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.
| Payday lender | Loan details | E-transfer details | Serviced provinces | |
|---|---|---|---|---|
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| E-transfer in as little 15 minutes. | BC, MB, NL, NS, ON, SK | |
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| E-transfer 24/7 in as little as 2 minutes. | AB, BC, MB, NB, NS, ON, PEI | Go to site |
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| E-transfer 24/7 in as little as 2 minutes. | AB, BC, MB, NB, NS, ON, PEI, SK | |
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No credit check required. | E-transfer 24/7 in 2 hours. | AB, BC, MB, NS, NT, ON, SK, YT | |
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No credit check required. | E-transfer 24/7 in 15 minutes. | AB, BC, MB, NS, ON, SK | Read review |
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No credit check required. | E-transfer in as little as 1 hour. | AB, BC, ON | Read review |
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No credit check required. | E-transfer 24/7 in 1 to 2 hours. | ON, BC, NS | Read review |
| Province | Maximum allowable cost of borrowing |
| Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island | $15 per $100 borrowed |
| Manitoba, Saskatchewan & Nova Scotia | $17 per $100 borrowed |
| Newfoundland and Labrador | $14 per $100 borrowed |
| Quebec | Limit of 35% annual interest rate (AIR) |
You’ll need to meet the following eligibility criteria to apply for a payday loan in Ontario:
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.
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.
You can’t be charged more than $15 for every $100 borrowed for a payday loan in Ontario.
An Ontario lender can’t lend more than 50% of your net income, up to $1,500.
The maximum payday loan term in Ontario is 62 days.
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.
Compare payday loans in Ontario
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.
| Paycheque | Max loan | Max charge | Cost of interest | Repayment Amount | APR (%) |
|---|---|---|---|---|---|
| $1,000 | $500 | $15 per $100 | $75 | $575 | 391.07% |
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 borrowed | Loan fee | Total cost | 7-day loan APR | 14-day loan APR | 30-day loan APR |
|---|---|---|---|---|---|
| $100 | $15 | $115 | 782.14% | 391.07% | 182.50% |
| $300 | $45 | $345 | 782.14% | 391.07% | 182.50% |
| $500 | $75 | $575 | 782.14% | 391.07% | 182.50% |
| $1,500 | $225 | $1,725 | 782.14% | 391.07% | 182.50% |
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 fee | Credit card fee (23%) |
|---|---|---|
| $300 | $45 | $6.15 |
| $600 | $90 | $12.29 |
| $900 | $135 | $18.44 |
| $1,500 | $225 | $30.74 |
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.
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.
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.
You can receive the funds different ways, depending on your individual preferences. Payday lenders can provide these options:
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.
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.
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:
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.
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.
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.
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.
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