10 best payday loans in Canada to borrow money fast

Check out payday loans you can apply for online when you need to borrow money now.

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Leanne Escobal

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Romana King

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If you have an urgent expense and need to borrow money instantly, online payday loans are an option. These loans are much faster and easier to get than bank loans, with instant approval, lenient eligibility criteria and even 24/7 e-Transfer funding. But the downside is that they’re extremely expensive.

If you’ve decided a payday loan is right for your personal situation, check out the best payday loans in Canada from licensed lenders.

⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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.

1. Cashco Financial

Cashco Financial homepage banner

Why it’s one of the best

  • No credit check. Unlike some payday lenders, Cashco doesn’t do any credit checks for its payday loans, so you can get approved with bad credit.
  • Non-employment incomes are accepted. Cashco accepts a wide range of incomes compared to other payday lenders. If you’re receiving government benefits, you can apply.
  • Instant. Get a decision within minutes of applying online, and receive your money quickly via e-Transfer.

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2. Wagepay

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Why it’s one of the best

  • Android, iOS and web apps available. Unlike other payday lenders, you can download the Wagepay app. Its apps have at least 4.0 stars, and it has over 5,000 downloads. You can also apply on its website.
  • 24/7. You can get funded 24/7 thanks to Wagepay’s automated systems.
  • No credit check. It’s possible to get approved with fair or bad credit.

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3. iCash

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Why it’s one of the best

  • Fast loans. Get instant approval and funding 24/7, and if you need assistance outside of standard business hours, iCash reps are available so you can still get your loan ASAP.
  • Lenient. iCash accepts many types of income, such as EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance. Bad credit is also okay.
  • Highly rated apps. iCash’s apps have at least 4.7 stars with over 500,000 downloads. You can also easily apply on its website.

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4. GoDay

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Why it’s one of the best

  • Fast approval and funding. Get an instant decision and e-Transfer funding in as little as 2 minutes.
  • Low income is okay. As long as your income is recurring, GoDay is open to approving you.
  • Fair or bad credit scores are okay. It’s possible to get approved if your credit score is under 660.

5. Cash Money

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Why it’s one of the best

  • Flexible requirements. You can apply if your credit score is at least 525, and your income doesn’t have to come from employment.
  • Established lender. Cash Money is one of the biggest payday lenders in Canada and has been lending since 1992.
  • Easy online and in-store applications. Apply online within minutes, or visit one of Cash Money’s stores and walk out with your loan. Cash Money has hundreds of locations across Canada.

6. Money Mart

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Why it’s one of the best

  • Quick funding. You can get an instant decision as well as instant funding. Apply online or at one of its stores.
  • Established lender. Money Mart is one of the largest and most popular payday lenders in Canada. It has hundreds of store locations across the country.
  • Easy, flexible requirements. Money Mart offers no credit check payday loans, so you can apply with bad credit. Non-employment income is also eligible.

7. Loan Express

Loan Express home page banner

Why it’s one of the best

  • Instant bank verification (IBV) or manual review. Get your loan instantly with IBV. But if you prefer not to link your bank account, Loan Express offers the manual option where you email documents (which will take longer).
  • No credit check. Loan Express is one of the payday lenders that don’t do credit checks.
  • Established lender. Loan Express has been around since 2005 and serves many provinces.

    • 8. Blue Copper Capital

    Blue Copper Capital homepage banner

    Why it’s one of the best

    • Eventually access other forms of financing. Clients who build up a history of repaying Blue Copper Capital payday loans on time can eventually gain access to more affordable financing.
    • Fair or poor credit is okay. Your application won’t necessarily be denied because of your credit score.
    • Easy online application. The entire process can be completed in as little as 20 minutes.

    9. Mr. Payday

    Mr Payday homepage banner

    Why it’s one of the best

    • No credit check. Mr. Payday doesn’t do credit checks, so people with low credit scores can apply.
    • Easy online application. You can complete the entire process in less than 60 minutes.
    • Non-employment incomes accepted. Mr. Payday accepts CPP, private pension, EI, WCB and private disability benefits.

