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Best payday loans

See which are the best payday loans in Canada.

If you’re looking for a payday loan, we’ve examined the marketplace and handpicked the best payday loans 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 where you can get started.

Best for speed: iCASH Payday Loan

$100 – $1,500
Loan amount
7 – 62 days
Loan Term
2 minutes
Min. Turnaround Time
You can count on iCash to give a decision within minutes after submitting your online application. Upon loan approval, your money will be e-transferred to you in as little as 2 minutes, making iCASH one of the fastest at processing payday loans.
  • Easy online application process with approvals within the hour
  • Flexible repayment options to pay back your loan in 1, 2 or 3 easy installments
  • Mobile app banking so you can make payments and track your repayment progress on the go
  • Available to consumers with bad credit or no credit
  • No fees for early repayments
  • Generous cashback program with 20% of the fees you pay returned back to you as soon as you pay off your loan
  • High interest rates that are common with payday loans
  • Only available in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario and Prince Edward Island
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 provides online payday loans of up to $1,500 ($100 for first-time borrowers). GoDay has an excellent rating on Trustpilot, with 4.6 out of 5 stars, and with 75% of reviews falling into the excellent category, with another 14% rating the online lender as great.
  • Easy online application process you can complete within minutes
  • Fast approvals with funds deposited into your account within the hour
  • Choice between getting your funds transferred via direct deposit or INTERAC e-Transfer
  • Payday loans available without any collateral
  • Approvals even to consumers with bad credit or no credit
  • High interest rates that are common with payday loans
  • Small amounts available to first-time borrowers, starting at only $100
  • Automatic withdrawals are taken from your account so you'll have to make sure you have enough money to avoid going into overdraft
Loan amount $100 – $1,500
APR Varies by Province
Term Up to 62 days
Min. Turnaround time In as little as 1 hour after getting approved
How to apply Online
In Store
Credit Check Yes

Best for availability: Cash Money Payday Loan

$100 – $1,500
Loan amount
5 – 40 days
Loan Term
15 minutes
Min. Turnaround Time
You may be familiar with the Cash Money brand and its reach across Canada. You can apply for a Cash Money payday loan online, by phone, email or in person. Upon approval, your loan is transferred over to you within 15 minutes via INTERAC e-Transfer. You can also pick up your cash immediately in a Cash Money store, or if you have its Opt+ Prepaid Mastercard, you can get your cash instantly loaded onto your card.
  • You can apply for a Cash Money payday loan online, at a local store or over the phone. Complete the application process within 10 minutes
  • Cash Money provides a quick turnaround on the decision of your loan so you should know your application status within the same business day
  • You can have your funds transferred to you via INTERAC e-Transfer, in cold hard cash at a local store or loaded onto your Opt+ Prepaid Mastercard:Customer service is readily available in person, online or over the phone
  • Special promotions are often on offer, including loan discounts on your first payday loan
  • High interest rates that are common with payday loans
  • Payday loans are only available in B.C., Manitoba, New Brunswick, Newfoundland, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Quebec, Saskatchewan and Yukon
  • Watch out for short loan terms to the tune of up to 14 days (or your next payday, essentially)
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 physical locations: Money Mart Payday Loan

$120 – $1,500
Loan amount
1 – 62 days
Loan Term
60 minutes
Min. Turnaround Time
With thousands of physical branches across Canada, Money Mart is your go-to payday lender if you prefer visiting a bricks and mortar location for in-person service. Money Mart provides payday loans of up to $1,500 with approvals and deposits done in as little as 2 hours. You can also apply online or over the phone.
  • You can apply for a Money Mart payday loan online, over the phone or in person. Money Mart has thousands of locations across the country
  • Count on a quick approvals and payout process
  • Borrowers can collect their funds in person, through direct deposit or via INTERAC e-Transfer
  • Payday loans are available even if you have less-than-perfect credit. You don't need to put up any collateral to secure your loan either
  • High interest rates that are common with payday loans
  • Not available in Quebec and the territories
Loan amount $120 – $1,500
APR Varies by Province
Term 1-62 days
Min. Turnaround time Varies.
How to apply Online
In store
Credit Check Yes

How we selected the best payday loans

*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 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 choose the best payday loan 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 income.
  • 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.
  • How long does it take to process the loan? Can the lender give an instant decision after you submit your application? Is it 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 OK 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?

    • You can get your money quickly. When you’re applying for a payday loan, you can get your money immediately after approval if you apply in-store, and most online lenders will transfer approved funds to your bank account on the same day or the next business day.
    • 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 OK. 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.
    • Higher than normal fees. Even the best payday loan companies will charge exorbitant fees.
    • 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 your next payday. With such a short repayment term, it can be difficult for your finances to recover in time. If you think you might have trouble repaying the loan, don’t take it out. Late or missed payments will come with additional fees and will hurt your credit score.

    Know that even the best payday loans can put you in a cycle of debt, especially if you don’t repay your loan on time.

    Are payday loans available in my province or territory?

    Payday loans are available in all provinces and territories across Canada. Payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

    Find out how much lenders can charge across Canada

    ⚠️ 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 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 $15 per $100 borrowed
    Manitoba & Saskatchewan $17 per $100 borrowed
    Newfoundland and Labrador $21 per $100 borrowed
    Prince Edward Island $25 per $100 borrowed
    Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
    Quebec Limit of 35% annual interest rate (AIR)

    Bottom line

    Keep in mind that while the best payday loans 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

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