Whether you’re looking to borrow just $100 to last you until your next payday or $500 to be repaid by the end of the month, finding a quality payday loan provider could help you get the quick cash you need. The list of payday loan companies below will help guide your search. Plus, you can click on a provider in the list to read our full review.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999. Consider alternatives before applying for a payday loan:
- Local resources. Government agencies, nonprofits and local charities often offer free financial services and help with food, utilities and rent for those in need.
- Payment extensions. Talk with your bill providers about a longer payment plan or extension on your due date if you're behind on payments.
- Side jobs. Today's digital marketplace offers the ability to more easily sell unwanted items, sign up for food delivery or drive for rideshare services.
Compare payday loan companies
Check the websites of any payday loan providers you’re interested in to confirm they operate in your province or territory of residence.
Maximum borrowing costsYou should always refer to your loan agreement for exact repayment amounts and costs as they may vary from our results. The table below shows the maximum allowable cost of borrowing under a payday loan for each province:
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
What are payday loans?
A payday loan is a loan that typically ranges from $100 up to $1,500, and generally paid back when you receive your paycheque – hence the term “payday loan”. These loans are sometimes called “cash advance loans” by some payday loan providers.
Finding a reputable payday loan company In Canada, payday loans are regulated under individual laws and restrictions in each province –but beware: not all provinces have the same legislation
What are the payday loan regulations in my province or territory?
Hover over your province in our interactive map to see if payday loans are regulated on the provincial or territorial level and the maximum cost per amount borrowed – darker shades correspond with a higher cost. You can also click on a province or territory to see our article discussing payday loan options there.
5 alternatives to payday loans
With payday loan APRs reaching as high as 350%, it’s important to consider alternatives when you’re in need of some extra cash to fill in the budget gap. You could save a lot of money in the long run by going with one of these five alternative payday loan options.
- Pay advance apps. You may be able to get an advance on the salary you’ve already earned at little or no charge through pay advance apps like Branch and PayActiv — sometimes as soon as the same day.
- Employer paycheque advance. Some companies offer paycheque advances to employees — regardless of your credit history — often at a lower cost than a payday loan.
- Payday alternative loans (PALs). Some credit unions offer PALs between $200 and $1,000 to all credit types. APRs are capped terms range from one to six months. But you’ll likely need to be a member of the credit union for at least a month to qualify.
- Ask a family member or friend. Although it may hurt your pride, borrowing a small amount of money from a friend or family member could be one of the most affordable alternatives to payday loans since you likely won’t be charged interest. However you should focus on repaying your friends or relatives as soon as possible, since finances can easily ruin relationships.
- Consider a credit card cash advance. Because of its high APR, a credit card cash advance isn’t the cheapest payday loan alternative. But depending on the restrictions in your province or territory, it might still be cheaper than getting a payday loan. The other advantage to using a credit card cash advance is that you’ll have more time to pay it off than a payday loan.
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