8 best payday loans in Toronto

Payday loans in Toronto offer fast and convenient access to emergency cash, but they’re expensive and difficult to repay. If you need a payday loan, compare some of the best Toronto payday loans below, learn how to find a legitimate lender near you and find out how to apply.

We choose the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend, which are listed first on this page. Read our advertiser disclosure for more info.

• *How we selected the best payday loans in Toronto

  We’ve chosen the products on this page based on licensed lenders available through Finder and online in the Canadian payday loans marketplace. These loans are not representative of the entire market. When choosing the best payday loans in Toronto, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan will be the best choice for everyone, so compare your options before applying.

  Speed and availability

  Payday loans are the fastest type of consumer loan available in the Canadian marketplace, but among payday loan lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant approval and funding, while some have staff operating 24/7. We prioritized lenders that invest in speed and availability by putting these systems in place.

  Eligibility requirements

  Payday loans are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.

  Reputation and customer feedback

  The reputation of a payday loan matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores.

  Application process

  We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in-store).

  Customer support

  We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.

  Funding options

  We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers. Funding via direct deposit or prepaid debit cards were considered good perks.

Best payday loans in Toronto

1. iCash
2. GoDay
3. Cash Money
4. Money Mart
5. Cash 4 You
6. PAY2DAY
7. Credit Club Loans
8. USolve Financial

1. iCash

Go to site

$100 – $1,500
Loan amount

Varies by province
APR

7 - 62 days
Term

• Our Take
• Pros + Cons
• Details

With instant loan approvals available 24/7, online lender iCash is a convenient option if you're searching for payday loans in Toronto. Full Review

Why it's one of the best

• Get funded 24/7. iCash approves and funds loan applications at all times of day, so you can get money when you need it.
• Instant approvals. iCash offers fast approvals and you can get your loan amount in one hour or less.
• Bad credit is OK. There are no credit checks and a bad credit score won't stop you getting a loan.

• Wide range of income types accepted
• Apply online or via a mobile app
• Plenty of positive customer reviews

• Very high APR
• Short repayment term

Loan amount	$100 – $1,500
APR	Varies by province
Term	7 - 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

2. GoDay

Go to site

$100 – $1,500
Loan amount

Varies by province
APR

Up to 62 days
Term

• Our Take
• Pros + Cons
• Details

GoDay is an online payday lender that offers an easy application process and loans within minutes. GoDay is an online payday lender that offers an easy application process and loans within minutes. Full Review

Why it's one of the best

• Fast approvals. GoDay offers instant pre-approvals and the loan amount is sent out via e-Transfer within one hour of your loan being approved.
• Easy online application process. You can apply for a GoDay payday loan in just a few minutes.
• Wide range of incomes accepted. GoDay accepts CCB, disability tax credit, OAS, CPP and private pensions.

• Better Business Bureau accredited with A rating
• Established in 2012
• Lenient eligibility criteria

• High cost of borrowing
• Short repayment terms
• First-time customers limited to $500 loans

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

3. Cash Money

$100 – $1,500
Loan amount

Varies by province
APR

5 - 40 days
Term

• Our Take
• Pros + Cons
• Details

You can apply for a payday loan from Cash Money either online or in-person, with the lender having more than 20 locations across Toronto. Full Review

Why it's one of the best

• Instant decisions. Cash Money provides a fast decision on your loan application.
• e-Transfers available. You can get paid via e-Transfer if you need money fast, while direct deposit is also available.
• Flexible eligibility requirements. Bad credit is OK and you can qualify for a loan with non-employment income.

• Toronto-based lender
• Established in 1992
• A+ Better Business Bureau rating

• Steep interest rates
• Watch out for additional fees

Loan amount	$100 – $1,500
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

4. Money Mart

$120 – $1,500
Loan amount

Varies by province
APR

1 - 62 days
Term

• Our Take
• Pros + Cons
• Details

You can apply for a loan from long-established payday lender Money Mart either online, in-store or via a highly rated mobile app. Full Review

Why it's one of the best

• Fast approval and funding. You can get funded within 24 hours of being approved for a payday loan in Toronto.
• Multiple payout options. Get your loan amount in-person, via e-Transfer or by direct deposit.
• Bad credit is OK. You can still qualify for a loan if you have sufficient income to repay what you borrow.

