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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.

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Cash Money Payday Loan

Cash Money Payday Loan logo
  • Borrow from $100-$1,500
  • Approval decision in minutes
  • APR & loan term vary by province
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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.

⚠️ 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 instant payday loans

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer
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.
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.
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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)

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.

Some applications need manual review

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.

Exactly how fast are online payday loans?

Below is a comparison of licensed payday lenders in Canada.

ProviderTurnaround time
Cash Money
  • Instant decision
  • As little as 15 minutes with INTERAC e-Transfer
iCASH
  • Instant decision and approval 24/7
  • As little as 2 minutes with INTERAC e-Transfer
GoDay
  • Instant decision
  • As little as 2 minutes with INTERAC e-Transfer
Money Mart
  • Instant decision with no credit check
  • As little as 1 hour after getting approved

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:

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.

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.

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