If you’re looking for a payday loan online or in-store, we’ve examined the marketplace and handpicked the best payday loans in Canada. We examine and compare payday loans based on several factors, such as speed, reputation and 24/7 availability. But remember that payday loans have extremely steep interest rates and short repayment terms – making these short-term loans suitable only as a last resort.
We choose the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend, which are listed first on this page. Read our advertiser disclosure for more info.
| Loan provider | Interest rate | Loan amount | Loan term | Key features | Link |
|---|---|---|---|---|---|
| Varies by province | $100 – $1,500 | 7 - 62 days | 24/7 approval and e-Transfer, accepts bad credit | Go to siteLearn more |
 | Varies by province | $100 – $1,500 | Up to 62 days | Instant approval, e-Transfer, accepts bad credit | Go to siteLearn more |
 | Varies by province | $100 – $1,500 | 5 - 40 days | Instant approval, e-Transfer in as little as 15 mins, accepts bad credit | Learn more |
 | Varies by province | $120 – $1,500 | 1 - 62 days | Instant approval, no credit check | Learn more |
 | Varies by province | $100 – $1,500 | Up to 62 days | Fast approval, no credit check | Learn more |
| Varies by province | Up to $1,500 | Up to 62 days | Good customer service, instant approval | Learn more |
 | Varies by province | $100 – $1,500 | Up to 62 days | Fast approval, no credit check | Learn more |
 | Varies by province | $300 – $1,500 | Up to 62 days | 24/7 approval and e-Transfer, no credit check | Learn more |
 | Varies by province | $100 – $1,500 | Up to 62 days | Fast approval, e-Transfer, accepts bad credit | Learn more |
 | Varies by province | $250 – $1,500 | Up to 62 days | Fast approval, no credit check | Learn more |
| 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 | $14 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
iCASH provides online payday loans with flexible repayments and the chance to earn cashback. It is a member of the Canadian Consumer Finance Association (CCFA) and has provided loans online to more than 500,000 customers across Canada since 2014.
GoDay is headquartered in Toronto and first began operations in 2012. It is BBB-accredited with an A rating. GoDay offers same-day online payday loans. You can get an instant decision after you submit your application.
Cash Money has been in business since 1992 and has helped nearly 1.2 million Canadians with their short-term cash needs. You can apply for in-store or online payday loans.
In addition to payday loans, Cash Money offers lines of credit and installment loans.
Money Mart offers online and in-person payday loans. It started offering financial services in Canada in 1982 and has expanded to include over 500 locations. In addition to payday loans, Money Mart offers financial products such as installment loans, business loans, money transfers and prepaid credit cards.
Loan Express has been offering online payday loans in Canada since 2005. It accepts applications 24/7, so you can apply whenever you need funds.
Blue Copper Capital opened its doors in 2006 and offers payday loan solutions in BC and Alberta. It offers in-store and online payday loans. The company has an A+ rating by the BBB.
In addition to payday loans, it offers other forms of financing, including personal loans, business loans and lines of credit.
Mr. Payday has been in business since 2002. It provides payday loans online in AB, BC, ON and operates a store in Vancouver.
Pay2Day was founded in 2006 and provides cash in hand when visiting one of its stores in BC or Ontario. You can also apply online for a payday loan and get an e-Transfer to your bank account in a few hours.
Founded in 2008, My Canada Payday is a fully-licensed online and storefront payday lender. It offers quick payday loans 24/7 and is a Canadian Consumer Finance Association member.
Speedy Cash was founded in 1998 and operates over 20 branch locations in BC, Alberta, Saskatchewan and Nova Scotia. In addition to providing payday loans, it offers online installment loans and cheque cashing.
| 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 | $14 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
With so many options, it may be hard to decide on the best payday loans in Canada for your personal situation. To help you narrow the list, ask yourself these questions:
Even the best payday loans in Canada have their share of benefits and drawbacks.
Payday loans are risky because their high rates and short repayment terms can trap borrowers in a cycle of debt. Before you apply, make sure you won’t have any problems repaying your loan by the due date — and don’t forget you’ll need enough income left over to pay essential expenses and other debts. If you don’t have enough, you might need another payday loan–and the cycle continues.
Unfortunately, no. There’s no such a thing as a cheap, low interest payday loan.
Payday loans are high interest loans because they are designed for high risk borrowers who don’t qualify for a loan from traditional lenders, such as banks. Borrowers are considered high risk of defaulting on a loan if they have poor credit, too many debts, low income or unstable employment.
Basic eligibility requirements for a payday loan include the following:
One in 10 Canadians (14%) plan to use a payday loan in Q2 2023, according to results from the Finder: Consumer Sentiment Tracker Q2 2023.
Plans to get a payday loan is almost the same for men and women.
A person’s age appears to influence whether or not they plan to use a payday loan in 2023.
Yes, it’s safe to apply online for payday loans as long as you apply to a legitimate lender. To find legit and safe online payday loans, look out for the following:
With online payday loans, you fill out a quick application and get an instant decision. To get approved, you must either email your documents to the lender, such as your ID and bank statements, or do instant bank verification.
Instant bank verification is a paperless process. You’ll log in to your bank account and give the lender a snapshot of your bank statements so it can verify your income and identity. Your payday lender will never gain access to your account or see your username and password. However, make sure to apply to a legitimate payday lender only.
The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use Payday loans and other forms of short-term credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.
Remember that while the best payday loans in Canada can give you quick access to cash online or in-store, they are also extremely expensive. We advise avoiding payday loans unless it’s a last resort or you’ve worked out a plan to pay the loan back by the due date – with enough income left to pay for other essential expenses. Make sure you take time to research and compare lenders to find the best payday loan option for your needs.
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