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Payday loans in Ontario

Compare online payday loans in Ontario and learn about the regulations in this province.

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Cash Money Payday Loan

Cash Money Payday Loan logo
  • e-Transfer in 15 minutes
  • Borrow from $100 - $1,500
  • APR varies by province
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Learn about where you can apply for payday loans in Ontario, provincial regulations to protect yourself as a borrower, and how to tell the difference between legitimate payday lenders and scammers.

⚠️ 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 211.ca. A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • 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.

Popular payday loans in Ontario

Payday lenderLoan detailsE-transfer detailsServiced provinces
Cash Money logo
  • Loan amount: $100 – $1,500
  • Loan term: 5 – 40 days
  • Interest rate: Varies by province

E-transfer in as little 15 minutes.BC, NL, NS, ON, SKGo to site
iCASH
  • Loan amount: $100 – $1,500
  • Loan term: 7 – 62 days
  • Interest rate: Varies by province

E-transfer 24/7 in as little as 2 minutes.AB, BC, MB, NB, NS, ON, PEIGo to site
GoDay
  • Loan amount: $100 – $1,500
  • Loan term: 1 – 62 days
  • Interest rate: Varies by province
E-transfer 24/7 in as little as 2 minutes.AB, BC, MB, NB, NS, ON, PEI, SK
Money Mart
  • Loan amount: $120 – $1,500
  • Loan term: 1 – 62 days
  • Interest rate: Varies by province

No credit check required.

E-transfer 24/7 in 2 hours.AB, BC, MB, NS, ON, SK
My Canada Payday
  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province

No credit check required.

E-transfer 24/7 in 15 minutes.AB, BC, MB, NS, ON, SK

Read review
Mr. Payday
  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province

No credit check required.

E-transfer in as little as 1 hour.AB, BC, ONRead review
Pay2Day
  • Loan amount: $300 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province

No credit check required.

E-transfer 24/7 in 1 to 2 hours.ON, BC, NSRead review

Am I eligible for payday loans in Ontario?

You’ll need to meet the following eligibility criteria to apply for a payday loan in Ontario:

  • Be at least 18 years old
  • Have a recurring income
  • Have an active chequing account

Are payday loans in Ontario regulated?

Yes. It is legal to get payday loans in Ontario, but the federal Consumer Financial Protection Action Plan contains regulations that prevent lenders from taking advantage of borrowers. Also, every province has its own rules on how much you can borrow with a payday loan and the maximum fees that lenders can charge. In Ontario, these rules are outlined in the Payday Loans Act.

Payday loan regulations in Ontario

Before taking out a payday loan in Ontario, protect yourself as a borrower by knowing the regulations. Below is a summary, but be sure to visit the Ontario government website for more details.

Borrowing fee

You can’t be charged more than $15 for every $100 borrowed for a payday loan in Ontario.

Loan amount

An Ontario lender can’t lend more than 50% of your net income, up to $1,500.

Loan term

The maximum payday loan term in Ontario is 62 days.

Cancellation period

Should you change your mind and want to cancel your payday loan, you have 2 business days to do so without facing a penalty. You also don’t have to provide a reason for cancelling.

Repayment

  • You can pay the full balance any time without penalty.
  • If you take out 3 loans within a 63-day period, lenders must offer you an extended payment plan. You have the option of paying the loan back in installments.

Loan in default

  • A maximum interest rate of 2.5% per month (without compounding) on the outstanding principal of a payday loan in default.
  • A maximum fee of $25 for bounced cheques or pre-authorized debits (to be charged once only).
  • The lender can’t contact you more than 3 times a week.
  • The lender can’t contact your family, friends, neighbours, relatives or acquaintances at any time.
  • The lender can’t process a post-dated cheque or pre-authorized debit more than once if it will result in your bank charging you fees.
  • The lender can’t use threatening or intimidating language.
  • The lender can’t use excessive or unreasonable pressure.

Rollover loans

  • Roll-over loans are not allowed. This means you can’t roll over what you owe into a second payday loan, but instead have to fully repay your payday loan in Ontario before taking out another loan with the same lender.

