If you’re looking for payday loans 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.
We’ve chosen the products on this page based on licensed lenders 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 in Canada, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan will be the best choice for everyone, so compare your options before applying.
Speed and availability
Payday loans are the fastest type of consumer loan available in the Canadian marketplace, but among payday loan lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant approval and funding, while some have staff operating 24/7. We prioritized lenders that invest in speed and availability by putting these systems in place.
Eligibility requirements
Payday loans are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.
Reputation and customer feedback
The reputation of a payday loan matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores.
Application process
We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in-store).
Customer support
We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.
Funding options
We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers. Funding via direct deposit or prepaid debit cards were considered good perks.
⚠️ 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.
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
Loans Canada Personal Loan
Alternative: Loans Canada Personal Loan
Fill out one application and get matched for free with lenders. Accepts bad credit borrowers. Access cash within 1-3 business days. Loan amounts start at $300 with rates from 6.99% - 46.96% and terms from 3 - 60 months.
If you’re not sure which of the best online payday loans in Canada is the right choice for you, here is a breakdown of each, including who they are, what loan terms you can expect and the pros and cons of each online payday loan option.
1. iCash
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.
Loan details
Loan amount: $100 – $1,500
Loan term: 7 - 62 days
APR: Varies by province
Eligibility requirements: Min. $800 monthly income.
Incomes it accepts (besides employment): Many types, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
Earn up to 20% cashback for every loan you repay on time
Free highly-rated mobile app
Cons
Very high interest rate
Customers indicate it can be difficult to reach the company by email or phone
Many customers agree that the service is quick, convenient and reliable. Some customers are frustrated by the lack of customer service and slower turnaround, especially when trying to reach a real person over the phone or by email. iCash has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4.5 stars out of 5,963 reviews
Trustpilot
4.6 stars out of 2,478 reviews
Reviews are as of April 1, 2024
Create an account online. Provide your personal and financial details, then verify your income and identity via instant bank verification. The process is paperless; you won’t need to send any documents to apply for an iCash payday loan online. This lender will do a credit check.
2. GoDay
GoDay is headquartered in Toronto and first began operations in 2012. It is BBB-accredited with an A rating. GoDay offers same-day payday loans online. You can get an instant decision after you submit your application.
Loan details
Loan amount: $100 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts (besides employment): CCB, disability tax credit, OAS, CPP and private pensions
Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
Pros
Apply for funds 24/7
Fully online payday loan application
GoDay offers instant approval in under 5 minutes
Get funded in as little as 1 hour
Several payment methods (e-Transfer and direct deposit)
Accepts government assistance as income
Cons
Very high-interest rate
Short repayment term
Must have a bank account enabled with direct deposit
No in-person service
First-time borrowers may get a lower amount of funding
Customers indicate the process to apply and qualify is fast and secure, with solid customer service. Some complain that there are delays in processing when you re-apply for a second loan and that the amounts you can qualify for as a first-time customer are very low. GoDay has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
3.8 stars out of 323 reviews
Trustpilot
4.4 stars out of 2,835 reviews
Reviews are as of April 1, 2024
Provide your personal information online, including your SIN, income and payroll details. You’ll also need to provide your banking details (institution ID, transit number and account number). The GoDay online payday loan application is paperless, letting you verify your income and identity via bank account verification. This lender may do a credit check.
3. Cash Money
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 Cash Money payday loans online or in store.
In addition to payday loans, Cash Money offers lines of credit and installment loans.
Loan details
Loan amount: $100 – $1,500
Loan term: 5 - 40 days
APR: Varies by province
Eligibility requirements: Min. $1,000 monthly income.
Incomes it accepts (besides employment): Many types, including CPP, child tax credit, unemployment, disability
Serviced provinces: BC, MB, NL, NS, ON, SK
Pros
Get Cash Money payday loans online or in-store
Dozens of in-person locations across Canada
Several payment methods (e-Transfer, direct deposit and cash pick-ups)
Receive funds in as little as 15 minutes
Accepts government assistance as income
Free highly-rated app
Cons
Very high interest rate
Short repayment term
Not available in all provinces
Many indicate that Cash Money offers solid customer service and fast payday loans. Other customers are unhappy with the cost of Cash Money payday loans and feel like they aren’t able to pay their loans down due to high interest rates. It has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4.5+ stars for multiple locations (based on thousands of reviews)
Trustpilot
4.4 stars out of 4,358 reviews
Reviews are as of April 1, 2024
Provide your personal details, including an ID and its number, then verify your income and identity via instant bank verification. To apply for Cash Money online payday loans, you may also need to email a copy of your bank statements and submit to a credit check.
