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Although still relatively new in Canada, payday advance apps are cornering the market on more affordable payday loan alternatives. You can get the money you’ve already made when you need it, and often at a much lower cost than payday loans.
Below we’ve outlined pay advance app options in Canada, including payday loan apps, to help narrow down your options and decide what works best for you.
Provided you’re currently employed and work steady hours, a payday advance app — also known as a cash advance app — can advance you a portion of your paycheque. The time it takes varies by provider, though many can deposit your funds into your bank account in as little as one hour or up to three business days. Most of the apps are free to download, although in most cases you’ll have to pay interest on however much your advanced.
In general, payday advance apps work by downloading the app to your smartphone and following the directions to create an account. You typically need to enter your contact details, bank account numbers and information about your employment and when you’re paid.
From there, it may take a few days or even a couple months for the app to confirm your identity and direct deposits. It needs to make sure you have an established history of employment and pay. Once it does, you can navigate to its pay advance section and select how much you’d like to borrow then submit your request.
It varies by provider, you can typically borrow a percentage of the money you’ve already earned. Some have a small maximum limit of just $100, while others may advance you up to $1,500 per pay period.
The total you’re approved for depends on factors like the app and your personal financial situation. Many are constantly doing the math for you and show you how much you have available at any given time so you can make an informed decision.
It depends on the app. Some charge a monthly membership fee that can range from $1 to $10, while most will charge interest on the amount borrowed – sometimes up to a 300% or 400% if it’s a payday loan. There are some options that won’t charge any fee whatsoever, although the amount you can borrow will be lower with those options.
Usually, the payday advance app automatically deducts your funds from your bank account on the due date — which is typically your pay day. So the money essentially comes off your paycheque once you actually receive it. If you don’t have enough in your account, many will hold off on withdrawing your payment to prevent you from entering overdraft.
However, you won’t be able to borrow again until you repay your current advance. And some apps may even ban you if this happens too frequently.
Some companies in the US, like Walmart and Comcast, have started partnering with pay advance apps to offer both wage advances and installment loans specifically to employees. These work similarly to pay advance apps for everyone, but instead it’s your employer that advances you money and deducts repayments from your future paycheques.
There are generally two types of payday advance apps in Canada: cash advance apps and pay advance apps. Let’s take a closer look at both.
Cash advance apps are generally offered by payday loan companies as a convenient way to access their products. You’ll be able to fill out an application, get approved and arrange to have the money sent to your account all through the app.
Keep in mind that, like any payday loan, these loans are highly regulated in Canada. The maximum you can borrow at a time is $1,500, fees typically range from $15-$25 per $100 borrowed and you’ll have to pay back everything you borrow from your next paycheque. Since payday loans are so expensive, it’s important to ensure that you can afford the repayment before taking out the loan.
If you’re looking for the convenience that comes with a cash advance apps in order to get you through to your next paycheque, here are 3 options in Canada.
App | Cost to download app | Platform (user rating) | Cash advance amount | |
---|---|---|---|---|
![]() iCASH | Free |
| Up to $1,500 | Go to site |
![]() Money Mart | Free |
| Up to $1,500 | Go to site |
![]() Cash Money | Free |
| Up to $1,500 | Go to site |
Pay advance apps are different to cash advance apps in that, unlike a payday loan, you typically can can only borrow smaller amounts that you’ll only have access to in the few days leading up to payday. To help you understand how these work better, let’s look at a specific example: Koho Early Payroll.
Koho offers the Early Payroll program for its members, where you can borrow $100 for free within the 3 days leading up to payday, or for a $5 fee if you want to borrow earlier then 3 days. You repay that $100 via automatic debit from your Koho account as soon as your pay is deposited. The nice thing about this service is that it’s free and doesn’t charge interest. The downside is that you can only borrow up to $100 at a time and you must have your paycheque set up for direct deposit in your Koho account.
Eligibility criteria varies between providers, but there are a few basic requirements you need to meet:
Some apps may also require you to work for a specific employer or make a minimum amount of money each month to qualify.
In general, no. Most pay advance apps don’t check your credit history when you request an advance, nor will they report your on-time or missed payments to the major credit bureaus.
Cash advance apps are only one option when you’re looking for cash fast. If you need to borrow more than these apps offer, you might want to look into these alternatives:
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
Province | Maximum allowable cost of borrowing |
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island | $15 per $100 borrowed |
Manitoba & Saskatchewan | $17 per $100 borrowed |
Nova Scotia | $19 per $100 borrowed |
Newfoundland and Labrador | $21 per $100 borrowed |
Northwest Territories, Nunavut & the Yukon | $60 per $100 borrowed |
Quebec | Limit of 35% annual interest rate (AIR) |
If you need a few extra bucks or so to hold you over until your next paycheque, consider using a payday advance app. They usually don’t charge interest, so you’ll only be on the hook for a minimal membership fee or optional tip — if that. But you’ll need to be employed to qualify, and you’re limited to borrowing a percentage of the money you already earned.
Don’t have a regular source of income or need to borrow more? You might want to look into your payday loan options instead.
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