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Online vs in-store payday loans

If you're short on cash and need to borrow money quickly, you might consider a payday loan.

There are two ways to get a payday loan: online and in person at a store. While your experience will be similar, they do differ in a few key ways. Read our guide below to compare the benefits of each option and discover which may be right for you.

⚠️ 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.

GoDay Payday Loan

Apply online and get approved for up to $1,500. Receive your funds in as little as 1 hour.
  • Loan amount: $100 - $1,500
  • Loan term: Up to 62 days
  • Borrowing costs: Varies by Province (Between $15-$19 per $100 borrowed)
  • Bad credit borrowers: OK
GoDay Payday Loan
  • Legitimate lender
  • Fast access to loan
  • Direct deposit of funds
Go to site More info

The differences between online lenders and in-store lenders

  • Online vs in-store support

    When you visit a payday loan store location in person, you can interact with a lender and ask questions or clarify any element of the loan’s terms and conditions. This could be helpful if you don’t know how to interpret the information. Many lenders can even give you your cash that same day if you apply in person.

    An online loan could be an easier way to quickly get the cash you need to catch up on expenses. However, you won’t have the in store one-on-one session to knead out any inquiries. Instead, you’ll want to be sure that the lender’s site clearly explains your responsibilities and charges, and that there’s a helpline if you don’t understand something. You will usually receive your online loan directly into your bank account in one to two business days.

    • Licensed lenders

      When you apply with an online lender, confirm that the lender is licensed to do business in your province. Keep in mind that regulations regarding payday loans vary between provinces and territories.

    Compare your options for online payday loans

    Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

    Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
    Cash Money Payday Loan
    $100 - $1,500
    5 - 40 days
    Varies by province
    As little as 15 minutes with INTERAC e-Transfer
    BC, NS, ON, SK
    Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

    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.
    GoDay Payday Loan
    $100 - $1,500
    Up to 62 days
    Varies by Province
    As little as 2 minutes with INTERAC e-Transfer
    AB, BC, MB, NB, NS, ON, PEI, SK
    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.

    Compare up to 4 providers

    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 $15 per $100 borrowed
    Manitoba & Saskatchewan $17 per $100 borrowed
    Newfoundland and Labrador $21 per $100 borrowed
    Prince Edward Island $25 per $100 borrowed
    Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
    Quebec Limit of 35% annual interest rate (AIR)

    Pros and cons of online payday loans


    • Saves time. The online application process typically takes less than 10 minutes to complete. Once the loan is approved, the funds can be issued within one or two business days.
    • Easy approval. You can usually get approved for a payday loan no matter what your credit score looks like. Lenders are more concerned with your ability to repay your loan.
    • Ability to compare loans. With online lending, you can often compare several loan offers in a short period of time. This can make it easier to search for the best interest rates and terms for your needs.


    • High costs. Online payday loans can be expensive, which makes it all the more important to compare lending terms and interest rates to get more for your money.
    • No early repayment savings. Although online lenders typically don’t charge early repayment penalties, they also usually don’t offer early repayment savings. If you repay your loan early, you will still owe the same amount of interest and fees most likely.
    • Online scams. There are plenty of untrustworthy lenders in the online space looking to take advantage of those who need access to fast cash.

    How to prevent being scammed online

    Loan scammers are known to set up websites that offer payday loans with quick and easy approval, low interest rates and a guaranteed right to cancel. These sites can make a loan sound like your best option by far, however this is how they successfully find victims who fall for the scam.

    Even if the loan and website appear legitimate, it’s essential to research the company you’re looking to apply with.

    Know the warning signs

    Here are a few warning signs that should raise red flags about an online lender:

    • Ungrammatical, unclear writing on the website. If the lender can’t clearly describe the loans and conditions of what they’re offering, look elsewhere.
    • Requires advance fees or taxes. Never transfer any funds before you are approved for a loan, even if the lender insists.
    • Incredibly low interest rates. If a lender offers an interest rate that’s much lower than you find elsewhere, it could be a scam.
    • Quick decision deadlines. If you’re pressured to make a decision quickly, go with another lender.

    Tips to avoid getting scammed

    • Do your research. A quick online search may bring up reviews and articles about the lender written by real customers, which can give you a general idea of their legitimacy.
    • Ask questions. Ask for the lender’s full business name, address, licensing information and registration in order to hold the lender accountable. If these questions are avoided or ignored, this should raise red flags and you should choose a different lender.
    • Don’t email private information. Never email your Social Insurance Number, credit card or bank account details. Enter this information into a secure website only. If a lender asks you to email them, go with another lender.

    Learn how to protect yourself from a payday loan scam

    Compare your options for in store payday loans

    Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

    Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
    No items match the given criteria.

    Compare up to 4 providers

    Pros and cons of in store payday loans

    Here are the pros and cons of applying for a payday loan in person at a store:


    • Physical storefront. Visiting a physical store will provide you with a fair idea of the kind of business a lender runs. Additionally, you will know where to go if you have any questions or problems.
    • In store support. Having an in store specialist to speak to can make it easier to address any issues you have with your loan.
    • Application assistance. Loan applications can be confusing. An in store lender will help you work through the application which could be helpful.
    • Access to money quicker. Applying in store usually means you can leave with your loan the same day you apply.


    • Longer process. Unlike an online loan that requires only a few clicks, in store loans typically take more time to apply for. If you’re comparing loans, you’ll also need to visit various lender locations in person.
    • Fewer options. Unlike getting an online loan, in store loans limit your options to your geographic area. If you live in a small town, this could be problematic, as you may have to travel to another city to find a variety of lenders.

    How to decide which loan option is best for you

    When looking for a payday loan, it’s not enough to look for a low monthly payment plan or the cheapest interest rate. Before signing on the dotted line, here are a few things to take into consideration:

    • APR and fees. The annual percentage interest rate (APR) represents the true cost of a payday loan and tends to be around 400% APR or more.
    • Required creditworthiness. While banks and credit unions usually require that you have a good credit score, payday loan lenders typically approve people with less than good credit. These lenders are more concerned with your ability to repay your loan.
    • Repayment terms. When signing a payday loan contract, read the repayment terms carefully. The loan will need to be repaid within a specific period of time, often the day after your payday. Terms generally extend from 7 to 31 days. In addition, be aware of any fees you will have to pay if you make a late repayment.
    • Provincial regulations. Confirm that your lender is abiding by any provincial regulations in place. These regulations tend to determine the maximum amount that can be charged in fees per $100 borrowed. Some provinces regulate the amount of loans you can take out at one time as well.

    Can you get a payday loan without having a bank account?

    Yes, you can, although only some lenders will offer this option. There are two ways to receive your loan without having a bank account:
    • Prepaid debit card. Lenders will either mail the card to you or let you pick it up at a nearby location after your loan has been approved.
    • In store cash pickup. After applying for the loan in person and being approved, you’ll receive cash for your loan.

    Bottom line

    A payday loan can be helpful when you need money in an emergency. Both online and in store loans are easily accessible, assuming you meet the basic requirements and you have the necessary information on hand. However, before you settle on a lender and a loan, be sure to do your research and compare your payday loan options to ensure you find the best loan for your needs.

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    Are payday loans available in my province or territory?

    Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

    At the time of writing in January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.

    Find out how much lenders can charge across Canada

    Frequently asked questions

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