• Founded in 1979
• Apply online or in-store
• Lots of positive customer reviews

• Expensive to repay
• Short repayment period
• Watch out for NSF and late fees

Loan amount	$120 – $1,500
APR	Varies by province
Term	1 - 62 days
Min. Turnaround time	As little as 1 hour after getting approved
How to apply	Online In Store
Credit Check	No

5. Cash 4 You

$120 – $1,500
Loan amount

Varies by Province
APR

Up to 62 days
Term

• Our Take
• Pros + Cons
• Details

You can apply for payday loans of up to $1,500 online with Cash 4 You, or apply in-store at one of several locations around Toronto. Full Review

Why it's one of the best

• Established lender. Cash 4 You has been providing payday loans to Canadians for more than 20 years.
• Fast approval and funding. You can typically get funded the same day via Interac e-Transfer.
• Easy application process. You can apply online or in-store in a matter of minutes.

• Established in 2001
• Over 100 store locations across Ontario
• Also offers installment loans

• High fees
• Short repayment period

Loan amount	$120 – $1,500
APR	Varies by Province
Term	Up to 62 days
Min. Turnaround time	In 60 minutes with funds deposited via INTERAC e-Transfer.
How to apply	Online
Credit Check	Yes

6. PAY2DAY

$300 – $1,500
Loan amount

Varies by province
APR

Up to 62 days
Term

• Our Take
• Pros + Cons
• Details

PAY2DAY offers fast payday loans online and through its store locations across Ontario and BC. Full Review

Why it's one of the best

• Fast access to funds. You can get approved for a payday loan in Toronto and get the money in your bank account in as little as one hour.
• Available 24/7. PAY2DAY offers online approvals and funding 24/7.
• Lenient eligibility criteria. Bad credit is OK and PAY2DAY also accepts some forms of non-employment income.

• Seven store locations in the Greater Toronto Area
• Mobile app also available
• Discounts for first-time borrowers

• High fees
• Short loan terms

Loan amount	$300 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	Within 1-2 hours via e-Transfer once approved
Credit Check	Yes

7. Credit Club Loans

$100 – $1,500
Loan amount

Varies by province
APR

Up to 62 days
Term

• Our Take
• Pros + Cons
• Details

Credit Club Loans is a licensed payday lender that lets you apply for a loan 24 hours a day, 7 days a week. Full Review

Why it's one of the best

• Fast funding. This lender funds loans in as little as 30 minutes via email money transfer.
• Get approved 24/7. Credit Club Loans uses an automated loan approval system, so you can apply and get approved 24/7.
• No credit checks. A bad credit score won't stop you from getting a loan.

• Established in 2012
• Mobile app available
• Plenty of positive customer reviews

• Not staffed on weekends and holidays
• $100 limit for new customers
• High cost of borrowing

Loan amount	$100 – $1,500
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	30 minutes
Credit Check	No

8. USolve Financial

Up to
Loan amount

Varies
APR

Up to 62 days
Term

• Our Take
• Pros + Cons
• Details

USolve Financial is an Ontario-based lender that offers payday and installment loans, cheque cashing, car title loans and more.

Why it's one of the best

• 13 locations. USolve Financial has 13 locations around Ontario so you can apply for a loan in-person.
• Bad credit is OK. A poor credit history won't stop you from getting approved for a payday loan.
• Discounts for new customers. The first $200 you borrow from USolve Financial is free.

• Positive customer reviews
• Licensed payday lender

• You can't apply online
• Only accepts employment income
• High cost of borrowing

Loan amount	Up to $1,500
APR	Varies
Term	Up to 62 days
Credit Check	Yes

How can I apply for a payday loan in Toronto?

If you’re interested in applying for payday loans in Toronto, you’ll need to meet the following eligibility criteria:

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

To complete your application successfully, prepare to submit some basic information:

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

Payday loan regulations in Toronto

Payday loan regulations vary depending on which province or territory you live in across Canada. In Ontario, the following rules apply:

• Maximum loan amount: $1,500 (or 50% of your paycheque)
• Maximum loan term: 62 days
• Maximum amount a lender can charge on a loan: $15 for every $100 borrowed

Payday loan lenders must:

• Be licensed to offer payday loans in Ontario
• Not offer you another payday loan until you have completely paid off your first loan
• Not offer rollover loans (you can’t roll over what you owe into a second payday loan)
• Display the loan amount, term and total cost on the first page of the loan contract
• Not ask you to sign a form that transfers your wages directly to them
• Offer you an extended payment plan if you take out three loans within a 63-day period
• Not offer or sell you any products or services in connection with the payday loan
• Allow you to cancel a payday loan contract within two business days without any penalty

How much do payday loans in Toronto cost?

The maximum cost of a payday loan in all of Ontario is $15 for every $100 borrowed. Let’s look at what that means for the total cost of a few different loan amounts.

