5 loans like Speedy Cash

If you’re looking for a payday lender that prioritizes speed and convenience, Speedy Cash fits the bill. But there are other payday lenders that can get the job done, too. Here’s a look at alternatives that are similar to the Speedy Cash payday loan in Canada but may better suit your needs. Bear in mind, payday loans are one of the most costly ways to borrow money, and should be used as a last resort.

If you’re looking for a small, flexible loan: Nyble

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Nyble Credit Line

$30 – $150
Loan amount

Starting at 0%
APR

Flexible
Term

• Info
• Features
• Details

Nyble offers a credit line of up to $150 with no interest charges or late fees. However, you'll pay a monthly subscription fee. Nyble doesn't do any credit checks, but to get approved, make sure your bank account doesn't have NSF transactions in the last 90 days.

• Easy application process
• No credit checks
• No interest
• Improves credit score
• Roll over your loan

• Loan amount may not be enough for your needs

Loan amount	$30 – $150
APR	Starting at 0%
Term	Flexible
Interest Rate Type	Fixed
Fees	$4.99 - $7.99/month membership fee
Origination Fee	$2.99 - $5.99
Turnaround Time	Within 30 minutes if you pay a fee of $2.99 - $5.99 or within 3 business days if you don't want to pay a fee.

If you’re looking for an instant decision: GoDay

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GoDay Payday Loan

$100 – $1,500
Loan amount

1 – 62 days
Loan Term

2 minutes
Min. Turnaround Time

• Info
• Features
• Details

GoDay is an online-only payday lender so your application is done via a paperless application. Once you submit your application, you'll receive a decision within seconds. GoDay accepts many types of income, including employment, Canada Child Benefit, private and government disability income, OAS, CPP and private pensions.

• Easy online application
• Instant pre-approval decision
• Many types of income accepted

• Sky-high fees
• Caps on how much you can borrow ($1,500)
• No in-person interaction:Late and NSF fees

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

If you’re looking for 24/7 e-Transfer: iCASH

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iCASH Payday Loan

$100 – $1,500
Loan amount

7 – 62 days
Loan Term

2 minutes
Min. Turnaround Time

• Info
• Features
• Details

Sometimes you need access to cash and can't wait until the next business day. If you're in a lurch, keep iCASH in your back pocket. iCASH operates 24/7, 365 days a year, using software that can review your application at all hours of the day to provide instant approval. Once you've signed your contract, iCASH will send your funds in minutes via INTERAC e-Transfer. (Speedy Cash doesn't have 24/7 support.)

• Easy online application
• Instant decisions and pre-approvals
• 24/7 customer support and e-Transfers
• Bad credit or no credit doesn't matter

• Incredibly high fees
• Quick repayment terms
• No in-person interaction

Loan amount	$100 – $1,500
APR	Varies by province
Term	7 - 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

If you’re looking for no credit check: LoansLoans.ca

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LoansLoans.ca Installment Loan

$500 – $1,000
Loan amount

28% – 32%
APR

3 months
Term

• Info
• Features
• Details

If you're worried that a credit check may bar you from getting qualified for a loan, try LoansLoans, which offers short-term installment loans. It does not do credit checks, so you can still qualify even with bad credit or no credit at all. The application instead focuses on your income and ability to repay the loan.

• Apply online and get approval within the hour
• Bad credit or no credit doesn't matter
• Accepts many types of income

• Expensive
• Broker fee up to $300

Loan amount	$500 – $1,000
APR	28% – 32%
Term	3 months
Interest Rate Type	Fixed
Min. Credit Score	300
Fees	Late payment fee (2.66% per month), $45 NSF fee, broker fee up to $300
Origination Fee	$300
Turnaround Time	Receive funds in less than 24 hours

If you’re looking for flexible income requirements: Cash Money

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Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
• Features
• Details

Whether you're a freelancer, or you rely on government benefits, a pension, or other sources of income, you can turn to Cash Money to get approved for a loan. It accepts many recurring sources of income, including EI, pension, disability, Canadian Child Benefit and more, so you don't necessarily need to be employed to apply for a loan. You will need proof of income, such as bank statements.

