Cash Money Payday Loan

- Borrow from $100-$1,500
- Approval decision in minutes
- APR & loan term vary by province
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.
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.
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) |
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.
In some cases, an application might be marked as pending if it needs manual review from a staff member. An application can be delayed for different reasons, such as errors in your application, a recent change of address or a short employment period. A manual review of an application can take a few hours.
Below is a comparison of licensed payday lenders in Canada.
Provider | Turnaround time | |
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Cash Money |
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iCASH |
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GoDay |
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Money Mart |
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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.
With so many instant payday lenders to choose from, you can compare providers and narrow down your scope of options based on these factors:
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:
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.
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.
There are several ways to determine if a payday lender is legit.
Better Than the Bank is an underwriting provider partnered with lenders that offer short-term loans.
Speedy Cash is a payday lender that offers rapid approval and funding. Here are loans like Speedy Cash that offer the same benefits.
Read this PrestoCash review to help you decide whether you should apply.
You can get a payday loan with a low income, but watch out for high interest rates.
Some payday lenders accept AISH as a valid source of income. Find out where you can get approved for AISH payday loans.
Compare the features of Money Mart vs Cash Money, two well-known alternative lenders in Canada.
Browse your options for in-store or online payday loans in Hamilton.
Xcash Money Solutions provides different types of loans to Ontario residents, including payday loans, personal loans and car title loans.
You can take out an installment loan or payday loan in Alberta using your child tax benefit.
Compare lenders that offer payday loans and installment loans like Money Mart.