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Payday loans in Ontario

Compare online payday loans in Ontario and find a legit lender.

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  • Direct deposit of funds
  • Legitimate lender
  • APR & loan term vary by province
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⚠️ 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.
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

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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Payday loans may be expensive but can help cover unexpected short-term expenses in between paycheques when you’re in a financial pinch. Here’s where you can get payday loans in Ontario, how much you can borrow, fees you can expect to pay and how to tell the difference between legitimate payday lenders and scammers.

Consumers need to tread carefully with payday loans. While they’re a quick-fix solution, payday loans come with notoriously steep interest rates and short repayment terms to the tune of up to 62 days at most. Make sure you have the budget and a concrete plan to pay off this loan before you decide to take on this debt.

Quick facts about payday loans in Ontario

  • Maximum loan amount: $1,500
  • Loan term: Up to 62 days
  • Maximum borrowing fee: $15 for every $100 borrowed

How much do payday loans in Ontario cost?

Payday lenders in Ontario are allowed to charge up to $15 for every $100 borrowed, which is one of the lowest payday loan rates in Canada. 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.

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

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 borrowedCost of loanTotal repayment amount7 day loan APR14 day loan APR30 day loan APR
$100$15$115782.14%391.07%182.50%
$200$30$230782.14%391.07%182.50%
$300$45$345782.14%391.07%182.50%
$400$60$460782.14%391.07%182.50%
$500$75$575782.14%391.07%182.50%
$1,500$225$1,725782.14%391.07%182.50%

Other forms of financing can be much cheaper than a payday loan. 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
$1,200$180$24.59
$1,500$225$30.74

Are payday loans in Ontario regulated?

Yes. It is legal to get a payday loan in Ontario, however the federal Consumer Financial Protection Action Plan contains regulations that prevent lenders from taking advantage of borrowers. Additionally, 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 (2018). Regulations include:

  • You can’t be charged more than $15 in fees for every $100 borrowed.
  • A lender can charge additional fees if you don’t pay your loan by the due date.
  • A maximum interest rate of 2.5% per month (without compounding) on the outstanding principal of a loan in default.
  • A maximum fee of $25 for bounced cheques or pre-authorized debits (to be charged once only).
  • You can’t borrow more than 50% of your net income.
  • The maximum loan term is 62 days.
  • You can’t get a new payday loan with a lender until you pay off your first one.
  • Lenders cannot ask you to sign a form that transfers your wages directly to them.
  • Roll-over loans are not allowed. This means you can’t roll over what you owe into a second payday loan.
  • Should you change your mind and want to cancel your payday loan, you have two days to do so without facing a penalty. You also don’t have to provide a reason for cancelling.
  • Lenders must offer you an extended payment plan if you take out three loans within a 63-day period.
  • Lenders cannot offer or sell you any products or services in connection with the payday loan.

How do I apply for a payday loan?

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

  • Be at least 18 years old
  • Have an income
  • Give proof of address (e.g., lenders can ask to see a utility bill)
  • Have an active chequing account

You’ll also need to have some basic information on hand to complete your application successfully:

  • Personal details, such as your name, date of birth, Social Insurance Number (SIN) and a valid form of ID
  • Contact details, such as your residential address, email address and phone number
  • Details about your employment and income

Are there instant payday loans in Ontario?

If you need cash urgently, there are instant payday loans in Ontario, but you still need to go though an approval process. With instant payday loans, lenders simply expedite the process, providing rapid approval and processing so you can access your payday loan funding in as little as minutes after you get the green light with a loan approval. You can get an instant payday loan online or at a physical location.

For a seamless process, make sure you’re eligible for the loan you’ve set your sights on and provide all of the documentation required. If you don’t, your lender may ask you for supplemental information, which can stall the process and delay funding. You want to set your application up for success on the first go so your lender can quickly assess your loan request and make a final decision.

Lenders that provide instant payday loans in Ontario include the following:

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. 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 a lender to determine whether you can manage your loan repayments.

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.
  • 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.

Lenders that provide Interac e-Transfer payday loans in Ontario

LenderTurnaround time
Cash MoneyIn as little as 15 minutes with Interac e-Transfer if approved.
iCASHIn as little as 2 minutes with Interac e-Transfer if approved.
GoDayIn as little as 2 minutes with Interac e-Transfer if approved.
Money MartIn as little as 1 hour with Interac e-Transfer if approved.
MyCanadaPayday.comWithin hours via Interac e-Transfer if approved.

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

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 here.

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 avoid a payday loan scam

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.

Alternatives to payday loans in Ontario

If you’re not sure you want to take out a payday loan, you have other options. Here are some programs and lenders you might want to check out.

Ontario assistance programs

Ontario has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.

  • Ontario child benefit provides low-income families with financial assistance to cover expenses like medical bills, food, rent and utility bills.
  • Ontario Works can provide you with money and help you find a job during temporary financial difficulties.
  • Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
  • Income Assistance Program provides funding to First Nation communities to help their eligible members meet basic needs, such as food, clothing and shelter.
  • Ontario Disability Income Support helps people with disabilities who are in financial need pay for living expenses, like food and housing.

Local financial institutions

Some credit unions and local banks offer less expensive small-dollar financing amounts with longer repayment terms. You could also look into credit builder loans, which come in small amounts and can help you improve your credit score by reporting every on-time repayment you make to credit bureaus. You also typically have more time to pay it off.

Credit counselling

If you’re struggling with your personal finances, you might want to consider enrolling in a credit counselling program. These programs can help you make a budget and manage your debts for the long-term.

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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