• Apply online, in-store or over the phone
• Receive funding minutes via INTERAC e-Transfer
• Accepts various forms of income

• Incredibly high fees for every $100 borrowed
• Quick repayment terms
• Unavailable across Canada

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

How does Speedy Cash compare?

Speedy Cash shares similar features to its contenders, such as:

• Loan amount caps. Apply for a payday loan between $250 and $1,500, depending on your income.
• Many types of income accepted. Qualify with income from employment, employment insurance, child tax benefit and seniors’ pension.
• Quick access to funds. You can get your Speedy Cash payday loan within 1 hour to 1 business day via e-Transfer or direct deposit.
• Easy application. Just like its competitors, you can apply for a Speedy Cash loan quickly online. It also has physical storefronts if you prefer applying in person, too.

Features of loans like Speedy Cash

Across the board, payday loans like the one provided by Speedy Cash in Canada includes features, such as:

• Caps on how much you can borrow. With payday loans you can only borrow up to $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income, and some lenders cap how much you can borrow on your first loan.
• Short repayment terms. As indicated in their name, you’re typically required to pay back your loan by your next payday, or up to 62 days, depending on the province you live in. When you apply for a loan, the lender asks you how frequently you’re paid to determine your final repayment due date.
• Bad credit doesn’t matter. You can apply with bad credit or no credit at all. That’s because payday lenders shift the emphasis from your credit score to your ability to repay your loan. Make sure you can prove you have a stable income and you should be in the clear.

Downsides of loans like Speedy Cash in Canada

On the whole, borrowers must tread carefully with payday loans like the one on offer from Speedy Cash for these key reasons:

• Incredibly steep interest rates. Payday lenders charge excessive fees, ranging between $14 to $17 for every $100 borrowed, depending on the province you live in. That’s an annual percentage rate (APR) of 400% or more. This makes payday loans one of the most expensive ways to borrow.
• Short repayment terms. Make sure your budget can accommodate a loan repayment by your next pay day. With payday loans, terms typically cap out at 62 days with most lenders expecting you to repay your loan by your next payday.
• Disreputable lenders. The payday lending space is rife with predatory lenders. Check to make sure the payday lender you’re working with is licensed and follows provincial or territorial laws and regulations.
• Increases your chances of staying in a cycle of debt. The combination of sky-high fees and quick repayment terms could spark a snowball of debt if you don’t have a clear-cut plan to pay off your loan. If you miss a payment, the fees worsen and this could have a negative effect on your credit rating too.

Bottom line

If you’re thinking about taking out a payday loan, Speedy Cash is a solid choice for a quick and seamless process. But there are other lenders worth checking out too during your comparison shopping. Remember: payday loans should be a last-resort option – if you can qualify for a personal loan, line of credit or installment loan, these will have lower interest rates and better terms.

Frequently asked questions

• What personal information do I have to give to get a payday loan?

  During the application process, payday lenders will typically ask you for: your full name, date of birth, contact information including email, phone number and mailing address, your employment status and gross monthly income, and your banking details to arrange a deposit and automatic withdrawals.

• Do I need to be employed to get a payday loan?

  Not necessarily. This factor will depend on the lender you’re working with. Some lenders insist that you must be receiving income from steady employment while other lenders accept many types of income, such as income from part-time work, freelancing, pension, government benefits or EI. Check with your lender first.

• How do I repay my payday loan?

  Most payday lenders ask for your banking information during the application process to arrange an automatic withdrawal from your account. Make sure you have adequate funds in your bank account to avoid NSF fees and late payment charges. In some cases, you can make a payment over the phone or in-person at a physical storefront.

• How do I receive my money?

  The most common ways to receive your money is via Interac e-Transfer, direct deposit transferred directly to your bank account, or via cash if you’re applying in person.