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

Direct payday loan lenders

Direct payday loans are option for borrowers with bad credit who need funds fast.


GoDay Payday Loan

GoDay Payday Loan logo

Loans from $100

  • Quick online application
  • Fast turnaround time
  • Direct deposit of funds
Apply now

If you’re in need of some cash but have a poor credit score, you may be able to get a direct payday loan. Also known as a payday loan, these loans are handy when a traditional lender, like a bank, will not give you a loan because you have a bad credit history. There are loan-matching services available that can connect you with multiple lenders, but if you’re in a hurry to get some money, it might be easier for you to go directly through the lender rather than through a matching service.

What is a direct payday lender?

A direct payday lender is a lender that directly provides small-dollar loans, rather than working with an outside company. This means that your information stays in one place, but you won’t get a chance to shop around and compare your options.

These direct payday loan lenders offers small-dollar loans that are typically due between 14 and 30 days, typically for a flat fee of around $15-$35 for ever $100 borrowed depending on provincial regulations.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
  • Local resources. Government agencies, nonprofits and local charities may offer free financial services and help with food, utilities and rent for those in need.
  • Debt relief companies. These services can help you find a solution to reduce your debt payments and work toward becoming debt-free.
  • Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
  • Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.

Direct payday loan lenders

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Max. Loan Amount Serviced Provinces Turnaround Time Loan Term Interest Rate
Cash Money Payday Loan
British Columbia
Nova Scotia
In as little as 15 minutes with INTERAC e-Transfer® if approved
14-40 days (varies by province)
Varies by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Saskatchewan applicants). Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store).
iCASH Payday Loan
British Columbia
New Brunswick
Nova Scotia
In as little as 2 minutes with INTERAC e-Transfer if approved.
14 - 62 days (varies by province)
Varies by province
Get up to 20% in cash back once your iCASH Payday Loan is fully repaid. Conditions apply.
GoDay Payday Loan
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, PEI, Saskatchewan
In as little as 2 minutes with INTERAC e-Transfer if approved.
Up to 62 days
Varies by Province
To apply for a GoDay payday loan, 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.

Compare up to 4 providers

Maximum borrowing costs
You should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
Province Maximum allowable cost of borrowing
Alberta $15 per $100 borrowed
British Columbia $15 per $100 borrowed
Manitoba $17 per $100 borrowed
New Brunswick $15 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Ontario $15 per $100 borrowed
Prince Edward Island $25 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)
Saskatchewan $17 per $100 borrowed

How does a direct payday loan work?

Depending on the lender you select, you can apply online or in-store, and the application should only take a few minutes to complete. Most lenders process applications quickly and let you know if you’ve been approved soon after. Once you sign the contract, you typically have to repay the loan along with all applicable fees by your next payday.

Online applicants can get their money transferred electronically into their bank account, and in-store applicants can collect their approved funds in person shortly after approval.

Keep in mind that payday loan regulations are not the same in every province. Some aspects that can vary include the maximum amount you can borrow, the term and whether or not you can extend your loan.

Payday loan regulations across Canada

What to look for in a direct payday loan lender

Not all direct payday loan lenders are the same. Pay attention to these points while comparing lenders:

  • How easy is the process? Online direct payday lenders are an easy way to apply for a payday loan, but not all online applications are equally user-friendly. Some lenders might ask you to fax certain documents to verify your credentials, and the overall time these lenders take to review applications, approve your loan and disburse your funds varies significantly.
  • What fees will you pay? The amount you borrow and the province or territory you live in affect how much you pay in terms of fees, but that does not mean all direct payday lenders charge the same fees for a given amount. Check what fees and charges come with the loan before you apply.

Benefits and drawbacks of a direct payday lender


  • With you from start to finish. When you work with a direct lender, you deal with a single institution throughout the process — from applying to the disbursement of funds and repaying the loan. This can make borrowing much simpler.
  • Information is secure. Loan connection services can pass your personal information to various third parties, and there’s no telling how many marketing calls might follow.
  • Miss no opportunity. While a number of loan connection services boast extensive lender networks, they might still manage to miss a few good ones. When you’re on your own, you can take the time to look for ones based on your specific needs. You don’t have to worry about missing out.


  • Spend more time looking. If you limit your search to direct payday lenders and refrain from using a loan connection service, you may end up spending more time to find the right loan.
  • Disreputable lenders. In the online lending space there is always a chance of finding a disreputable lender. Make sure you check the reputation of the lender before you apply.
  • Costs and terms. A drawback of any payday loan is the cost: You’ll likely pay a high APR that can range from about 28% to 1000% or higher. You also won’t have much time to repay your loan, with most loans due on your next payday.

Want to know if your lender is legit? Find out more here

Is there anything to avoid?

  • Avoid taking out more than you can afford. Even if you’re looking for direct payday lenders because you have an immediate financial need, keep in mind you’ll have to be able to repay the loan. If you’re not sure about your ability to repay on time, you may want to avoid taking the loan out in the first place.
  • Avoid late payments. When you make late payments, lenders will charge late fees. And if there’s no money in your bank account on the due date, you could end up paying nonsufficient funds fees, too. Banks and credit unions charge these fees to cover the costs of a bounced cheque when there aren’t enough funds in your account to cover the repayment.
  • Avoid refinancing. Refinancing the loan adds additional costs in the form of charges and fees. You’ll have to repay the original loan amount, the fees accrued from the first loan period and the fees from the second as well.
  • Avoid settling. Given that there are dozens of direct payday lenders in Canada, it’s best that you compare a few before making any kind of a decision. See what options you have available and find the right lender for your borrowing needs.

Should I borrow from a direct payday loan lender?

You might want to use a direct payday lender in the following situations:

  • You need money today. When you don’t have time to shop around, working with a direct lender that you trust could get you the money in the easiest way possible.
  • You want to avoid broker fees. While there are some connection sites that can help you find a payday loan for free, brokers can charge fees that make an already-expensive product even more costly.
  • You want to avoid lender calls. One of the main drawbacks of working with a broker or connection service is that you might receive calls from lenders, well after you’ve taken out your loan.
  • You don’t have a bank account. It can be hard to filter for lenders that don’t require a bank account through connection services or brokers — you might have to do that research yourself.

Eligibility and how to apply

Applications can easily be completed and submitted online. In order to secure a loan, you will typically need to meet the following requirements:

  • Be a Canadian citizen or permanent resident
  • Meet the age requirements (usually 18 years of age, or the age of majority in your province or territory)
  • Have proof of a steady income

If all of the requirements are met, there are just a few steps to apply:

  • Provide your name, date of birth, address and email address
  • Provide the necessary ID, like a copy of your passport or driver’s licence, if applying online
  • Give details about your employment status and income

Frequently asked questions

More guides on Finder

Go to site