    10. PAY2DAY

    Pay2Day homepage banner

    Why it’s one of the best

    • 24/7 instant loans. PAY2DAY’s application decisions, funding and customer service are all 24/7.
    • No credit check. You won’t have to worry about PAY2DAY fixating on your credit score in order to make a decision.
    • Store locations available. If you prefer to apply in person, PAY2DAY has over 30 locations.

    Summary: Best payday loans in Canada

    LenderInstantCredit checkEasy online processE-Transfer funding
    Cashco✔✘✔✔
    Wagepay✔✘✔✔
    iCash✔✔✔✔
    GoDay✔✔✔✔
    Money Mart✔✘✔✔
    Loan Express✔✘✔✔
    PAY2DAY✔✘✔✔
    Blue Copper Capital✔✘✔✔
    Mr. Payday✔✘✔✔
    Cash Money✔✔✔✔

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    Payday Loan Alternative: KOHO Cash Advance

    • 0% + fee from $2
    • Instant decisions and funding
    • No credit check
    • More flexible payments than payday loans

    How to choose the best payday loans in Canada for you

    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:

    Is the lender licensed?

    Payday lenders must be licensed in every province where they operate, and they must follow the regulations set by the government.

    How transparent is the lender about fees?

    A legitimate lender will 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. Some may not even do a credit check.

    What incomes does the lender accept?

    Not all lenders are the same when it comes to accepting income. For example, lenders like iCash and Money Mart can consider welfare income, while lenders like Mr. Payday and PAY2DAY cannot.

    What is the lender’s reputation?

    Read reviews to see what other people have to say about the lender. If you see more negative than positive reviews and a clear pattern of complaints, you may want to try another lender.

    Pros and cons of online payday loans

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

    Pros

    • Pay for an emergency expense fast. You can get your money immediately after approval because online lenders can e-Transfer the money to you within minutes.
    • Bad credit is okay. Payday lenders are known to 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. You could expect to pay $14 for every $100 borrowed.
    • Disreputable lenders. If a payday lender sounds incredible and offers rates that sound way too good to be true, they probably are. Ensure the lender complies with all relevant provincial regulations and operates legally.

    Why are payday loans in Canada 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.

    Are Canadians aware of the risks of payday loans?

    According to the Finder: Consumer Sentiment Survey January 2024, less than 1 in 5 Canadians didn’t know or didn’t see any risks with payday loans.

    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. 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 the best payday loans?

    You can qualify for the best payday loans if you meet the following:

    • You have stable income.
    • You have no NSF transactions in your bank account in the last 60 to 90 days.
    • You have a recent history of making on-time payments.

    Is it safe to apply for online payday loans in Canada?

    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.
    • Contact information easily available. Check the website for a phone number, address and email.
    • 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.

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

    Are there no refusal payday loans in Canada?

    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.

    Examples of lenders that offer almost no refusal loans because of their lenient criteria include iCash and Cashco.

    Ready? Here’s how to apply for a payday loan online

    1. Fill out an application. Some lenders may ask you to create an account and verify it with your phone number or email, while others may skip this.
    2. Get a decision. If you’re approved (or denied), you should hear back within a few minutes of submitting your application thanks to automated systems.
    3. Review your contract. Make sure you’re aware of how much your loan will cost and the repayment schedule. Sign and submit when you’re ready.
    4. Receive your funds. Get your money e-Transferred to you within a few minutes of submitting your contract.

    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

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To make sure you get accurate and helpful information, this guide has been edited by Romana King as part of our fact-checking process.
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Publisher

Leanne Escobal is a publisher for Finder. She has spent over 12 years working with financial products and services, specializing in content and marketing. Leanne has completed the Canadian securities course (CSC®) as well as the personal lending and mortgages course by the Canadian Securities Institute. She has a Bachelor of Arts (Honours) in English literature and creative writing from Western University. See full bio

Leanne's expertise
Leanne has written 183 Finder guides across topics including:
  • Personal Loans
  • Car Loans
  • Business Loans
  • International Money Transfers
  • Make Money Online
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