Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Best payday loans in Canada

We looked into licensed payday lenders to find the best payday loans.

If you’re looking for a payday loan, we’ve examined the marketplace and handpicked the best payday loans in Canada based on several factors such as speed, reputation and availability. But keep in mind that payday loans are notoriously expensive with steep interest rates and short repayment terms. Consumers need to be aware that payday loans should only be a last resort.

Best payday loans in Canada

Searching for the best payday loans for your specific needs can be a tricky process, especially with so many options available to you. Here’s a list of online direct lenders of payday loans to help you get started.

Best for non-employment income: Cash Money Payday Loan

$100 – $1,500
Loan amount
5 – 40 days
Loan Term
15 minutes
Min. Turnaround Time
Cash Money is an online direct lender that accepts many types of income, including unemployment, disability, Canada child benefit and social assistance.
  • Apply online, by phone, by email or in person within 10 minutes
  • Get funds via Interac e-Transfer, cash at a store or loaded onto a prepaid card
  • Customer service readily available in person, online or over the phone
  • Bad credit or no credit is okay
  • Online payday loans available in BC, NL, NS, ON, SK
  • High interest rates
  • Short loan terms
  • Social assistance not accepted in Manitoba
Loan amount $100 – $1,500
APR Varies by province
Term 5 - 40 days
Min. Turnaround time As little as 15 minutes with INTERAC e-Transfer
How to apply Online
In Store
Credit Check Yes

Best for 24/7 availability: iCASH Payday Loan

$100 – $1,500
Loan amount
7 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
iCASH is an online direct lender that provides instant approval and e-transfer 24/7, making iCASH one of the best at processing payday loans.
  • Easy online application
  • Repay your loan in 1, 2 or 3 installments depending on where you live
  • Mobile app banking so you can make payments and track your progress
  • Accepts bad credit or no credit
  • Cashback program (get 20% of your fees back)
  • Available in AB, BC, MB, NB, NS, ON, PEI
  • High interest rates
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term 7 - 62 days
Min. Turnaround time As little as 2 minutes with INTERAC e-Transfer
How to apply Online
In Store
Credit Check Yes

Best for reputation: GoDay Payday Loan

$100 – $1,500
Loan amount
1 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
GoDay is an online direct lender. As of July 2022, GoDay has an excellent rating on Trustpilot, with 4.4 out of 5 stars from 1,930+ reviews, and with 75% of reviews falling into the excellent category, with another 13% rating the online lender as great.
  • Easy online application process
  • Fast approvals
  • Choose between direct deposit or Interac e-Transfer
  • Approves consumers with bad credit or no credit
  • Available in AB, BC, MB, NB, NS, ON, PEI, SK
  • High interest rates
  • Small amounts available to first-time borrowers, starting at only $100
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Turnaround time As little as 2 minutes with INTERAC e-Transfer
How to apply Online
In Store
Credit Check Yes

Best for online and in-store options: Money Mart Payday Loan

$120 – $1,500
Loan amount
1 – 62 days
Loan Term
60 minutes
Min. Turnaround Time
Money Mart is an in-store and online direct lender of payday loans. Apply for a payday loan through its website, app or store location.
  • Accepts many types of income
  • 24/7 approval and funding online
  • Some stores are open 24/7
  • Collect your funds in cash, through direct deposit, via Interac e-Transfer or into a prepaid debit card
  • No credit check
  • 120+ stores across AB, BC, MB, NS, ON, SK, NT and YT
  • Available online in AB, BC, MB, NS, ON, SK
  • High interest rates
  • Short repayment terms
Loan amount $120 – $1,500
APR Varies by province
Term 1 - 62 days
Min. Turnaround time As little as 1 hour after getting approved
How to apply Online
In Store
Credit Check No

Best for no credit check: My Canada Payday Payday Loan

$100 – $1,500
Loan amount
N/A
Loan Term
N/A
Min. Turnaround Time
My Canada Payday is an online direct lender that doesn't do credit checks. Instead, you'll need to provide proof of stable income, such as your pay stubs and bank statements.
  • No credit checks
  • Interac e-Transfer 24/7
  • Open 7 days a week
  • Available online in AB, BC, MB, NS, ON, SK

