If you have an urgent expense and need to borrow money instantly, you have two main options: payday loans or cash advances. Payday loans offer instant decisions, lenient eligibility criteria and 24/7 e-transfer funding, but the downside is that they’re extremely expensive. Cash advances can be a cheaper, interest-free alternative.
If a payday loan or cash advance is right for your situation, check out the best payday loans and cash advances in Canada.
| Platform | Rating |
|---|---|
| iOS app | 4.6/5 stars based on 310 reviews |
| Android app | 4.0/5 stars based on 228 reviews |
Download the app or apply on its website. Create an account and verify it with your email. Connect your bank account via instant bank verification (IBV).
| Platform | Rating |
|---|---|
| iOS app | 4.8/5 stars based on 82,000+ reviews |
| Android app | 4.8/5 stars based on 71,000+ reviews |
Sign up online or through the KOHO app by providing your name, date of birth, address and contact details. You’ll also need to verify your ID, which you can do by providing photo ID or connecting your bank account.
Nyble calls its product a line of credit, but its features are closer to other cash advance apps.
| Platform | Rating |
|---|---|
| iOS app | 4.8/5 stars based on 2,700+ reviews |
| Android app | 4.8/5 stars based on 1,000+ reviews |
You can sign up through the Nyble app or website. You’ll need to provide your personal information, contact details, bank account details and proof of ID.
| Platform | Rating |
|---|---|
| iOS app | 4.9/5 stars based on 7,100+ reviews |
| Android app | 4.8/5 stars based on 5,600+ reviews |
You can sign up for Bree by providing your name, contact details and personal information. You will also need to connect your bank account.
| Platform | Rating |
|---|---|
| iOS app | 4.8/5 stars based on 23,000+ reviews |
| Android app | 4.8/5 stars based on 36,000+ reviews |
Create an account by downloading the app or applying on the website. Provide your personal and financial details, then verify your income and identity via instant bank verification. The process is paperless; you won’t need to send any documents to apply for a payday loan online.
| Platform | Rating |
|---|---|
| iOS app | N/A, no iOS app |
| Android app | N/A, no Android app |
Fill out an application by providing your name, contact details and employment information. You may need to upload a photo of yourself, which other payday lenders don’t require. Get an instant decision, sign your contract and receive your money.
| Platform | Rating |
|---|---|
| iOS app | N/A, no iOS app |
| Android app | N/A, no Android app |
Provide your personal information online, including your SIN, income and payroll details. You’ll also need to provide your banking details (institution ID, transit number and account number). The application is paperless, letting you verify your income and identity via bank account verification. This lender may do a credit check.
| Platform | Rating |
|---|---|
| iOS app | 4.7/5 stars based on 5,400+ reviews |
| Android app | 3.6/5 stars based on 1,000+ reviews |
If you apply for this payday loan online, provide your personal information, then choose between Express (instant bank verification) and Standard review. The Express option is faster, as you won’t need to email or upload any documents and can receive e-transfers. If you choose Standard, you must send your documents to Money Mart and receive funds via direct deposit or cash in store. Online payday lenders usually don’t give you this choice and require IBV.
| Platform | Rating |
|---|---|
| iOS app | N/A, no iOS app |
| Android | N/A, no Android app |
Create an account online with Loan Express. Provide your personal information, including your SIN, reference and banking details. Verify your income and identity manually or via instant bank verification. This lender does not do credit checks.
| Platform | Rating |
|---|---|
| iOS app | 3.7/5 stars based on 30+ reviews |
| Android app | 3.4/5 stars based on 92+ reviews |
Provide your personal details and agree to instant bank verification. This lender doesn’t do credit checks. You can also apply in store if you prefer.
| Lender | Instant | Credit check | Easy online process | E-transfer funding |
|---|---|---|---|---|
| Wagepay | ✓ | ⨯ | ✓ | ✓ |
| KOHO | ✓ | ⨯ | ✓ | ⨯ |
| Nyble | ✓ | ⨯ | ✓ | ✓ |
| Bree | ✓ | ⨯ | ✓ | ✓ |
| iCash | ✓ | ✓ | ✓ | ✓ |
| Cashco Financial | ✓ | ⨯ | ✓ | ✓ |
| GoDay | ✓ | ✓ | ✓ | ✓ |
| Money Mart | ✓ | ⨯ | ✓ | ✓ |
| Loan Express | ✓ | ⨯ | ✓ | ✓ |
| PAY2DAY | ✓ | ⨯ | ✓ | ✓ |
We’ve chosen the products on this page based on cash advance apps and licensed payday lenders available through Finder and online in Canada. These loans are not representative of the entire market. When choosing the best payday loans and cash advance apps in Canada, we considered each lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan or cash advance will be the best choice for everyone, so compare your options before applying.