Money Mart offers in-person and online 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 details
Loan amount: $120 – $1,500
Loan term: 1 - 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts (besides employment): child tax credit, EI, disability and pensions
Serviced provinces: AB, BC, MB, NS, NT, ON, SK, YT
Pros
Apply for Money Mart payday loans online with quick approval
Dozens of in-person locations
Get your funds in under 5 minutes
Secure service with bank-level encryption
Free app available
Operates a charitable giving program
Cons
Very high interest rate
Short repayment term
No e-Transfers
Bank deposits take longer to process
Customers complain that applications are denied after “instant approval” online
Not available in certain provinces
Customers indicate the process to apply and qualify is simple and fast, with an easy-to-use mobile app. Some complain that signing the loan documents online is difficult and that the process to access funds is slower than anticipated. Money Mart has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4+ stars for multiple locations (based on thousands of reviews)
Consumer Affairs
2.7 stars out of 107 reviews
Trustpilot
4.5 stars out of 4,003 reviews
Apple store
4.7 stars out of 4.2K reviews
Reviews are as of April 1, 2024
If you apply for this payday loan online, provide your personal information, then choose between Express (instant bank verification) and Standard review. Express option is the faster option since you won’t need to email or upload any documents. If you choose Standard, you must send your documents to Money Mart. This lender does not do credit checks.
Apply for Loan Express payday loans online with quick approval
Get your funds in under 5 minutes
Receive funds through bank transfer or e-Transfer
Accepts different forms of income
Secure service with bank-level encryption
Cons
Very high interest rate
Short repayment term
You must have a bank account to qualify
Less flexible repayment terms
Customers indicate that the service is fast, professional and easy to use. Some complain that the company is less flexible about offering solutions if you can’t make your payments on time. Loan Express has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4.8 stars out of 540 reviews
Trustpilot
4.8 stars out of 7,424 reviews
Reviews are as of April 1, 2024
Create an account online with Loan Express. Provide your personal information, including your SIN, reference and banking details. Verify your income and identity via bank account verification. This lender does not do credit checks.
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.
Loan details
Loan amount: Up to $1,500
Loan term: Up to days
APR: Varies by province
Eligibility requirements: 3+ months of employment income
Incomes it accepts (besides employment): Only private disability
Serviced provinces: BC, AB, SK
Pros
Simple application
Apply for Blue Copper Capital payday loans online
Get approved in as little as 20 minutes
Mostly online service, but in-person in Calgary and Edmonton
Join the Blue Copper Club to get discounts and flexible terms on payday loans
Cons
Very high interest rate
Short repayment term
First-time customers qualify for lower amounts than repeat customers
Must show 3 months of consistent employment
Three references are required to qualify
Customers indicate that Blue Copper Capital is professional, honest and easy to deal with. A handful of customers felt the eligibility criteria were too strict for the amount they requested. Blue Copper Capital has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4+ stars for multiple locations (based on dozens of reviews)
BBB
A+ (not accredited)
Trustpilot
4.9 stars out of 152 reviews
Reviews are as of April 1, 2024
The application is more involved compared to other payday lenders. You’ll need to provide details about your landlord (if applicable), driver’s licence, job supervisor, bank account details and three references. Verify your income and identity via bank verification. This lender does not do credit checks for its online payday loans.
7. Mr. Payday
Mr. Payday has been in business since 2002. It provides payday loans online in AB, BC, ON and operates a store in Vancouver.
Loan details
Loan amount: $100 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Min. $1,100 monthly income.
