Payday loans for students

Payday loans for college and university students are designed to provide extra cash to help you temporarily cover your urgent financial commitments. However, they’re extremely expensive and are only suitable as a last resort.

Read this guide to learn more about student payday loans and alternatives.

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Name	Product	Loan Amount	Loan Term	APR	Turnaround Time	Serviced Provinces	Offer	Table description
iCash Payday Loan iCash Payday Loan		$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with INTERAC e-Transfer®	AB, BC, MB, NB, NS, ON, PEI	24/7 instant approval and e-Transfer funding.	Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.	Go to site More Info	Compare	loading Fetching your data...
Money Mart Payday Loan Money Mart Payday Loan		$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.	More Info	Compare	loading Fetching your data...
Cash Money Payday Loan Cash Money Payday Loan		$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer®	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info	Compare	loading Fetching your data...

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How much is a payday loan for students?

The table below shows the fees and APRs for a student payday loan in Ontario versus a credit card cash advance. As you can see, a credit card cash advance is the cheaper option.

Are you eligible for payday loans as a student?

You are eligible for a student payday loan as long as you meet the following requirements:

• You’re at least 18 or 19, depending on your province.
• You’re a Canadian citizen or permanent resident.
• You have a steady source of income (even if it’s part time).
• You have an active bank account.

Benefits of student payday loans

• Fast. Get your money in one hour or less via e-transfer payday loans.
• Easy to qualify. Payday loans are easier to get approved for compared to many other types of loans.

Risks of getting a payday loan as a student

• Cycle of debt. Payday loans have excruciatingly high fees ($14 to $17 for every $100 borrowed) and short repayment terms. Before getting a payday loan, make sure you’ll have enough money to repay the loan by your next payday, and you’ll have enough money left in your bank account to pay for other debts and expenses. Otherwise, you might find yourself needing another payday loan.
• Negative impact on your credit score. If you don’t make your repayments on time, a lender may report you to the credit bureau, which means your credit score will take a negative hit. Not all lenders will report you for late payments; this is at the discretion of the lender.
• Disreputable lenders. Only apply to legitimate payday lender that is licensed and follows the payday loan regulations of your province.

What are some alternatives to payday loans for students?

If you’re strapped for cash, consider these payday loan alternatives first, as payday loans should be an absolute last resort:

• Student aid. Reach out to your school’s financial aid office to ask about student loans or aid that you could apply for.
• Financial assistance from non-profits. Non-profits near you might have grants available for people in need of emergency funding. Visit 211.ca to get connected to the right support.
• Friends or family. It can be an uncomfortable conversation, but consider turning to your loved ones for help. Give them a detailed plan of how exactly you will repay them.
• Credit counselling. If you’re struggling with debts, non-profits can give you free or low-cost advice on how to tackle them.
• Student credit card. If you haven’t gotten one yet, a student credit card has much lower interest rates than payday loans.
• Negotiate with your creditors. For example, you can ask your landlord whether you can make a partial payment for the next month.
• Credit card cash advance. This is an expensive option, but it’s cheaper than getting a payday loan. With a credit card cash advance, you withdraw cash from an ATM using your credit card. Interest accrues the moment you withdraw, and it’s around 23% + a fee.
• Installment loan. Installment loans are high-interest loans, but they have the benefit of breaking up your payments over several months. This gives you some breathing room in your monthly budget. Learn about the best installment loans.

How to get a payday loan as a student

If you believe a payday loan is right for you, follow these steps:

1. Fill out an application. You’ll need to provide your name, address, employment, banking and housing information. Some payday lenders also require one or two references, such as friends, family or your employer.
2. Get a decision. Find out within minutes whether you’re approved.
3. Review your contract. Review the repayment schedule, loan amount and overall borrowing cost.
4. Get funded. You’ll get your money via e-transfer or direct deposit.

Bottom line

While you may be able to qualify for a payday loan as a student, it’s important to realize that payday loans are a very expensive way to borrow. Make sure you can afford repayments, and consider other less expensive options like first talking with your school’s financial aid department or getting a credit cash advance.

Frequently asked questions about student payday loans

• How much can I borrow with a payday loan as a student?

  You can borrow up to $1,500, but it depends on your income.

• Are there any instant loans for students?

  Payday loans are an instant loan option for students – albeit, a very expensive option. Most online payday loan providers offer online applications, instant approval decisions and e-transfers directly to your bank account. The entire process can often be completed in only a few minutes.

• What information is required to complete my application?

  You'll typically need to provide proof of employment and/or your income, proof of a valid government issued ID and your personal details. You will usually have to provide your banking details as well. Some lenders may require additional information, so check on their website to see what information you will need to gather.

• When will my loan be available?

  This varies depending on the lender. Some lenders offer same-day loans and can deposit the loan amount into your bank account usually within an hour provided you meet certain requirements. Other lenders have the money deposited into your bank account within 1 business day. Applying in person at a store usually means you can walk out with cash in hand.