Other regulations

  • A lender can’t provide you a second payday loan until after you pay off the first one.
  • Ontario lenders cannot ask you to sign a form that transfers your wages directly to them.
  • Lenders cannot offer or sell you any products or services in connection with the payday loan.

Compare payday loans in Ontario

How much do payday loans in Ontario cost?

Payday lenders in Ontario are allowed to charge up to $15 for every $100 borrowed. If you take out a 14-day payday loan, the chart below shows you the maximum you can be charged and the annual percentage rate (APR). The APR represents the interest rate for a whole year rather than just a fee. Knowing the APR is helpful because it shows you just how expensive payday loans are compared to other loans.

Here’s an example of how much a payday loan in Ontario can cost if your next paycheque was $1,000 and you wanted the maximum loan you could get.

PaychequeMax loanMax chargeCost of interestRepayment AmountAPR (%)
$1,000$500$15 per $100$75$575391.07%

How the APR of payday loans in Ontario changes over time

Since many providers require that you borrow a payday loan for at least 7 days, the maximum APR you’ll face (with a 7-day payday loan) is 782.14% – no matter the amount you borrow (up to the maximum of $1,500 of course). Let’s take a look at how the APR can change depending on how long you borrow a payday loan for.

Amount borrowedLoan feeTotal cost7-day loan APR14-day loan APR30-day loan APR
$100$15$115782.14%391.07%182.50%
$300$45$345782.14%391.07%182.50%
$500$75$575782.14%391.07%182.50%
$1,500$225$1,725782.14%391.07%182.50%

What are alternatives to getting a payday loan in Ontario?

Other forms of financing can be much cheaper than a payday loan. If you’re in need of cash quickly, consider these alternative financing options like installment loans, assistance programs, a credit card cash advance, a personal loan or borrowing money from family or friends.

The table below shows the fees you will pay for a payday loan versus a credit card.

Loan amount (over 2 weeks)Payday loan feeCredit card fee (23%)
$300$45$6.15
$600$90$12.29
$900$135$18.44
$1,500$225$30.74

    Are there instant payday loans in Ontario?

    With instant payday loans in Ontario, lenders simply expedite the process. After you apply, you get a decision within a few minutes, and once you submit your contract, you also get your funding with a few minutes via Interac e-Transfer.

    Below is a sample of lenders that provide instant decision and funding.

    For a seamless process, make sure you’re eligible for the loan first and submit all required documents. If your lender has to contact you about missing information, the process could get delayed.

    Online payday loans in Ontario

    If you prefer to apply from the comfort of your home, online payday loans are an option. Online payday loans in Ontario have simple application forms and can be just as quick as heading over to a physical location. They are also subject to the same provincial regulations.

    Simply check on the lender of your choice’s website and navigate to the application page. Most lenders set up quick, easy-to-follow applications that can be completed within 5 minutes. Once you’ve submitted your application and provided your contact details, you should receive a decision within minutes. You can receive your funds via e-transfer or direct deposit. Compare online payday loans in Ontario.

    Do online payday loans in Ontario require a credit check?

    It depends on the lender. Some online payday lenders run a credit check, while others don’t. A credit check is a key step for lenders to determine whether you can manage your loan repayments, which is why most payday loan lenders in Ontario perform one before approving your application.

    How do I get my payday loan?

    You can receive the funds different ways, depending on your individual preferences. Payday lenders can provide these options:

    • Interac e-Transfer. Across the board, e-transfer payday loans in Ontario are the most popular. In this case, once your lender approves your payday loan, it will issue your funds via an INTERAC e-Transfer so you can deposit the cash directly into your bank account of choice. This is a fast way to get funds online because you can send and receive funds via e-transfer outside of a bank’s business hours.
    • Direct deposit. With direct deposit, you provide the payday lender with your banking information, and they will deposit your funds directly into your account. This can take longer than e-transfer because your bank will need to process it.
    • Cash. If your lender has a physical location, you can head over to a local branch and apply for and receive your payday loan funding in cold hard cash. This is another way to access payday loan funding immediately upon approval.
    • Loaded onto a prepaid card. A few payday lenders transfer funds directly onto a prepaid card tied to your payday loan account, handing the card to you in person or mailing it to your home so you can spend as needed. Read more about getting a payday loan on a prepaid card.

