Best payday loans in Ontario

Payday loans offer fast access to cash when you need money urgently. It’s easy to apply and get approved, even if you have bad credit, and some lenders fund loans almost instantly.

But where can you find the best payday loans in Ontario? Keep reading to find out.

Best payday loans in Ontario

Payday lender	Interest rate	Loan amount	Loan term	Best for
	Varies by province	$100 – $1,500	7 - 62 days	Instant 24/7 payday loan	Go to site
	Varies by province	$100 – $1,500	Up to 62 days	Online payday loan	Go to site
	Varies by province	$100 – $1,500	5 - 40 days	Easy payday loan	Learn more
	Varies by province	$300 – $1,500	Up to 62 days	24/7 no credit check payday loan	Learn more
	Varies by province	$100 – $1,500	Up to 62 days	Bad credit payday loan	Learn more
	Varies by province	$120 – $1,500	1 - 62 days	In-store payday loan	Learn more
	Varies	Up to $1,500	Up to 62	Payday loan for self-employed	Learn more

Best instant 24/7 payday loan: iCash

If you’re searching for instant payday loans in Ontario, iCash has you covered. This online payday lender offers instant decisions 24/7, and it’s easy to apply via the iCash website or app. If approved, you can get the funds in a matter of minutes via e-Transfer.

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Best online payday loan: GoDay

If you’re searching for a lender that offers online payday loans in Ontario, there’s a lot to like about GoDay. This online-only lender offers a simple paperless application process, instant pre-approvals are provided, and you can get your loan funds in a matter of minutes via e-Transfer.

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Best easy payday loan: Cash Money

Cash Money offers a simple and stress-free loan application and funding process. As one of the largest payday lenders in Canada, Cash Money allows you to apply online, in-store or over the phone. This lender is also flexible with the types of income it accepts, so you can still get a loan if you earn non-employment income such as Employment Insurance, Child Tax Benefits and Canada Pension Plan.

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Best 24/7 no credit check payday loan: PAY2DAY

There’s no credit check required when you apply for a PAY2DAY payday loan, and all types of credit are accepted. You also get the convenience of applying with a lender that approves and funds loans 24/7, ensuring that you can access an emergency loan whenever you need it. Customer support is also available 24/7. E-transfer funding means you’ll get your loan within 1-2 hours of being approved.

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Best bad credit payday loan: Loan Express

Bad credit won’t stop you getting a loan from Loan Express. This popular payday lender doesn’t carry out credit checks, so you can qualify for funding even if your credit history is far from ideal. Apply online 24/7. Loan Express’ automated systems make it possible to get instant approval and fast funding.

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Best in-store payday loan: Money Mart

Prefer the convenience of getting a payday loan in-store? Money Mart is worth checking out. The lender operates dozens of stores across Ontario, so there’s a good chance you’ll find one near you. Bad credit won’t stop you from getting a loan, and it’s easy to apply for a loan in person and get funded within minutes.

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Best payday loan if you’re self-employed: Usolve Financial

Some payday lenders don’t accept self-employed income when you’re applying for a loan, but Usolve Financial does. This Brampton-based payday lender also offers loans 24/7, so you can apply and get funded within minutes. You also have the option to either apply online or in-person at one of its 10 stores across Ontario.

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Best payday loan alternative in Ontario: Bree

If you need a short-term loan but you want to avoid expensive payday loans, Bree could be the answer. Bree offers access to a cash advance of up to $250 to tide you over until your next paycheque without incurring bank account overdraft fees. There are no interest charges to worry about, and you don’t need to complete a credit check to get funds.

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• How we selected the best payday loans in Ontario

  We’ve chosen the products on this page based on licensed lenders available through Finder and in the Ontario payday loans marketplace online. These loans are not representative of the entire market. When choosing the best payday loans in Ontario, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan will be the best choice for everyone, so compare your options before applying.

  Speed and availability

  Payday loans are the fastest type of consumer loan available in the marketplace, but among payday loan lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant approval and funding, while some have staff operating 24/7. We prioritized lenders that invest in speed and availability by putting these systems in place.

  Eligibility requirements

  Payday loans are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.

  Reputation and customer feedback

  The reputation of a payday loan matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores.

  Application process

  We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in-store).

  Customer support

  We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.

  Funding options

  We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers. Funding via direct deposit or prepaid debit cards were considered good perks.

Are payday loans legal in Ontario?

Yes, payday loans are legal in Ontario. However, there are strict regulations in place under Ontario’s Payday Loans Act to prevent lenders from taking advantage of borrowers. These regulations set out important information such as:

• The maximum cost of a payday loan
• The maximum loan amount
• The maximum loan term
• How much the lender can charge you if you miss a payment

How much do payday loans in Ontario cost?

The maximum cost of a payday loan in Ontario is $15 per $100 borrowed. So if you take out a $1,000 loan, it’ll cost you $1,150 to repay.

This might not sound all that expensive at first, but you also need to take into account the very short repayment period. Payday loans are typically designed to be repaid when you get your next paycheque, so you only have an extremely limited amount of time to repay what you borrow. As a result, payday loans have extremely high APRs—often in the triple digits.

That’s why you should only ever consider a payday loan as a last resort, and check out a range of payday loan alternatives before deciding if you should apply.

