PAY2DAY loans review
Apply online for up to $1,500 and get funds into your bank account within 1 to 3 hours.
If you apply in-store, you can qualify for your first $300 loan with no fees.
$300 - $1,500
If you need funds in between paycheques, you might want to consider taking out a payday loan with PAY2DAY. You can apply in-store, or you can apply online and get an e-Transfer to your bank account within 1 to 3 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.
- Think of a PAY2DAY loan if you need funds as soon as possible. PAY2DAY says it can give online approvals and funding 24/7.
- Pick something else if you do not live in Ontario or BC. PAY2DAY currently operates in these 2 provinces only, but they will soon be operating in Nova Scotia as well.
- Keep in mind that PAY2DAY does not do credit checks, but you will need to agree to an online banking verification process.
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 loans?
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 loans 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 loans 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 loansPayday 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.
Compare other payday loans
Maximum borrowing costs per provinceAlways 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)|
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:
- BC: Licence number 77089*
- Ontario: Licence number 4740787*
*As of August 2021
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.
What do I need to apply for a PAY2DAY loans loan?
To apply for a loan from PAY2DAY, you need to meet the following criteria:
- Be at least 18 years old (or 19 in BC)
- Live in BC or Ontario
- Have a Canadian bank account
- Have access to online banking
- Have a steady form of income
Required documents and information
- Proof of ID. You’ll have to show a government-issued piece of ID like your driver’s licence or passport to prove your identity.
- Proof of address. You may be required to submit a utility or cell phone bill to prove that you live at a stable address in Canada.
- Void cheque. You’ll likely have to supply a void cheque or direct deposit form to facilitate withdrawals from your account.
- Income verification. You will be required to agree to online banking verification.
PAY2DAY is a well-reviewed payday loan provider that operates in BC and Ontario. You can borrow up to $1,500 at a time depending on your income. Be sure to consider the fees on the amount you borrow before you sign onto your loan. If you think you might have trouble paying back the loan, consider other forms of financing.