If you have an urgent expense and need to borrow money instantly, you have two main options: payday loans or cash advance apps. Payday loans offer instant approval, lenient eligibility criteria and 24/7 e-Transfer funding. But the downside is that they’re extremely expensive. Cash advances are a cheaper, interest-free alternative, but only if you need a small loan amount.
If a payday loan or cash advance is right for your personal situation, check out the best payday loans and cash advances in Canada from these 10 lenders.
| 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 loans and cash advance apps offer fast access to funds, sometimes in a matter of minutes.
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.
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 up to three business days.
We took these factors into account when choosing which lenders to include in this list.
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 a solid online presence. We also considered positive customer feedback by reviewing Trustpilot, Google and app store customer reviews and scores.
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.
A payday loan is a short-term loan of up to $1,500. Lenders have lenient eligibility criteria, so it’s often possible to get a loan even if you have bad credit. Instead of worrying about your credit score, they will check whether you have enough income to afford loan repayments. You can get approved and funded for a payday loan the same day, often in less than an hour, and loans typically have to be repaid on your next payday.
Cash advance apps give you early access to a portion of your next paycheque. They offer small cash advances of up to $750, and you won’t pay any interest on the money you borrow. There are no credit checks either, with eligibility typically determined based on your income. However, you may have to pay an ongoing subscription fee or an extra fee if you want the money instantly.
The best loan option for you depends on your borrowing needs.
If you’re searching for the cheapest option, a cash advance is usually the best choice. You’ll pay 0% interest, there are no late fees to worry about, and some providers even allow you to get funded without paying any mandatory fees. They also tend to have more flexible repayment plans than payday loans.
Meanwhile, even the best payday loans in Canada are very expensive. They cost $14 for every $100 borrowed, which often results in extremely high APRs of over 300%.
But the one advantage of a payday loan over a cash advance is the larger loan amount. You can borrow up to $1,500 with a payday loan, whereas cash advance amounts are limited to $250 (KOHO and Nyble) or $750 (Bree). Just make sure you can afford to repay your loan on your next payday before applying.
To help you choose the right cash advance or online payday loan, 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 $250 (KOHO and Nyble) or $750 (Bree). But the exact amount you can qualify for will depend 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 type of consumer loan in Canada.
Cash advance apps charge 0% interest. However, you may need to pay a monthly subscription fee, and in some cases another fee on top of that, if you want instant funding.
Don’t forget to check whether the lender charges any late fees or NSF fees for missed payments.
Check how quickly you can apply, get approved and get the funds in your bank account. 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 usually have to be repaid on your next payday. Cash advances tend to have more flexible repayment schedules, so you may be able to extend your loan period.
Each lender has their own eligibility criteria you must meet to qualify for a loan. Bad credit is typically OK, but some lenders do conduct credit checks. You will also usually need to meet a minimum income requirement and have an active bank account to qualify for funding. Check whether the lender accepts employment income only, or whether it also accepts other types, such as self-employed 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 about the lender on sites like Google and Trustpilot?
In the case of payday loans, a lender must be licensed to offer payday loans in your province. Check with the consumer protection agency or licensing authority where you live 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
When you’re ready to apply, here’s what you need to do:
The best payday loans in Canada give you quick access to cash online or in-store, but they are also extremely expensive. Cash advance apps provide a much more affordable alternative and have lenient eligibility criteria, but they offer small loans only. Before you apply, make sure to compare your borrowing options carefully and be certain that you can afford a loan.
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