Am I eligible for payday loans in Ontario?

Requirements vary between lenders, but you’ll generally need to meet the following eligibility criteria to get a payday loan in Ontario:

• Be at least 18 years old
• Have a recurring income
• Have an active chequing account

Payday loan regulations in Ontario

Before taking out a payday loan in Ontario, protect yourself as a borrower by knowing your rights. Below is a summary of payday loan regulations in Ontario, but be sure to visit the Ontario government website for more details.

Borrowing fee

You can’t be charged more than $15 for every $100 borrowed for a payday loan in Ontario.

Loan amount

An Ontario lender can’t lend more than 50% of your net income, up to $1,500.

Loan term

The maximum payday loan term in Ontario is 62 days.

Cancellation period

Should you change your mind and want to cancel your payday loan, you have two business days to do so without facing a penalty. You also don’t have to provide a reason for cancelling.

Repayment

• You can pay the full balance any time without penalty.
• If you take out 3 loans within a 63-day period, lenders must offer you an extended payment plan. You have the option of paying the loan back in installments.

Loan in default

• A maximum interest rate of 2.5% per month (without compounding) can apply to the outstanding principal of a payday loan in default.
• A maximum fee of $25 can be charged for bounced cheques or pre-authorized debits (to be charged once only).
• The lender can’t contact you more than 3 times a week.

Rollover loans

• Rollover loans are not allowed. This means you can’t roll over what you owe into a second payday loan, but instead have to fully repay your payday loan in Ontario before taking out another loan with the same lender.

Other regulations

• A lender can’t provide you a second payday loan until after you’ve paid off the first one.
• Ontario lenders cannot ask you to sign a form that transfers your wages directly to them.
• Lenders cannot offer or sell you any products or services in connection with the payday loan.

Are there instant payday loans in Ontario?

Yes. With instant payday loans in Ontario, lenders use automated systems and instant bank verification to speed up the approval process. After you apply, you get a decision within a few minutes. Once you submit your contract, you also get your funding within a few minutes via Interac e-Transfer.

Below is a sample of lenders that provide instant decisions and funding.

• Cash Money (online and in-store)
• iCash (online only)
• GoDay (online only)

For a seamless application process, make sure you’re eligible for the loan first and submit all required documents. If your lender has to contact you about missing information, the process could get delayed.

Online payday loans in Ontario

Several lenders offer completely online payday loans in Ontario. It’s quick and easy to apply by filling out an application form on the lender’s website, while some lenders also allow you to apply through their mobile app. It’ll usually take 5-10 minutes to apply, and an increasing number of lenders support instant online bank verification to speed up the application process.

Once you’ve submitted your application and provided your contact details, you should receive a decision within minutes. You can receive your funds via Interac e-Transfer or direct deposit.

How can I tell if a payday lender in Ontario is legitimate?

The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection Ontario. Look for the following signs to make sure you’re working with a reputable business.

• The lender displays an Ontario licence number. Always check that a lender is licensed by searching its business name in this registry.
• The lender doesn’t allow roll-overs or multiple loans. Ontario law doesn’t allow payday lenders to give out multiple loans. You also cannot roll-over your loan, meaning you can’t add what you owe on one payday loan onto a second payday loan.
• The lender follows fee regulations. Stay away from lenders who charge more than $15 for every $100 borrowed.

Find out more about payday loan scams and how to protect yourself.

Besides payday loans, where can I get financial help in Ontario?

If you find you’re frequently running short on funds and need payday loans in Ontario, it’s worth looking into the following alternatives.

Ontario assistance programs

Ontario has some programs that can help lower the costs of everyday expenses for residents and newcomers who are struggling to make ends meet.

• The Ontario Child Benefit provides low-income families with financial assistance to cover expenses like medical bills, food, rent and utility bills.
• Ontario Works can provide you with money and help you find a job during temporary financial difficulties.
• The Canadian government’s Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
• The Income Assistance Program provides funding to First Nations communities to help their eligible members meet basic needs, such as food, clothing and shelter.
• Ontario Disability Support Program helps people with disabilities who are in financial need pay for living expenses, like food and housing.

Local financial institutions

Some credit unions and local banks offer less expensive small loans with longer repayment terms.

Credit counselling

If you’re struggling with your personal finances, you might want to consider enrolling in a credit counselling program. These programs can help you make a budget and manage your debts for the long term.

Bottom line

If you’re looking for a quick and easy solution to deal with a short-term financial problem, a payday loan might be just what you need. But payday loans are very expensive to repay, so consider all your options before deciding whether to apply.

Frequently asked questions

• Who can I contact if I have a complaint about a payday lender in Ontario?

  You can file a complaint with Consumer Protection Ontario, who will act on your behalf if the company fails to respond to a preliminary letter of complaint. You can make a complaint by filling out an online form, emailing consumer@ontario.ca or sending your complaint by mail. Visit this page on the Consumer Protection Ontario website to learn more.

• Can you get payday loans in Ontario with no credit check?

  Yes. Some payday lenders in Ontario don't do credit checks. Examples include Speedy Cash, PAY2DAY and Credit Club.

• Where can I get bad credit payday loans in Ontario?

  You can get bad credit payday loans from most payday lenders. Payday lenders in general have lenient eligibility requirements, and many are open to low credit scores.