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10 best payday loans in Canada

We looked into licensed payday lenders to find the best payday loans. Apply for these payday loans online for fast funding.

If you’re looking for payday loans online or in-store, we’ve examined the marketplace and handpicked the best payday loans in Canada. We examine and compare payday loans based on several factors, such as speed, reputation and 24/7 availability. But remember that payday loans have extremely steep interest rates and short repayment terms – making these short-term loans suitable only as a last resort.

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.

⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.

Summary: Best payday loans online

Payday lenderInterest rateLoan amountLoan termKey featuresLink
iCashVaries by province$100 – $1,5007 - 62 days24/7 approval and e-Transfer, accepts bad creditGo to siteLearn more
GoDayVaries by province$100 – $1,500Up to 62 daysInstant approval, e-Transfer, accepts bad creditLearn more
Cash Money

Varies by province$100 – $1,5005 - 40 daysInstant approval, e-Transfer in as little as 15 mins, accepts bad creditLearn more
Money Mart

Varies by province$120 – $1,5001 - 62 daysInstant approval, no credit checkLearn more
Loan Express

Varies by province$100 – $1,500Up to 62 daysFast approval, no credit checkLearn more

Blue Copper Capital

Varies by provinceUp to $1,500Up to 62 daysGood customer service, instant approvalLearn more
Mr. Payday

Varies by province$100 – $1,500Up to 62 daysFast approval, no credit checkLearn more
PAY2DAY

Varies by province$300 – $1,500Up to 62 days24/7 approval and e-Transfer, no credit checkLearn more
My Canada Payday

Varies by province$100 – $1,500Up to 62 daysFast approval, e-Transfer, accepts bad creditLearn more
Speedy Cash

Varies by province$250 – $1,500Up to 62 daysFast approval, no credit checkLearn more
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province Max. cost of borrowing a $100 payday loan Cooling off period to cancel loan Max. penalty for returned cheque or pre-authorized debit
Alberta $15 2 business days $25
British Columbia $15 2 business days $20
Manitoba $17 48 hours excluding Sundays and holidays $20
New Brunswick $15 48 hours excluding Sundays and holidays $20
Newfoundland and Labrador $14 2 business days $20
Nova Scotia $15 Next business day (2 days for online loans) $40 (default penalty)
Ontario $15 2 business days $25
Prince Edward Island $15 2 business days N/A
Quebec Limit of 35% AIR N/A N/A
Saskatchewan $17 Next business day $25

Alternative: Loans Canada Personal Loan

Fill out one application and get matched for free with lenders. Accepts bad credit borrowers. Access cash within 1-3 business days. Loan amounts start at $300 with rates from 6.99% - 46.96% and terms from 3 - 60 months.

Learn more about the best payday loans online

If you’re not sure which of the best online payday loans in Canada is the right choice for you, here is a breakdown of each, including who they are, what loan terms you can expect and the pros and cons of each online payday loan option.

1. iCash

icash online payday loan

iCash provides online payday loans with flexible repayments and the chance to earn cashback. It is a member of the Canadian Consumer Finance Association (CCFA) and has provided loans online to more than 500,000 customers across Canada since 2014.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: 7 - 62 days
  • APR: Varies by province
  • Eligibility requirements: Min. $800 monthly income.
  • Incomes it accepts (besides employment): Many types, including employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
  • Serviced provinces: AB, BC, MB, NB, NS, ON, PEI

Go to site

Pros

  • e-Transfers in as little as 2 minutes
  • iCash offers payday loans online 24/7
  • Instant approval up to $1,500
  • Earn up to 20% cashback for every loan you repay on time
  • Free highly-rated mobile app

Cons

  • Very high interest rate
  • Customers indicate it can be difficult to reach the company by email or phone

2. GoDay

GoDay online payday loan

GoDay is headquartered in Toronto and first began operations in 2012. It is BBB-accredited with an A rating. GoDay offers same-day payday loans online. You can get an instant decision after you submit your application.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Steady source of income
  • Incomes it accepts (besides employment): CCB, disability tax credit, OAS, CPP and private pensions
  • Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK

Pros

  • Apply for funds 24/7
  • Fully online payday loan application
  • GoDay offers instant approval in under 5 minutes
  • Get funded in as little as 1 hour
  • Several payment methods (e-Transfer and direct deposit)
  • Accepts government assistance as income

Cons

  • Very high-interest rate
  • Short repayment term
  • Must have a bank account enabled with direct deposit
  • No in-person service
  • First-time borrowers may get a lower amount of funding

3. Cash Money

Cash Money online payday loan

Cash Money has been in business since 1992 and has helped nearly 1.2 million Canadians with their short-term cash needs. You can apply for Cash Money payday loans online or in store.

