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Instant payday loans in Canada

Compare lenders with the fastest processing times, plus find out what is considered "instant" about instant payday loans.


GoDay Payday Loan

GoDay Payday Loan logo

Loans from $100

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

We compare the following cash lenders

A payday loan is designed to give you access to funds in a short amount of time. Some lenders even offer instant decisions, instant approval and instant processing for payday loans. But what do these terms really mean, and how long does it really take to get your loan money?

What are instant payday loans?

When providers advertise “instant decision payday loans” or “instant payday loans”, they will usually let you know the outcome of your loan application within a few minutes or up to one hour after you’ve submitted your application. To secure online payday loans with instant approval, you’ll need to make sure you have all of the required information on hand so your lender can quickly assess your application and make a final decision. Otherwise, the lender may circle back to you to ask for more information, slowing down the process.

Lenders also promote “instant funding” or “fast funding” payday loans; they’re committing to getting the funds to you as soon as possible. If you’re applying in person, you can get your loan paid out in cash immediately, while in other cases you could receive an INTERAC e-Transfer for your funds in less than five minutes.

Exactly how fast are online payday loans with instant approval?

While many payday lenders can give an instant decision, the turnaround time for funding is the major point of difference. Some lenders can offer instant wire-transfer payday loans once your contract is received, while others take more time.

ProviderWhat is the turnaround time to receive funds?
Cash MoneyIn as little as 15 minutes with INTERAC e-Transfer® if approved
iCASHIn as little as 2 minutes with INTERAC e-Transfer if approved.
GoDayIn as little as 2 minutes with INTERAC e-Transfer if approved.Go to site
Captain CashIn under 24 hours.Read review
MyCanadaPayday.comFunds will be sent immediately via INTERAC e-Transfer.Read review
Money MartVaries.Read review
Cash 4 YouIn 60 minutes with funds deposited via INTERAC e-Transfer.Read review
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:
ProvinceMaximum 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
QuebecLimit of 35% annual interest rate (AIR)
Saskatchewan$17 per $100 borrowed

Can I get instant approval on a payday loan with bad credit?

The vast majority of payday lenders have pretty generous lending criteria compared to more traditional lenders, so getting fast approval on a payday loan with bad credit is possible.

In some cases, people with bad credit scores turn to payday lenders simply because it’s their only option to get approved for a loan. Instead of focusing on your credit score in the application process, payday lenders zero in on how stable your monthly income is to make sure you will have the funds to repay your loan. Payday lenders have a good incentive to take on your loan application too: these loans come with pretty steep interest rates and even more charges if you’re late with your repayments.

Learn more about this topic in our guide to getting a payday loan with bad credit.

How to compare instant decision payday loans

With so many instant payday lenders to choose from, you can compare providers and narrow down your scope of options based on these factors:

What to watch out for with instant payday loans in Canada

On the other hand, all consumers need to be wary of payday loans because they come with their fair share of drawbacks. Here are some red flags to watch out for before proceeding:

  • High interest rates. Payday loans are known for their excruciatingly high interest rates when compared to conventional loans. If you don’t repay your loan on time, you could be penalized with additional fees. Explore all of your options before you decide to apply for this route. If you think you might have problems in paying the loan back on time, avoid taking it in the first place.
  • It’s a short-term solution. You typically have to repay your loan on your next payday. Most payday loans need to be repaid in 1-4 weeks. If you want a longer loan term, consider an installment loan. Using short-term payday loans is not a solution for a long-term financial problem.
  • Be careful of scams. When you apply for a payday loan and are approved, make sure you go through the loan contract carefully. This step gives you a clear picture of how much you might have to pay in different circumstances. Finding out about the payday lending laws in your province or territory ahead of time can also help protect you from unfair lending practices.

How to apply for an online payday loan

If you’ve done your research and you’re ready to apply for a payday loan, you can decide to apply in person, over the phone or online on your phone or desktop. Here are the typical steps involved in securing your loan:

  1. Navigate to your lender of choice’s website. Click on the Apply Now button on the lender’s homepage, select your province and select Payday Loan from the product options. Your lender will state your province’s regulations – for Cash Money, for example, the application page states in Ontario, you can apply for up to $1,500 and the funds must be repaid within 40 days.
  2. Provide your personal details, including your full name, address, date of birth, email address and phone number. With some payday lenders, you need to make an account to log in.
  3. Provide your employment details, including the company name, company address, your job position and your monthly income, net and gross amounts. Payday lenders often focus on ensuring that you have a steady source of income.
  4. Make sure you have a chequing account, routing and institution numbers (or a pre-authorized debit form from your bank). Some payday lenders also accept post-dated cheques. They’ll use this information to set up your direct deposit and to take withdrawals from your account for loan repayments.

Eligibility requirements will vary between lenders. If you’re looking for an instant approval payday loan, your best bet is to get all of the required documentation in place. That way, your lender won’t have to follow up with you to ask for extra details.

How do I know a payday loan is legit?

There are several ways to determine if a payday lender is legit.

  • Check for BBB accreditation.
  • See if the lender is transparent about fees.
  • Check that the lender abides by the provincial regulations for payday loans.
  • Check that the lender has a licence.
  • Read reviews about the lender.

Learn more about legitimate payday loans.

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