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Faxless Payday Loans review

Should you apply?

Faxless Payday Loan claims to offer fast payday loans when you need emergency cash. It says you can apply online and access cash within minutes, with loans available across Canada except for Alberta and Quebec. However, there are several factors to be wary of before applying for a loan.

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Please note: All information about Faxless Payday Loan has been collected independently by Finder and this product is not available through this site.

Is legitimate?

We’re not willing to sign off on the legitimacy of Faxless Payday Loan for the following reasons:

  • Not a licensed payday lender. Faxless Payday Loan claims to offer loans in all provinces except Alberta and Quebec. However, when we searched for the company on business registration databases in provinces like Ontario and British Columbia, we couldn’t find any listings.
  • Doesn’t follow payday lending rules. Faxless Payday Loan doesn’t abide by payday lending regulations. For example, it doesn’t break down the cost of borrowing even though there are specific payday loan regulations about how payday lenders are supposed to disclose this. It also doesn’t list its payday lending licence number on its website.
  • Underdeveloped website. The Faxless Payday Loan website is quite basic and provides limited information. The site also features spelling and grammatical errors, and says that late fees will be charged by a company known as rather than Faxless Payday Loan.
  • Shares a phone number with other lending companies. The phone number listed on is the same as the number listed by lenders such as Apple Cash and Planet Loan Inc.
  • Has a US address. The address listed for Faxless Payday Loan is in Niagara Falls, NY, in the United States. This is the same address listed by Apple Cash and Planet Loan Inc, and is the address of a UPS store rather than the lender’s physical location.
  • Better Business Bureau. The Better Business Bureau lists Faxless Payday Loan as an alternate business name of Planet Loan Inc. Planet Loan Inc is not BBB accredited, has a BBB rating of F and the bureau has closed 56 complaints against the lender in the 3 years prior to writing.
  • Not listed on Canada’s Business Registries. We searched Canada’s Business Registries and couldn’t find any listing for Faxless Payday Loan.

Legitimate alternatives to

⚠️ 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 payday loan alternatives:
  • Visit A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • 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.
1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
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).
Instant decision and e-Transfer funding. Income of at least $1,000/month 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.
24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
Maximum borrowing costs of payday loans 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 & PEI $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Summary of reviews about Faxless Payday Loans

As mentioned above, the Better Business Bureau lists Faxless Payday Loan as an alternate business name for Planet Loan Inc. Not only has the bureau closed more than 50 complaints against Planet Loan Inc in the three years prior to writing, but the business also has an average score of 1 out of 5 from seven customer reviews on the site.

Multiple reviewers report applying for a loan and handing over their personal information and banking details, but then not receiving a loan. They also report that it can be difficult to get in touch with Planet Loan Inc, with calls and emails going unanswered.

What information does Faxless Payday Loan ask for?

Faxless Payday Loan requests the following sensitive information when you fill out an online application form:

  • Your name
  • Your SIN/SSN
  • Your postal address, email address and phone number
  • Your birth date
  • Your desired loan amount and term
  • Your bank account details
  • Your online banking password
  • Details of your pay cycle

6 steps to get a legitimate payday loan

Searching for a payday loan from a legitimate source? Here’s what you need to do.

  1. Compare lenders. Start by comparing a range of lenders and what they have to offer. Do your research to make sure the lender has a payday loan licence in your province or territory, that they abide by the payday lending regulations where you live and that they’re a legitimate payday lender.
  2. Compare loans. Once you’ve found a range of trusted lenders, start comparing the loans they offer. Factors to consider include the following:
    • Eligibility criteria. Check what criteria you’ll need to meet to qualify for a loan, such as minimum income requirements and references.
    • Speed. Some payday lenders give instant approval and funding 24/7, while others may take longer. Learn more about instant payday loans.
    • Loan amounts. Some payday lenders will only approve you for lower amounts if you’re a first-time borrower.
  3. Submit an application. When you’ve found the right loan, apply by providing your name, contact details, proof of employment and proof of income.
  4. Verify your bank account. Many lenders use instant bank verification to confirm your identity and ability to repay the loan. This allows them to view your bank statement electronically and ensures a faster approval process.
  5. Review your loan contract. Take some time to review all the details of the loan offer before you sign.
  6. Get funded. The loan will then be sent to your bank account via Interac e-Transfer in most cases. However, some lenders also offer direct deposit or cash pick-up.

How to protect yourself as a borrower

Worried about getting caught out by a payday loan scam? Remember these tips to protect yourself against predatory lenders:

  • Check that the lender is licensed. Check with the consumer affairs office in your province or territory to make sure the lender has a payday lending licence. If they’re not properly licensed, walk away.
  • Know your rights. Payday loan regulations vary by province and set down rules about maximum loan amounts, loan terms and the info a lender must provide you with before you sign a loan agreement. Familiarize yourself with these regulations so you can be sure of choosing a lender that follows the rules.
  • Watch out for red flags. Keep an eye out for any warning signs that could indicate a payday loan scam. These include charging an upfront fee, promising guaranteed approval and failing to be transparent about loan costs.
  • Read reviews. Check whether the lender is BBB accredited and what their BBB rating is. You can also read what other borrowers have to say about a lender on independent review sites.

Bottom line

If you’re searching for a payday loan lender, you may want to consider other options. Our research into Faxless Payday Loan raised a number of questions and issues, so we’re not confident in signing off on the legitimacy of this provider.

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