In addition to payday loans, Cash Money offers lines of credit and installment loans.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: 5 - 40 days
  • APR: Varies by province
  • Eligibility requirements: Min. $1,000 monthly income.
  • Incomes it accepts (besides employment): Many types, including CPP, child tax credit, unemployment, disability
  • Serviced provinces: BC, MB, NL, NS, ON, SK

Pros

  • Get Cash Money payday loans online or in-store
  • Dozens of in-person locations across Canada
  • Several payment methods (e-Transfer, direct deposit and cash pick-ups)
  • Receive funds in as little as 15 minutes
  • Accepts government assistance as income
  • Free highly-rated app

Cons

  • Very high interest rate
  • Short repayment term
  • Not available in all provinces

4. Money Mart

Money Mart online payday loan

Money Mart offers in-person and online payday loans. It started offering financial services in Canada in 1982 and has expanded to include over 500 locations. In addition to payday loans, Money Mart offers financial products such as installment loans, business loans, money transfers and prepaid credit cards.

Loan details

  • Loan amount: $120 – $1,500
  • Loan term: 1 - 62 days
  • APR: Varies by province
  • Eligibility requirements: Steady source of income
  • Incomes it accepts (besides employment): child tax credit, EI, disability and pensions
  • Serviced provinces: AB, BC, MB, NS, NT, ON, SK, YT

Pros

  • Apply for Money Mart payday loans online with quick approval
  • Dozens of in-person locations
  • Get your funds in under 5 minutes
  • Secure service with bank-level encryption
  • Free app available
  • Operates a charitable giving program

Cons

  • Very high interest rate
  • Short repayment term
  • No e-Transfers
  • Bank deposits take longer to process
  • Customers complain that applications are denied after “instant approval” online
  • Not available in certain provinces
Dive deeper Money Mart review

5. Loan Express

Loan Express online payday loan

Loan Express has been offering online payday loans in Canada since 2005. It accepts applications 24/7, so you can apply whenever you need funds.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Steady source of income
  • Incomes it accepts (besides employment): Many types, including pension, disability, child tax credit, most other government benefits paid regularly
  • Serviced provinces: AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT

Pros

  • Apply for Loan Express payday loans online with quick approval
  • Get your funds in under 5 minutes
  • Receive funds through bank transfer or e-Transfer
  • Accepts different forms of income
  • Secure service with bank-level encryption

Cons

  • Very high interest rate
  • Short repayment term
  • You must have a bank account to qualify
  • Less flexible repayment terms
Dive deeper Loan Express review

6. Blue Copper Capital

Blue Copper Capital online payday loan

Blue Copper Capital opened its doors in 2006 and offers payday loan solutions in BC and Alberta. It offers in-store and online payday loans. The company has an A+ rating by the BBB.

In addition to payday loans, it offers other forms of financing, including personal loans, business loans and lines of credit.

Loan details

  • Loan amount: Up to $1,500
  • Loan term: Up to days
  • APR: Varies by province
  • Eligibility requirements: 3+ months of employment income
  • Incomes it accepts (besides employment): Only private disability
  • Serviced provinces: BC, AB, SK

Pros

  • Simple application
  • Apply for Blue Copper Capital payday loans online
  • Get approved in as little as 20 minutes
  • Mostly online service, but in-person in Calgary and Edmonton
  • Join the Blue Copper Club to get discounts and flexible terms on payday loans

Cons

  • Very high interest rate
  • Short repayment term
  • First-time customers qualify for lower amounts than repeat customers
  • Must show 3 months of consistent employment
  • Three references are required to qualify

7. Mr. Payday

Mr Payday online payday loan

Mr. Payday has been in business since 2002. It provides payday loans online in AB, BC, ON and operates a store in Vancouver.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Min. $1,100 monthly income.
  • Incomes it accepts (besides employment): CPP, EI, WCB, non-government disability benefits
  • Serviced provinces: AB, BC, ON

Pros

  • Apply for Mr. Payday loans online
  • Easy 5-minute application
  • Get cash in as little as 30 minutes
  • 24/7 customer support
  • High approval rate for applicants
  • Accepts different forms of income

Cons

  • Very high interest rate
  • Short repayment term
  • Loans only approved during business hours
  • 2 months of consistent employment required
  • 2 references needed if applying online
  • Monthly income must be at least $1,100
Dive deeper Mr. Payday review

8. PAY2DAY

Pay2day online payday loan

PAY2DAY was founded in 2006 and provides cash in hand when visiting one of its stores in BC or Ontario. You can also apply online for a payday loan and get an e-Transfer to your bank account in an hour.

