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Payday loan reviews

What details should you be looking for when comparing payday loan reviews?

Browsing lenders to find the right payday loan for you – one that isn’t given by a predatory lender – can be tiresome when all you want to do is get a quick fix for a financial emergency. That’s where payday loan reviews come in. Compare lenders based on your needs and find a reputable business to help you during a crisis.

Why should I read a payday loan review?

A good review covers the benefits and drawbacks of the lender without too much bias. If the review is too positive or negative, watch out. It could be someone paid to leave a good review or someone with bad budgeting skills leaving a bad one. The more moderate a review is, the more trustworthy it is.

There are several payday lenders across the country. Many are trustworthy and follow provincial laws and regulations. Canadian provinces are known for their strict consumer protection laws that don’t allow predatory behaviour by payday loan lenders. By reading reviews, you give yourself the chance to learn about a company before applying, saving yourself time and, potentially, money.

If you think there might be a chance the lending company you’re looking at is a scam, check with your local consumer protection agency. Many provinces require a license to operate a payday loan business. If they’re legitimate, they’ll have one.

More ways you can tell if a loan is legit or not

See info and links to our payday loan reviews

Below is a table summarizing some of the key points of legit Canadian payday loan lenders. You can click the “Read review” button to get more details and see our full payday loan review.

ReviewTurnaround timeLoan amountLoan termRead review

Cash Money Payday Loan

As little as 15 minutes with INTERAC e-Transfer®$100 – $1,5005 - 40 daysRead Review

iCASH Payday Loan

As little as 2 minutes with INTERAC e-Transfer®$100 – $1,5007 - 62 daysRead Review

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GoDay Payday LoanAs little as 2 minutes with INTERAC e-Transfer®$100 – $1,500Up to 62 daysRead Review

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Speedy Cash Payday Loan

Your online application will be assessed almost immediately and funds will be transferred into your bank account as soon as the following business day.$250 – $1,500Up to 62 daysRead Review

Your application will typically be reviewed in a matter of minutes and funds will usually be directly deposited in your bank account within 24 hours.$300 – $1,7503 - 12 monthsRead Review

Captain Cash Short Term Loans

Receive funds in under 24 hours$500 – $75090 to 120 daysRead Review

Money Mart Payday Loan

As little as 1 hour after getting approved$120 – $1,5001 - 62 daysRead Review

Cash 4 You Payday Loan

In 60 minutes with funds deposited via INTERAC e-Transfer.$120 – $1,500Up to 62 daysRead Review

My Canada Payday Payday LoanFunds will be sent in as little as 15 minutes via Interac e-TransferUp to $1,500VariesRead Review

National Payday LoansWithin 30 minutes if your loan application is sent before 11:30am.$250 – $1,500Typically 90 – 180 daysRead Review

PAY2DAY payday loanOnce approved, your funds will be e-Transferred to you in a matter of minutes.$300 – $1,500Typically less than 2 weeksRead Review

Creditmatik LoansMoney is deposited in your account on the same day as your application is approved.$500 – $1,500FlexibleRead Review

Mr. Payday LoanOnce approved, your cash will be deposited into your bank account within a couple of hours.$100 – $1,500By your next paycheque or within 31 days, whichever comes firstRead Review

What can I find out from a payday loan review?

A good payday loan review gives you all the information you need to make an informed decision and should cover these aspects:

  • Interest rate and APR. While you have to pay interest on a payday loan, the APR represents the true cost. It includes the interest as well as all associated fees. The amount varies considerably from one lender to the next.
  • Fees. Payday loan reviews should give you a clear indication of all the fees and charges you could end up paying over the course of your loan, including financing fees, ongoing fees and fees you might have to pay if you miss a payment.
  • Access to funds. Some lenders only operate online, meaning you’ll have to provide a bank account so the lender can deposit the money directly. If you want to pick up your money in cash or as a prepaid debit card, you’ll need to find reviews of lenders who have storefronts.
  • Repayment options. There are a number of ways you can repay a loan, but some lenders don’t allow all of them. Read reviews to find out what the company you’re looking at prefers. Keep in mind that some lenders also charge a fee for early payment.
  • Application process. A good review should tell you how simple or complicated the application process is and how long it might take to complete.
  • About the lender. Reading a payday lender’s review should give you some idea about the company’s history and the other products the lender offers.

A–Z listing of payday and installment loan reviews

How can I use payday loan reviews to find the loan?

Going through payday loan reviews or consumer reports can help you narrow down your choices. Pay attention to these factors:

  • Eligibility criteria. If you don’t meet the required eligibility criteria, there’s no point in applying, and doing so might damage your credit rating. Checking the eligibility criteria ahead of time minimizes the chance of a rejected application.
  • Loan amount. Find out the minimum and maximum amount a lender is willing to give to be sure you can get the exact financing you need. Some lenders set high minimum amounts so you have to borrow hundreds of dollars to be considered.
  • Repayment method. Most lenders allow payments via direct debits from your bank account, but this can be bad if you don’t have the money in your account to repay. If you wish to repay the loan using cash or cheque, you have more limited options since you’ll have to go to a storefront location.
  • Additional features. Does the lender offer any additional features that might be of use to you? For example, some lenders offer higher loan amounts and better interest rates to repeat borrowers.
  • Money processing. If you need money soon, you’ll want to read reviews about lenders with storefronts. Online lenders can approve you quickly, but it will usually take one or two business days for the funds to reach your account.
⚠️ 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 payday loan alternatives:
  • Visit A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • Debt relief providers. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.

Compare payday loan lenders

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
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.
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.
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)

Bottom line

Understanding what makes a good review for a payday loan lender can help you sift through the information out there and choose a lender that’s right for you. Make sure you understand the payday loan regulations in your province along with the rates, terms, and eligibility criteria for each lender before making your decision.

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