Risks of payday loans

If you’re struggling to stay afloat between paycheques, a payday loan may seem like the best option. But there are several risks you should be aware of before deciding whether a payday loan is right for you:

• High cost of borrowing. Payday loans are extremely expensive to repay. If you take out a $500 loan that’s due to be repaid in 14 days, you’ll be looking at a loan APR of 391%.
• Short repayment period. Payday loans are typically designed to be repaid on your next payday, so you only have a very short time to repay what you borrow. This can make it difficult to budget for regular expenses at the same time, so there’s a real risk of getting trapped in a cycle of debt.
• Fees. The lender can charge you a maximum fee of $25 for a dishonoured cheque or pre-authorized debit. Check the fine print for details of late fees or any other charges that may apply.
• Loan scams. The payday lending space attracts more than its fair share of unscrupulous lenders who prey on financially vulnerable people. That’s why it’s essential to make sure you’re dealing with a legit lender before applying for a loan. Learn more about payday loan scams.

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

The best way to make sure a Toronto payday loan lender is legitimate 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 — you can search for licensed payday lenders on the Government of Ontario website. Be aware that there are companies that pose as payday loan lenders online but are actually just collecting your personal information for illicit purposes, charging illegally high fees or even gaining access to your bank account.
• The lender doesn’t allow roll-overs or multiple loans. Ontario law doesn’t allow payday lenders to give out multiple loans. This means you can’t use a second payday loan to pay off your first one.
• The lender follows consumer protection laws. Stay away from lenders who charge more than $15 in fees per $100 borrowed. If you’re charged more than the maximum rate allowed, you have the right to file a complaint with Consumer Protection Ontario.

If you notice any other red flags that could indicate a loan scam — such as a lender charging an upfront fee — walk away.

Alternatives to payday loans in Toronto

If you’re not sure you want to take out payday loans in Toronto, 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.

• The 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.
• The Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
• The 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.

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.

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.

Other borrowing options

You may be eligible to qualify for a range of other loan types, such as:

• Online installment loans. Installment loans from online lenders allow you to borrow money for any purpose. They have more lenient eligibility criteria than bank personal loans, so you may be able to get funded even if you have bad credit. Learn more about installment loans in Ontario.
• Lines of credit. A line of credit is a flexible borrowing option that provides ongoing access to a revolving line of credit. You only pay interest on the money you use, not the full credit limit, and there are line of credit options available for bad credit.
• Credit card cash advances. If you have a credit card, you can use it to withdraw cash at an ATM. This convenient option is known as a cash advance, but you’ll need to watch out for high interest rates, fees and card limits.
• Early pay advances. These are small loans you can get at 0% interest, but you may have to pay a monthly subscription fee.

Bottom line

Payday loans can be a quick and easy solution for short-term financial difficulties, but they’re expensive and risky – they often throw borrowers into an endless cycle of debt. Since these types of loans come with high fees, they are only manageable if they can be paid off in full and on time.

If you’re considering taking out a payday loan in Toronto, familiarize yourself with the laws of Ontario to make sure you’re aware of the maximum amount of fees you can be charged. Read our full guide to payday loans to learn more.

Frequently asked questions about payday loans in Toronto

• Can I get a payday loan in Toronto?

  Yes, payday loans are legal in Toronto. You can get a payday loan in Toronto at either physical store locations, like in the table below, or through a reputable online provider.

• Do payday loan laws in Toronto permit roll-overs?

  Roll-over loans are not allowed in Ontario. This means you can't roll what you owe on a payday loan into a second payday loan. You can't get another payday loan from the same lender before paying your first loan in full.

• Can I get a no credit check loan payday loan in Toronto?

  Many lenders in Toronto won't do a credit check when issuing a payday loan. Instead, they'll be more interested in you having the income to repay their loan.

• Who can I contact if I have a complaint about my payday loan?

  You can file a complaint with Consumer Protection Ontario, who will act on your behalf if the company fails to respond to a preliminary letter of complaint.

• Can I go to jail for not repaying a payday loan in Ontario?

  No, according to federal laws in Canada, you can't be arrested for unpaid debt. It's also illegal for a debt collector to threaten you with jail time. So if your lender attempts this, don't feel like you have to go along with it. You may even be able to report the lender to Consumer Protection Ontario for illegal practices.

  To learn more about what can happen if you default on a payday loan, like whether or not a lender can take you to court, read our full guide here.

• Can I get 24/7 payday loans in Toronto?

  Yes. Several Toronto payday lenders allow you to apply, get approved and get funded for a payday loan 24/7. Some have store locations that are open 24 hours, while others offer automated online approvals and funding via e-Transfer.