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Money Direct payday loans review

Pay very high fees to get on-the-spot cash and pay it back by your next payday.

Money Direct offers in-person payday loans in Ontario, Nova Scotia and BC. You can also apply online in select locations. Apply with no or bad credit and get cash in hand in a matter of minutes, but be prepared to pay extremely high fees and to repay the loan by your next payday.

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$100 - $1,500

Loan Amount

7 - 62 days

Loan Term

Varies by province

Interest Rate

Please note: All information about Money Direct Payday Loan has been collected independently by Finder and this product is not available through this site.

Money Direct at a glance

  • Apply with no or bad credit
  • Instant cash
  • In-person and online service
  • Very high fees
  • Quick repayment (by next payday)
  • Only available in some provinces

What is Money Direct?

Money Direct is a payday lender that lets you borrow up to $1,500 in instant cash. The company was founded in May 2008 and currently operates in-person locations in Ontario, Nova Scotia and BC. You can also apply online, depending on your location.

On top of payday loans, Money Direct also offers cheque cashing, money transfer and gold buying services.

Money Direct payday loan details

Loan amount$100–$1,500
Loan termBy your next payday, up to 62 days
Borrowing fee
  • $15 for every $100 borrowed in Ontario
  • $15 for every $100 borrowed in BC
  • $17 for every $100 borrowed in Nova Scotia
Serviced provincesOntario only (possibly more provinces serviced online)

Is Money Direct legitimate?

Money Direct is a legitimate franchise that operates storefronts in several major Canadian cities. It has been in operation since 2018 and has a professional website and LinkedIn profile. It also has several customer and staff reviews on sites like Google, Yelp and Indeed.

How can I contact Money Direct?

You can contact the company through the online form on its website. You can also find the number for the location nearest you on the “Contact us” page or by searching on Google. For example, search “Money Direct Toronto” to find the phone number for the location in Toronto or “Money Direct Campbell River” for service in BC.

What we like about Money Direct loans

You can take advantage of the following benefits with Money Direct payday loans:

  • Fast application. Apply online in under 5 minutes.
  • Instant cash. Get cash in hand within minutes as long as you qualify.
  • No collateral. There’s no need to put assets on the line to secure your loan.
  • Bad credit can apply. There are no credit checks with payday loans.
  • Online or in-person. Apply for a loan online or in-person at select locations in Ontario, Nova Scotia and BC.

What to watch out for

Watch out for the following drawbacks before getting a loan with Money Direct:

  • Extremely high fees. You’ll pay fees of $15 to $17 for every $100 borrowed, plus additional fees for missed payments.
  • Quick repayment. You’ll need to repay your loan amount plus fees by your next payday. Before you apply for a payday loan, make sure you can repay your loan by your next payday and you’ll have enough money left to pay for other debts and expenses.
  • Low amounts. You can only borrow up to $1,500 at one time.
  • Online process is unclear. Where you can apply online and how to collect funds are not clearly spelled out on the website.
  • Validation through bank account. You’ll need to validate your application by signing into your online bank account (which comes with privacy concerns).
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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). You may also want to consider payday loan alternatives.

Alternatives to Money Direct

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
To apply, 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.
Maximum borrowing costs of payday loans 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 & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Am I eligible for a Money Direct loan?

You may be eligible for a Money Direct loan if you meet the following criteria:

  • Canadian citizen or permanent resident
  • Age of majority in your province
  • Have a source of income and regular employment (not specified on the website, but usually at least $800 per month with 3-6 months of regular employment for similar lenders)

Required documents

Submit the following documents to get a Money Direct payday loan:

  • Valid passport or driver’s licence to prove your identity
  • Your current updated bank statement (dated with the day of application)
  • A blank cheque or pre-authorized debit from your bank
  • Your most recent pay stub
  • Proof of address such as a utility bill or cell phone bill

How to apply

You can apply for a Money Direct loan by following these steps:

  1. Visit the website and click on “Online application” on the yellow banner across the top of the page.
  2. Select the location nearest you or select “Click here” to fill out an online application if you don’t live within driving distance of a physical location.
  3. Input contact information such as full name, address, phone number and email.
  4. Provide income and employment information including your job address, net income, pay frequency and date of next paycheque.
  5. Click next and then sign in through your bank to authenticate your account.
  6. From there, a Money Direct agent should contact you about your loan application and provide you with a loan decision.

How much will a Money Direct loan cost?

You’ll pay fees starting at $15 for every $100 borrowed. But depending on where you live, you could pay more. Check out the maximum borrowing costs for your province below to see how much you might pay in your area.

Representative example: Julia gets a Money Direct loan in Ontario

Julia visits a Money Direct store in Toronto and applies for a $500 loan. Her next payday is in 14 days and she must repay the loan at that time. At a rate of $15 for every $100 borrowed, Julie will have to pay an additional $75 to borrow $500 for 14 days (or an APR of 391.07%). She will repay $575 on her payday.
Payday loans in Ontario

Bottom line

  • Money Direct offers payday loans up to $1,500, which you have to repay by your next payday.
  • Expect to pay extremely high fees. Rates start at $15 for every $100 borrowed and go up from there.
  • Service is available online and in person at select locations in Ontario, Nova Scotia and BC.

Frequently asked questions

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