  • High interest rates
  • Short repayment terms
  • Only accepts employment income, disability, pension and CCB
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Min. Turnaround time Funds will be sent in as little as 15 minutes via INTERAC e-Transfer
Credit Check No
Loan Express Payday Loan

Best for fast funding: Loan Express Payday Loan

$100 – $1,500
Loan amount
Up to 62 days
Loan Term
5 minutes
Min. Turnaround Time
Loan Express is an online direct lender. Get your loan via e-transfer or direct deposit. If you opt for e-transfer, you'll get your money within 5 minutes after approval. If you opt for direct deposit, Loan Express has 3 cutoff times during the day.
  • Fast e-transfer or direct deposit
  • Instant approval
  • Choose between bank verification or manual review
  • Available across Canada except QC and PEI
  • High interest rates
  • Small amounts available to first-time borrowers
  • Short repayment terms
Loan amount $100 – $1,500
APR Varies by province
Term Up to 62 days
Credit Check No

How we selected the best payday loans in Canada

*We’ve chosen the products on this page based on the providers 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, we considered each direct lender’s speed, reputation, availability, customer reviews and funding options.

No single payday loan will be the best choice for everyone, so compare your options before applying.

How do I find the best payday loans for me?

With so many options on offer, it may be hard to decide on which is the best payday loan for you. To help you narrow your scope, here are some questions to ask yourself:

  • Does the lender follow provincial regulations? Each province has its own regulations that payday lenders must follow. For example, in Ontario, they can only lend up to 50% of your take-home pay. Alberta has a minimum loan term of 42 days, and you must repay the loan 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 interest rate of a payday loan is in the triple digits, making it one of the most expensive consumer loans in Canada.
  • How long does it take to process the loan? Can the lender give an instant decision for its payday loans? Is the lender available 24/7 or on weekends?
  • 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 doesn’t attempt to evaluate if you can afford the loan, it may not be legitimate.
  • Is the lender okay with bad credit? If you’re looking for the best bad credit payday loan, consider a payday lender that hones in on your income rather than your credit history.
  • 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?

    Even the best payday loans 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 bad credit payday loan.

    Cons

    • Higher than normal fees. Even the best payday loan companies will charge exorbitant fees. Depending on where you live, expect to pay between $15 and $25 for every $100 borrowed.
    • Disreputable lenders. If a payday lender sounds great and is offering rates that sound too good to be true, they probably are. Ensure the lender complies with all relevant provincial regulations and that they are operating legally.

    What else should I keep in mind?

    Before you apply, ensure that you won’t have any problems repaying your loan by the due date and that when you do, you’ll have enough income left over to pay for your other debts. With such high interest rates and short repayment terms, it can be difficult for your finances to recover if you take out a payday loan. If you think you might have trouble repaying the loan or covering the income shortage once you repay the loan, avoid getting it.

    Know that even the best payday loans can put borrowers in a cycle of debt.

    Am I eligible for a payday loan?

    Basic eligibility requirements for a payday loan 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
    • Have a bank account

    How to find legitimate lenders of the best payday loans

    To find legitimate lenders of the best payday loans in Canada, look out for the following:

    • The lender displays its licence prominently on its website.
    • The lender follows the payday loan regulations of your province.
    • The lender is upfront about interest rates and fees.
    • The lender does not guarantee approval.

    Compare payday loans

    ⚠️ 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 payday loan alternatives:
    • 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.
    1 - 2 of 2
    Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
    Cash Money Payday Loan
    $100 - $1,500
    5 - 40 days
    Varies by province
    As little as 15 minutes with INTERAC e-Transfer
    BC, NL, NS, ON, SK
    Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
    Instant decision and e-Transfer funding. Income of at least $1,000/month required.
    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.
    24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
    loading

    Compare up to 4 providers

    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 & Nova Scotia $17 per $100 borrowed
    Newfoundland and Labrador $21 per $100 borrowed
    Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
    Quebec Limit of 35% annual interest rate (AIR)

    Bottom line

    Keep in mind that while the best payday loans in Canada will give you quick access to the money you need, you should take some time to research all of your options before applying. Need cash quick? Let’s work out your best options.

    Frequently asked questions

    More guides on Finder

    Go to site