PAY2DAY review: Instant 24/7 no credit check loans

What types of loans does PAY2DAY provide?

PAY2DAY offers payday loans of up to $1,500, depending on the amount of income you earn. By law, you can only borrow up to 50% of your net monthly income. These loans typically need to be repaid by your next paycheque, which is usually within one to four weeks.

Make sure that you have enough money coming in to repay your loan, so you don’t get sucked into an unmanageable cycle of debt.

What are the benefits of PAY2DAY?

You can take advantage of a number of perks when you take out a payday loan with PAY2DAY.

• Easy application. Apply for a loan with PAY2DAY in a matter of minutes.
• Fast approval. You’ll get approved and have your money deposited the same day as your application.
• Mobile app. You’ll be able to apply for financing through PAY2DAY‘s easy-to-use mobile app (which can be downloaded from Google Play or the Apple Store).
• No collateral required. You won’t have to worry about losing any assets if you can’t pay back your loan on time.
• Bad credit doesn’t matter. You can still apply with bad credit because your credit score won’t factor into your loan decision.
• First-time discounts. You’ll be able to borrow your first $300 with no fees if you apply for your first payday loan in-person at a store location.
• Some types of non-employment income are accepted. PAY2DAY accepts EI, CPP and OAS. It does not accept social assistance or disability income.
• Cooling period. By law, if you change your mind about your payday loan, you have two days to cancel it without penalty.

What should I watch out for?

PAY2DAY Payday Loans come with a number of disadvantages you should carefully think about before taking one out:

• Very high fees. Payday loans are High-Cost Loans.
  
  The maximum total cost of borrowing permitted in provinces for a payday loan is $14 per $100 borrowed., which is an exorbitant fee compared to other forms of credit (such as personal loans and credit cards).
• Short terms. You’ll typically only have until your next payday to pay off this type of loan. Short repayment terms do not give your finances much time to recover.
• Only available in certain provinces. You’ll only be able to get a PAY2DAY Payday Loan if you live in Ontario or British Columbia.
• Banking, identity and phone verification. You’ll need to undergo online banking verification, provide government-issued photo ID, upload a photo of yourself and verify your phone number.

Compare other payday loans

Is PAY2DAY legitimate?

Yes. PAY2DAY loans are available at over 30 store locations in Ontario and BC, and you can give the lender a call 24/7. PAY2DAY is a provincially licensed lender.

How much will I have to pay for a PAY2DAY payday loan?

Payday loans are High-Cost Loans.

The maximum total cost of borrowing permitted in provinces for a payday loan is $14 per $100 borrowed.. The fees you’ll pay for your specific loan will be outlined in your loan contract. In the table below, you can see some examples of how much you’ll have to pay in fees based on your loan amount.

Loan amount	Fees
$300	$42
$600	$84
$900	$126
$1,200	$168
$1,500	$210

What do I need to apply for a PAY2DAY loan?

Eligibility requirements

To apply for a loan from PAY2DAY, you need to meet the following criteria:

• Be at least 18 years old (or 19 in BC)
• Live in BC or Ontario
• Have a Canadian bank account
• Have access to online banking
• Have a steady form of income

Required documents and information

• Proof of ID. You’ll have to show a piece of government-issued ID like your driver’s licence or passport to prove your identity.
• Proof of address. You may be required to submit a utility or cell phone bill to prove that you live at a stable address in Canada.
• Void cheque. You’ll likely have to supply a void cheque or direct deposit form to facilitate withdrawals from your account.
• Income verification. You will be required to agree to online banking verification.

Bottom line

PAY2DAY is a well-reviewed payday loan provider that operates in BC and Ontario. You can borrow up to $1,500 at a time, depending on your income. Be sure to consider the fees for the amount you borrow before signing onto your loan. If you think you might have trouble paying back the loan, consider other forms of financing.