PAY2DAY Payday Loan review
- APR
- Varies by province
- Loan Amount
- $300 - $1,500
- Loan Term
- Up to 62 days
- Turnaround Time
- Within 1-2 hours via e-Transfer once approved
- Serviced Provinces
- ON, BC, NS
Our verdict
Apply online for up to $1,500 and get funds into your bank account within 1 to 2 hours.
Just keep in mind that a payday loan will typically cost much more than a traditional loan. These loans come with very high fees, and you should only take one out if you know that you can pay it back on time. Consider looking at other debt solutions to deal with long-term financial issues before you go this route.
Pros
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24/7 approvals
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24/7 customer support
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24/7 funding
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No credit check
Cons
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Extremely expensive
What types of loans does PAY2DAY provide?
PAY2DAY offers payday loans up to $1,500, depending on how much income you earn. By law, you can only borrow up to 50% of your net monthly income. The fee is $15 for every $100 borrowed for both Ontario and BC. These loans typically need to be repaid by your next paycheque, which is usually within 1 to 4 weeks.
Make sure that you have enough money coming in to repay your loan so that you don’t get sucked into an unmanageable cycle of debt.
What are the benefits of PAY2DAY Payday Loan?
You can take advantage of a number of perks when you take out a payday loan with PAY2DAY.
- Easy application. You can apply for a loan with PAY2DAY in a matter of minutes.
- Fast approval. You’ll get approved for your loan and have your money deposited on the same day as your application.
- Mobile app. You’ll be able to apply for financing through PAY2DAY‘s easy-to-use mobile app (which can be downloaded from Google Play or the Apple Store).
- No collateral required. You won’t have to worry about losing any of your assets if you can’t pay your loan back on time.
- Bad credit doesn’t matter. You can still apply with bad credit because your credit score won’t factor into your loan decision.
- First-time discounts. You’ll be able to borrow your first $300 with no fees if you apply for your first payday loan in-person at a store location.
- Some types of non-employment income are accepted. PAY2DAY accepts EI, CPP and OAS. It does not accept social assistance or disability income.
- Cooling period. By law, if you change your mind about your payday loan, you have 2 days to cancel it without penalty.
What should I watch out for?
PAY2DAY Payday Loan come with a number of disadvantages that you should think about carefully before you take one out:
- Very high fees. You’ll pay $15 for every $100 you borrow with this type of loan, which is an exorbitant fee compared to other forms of credit (such as personal loans and credit cards).
- Short terms. You’ll typically only have until your next payday to pay this type of loan off. Short repayment terms do not give your finances much time to recover.
- Only available in certain provinces. You’ll only be able to use PAY2DAY Payday Loan if you live in Ontario or British Columbia.
- Banking, identity and phone verification. You’ll need to undergo online banking verification, provide government-issued photo ID, upload a photo of yourself and verify your phone number.
⚠️ 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. View payday costs and regulations by province here. 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.Compare other payday loans
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.| Province | Max. cost of borrowing a $100 payday loan | Cooling off period to cancel loan | Max. penalty for returned cheque or pre-authorized debit |
|---|---|---|---|
| Alberta | $15 | 2 business days | $25 |
| British Columbia | $15 | 2 business days | $20 |
| Manitoba | $17 | 48 hours excluding Sundays and holidays | $20 |
| New Brunswick | $15 | 48 hours excluding Sundays and holidays | $20 |
| Newfoundland and Labrador | $14 | 2 business days | $20 |
| Nova Scotia | $15 | Next business day (2 days for online loans) | $40 (default penalty) |
| Ontario | $15 | 2 business days | $25 |
| Prince Edward Island | $15 | 2 business days | N/A |
| Quebec | Limit of 35% AIR | N/A | N/A |
| Saskatchewan | $17 | Next business day | $25 |
Is PAY2DAY legitimate?
Yes. PAY2DAY loans are available at over 30 store locations in Ontario and BC, and you can give the lender a call 24/7.
PAY2DAY is a provincially licensed lender.How much will I have to pay for a PAY2DAY payday loan?
You’ll pay $15 for every $100 you borrow with this type of loan. The fees you’ll pay for your specific loan will be outlined in your loan contract. You can see some examples of how much you’ll have to pay in fees based on your loan amount in the table below.
Loan amount | Fees |
|---|---|
$300 | $45 |
$600 | $90 |
$900 | $135 |
$1,200 | $180 |
$1,500 | $225 |