The list above includes all the lenders we’ve reviewed. Please note that we have not signed off on the legitimacy of all these 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.
iCash is an online payday lender that offers 24/7 access to cash. The loan application process is fully automated, and if approved, the money is sent to your account by e-Transfer within two minutes. You can apply for a loan via the iCash website or mobile app.
Easy online application
Automated approval process
Fast access to cash
Apply 24/7
Very expensive
Short loan terms
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
Cashco Financial, founded in 2009 and headquartered in Edmonton, Alberta, provides in-branch and online financial services to Canadians in British Columbia, Alberta, Saskatchewan, Ontario and New Brunswick. You can apply for a payday loan online or in person and enjoy instant approval, no credit check and no early repayment penalties.
Available online and in physical branches
Quick approval and fast funding, often same-day
Available to borrowers with poor or no credit history
Not available in all provinces
$20 fee for dishonoured cheque or pre-authorized debit
Wagepay was founded in 2020 in Australia, but opened its Canadian arm in British Columbia in 2023. It now operates in Ontario as well, giving applicants access to a quick and easy payday advance with no late fees or credit checks, and Interac e-Transfers available 24/7.
Interac deposits available 24/7
No credit check
Fast access to funds
Fully online application
Only available in BC and Ontario
You can only receive 25% of your salary up to $1,500
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
No
Requirements
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
Established in 1992, Cash Money offers in-store and online payday loans of between $100 and $1,500. You can access the money you borrow in as little as 15 minutes if you choose an Interac e-Transfer, while direct deposit and in-store cash pick-up are also available.
Established lender
Support available seven days a week
Fast access to cash
Multiple ways to access your funds
High fees
Not available in all provinces
Loan Amount
$100 – $1,500
Loan Term
5 - 40 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, MB, NL, NS, ON, SK
Speed
As little as 15 minutes with INTERAC e-Transfer
Credit Check
Yes
Requirements
- ID showing you're 18 years or older - Min. net income of $1,000/month - Valid bank account with online banking - Address, email and phone number
Money Mart makes it easy to apply for payday loans online 24/7. Known as a cash advance, a Money Mart payday loan allows you to borrow amounts ranging from $100 to $1,500, with instant decisions provided. The money you borrow will then be deposited into your bank account in as little as 24 hours.
Easy to apply online
Can also apply in-store
Bad credit accepted
Established lender
Some other lenders offer faster access to cash
High cost of borrowing
Loan Amount
$100 – $1,500
Loan Term
1 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, NS, ON, SK and MB
Speed
As little as 1 hour after getting approved
Credit Check
Yes
Requirements
- Be at least 18 years old - Have a valid ID - Have a chequing account - Have a steady source of income
Loan Express provides online payday loans and the ability to apply at any time. There's no credit check required, and you can access the money within minutes via Interac e-Transfer. Loan Express also accepts government benefits and the child tax credit as forms of income.
Apply online 24/7
Fast access to cash
Established in 2006
Expensive
Not available in Quebec or Prince Edward Island
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
ON, NB, NS, MB, SK, AB, BC, NL
Credit Check
No
Requirements
Must be of the age of majority in your province or territory, with an active bank account and a steady form of income.
Pay2Day offers fast payday loans in Ontario, British Columbia and Nova Scotia. You can apply online or at a Pay2Day store, and once you've been approved, the funds will be in your account in as little as one hour.
Apply online or at over 30 locations
No credit checks
Fast access to funds
24/7 customer service
Not available in many provinces
Expensive
Loan Amount
$300 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
ON, BC, NS
Speed
Within 1-2 hours via e-Transfer once approved
Credit Check
No
Requirements
Active bank account with access to online banking, recurring income
A payday loan is a short-term loan of up to $1,500. It’s designed to provide you with fast access to cash in a financial emergency, with many lenders offering easy online applications and approval within minutes. Borrowers with bad credit are also accepted, so a payday loan can help you get the funds you need to get through to your next paycheque.
But payday loans have extremely high interest rates and only give you a short time to pay back what you borrow. That’s why it’s worth considering a range of other borrowing options before you apply for a payday loan.
Why should I read a payday loan review?
A good review covers the benefits and drawbacks of the lender without too much bias. If the review is too positive or negative, watch out. It could be someone paid to leave a good review or someone with bad budgeting skills leaving a bad one. The more moderate a review is, the more trustworthy it is.
There are several payday lenders across the country. Many are trustworthy and follow provincial laws and regulations. Canadian provinces are known for their strict consumer protection laws that don’t allow predatory behaviour by payday loan lenders. By reading reviews, you give yourself the chance to learn about a company before applying, saving yourself time and, potentially, money.
If you think there might be a chance the lending company you’re looking at is a scam, check with your local consumer protection agency. The provinces require a licence to operate a payday loan business. If they’re legitimate, they’ll have one.
Benefits of payday loans
There are a few reasons why a payday loan might be the right choice for you:
Fast access to cash. If you urgently need money to cover essential expenses, a payday loan allows you to access the cash you need in minutes. It’s also quick and easy to apply online with many payday loan organizations.
You can apply with bad credit. Rather than focusing on your credit score, payday lenders will assess your ability to pay back a loan when assessing your application. So even if you have bad credit, provided you have a steady source of income you can still get approved.
Non-employment income accepted. Many lenders will accept non-employment income, such as government benefits, when assessing your ability to repay a loan.
What to watch out for
Make sure you’re aware of the following risks before applying for a payday loan:
High APRs. It’s common for a payday loan to have an APR over 300%, so these loans are extremely expensive to repay.
Fees. You’ll also need to read the fine print to find out what other fees apply to your loan, such as late payment and NSF fees.
Short loan terms. While payday loan regulations vary by province, the maximum payday loan term is 62 days. This means you have a very short amount of time to pay back what you borrow, and if you can’t afford to repay, it’s easy to get caught in a cycle of debt.
Disreputable lenders. The payday loan sector is notorious for attracting disreputable lenders. Do your research to make sure you’re dealing with legitimate lenders – they need to be licensed and abide by all the payday loan regulations in your province or territory.
Consider these alternatives before applying for a payday loan
Payday loans are an extremely expensive way to borrow money. Before you apply for a payday loan, make sure you’ve considered these payday loan alternatives:
Cash advance app.Cash advance apps give you early access to a small portion of your next paycheque. You don’t need to complete a credit check and some services don’t charge interest. To pay back what you borrow, the pay advance service automatically deducts the money from your bank account when you get your next paycheque.
Installment loan. An installment loan is basically a personal loan but with more lenient eligibility requirements. Lenders will assess your income and ability to repay the loan rather than focusing on your credit score, but you’ll need to accept higher interest rates.
Credit card cash advance. A credit card cash advance is a quick and convenient way to access cash when you need it. However, high interest rates apply and you’ll also need to pay a cash advance fee.
Car title loan. If you own a car, a car title loan allows you to secure a loan with the title of your vehicle. This allows you to access better rates and higher loan amounts, but you risk having your car repossessed if you fall behind on repayments.
Side hustle. If you have the time, taking on a side hustle may be better than getting a loan since you’d be boosting your income rather than increasing your debt.
Organizations that help with payday loan debt
If you need help getting your payday loan debt under control, there are plenty of credit counselling agencies around the country that can offer assistance. A credit counsellor can sit down with you to assess your financial situation and put together a plan to help you get out of debt.
To help you find an agency near you, check out this list of certified credit counselling agencies by province:
Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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Rebecca Low is a writer for Finder. She has contributed to a range of digital publications, including income.ca, Indeed, and Expatden, writing on topics like personal finance, career development, and travel.
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