Loan details

  • Loan amount: $300 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Steady source of income
  • Incomes it accepts (besides employment): EI, retirement income
  • Serviced provinces: ON, BC, NS

Pros

  • Fast e-Transfer of funds
  • Save up to $300 on your first payday loan
  • Money-back guarantee within 48 hours
  • Apply entirely online for PAY2DAY loans
  • Refer-a-friend bonus
  • Over 30 in-person locations
  • Easy-to-use mobile app
  • Accepts government assistance as income

Cons

  • Very high interest rate
  • Short repayment term
  • Not available in most provinces
  • First-time interest-free promotion only available in-store
Dive deeper PAY2DAY review

9. My Canada Payday

My Canada Payday online payday loan

Founded in 2008, My Canada Payday is a fully-licensed online and storefront payday lender. It offers quick payday loans 24/7 and is a Canadian Consumer Finance Association member.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Min. $1,000 monthly income.
  • Incomes it accepts (besides employment): CCB, disability, pensions
  • Serviced provinces: AB, BC, MB, NS, ON, SK

Pros

  • Apply for a My Canada Payday loan online in under 5 minutes
  • Instant e-Transfers
  • Available 24/7
  • No prepayment penalty
  • Accepts government assistance as income

Cons

  • Very high interest rate
  • Short repayment term
  • Must make a minimum of $1,000 per month from your primary source of income to qualify
  • Customer complaints about poor customer service

10. Speedy Cash

Speedy Cash online payday loan

Speedy Cash was founded in 1998 and operates over 20 branch locations in BC, Alberta, Saskatchewan and Nova Scotia. Speedy Cash also provides payday loans online in those provinces as well as in Yukon, Nunavut and Northwest Territories. In addition to providing payday loans, it offers online installment loans and cheque cashing.

Loan details

  • Loan amount: $250 – $1,500
  • Loan term: Up to 62 days
  • APR: Varies by province
  • Eligibility requirements: Steady source of income
  • Incomes it accepts (besides employment): EI, CPP, private pension, child tax credit
  • Serviced provinces: All provinces except Quebec and PEI

Pros

  • 24-hour application
  • Apply in under 10 minutes
  • No credit check
  • Speedy Cash offers payday loans online in several provinces and in all territories
  • Receive funds through e-Transfer or direct deposit
  • Accepts government assistance as income

Cons

  • Very high interest rate
  • Short repayment term
  • The company calls your employer to validate employment details
  • Not available in some provinces
Dive deeper Speedy Cash review

How to choose the best payday loans in Canada

With so many options, it may be hard to decide on the best one for your personal situation. To help you choose the right online payday loan, ask yourself these questions:

  • Does the lender follow provincial regulations? Each province has its regulations that each payday lender must follow. For example, Ontario lenders are only allowed to lend you a maximum of 50% of your take-home pay, while Alberta lenders have to give you a minimum loan term of 42 days, and you’re allowed to repay in installments.
  • How transparent is the lender about fees? A legitimate lender must be upfront and clear about the cost of your payday loan. The annual rate of a payday loan is in the triple digits, making it the most expensive type of consumer loan in Canada.
  • How long does it take to get the loan? Does the lender provide online payday loan applications? Can the lender give an instant decision for its payday loans? Is the lender available 24/7 or on weekends?
  • Does the lender offer e-Transfer? E-Transfer is faster than direct deposit. The best payday lenders can offer e-Transfer payday loans 24/7.
  • Does the lender assess your ability to repay the loan? Lenders must make a reasonable judgment on your ability to repay the loan by assessing your financial circumstances. If a lender guarantees your loan without checking your finances, the lender may not be legitimate.
  • Is the lender okay with bad credit? Some payday lenders are less strict than others when it comes to credit scores.
  • What is the lender’s reputation? Read reviews to see what other people have to say about the lender.

What are the pros and cons of payday loans online?

Even the best online payday loans in Canada have their share of benefits and drawbacks.

