Instant payday loans in Canada

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? Find out more in this guide and compare lenders that offer instant payday loans.

What are instant payday loans?

When providers advertise “instant decision payday loans” or “instant payday loans”, they aim to let you know the outcome of your loan application within a few minutes or up to 1 hour after you’ve submitted your application. To get an online payday loan with instant approval, make sure you give all of the required information from the start – with no errors – so your lender can quickly assess your application and make a 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 once you sign your loan agreement. If you’re applying in person, you can get your loan paid out in cash immediately, and if you’re applying online, you could receive an Interac e-Transfer in less than 5 minutes after signing.

Compare instant payday loans

Sort by:

Name	Product	Loan Amount	Loan Term	Interest Rate	Turnaround Time	Serviced Provinces	Offer
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, NL, NS, ON, SK	Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).	Have your banking details ready to get a loan in 2 hours. 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.	Go to site View details	Compare	loading Fetching your data...
iCASH Payday Loan iCASH Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer	AB, BC, MB, NB, NS, ON, PEI	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.	Go to site View details	Compare	loading Fetching your data...

loading

Compare up to 4 providers

Clear selection

Compare

Payday lenders use automated systems to give instant approval

Payday loans are fast because payday lenders automate the process as much as possible. Combine this with lenient eligibility requirements and you get a loan that can be funded to you during an emergency. To find the fastest instant payday loans in Canada, especially if you’re applying outside of regular business hours, you may want to apply to a lender that gives instant decision and funding 24/7, 365 days a year.

Exactly how fast are online payday loans?

Below is a comparison of licensed payday lenders in Canada.

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

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 many cases, people with bad credit 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.

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

How to compare instant payday loans in Canada

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

• Interest and fees

  Each province has its own regulations about how much payday lenders can charge. Make sure the lender you choose abides by these regulations.

• Loan amount

  Loan amount also depends on provincial regulations, but lenders can differ in how much they’ll lend to first-time borrowers. In some cases, you might have to build up a history with a lender before they can approve you for a larger amount.

• Cashback

  Some lenders have a cashback program for first-time borrowers or repeat borrowers. Payday loans should only be a last resort no matter what, but a cashback incentive can help you decide between 2 very similar payday lenders.

• Processing time

  If you’re in a time crunch, figure out which lender that can offer instant wire transfer payday loans upon approval. It may be that payday lenders with physical stores are your best bet so you can apply, get approved and sign the paperwork on the spot, and receive your funds in cash. But if you don’t have a brick-and-mortar location near you, instant wire transfer payday loans can be sent to your account via Interac e-Transfer in as little as 5 minutes.

• Credit check

  Some payday lenders do credit checks, while others don’t. Credit checks are a standard lending practice in Canada, and they’re a way for lenders to evaluate how well you’ve managed payments in the past.

• Lender's reputation

  Verify the lender’s details online to make sure it has a good reputation. The Internet gives you an easy means to find out what previous borrowers have said about any payday lender. If you find any reason to be wary, you should move on to another lender.

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.

What should I watch out for?

Payday loans have high interest rates and short repayment terms. Before taking out a payday loan, check that you’ll have enough income left to pay for other debts, bills or expenses after you repay your loan on the due date.

Also, become familiar with the payday loan regulations of your province to protect yourself as a borrower. In Ontario, for example, lenders cannot charge more than $15 for every $100 borrowed, and if you take out 3 loans within a 63-day period, they must give you the option to pay in installments.

Finally, be wary of providing your personal and financial details online. Scammers often target people in a desperate financial situation, so make sure you’re applying for legitimate payday loans with a licensed lender.

Frequently asked questions

• Can I get online payday loans with no credit check and with instant approval in Canada?

  Yes, you can. Some payday lenders do credit checks before approving your loan, but others don’t. If your lender isn’t considering your credit score in an instant approval loan, it will shift the focus onto your employment history, monthly income and existing debts. In a nutshell, its job is to decipher if you have the cash flow to keep up with loan repayments. Be careful with no credit check payday loans: while they’re an easy way to secure more cash when you’re in a pinch, you may be putting yourself at risk of staying in debt with steep interest rates.

• What happens if I'm denied a payday loan?

  If you’re denied a payday loan, it’s likely to be due to a very bad credit history. You may wish to consider free credit counselling from Credit Counselling Canada. The main benefit to credit counselling is solving the structural issues that led to your financial problems in the first place, whether it’s from lack of budgeting, low income or overspending.

• Can I do anything to speed up the process?

  You can speed up the process by ensuring you provide all the information and documents asked for by the lender for with no errors. Also, depending on the lender you go with, the time of day you submit your application will have a bearing on the speed of application.