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Payday loans for low income

Apply online and get approved for a payday loan with a low income.

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Cash Money Payday Loan

Cash Money Payday Loan logo
  • Borrow from $100-$1,500
  • Approval decision in minutes
  • APR & loan term vary by province
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Payday loans are one of the most expensive ways to borrow money, but can help you if you’re facing a financial emergency. There are payday loans for low income, but the amount you’ll get approved for will depend on how much income you have. Here’s where you can apply and how they work.

⚠️ 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 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 payday loans for low income

1 - 4 of 4
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer
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, ON, SK
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.
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NL, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Have your banking details ready to get a loan in 2 hours. You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a 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
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
AB, BC, MB, NB, NS, ON, PEI, SK
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.
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Maximum borrowing costs 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 $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

What are the features of payday loans for low income?

Payday loans are fast and convenient, yet they come with some notoriety as one of the most expensive ways to borrow money. Overall, they come with these key features:

Loan amounts that cap out at $1,500

How much you can borrow may depend on the province or territory you’re in, but you can usually borrow $100 up to a maximum of $1,500. Some provinces also insist that you can only borrow up to 50% of your income, while some lenders have a limit on how much first-time borrowers can qualify for too.

Short repayment terms

Payday loans get their name because you’re typically required to pay back your loan by your next payday. In Ontario, for example, you can expect to repay your loan within 2 weeks to a maximum of 62 days.

Incredibly expensive

Payday loans are some of the most expensive ways to borrow money, with annual percentage rates (APRs) that are as high as 400% or more. Payday loans are regulated by each province, and range from $15 to $25 for every $100 borrowed. Don’t forget about the extra fees you may be dinged with for late payments, bounced cheques and other charges. They’ll drive up the true cost of your loan.

Quick access to cash

Compared to other types of credit, payday loans are one of the fastest ways to access cash. Online applications can be completed within minutes, and once you clear identity and income verification, you can receive your funds within minutes via Interac e-Transfer or in cold-hard cash if you’re applying in person.

Bad credit doesn’t matter

Payday lenders shift the emphasis from your credit score to your ability to repay your loan. As long as you can prove you have a stable income to repay your loan, you should be in the clear.

Regulated by each province

In Canada, payday loans are regulated under individual laws and restrictions in each province – but not all provinces have the same legislation. The territories are regulated at the federal level. Each jurisdiction carves out its own rules on features like how much consumers can borrow, how much lenders can charge, how short or lengthy repayment terms can be, and whether borrowers can take out more than 1 payday loan at a time. Learn more about payday loan regulations.

Can you get e-Transfer payday loans 24/7 with a low income in Canada?

Yes, you can. If you have a low income, payday loans are still fair game. Here’s why:

  • Payday loans have lenient eligibility criteria. Payday loans are far easier to qualify for compared to other types of credit. Some payday lenders don’t even have a minimum income requirement, and will accept various types of income, including pension, Employment Insurance (EI) and other types of government benefits.
  • Payday lenders operate 24/7. Some lenders, such as Speedy Cash, Money Mart, Cash Money and iCASH, either have storefronts or online automated loan applications that operate 24/7. This means you can apply, get approved and receive your funding at all hours of the day.
  • E-Transfer is the most common funding option. Because of its speed compared to direct deposit, e-Transfer is the most popular route borrowers choose to receive their funds. Once you’re approved, payday lenders can send your funds within minutes.

E-Transfer payday loans in Canada

Steps to get an e-Transfer payday loan 24/7 with a low income in Canada

The path to getting a payday loan for low income borrowers is nearly the same as applying with a regular income. Overall, the application process varies from lender to lender, but these are the typical steps you’ll encounter:

  • Are there payday loans for low income and bad credit?

    Yes, you can get a payday loan with bad credit and a low income, but it isn’t a sure bet. Payday loans are one of the easiest loans to get, but legitimate lenders must evaluate your financial situation before approving you. They’ll take stock of your income and credit score to ensure you have the funds to repay your loan.

    If you’re in a bad credit situation, steer clear of any lenders that are offering “guaranteed” payday loans. Guaranteed payday loans may sound like an easy way to borrow money, but there is no such thing as a guaranteed payday loan, and borrowers should proceed with caution with lenders that advertise these loan products.

    Are payday loans really that bad?

    They can be. Payday loans can trigger a cycle of debt and are not suitable for long-term use.

    High APRs

    For starters, with APRs that are at 400% or more, payday loans are incredibly expensive. Borrowers must repay these loans – with their steep interest and fees – by their next payday without incurring more debt to stay afloat. There isn’t much wiggle room to save up the cash to repay your loan. Essentially, your next paycheque must be dedicated to repaying your loan and you’ll have less income for your other debts and living expenses. You may even resort to taking out another payday loan to make ends meet.

    Late fees

    If you’re late or miss your payment, expect even more charges and penalties, further driving up the cost of your loan. Unless you have a clear cut plan to pay off this loan by your next payday without worsening your financial situation, payday loans can be a catalyst for a snowball of debt. This could have a negative effect on your credit rating too.

    Bottom line

    Payday loans for low income are readily available, and you can get the funds you need within minutes after approval via e-Transfer. But on the whole, they should be used as a last resort option when you’re dealing with a financial emergency. Keep in mind, low income borrowers can also apply for bad credit loans, personal loans, lines of credit and other lending options. If you’ve weighed the alternatives and believe a payday loan is right for you, you can compare payday loans to find the best option available to you.

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