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Payday loan reviews
What details should you be looking for when comparing payday loan reviews?
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.
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.
|Review||Turnaround time||Loan amount||Loan term||Read review|
Cash Money Payday Loan
|In as little as 15 minutes with INTERAC e-Transfer® if approved||$100 – $1,500||14-40 days (varies by province)||Read ReviewGo to site|
iCASH Payday Loan
|In as little as 2 minutes with INTERAC e-Transfer if approved.||$100 – $1,500||14 - 62 days (varies by province)||Read ReviewGo to site|
|GoDay Payday Loan||In as little as 2 minutes with INTERAC e-Transfer if approved.||$100 – $1,500||Up to 62 days||Read ReviewGo to site|
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.||$200 – $1,500||Term of loan will vary by product||Read 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.||$500 – $1,000||3 months||Read Review|
Captain Cash short term loans
|Receive funds in under 24 hours||$500 – $750||90 to 120 days||Read Review|
Money Mart Payday Loan
|Varies.||$120 – $1,500||1-62 days||Read Review|
Cash 4 You Payday Loan
|In 60 minutes with funds deposited via INTERAC e-Transfer.||$1,000 – $1,500||Up to 62 days||Read Review|
|MyCanadaPayday.com payday loans||Funds will be sent immediately via INTERAC e-Transfer.||Up to $1,500||Varies||Read Review|
|National Payday Loans||Within 30 minutes if your loan application is sent before 11:30am.||$250 – $1,500||Typically 90 – 180 days||Read Review|
|PAY2DAY loans||Once approved, your funds will be e-Transferred to you in a matter of minutes.||$300 – $1,500||Typically less than 2 weeks||Read Review|
|Creditmatik loans||Money is deposited in your account on the same day as your application is approved.||$500 – $1,500||Flexible||Read Review|
|Mr. Payday loans||Once approved, your cash will be deposited into your bank account within a couple of hours.||$100 – $1,500||By your next paycheque or within 31 days, whichever comes first||Read 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.
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 loansPayday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
- Local resources. Government agencies, nonprofits and local charities may offer free financial services and help with food, utilities and rent for those in need.
- Debt relief companies. These services can help you find a solution to reduce your debt payments and work toward becoming debt-free.
- Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
- Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.
Compare payday loan lenders
Maximum borrowing costsYou should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
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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