Payday lenders and cash advance providers offer fast access to funds, sometimes in a matter of minutes.
Among payday lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant decisions and funding, while some have staff operating 24/7.
Cash advance apps also offer instant funding via e-transfer, but usually for an additional fee. If you don’t want to pay that fee, funding could take one to three business days.
We took these factors into account.
Payday loans and cash advances are typically easy to get, but lenders 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.
The reputation of a lender matters. We prioritized lenders with licences, solid online presences and positive customer feedback.
We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in store).
We considered how customers could contact each lender’s customer support team. We also took into account the operating hours for both online and telephone customer support and store locations.
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 was considered a good perk.
If you need quick online funding, cash advance providers like KOHO, Nyble and Bree are generally better than payday lenders like iCash, Wagepay and Money Mart. Cash advance apps in Canada let you repay on another day if you’re not ready yet, which helps if you need to focus on stabilizing your financial situation first. Also, with Nyble and Bree, you pay no fees if you opt for standard delivery, and with no interest either, the cost of their loans is 0%. The downside is that they offer smaller loans than payday lenders, and instant transfers can be expensive.
| Loan type | Interest rate | Repayment term | Total cost | APR |
|---|---|---|---|---|
| $250 payday loan | $14 for every $100 borrowed | 14 days | $285 | 365% |
| $250 cash advance (instant delivery) | 0% interest rate, $11.99 monthly subscription fee | 2 months (assumption: you keep the subscription for 2 months) | $273.98 | Equivalent to 58.35% |
| $250 cash advance (standard delivery) | 0% interest rate, no fee | 2 months | $250 | 0% |
To help you choose the right option, ask yourself these questions:
The maximum amount you can borrow with a payday loan is $1,500. Some provinces impose additional restrictions—for example, the maximum amount you can borrow in Ontario is 50% of your net income. Lenders may have their own limits too, such as restricting first-time borrowers to lower amounts.
Cash advance apps have maximum amounts of $750. The exact amount you qualify for depends on your financial situation.
Payday loans cost $14 for every $100 borrowed and have a very short repayment period. As a result, the APR of a payday loan is in the triple digits, making it the most expensive consumer loan in Canada. Late fees also apply.
Cash advance apps charge 0% interest. You may pay a subscription fee or a fee per transfer, but late fees don’t apply.
Check how quickly you can apply, get approval and receive funding. Many lenders offer paperless online applications, instant decisions and 24/7 funding via e-transfer, so it’s possible to get your money in less than an hour.
Payday loans have to be repaid on your next payday. Cash advances have more flexible repayment schedules.
Each lender has its own eligibility criteria. Bad credit is typically okay, but some lenders do conduct credit checks. You will also usually need to meet a minimum income requirement and have an active bank account. Check whether the lender accepts employment income only, or whether it also accepts other types, such as self-employment income and government benefits.
Research the lender to make sure they’re legit. How long have they been in business? Do they list an office address as well as phone and email contact information on their website? What do customer reviews say?
With payday loans, a lender must be licensed to operate in your province. Check your provincial government’s website to make sure a payday lender is legit.
Related: Instant decision payday loans
Payday loans are risky because their high rates and short repayment terms can trap borrowers in a cycle of debt.
Before you apply, make sure you won’t have any problems repaying your loan by the due date. Don’t forget you’ll also need enough income left over to pay essential expenses and other debts. If you don’t have enough, you might need another payday loan—and the cycle continues.
Eligibility requirements vary between lenders, but you can generally qualify for the best payday loans and cash advances if you meet the following criteria:
Be wary of lenders advertising no refusal payday loans because it could be a scam. Legit lenders will always review your personal financial situation before approving you. They need to assess whether you receive enough income to be able to afford your loan repayments.
That said, payday lenders and cash advance apps tend to have some of the most lenient eligibility criteria among lenders. So even if you have bad credit, you still have a chance of being approved.
Related: No refusal loans in Canada
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