Incomes it accepts (besides employment): CPP, EI, WCB, non-government disability benefits
Serviced provinces: AB, BC, ON
Pros
Apply for Mr. Payday loans online
Easy 5-minute application
Get cash in as little as 30 minutes
24/7 customer support
High approval rate for applicants
Accepts different forms of income
Cons
Very high interest rate
Short repayment term
Loans only approved during business hours
2 months of consistent employment required
2 references needed if applying online
Monthly income must be at least $1,100
Customers praise the company for offering an easy and convenient loan process as well as strong communication and customer service. Others complain that the process is slow and loans are denied for unknown reasons. Mr. Payday has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4.3 stars out of 1,038 reviews
Trustpilot
4.8 stars out of 1,574 reviews
Reviews are as of April 1, 2024
To apply for Mr. Payday loans online, you’ll need to provide your personal details with two references and agree to instant bank verification. This lender does not do credit checks.
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 an hour.
Loan details
Loan amount: $300 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts (besides employment): EI, retirement income
Serviced provinces: ON, BC, NS
Pros
Fast e-Transfer of funds
Save up to $300 on your first payday loan
Money-back guarantee within 48 hours
Apply entirely online for PAY2DAY loans
Refer-a-friend bonus
Over 30 in-person locations
Easy-to-use mobile app
Accepts government assistance as income
Cons
Very high interest rate
Short repayment term
Not available in most provinces
First-time interest-free promotion only available in-store
Customers appreciate that this company cares about its customers and provides special offers and incentives. A handful of customers complain that they were denied loans for unknown reasons. PAY2DAY has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4.5+ stars for multiple locations (based on thousands of reviews)
Trustpilot
4.8 stars out of 5,177 reviews
Reviews are as of April 1, 2024
If you apply for PAY2DAY payday loans online, you’ll need to provide your personal details and agree to instant bank verification. This lender does not do credit checks. You can also apply in-store if you prefer.
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.
Loan details
Loan amount: $100 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Min. $1,000 monthly income.
Incomes it accepts (besides employment): CCB, disability, pensions
Serviced provinces: AB, BC, MB, NS, ON, SK
Pros
Apply for a My Canada Payday loan online in under 5 minutes
Instant e-Transfers
Available 24/7
No prepayment penalty
Accepts government assistance as income
Cons
Very high interest rate
Short repayment term
Must make a minimum of $1,000 per month from your primary source of income to qualify
Customer complaints about poor customer service
Customers indicate that the company offers quick loans and efficient service. Others indicate that the company offers poor customer service and pays little attention to creating a positive customer experience. My Canada Payday has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4+ stars for its two locations (based on dozens of reviews)
Trustpilot
4.4 stars out of 932 reviews
Reviews are as of April 1, 2024
Provide your personal details and agree to instant bank verification. This lender does not do credit checks. It doesn’t have physical stores either, so online payday loans are your only option.
Speedy Cash was founded in 1998 and operates over 20 branch locations in BC, Alberta, Saskatchewan and Nova Scotia. Speedy Cash also provides payday loans online in those provinces as well as in Yukon, Nunavut and Northwest Territories. In addition to providing payday loans, it offers online installment loans and cheque cashing.
Loan details
Loan amount: $250 – $1,500
Loan term: Up to 62 days
APR: Varies by province
Eligibility requirements: Steady source of income
Incomes it accepts (besides employment): EI, CPP, private pension, child tax credit
Serviced provinces: All provinces except Quebec and PEI
Pros
24-hour application
Apply in under 10 minutes
No credit check
Speedy Cash offers payday loans online in several provinces and in all territories
Receive funds through e-Transfer or direct deposit
Accepts government assistance as income
Cons
Very high interest rate
Short repayment term
The company calls your employer to validate employment details
Not available in some provinces
Customers are happy with the speed of payment and the level of customer service on offer. They complain about the level of information required to qualify. Speedy Cash has the following ratings on popular review sites at the time of writing:
Site
Rating
Google
4+ stars for multiple locations (based on hundreds of reviews)
Trustpilot
4.8 stars out of 6,636 reviews
Reviews are as of April 1, 2024
Apply for Speedy Cash payday loans online. Provide your personal details and agree to instant bank verification. This lender does not do credit checks. You can also apply in-store if you prefer.
