in the table above to visit that lender’s site.
  3. Provide information about yourself, your employer and your finances.
  4. Submit your application and wait for a response.

If approved, it may take online lenders anywhere from one hour or up to two business days to transfer your loan funds to your bank account. If you want to ensure that you’ll get the money immediately, consider applying at a local storefront — you can often leave the store with cash in hand.

What do I need to apply for a 1-week loan?

When you apply for a 1-week payday loan, expect to provide the following:

  • Proof of employment
  • Proof of income
  • Proof of residence
  • Social Insurance Number
  • Bank account information
  • Government-issued ID

How do I repay a 1-week loan?

Depending on the lender, you may be able to repay your 1-week payday loan through direct debit from your bank account or a postdated check.

  • Direct debit. You’ll need to give your bank account details to the lender so it can automatically withdraw the repayments from your bank account. Before you authorize this, make sure you know what dates the repayments are due to come out so that you can make sure you have enough money in your account.
  • Postdated check. Some in-store lenders might ask you to leave a check that will be cashed on your loan’s due date.

Before signing your loan documents and agreeing to either repayment method, ensure you’ll have enough money in your account to repay your loan when it’s due. Otherwise, you risk additional fees and an overdraft charge from your bank.

What are the risks of borrowing a 1-week payday loan?

Although a payday loan with a seven-day term can be convenient, it comes with quite a few risks:

  • High cost. While the rates and fees of payday loans in Canada are regulated by either the provincial or federal government, APRs can still reach over 300% — or even higher with such a short term.
  • Multiple fees. If you aren’t able to repay your loan in seven days, you’ll either need to rollover your loan or pay late fees. Either way, this can quickly increase the already high cost of your loan.
  • Risk hurting your credit. Payday loan lenders typically report missed repayments and defaults to the two major Canadian credit bureaus, which will lower your credit score.
  • Disreputable lenders. Watch out for predatory lenders that may not be registered in your province or territory and aren’t legally allowed to offer a short term loan. Learn how to avoid payday loan scams before you apply in our full guide here.

You could also consider payday loans with a longer term — or look into some short-term loan alternatives.

More short-term loan options

Bottom line

A 1-week payday loan may be helpful in an emergency, but such a short term can leave you struggling to repay what you borrow. You can learn more about how it all works with our guide to payday loans.

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