    How can I tell if a payday lender in Ontario is legitimate?

    The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection Ontario. Look for the following signs to make sure you’re working with a reputable business.

    • The lender displays an Ontario licence number. Always check that a lender is licensed; be aware that there are companies that pose online as payday loan lenders but are actually just collecting your personal information to sell to actual payday lenders.
    • It doesn’t allow roll-overs or multiple loans. Ontario law doesn’t allow payday lenders to give out multiple loans. You also cannot roll-over your loan, meaning you can’t add what you owe on one payday loan onto a second payday loan.
    • It provides contracts in the language you use to communicate with your lender. This means that if you and your lender communicate in English, your contract must be in English. If you communicate in Spanish, your contract must be in Spanish.
    • It follows fee regulations. Stay away from lenders who charge more than $15 in fees per $100 borrowed.

    How do I make sure that my lender is licensed?

    You can check if your lender is licensed by searching its business name in this registry. You should also be aware that there are several unlicensed payday lenders operating scams online. They collect your personal information to sell to real payday lenders, who then reach out to contact you. This can subject you to unwanted cold calling and put you at risk of identity theft.

    → Find out more about payday loan scams and how to protect yourself.

    How to spot a payday loan scam

    Borrowing online can be a lot more convenient than visiting a payday lender in person. But it also comes with a higher chance of borrowing from an unlicensed lender. Consumer Protection Ontario warns borrowers against the following risks of borrowing from an unlicensed lender:

    • Illegally high interest rates or fees. If you aren’t borrowing from a lender that’s working legally, there’s a chance you’ll end up paying more than Ontario allows lenders to charge you.
    • Identity theft. Unlicensed lenders sometimes sell personal financial information to third parties, which could potentially lead to identity theft or a hacked bank account.
    • Funds taken from your bank account without your permission. Some unlicensed lenders illegally withdraw money from borrower’s bank accounts if they’re unable to make repayments.

    Unlicensed lenders can operate out of the province or even outside of Canada, making it difficult to be prosecuted by Ontario authorities. That’s why it’s so important to make sure your lender is licensed to operate in Ontario before you borrow.

    Check out sites like Trustpilot, the Better Business Bureau and Consumer Protection Ontario to read customer reviews and find out about complaints and legal actions (if any) against lenders you’re interest in.

    How to file a complaint against a lender

    If you want to file a complaint against a lender, you can send it a preliminary letter of complaint. If the lender fails to respond, you can contact Consumer Protection Ontario, who will act on your behalf to contact the lender.

    If Consumer Protection Ontario finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.

    There are 4 ways to file a complaint with Consumer Protection Ontario: Fill out an online form, email consumer@ontario.ca, fax 416-326-8665 or send your complaint by mail. Visit this page on the Consumer Protection Ontario website to learn more.

    Compare payday loans in Ontario

    1 - 2 of 2
    Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
    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).
    Instant decision and e-Transfer funding. Income of at least $1,000/month required.
    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.
    24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
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    Compare up to 4 providers

    Besides payday loans, where can I get financial help in Ontario?

    If you find you’re frequently running short on funds and need payday laons in Ontario, it’s worth looking into alternatives like social assistance programs, borrowing from credit unions or accessing credit counselling. Find out more about the services on offer in Ontario below.

    Alternatives to payday loans

    Bottom line

    If you’re looking for a quick and easy solution to deal with a short-term financial problem, then a payday loan might be just the ticket. If you don’t think that you can pay back your loan on time, look into other alternatives like borrowing through a line of credit from your local bank or taking out a cash advance from your credit card.

    Compare payday loans in Ontario

    Frequently asked questions

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