With so many options, it may be hard to decide on the best one for your personal situation. To help you choose the right online payday loan, ask yourself these questions:
Does the lender follow provincial regulations? Each province has its regulations that each payday lender must follow. For example, Ontario lenders are only allowed to lend you a maximum of 50% of your take-home pay, while Alberta lenders have to give you a minimum loan term of 42 days, and you’re allowed to repay 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 rate of a payday loan is in the triple digits, making it the most expensive type of consumer loan in Canada.
How long does it take to get the loan? Does the lender provide online payday loan applications? Can the lender give an instant decision for its payday loans? Is the lender available 24/7 or on weekends?
Does the lender offer e-Transfer? E-Transfer is faster than direct deposit. The best payday lenders can offer e-Transfer payday loans 24/7.
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 guarantees your loan without checking your finances, the lender may not be legitimate.
Is the lender okay with bad credit? Some payday lenders are less strict than others when it comes to credit scores.
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 online?
Even the best online payday loans in Canada 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 a bad credit payday loan.
Automated approval. Many online payday loan providers have automated application approval processes in place, so once you submit your application online, you can receive an instant approval decision within minutes.
Cons
Higher than normal fees. Even the best payday loans in Canada come with exorbitant fees. Depending on where you live, expect to pay between $14 to $17 for every $100 borrowed.
Disreputable lenders. If a payday lender sounds great and offers rates that sound too good to be true, they probably are. Ensure the lender complies with all relevant provincial regulations and operates legally.
Why are payday loans so risky?
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.
Is it possible to find cheap payday loans online?
Unfortunately, no. There’s no such a thing as a cheap, low interest payday loan online or in store.
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.
Am I eligible for payday loans?
Basic eligibility requirements for payday loans online or in store 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
Be working the same job for a certain amount of time (usually 3 to 6 months)
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.
Is it safe to apply for online payday loans?
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:
Check for a licence. This is required for payday loans. You can check your provincial government’s business licence database to see whether the payday lender is licensed to operate in your province.
Secure online application. Lenders who provide safe online payday loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe. They use bank-level security and won’t share your information with any third parties.
Google safe browsing. To see whether a payday loan site is currently dangerous to visit, copy the URL and head over to Google’s safe browsing site, where you can paste the link of the website in question. Google will check the site status and let you know if it finds any unsafe content.
Check for the “S” in HTTPS. Although not foolproof, check whether there’s an “S” in the HTTPS of the site’s URL, or you can look for a lock icon.
Abides by provincial laws. A lender should abide by any existing laws or regulations. Some provinces limit the maximum amount of interest that can be charged per $100 borrowed, while others additionally limit loan terms and how many loans you can take out at one time.
Contact information easily available. Check the website for a phone number, address, email or chat support.
No upfront fees. Legitimate payday lenders will never ask you to pay fees up front.
No guaranteed approval. Avoid lenders that promise you’ll get approved because this could be a scam.
How do I apply for online payday loans?
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.
Visit the following government sites to check whether a payday lender is licensed
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.
Bottom line
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 loans online for your needs.
Frequently asked questions about online payday loans
The best place to get a payday loan is a licensed lender that operates either online or in physical stores in your province, abides by all payday loan regulations, accepts the income(s) you have, provides instant approval and funding and has received positive reviews from customers.
Applying for a payday loan should take around 5 to 10 minutes. You can get e-Transfer funding within minutes after you submit your contract. If you opt for direct deposit, you'll get your loan a few hours later or the next day.
Whether you apply for a payday loan online or in store, you'll usually need to repay the payday loan with your next payday, but check the regulations of your province. For instance, the minimum loan term in Alberta is 42 days, and you must repay in at least two installments.
Most lenders require your bank account information to debit the repayment amount directly on the due date. If you apply in-store, you can provide a post-dated cheque at the time of application.
Yes. Check the regulations of your province because several provinces have regulations where the lender must allow you to pay your payday loan early without any charges.
If you're denied a payday loan online, it's likely because you already have an active payday loan or you have a very bad credit history (for example, if you're in a current bankruptcy). You can try to apply with another lender, but if you get denied again, you may want to work on paying off your outstanding debts and building your credit with services such as credit counselling or a debt management program.
Leanne Escobal is a publisher for Finder. She has over 11 years of experience in financial 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.
Read our guide to payday loan regulations in your province or territory.
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