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Easy payday loans

Payday loans are easy to get, but they come with steep interest rates and short terms. Browse legitimate lenders and find out what you need to get approved.


Looking for a payday loan?

GoDay Payday Loan logo
  • Accepts many types of income
  • Direct deposit or e-transfer available
  • APR & loan term vary by province
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If you’re facing a financial emergency, you may consider taking out a payday loan to make ends meet. Payday loans are easy to apply for and provide access to funds within minutes after approval. Still, consumers need to tread carefully with this quick-fix solution. Across the country, payday loans come with notoriously steep interest rates and short repayment terms of up to only 62 days.

Keep reading to learn about easy payday loans, how much you can borrow, fees you can expect to pay and how to tell the difference between legitimate payday lenders and scammers.

⚠️ 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
24/7 CASH
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
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.
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
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.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
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.

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 $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

What is a payday loan?

Payday loans are loans of up to $1,500 that’s advanced to you and must be paid back on your next payday. In Canada, payday loans are regulated by each province. Payday loans in the territories are regulated at the federal level.

Depending on where you live, the borrowing fee can be anywhere between $15 and $25 for every $100 borrowed. Learn more about payday regulations in Canada.

What makes easy payday loans “easy”?

From an easy application process to quick access to funds, payday loans are one of the fastest ways to get your hands on financing when you’re in a pinch. Here’s what makes payday loans so accessible for all kinds of borrowers:

  • Fast turnaround time. A major selling point with payday loans is how quickly you can gain access to your funding. 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 usually within the same business day.
  • Easy to apply for. You can apply via easy-to-use online applications, at in-person branches across the country or over the phone.
  • Use the funds for any purpose. Once you’re approved for a payday loan, you have the freedom to use the money as you’d like as long as you use the funding for legitimate and legal purposes. Payday lenders don’t ask or keep tabs on how you’re making use of your loan.
  • Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories because they prioritize your income and ability to repay your loan on time over your credit score.
  • Payment flexibility. Depending on the payday lender you opt to work with, you can receive your funds in cash, via INTERAC e-Transfer, loaded onto a prepaid card tied to your loan account, or as a direct deposit into your bank account. On the other end of the spectrum, you may be able to repay your loan in person at a local branch, over the phone, via automatic debit from your account or through transferring funds.
  • Unsecured. Payday loans are unsecured so you don’t need to put up any collateral.

What to watch out for with easy payday loans

Consumers should be wary of payday loans, even if they’re convenient and easy to qualify for. Here are the key red flags to pay attention to:

  • Disreputable lenders. Not all lenders follow provincial or territorial laws and regulations. Check to make sure you’re working with a legitimate payday lender. Always choose a reputable company that has positive feedback from real customers.
  • Short repayment terms. Payday loans are known for being costly because of their quick repayment schedule. Typically terms cap out at 62 days for payday loans, but most lenders expect you to repay your loan by your next payday. Make sure you can comfortably cover your payments with your next pay cheque before you apply.
  • Incredibly steep interest rates. Payday lenders can charge anywhere between $15 to $25 per $100 borrowed. That’s an annual percentage rate (APR) of 400% or more, making payday loans an incredibly expensive financing option.
  • Caps on how much you can borrow. Payday loans cap at $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income.
  • Increases your chances of staying in a cycle of debt. Unless you have a clear cut plan to pay off your loan by your next payday, you could end up in a spiral of debt. With steep interest rates and more penalties for not repaying your loan on time, payday loans can trigger a snowball of debt if you don’t have an exit strategy. This could have a negative effect on your credit rating too.

Questions to ask yourself before taking out a payday loan

Because payday loans come with short repayment terms and high interest rates, consumers need to think carefully before taking out this type of loan. Here are the key questions you should ask before applying for easy payday loans:

Where can I get easy payday loans?

  • Online payday loan lenders. Online payday loans are quick and easy to apply for – you can complete the entire process without needing to visit a physical location. Lenders often allow electronic signatures and can directly deposit your funds into your bank account within a business day.
  • Storefront payday loan lenders. Some large-scale payday lenders have extensive reach across Canada, with physical storefront locations in most of the country. In this case, you can bring all of the required documentation to the store to apply in person and receive your funds on the spot once you’re approved.

What do I need to qualify for a payday loan?

What you’ll need to qualify for a payday loan will vary slightly depending on the lender you’ve decided to work with. On a whole, payday lenders will typically ask for information, such as:

  • A valid government-issued ID with your name and address
  • A valid phone number
  • Proof of your income with employer’s name, address and phone number or government benefits or investment income
  • Your bank account information (chequing account, routing and institution numbers)

The eligibility criteria can differ between lenders and provinces, but the following minimum criteria will usually need to be met:

  • Age. You must be 18 years of age, or the age of majority in your province or territory.
  • Residency. You’ll need to be a Canadian citizen or a permanent resident, and have a valid Canadian address.
  • Income. You’ll need proof that you have some form of income, whether it’s employment income, investment income, or government benefits.
  • Employment. Some lenders require you to be employed full time or part time.
  • Bank account. Most lenders will require you to have a working bank account. If you apply in person at a store, you may not need a bank account.

How to apply for a payday loan online

Although the online application process will vary based on the lender you choose, these are the typical steps you’ll need to follow to apply for payday loans easily.

  • Navigate to the lender’s website. You can do this by clicking the green “Go to site” button above next to the payday lender of your choice.
  • Follow the application page’s prompts. Provide basic information about yourself, such as your name, address and contact details.
  • Fill in your employment details or benefits information if you’re receiving government benefits such as a pension, EI or welfare.
  • Provide additional information about your income, including how frequently you’re paid and how much.
  • Enter your bank account details and agree to electronic transfers. Confirm the website is secure before providing this information.

You’ll need to read over a lender’s terms of service and privacy policy before submitting your application. The best payday loan providers will always have a secure online application and outline your loan’s final amount so you know exactly how much it will cost to borrow. Payday lenders are not allowed to charge more than the amount capped by the province or territory.

Keep in mind, you can also apply in-person or over the phone, depending on the lender you’d like to work with.

What you should know about guaranteed payday loans

Guaranteed payday loans may sound like an easy way to borrow money, but there is no such thing as a guaranteed payday loan, and borrowers should proceed with caution if they come across lenders in the payday loan space that advertise these loan products. While payday lenders are pretty lenient with their eligibility requirements and will accept poor credit scores, they still have other criteria that you must meet.

Be wary of any lenders that suggest their payday loans are “guaranteed”, because they may be a scam, predatory, or have fine print that actually doesn’t make them guaranteed. Keep in mind, borrowers searching for a guaranteed payday loan are likely in a bad financial situation, making them a prime candidate for scammers. Avoid lenders that guarantee approval without examining your finances first.

Bottom line

Payday loans should be reserved as a last resort if you’re facing a financial emergency that you don’t have savings for. With APRs that reach well over 400%, it’s clear that convenient, easy payday loans are a bandaid solution that may trigger more financial burden to your budget. You can try to consider your payday loan alternatives, which will often come with better terms and more management payment options. However, if you’re set on a payday loan, you can compare your payday loan options to find the best fit available to you.

Frequently asked questions

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