Pros

  • You can get your money quickly. You can get your money immediately after approval if you apply in-store, and most online lenders can e-Transfer the money to you within minutes.
  • Freedom to use the money as you like. As long as you use the money for legitimate and legal purposes, you are free to do whatever you would like with the loan.
  • Bad credit is okay. Payday loan providers will usually accept applications from people with poor credit histories, but make sure you compare other aspects when looking for a bad credit payday loan.
  • Automated approval. Many online payday loan providers have automated application approval processes in place, so once you submit your application online, you can receive an instant approval decision within minutes.

Cons

  • Higher than normal fees. Even the best payday loans in Canada come with exorbitant fees. Depending on where you live, expect to pay between $14 to $17 for every $100 borrowed.
  • Disreputable lenders. If a payday lender sounds great and offers rates that sound too good to be true, they probably are. Ensure the lender complies with all relevant provincial regulations and operates legally.

Why are payday loans so risky?

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 — and don’t forget you’ll 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.

Is it possible to find cheap payday loans online?

Unfortunately, no. There’s no such a thing as a cheap, low interest payday loan online or in store.

Payday loans are high interest loans because they are designed for high risk borrowers who don’t qualify for a loan from traditional lenders, such as banks. Borrowers are considered high risk of defaulting on a loan if they have poor credit, too many debts, low income or unstable employment.

Am I eligible for payday loans?

Basic eligibility requirements for payday loans online or in store include the following:

  • Be the age of majority in your province or territory (18 or 19)
  • Be a Canadian citizen or resident
  • Have a recurring income
  • Be working the same job for a certain amount of time (usually 3 to 6 months)
  • Have a bank account

Plans to get a payday loan in Canada

One in 10 Canadians (14%) plan to use a payday loan in Q2 2023, according to results from the Finder: Consumer Sentiment Survey Q2 2023.

Plans to get a payday loan is almost the same for men and women.



A person’s age appears to influence whether or not they plan to use a payday loan in 2023.


Is it safe to apply for online payday loans?

Yes, it’s safe to apply online for payday loans as long as you apply to a legitimate lender. To find legit and safe online payday loans, look out for the following:

  • Check for a licence. This is required for payday loans. You can check your provincial government’s business licence database to see whether the payday lender is licensed to operate in your province.
  • Secure online application. Lenders who provide safe online payday loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe. They use bank-level security and won’t share your information with any third parties.
  • Google safe browsing. To see whether a payday loan site is currently dangerous to visit, copy the URL and head over to Google’s safe browsing site, where you can paste the link of the website in question. Google will check the site status and let you know if it finds any unsafe content.
  • Check for the “S” in HTTPS. Although not foolproof, check whether there’s an “S” in the HTTPS of the site’s URL, or you can look for a lock icon.
  • Abides by provincial laws. A lender should abide by any existing laws or regulations. Some provinces limit the maximum amount of interest that can be charged per $100 borrowed, while others additionally limit loan terms and how many loans you can take out at one time.
  • Contact information easily available. Check the website for a phone number, address, email or chat support.
  • No upfront fees. Legitimate payday lenders will never ask you to pay fees up front.
  • No guaranteed approval. Avoid lenders that promise you’ll get approved because this could be a scam.

How do I apply for online payday loans?

With online payday loans, you fill out a quick application and get an instant decision. To get approved, you must either email your documents to the lender, such as your ID and bank statements, or do instant bank verification.

Instant bank verification is a paperless process. You’ll log in to your bank account and give the lender a snapshot of your bank statements so it can verify your income and identity. Your payday lender will never gain access to your account or see your username and password. However, make sure to apply to a legitimate payday lender only.

Visit the following government sites to check whether a payday lender is licensed

Survey methodology

The results of the Finder: Consumer Sentiment Survey Q2 were collected through an online Pollfish survey conducted between April 27 and April 29, 2023. In the survey, 1,011 Canadians from across the country were asked about their past use and current plans to use Payday loans and other forms of short-term credit. The estimated margin of error for the survey is +/- 3%, 19 out of 20 times.

Bottom line

Remember that while the best payday loans in Canada can give you quick access to cash online or in-store, they are also extremely expensive. We advise avoiding payday loans unless it’s a last resort or you’ve worked out a plan to pay the loan back by the due date – with enough income left to pay for other essential expenses. Make sure you take time to research and compare lenders to find the best payday loans online for your needs.

Frequently asked questions about online payday loans

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