A–Z list of payday loan organizations

A–Z list of payday loan providers

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.

5 largest payday loan organizations in Canada

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iCASH Payday Loan

$100 – $1,500
Loan amount

7 – 62 days
Loan Term

2 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
APR	Varies by province
Term	7 - 62 days
Min. Turnaround time	As little as 2 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

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Cash Money Payday Loan

$100 – $1,500
Loan amount

5 – 40 days
Loan Term

15 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
APR	Varies by province
Term	5 - 40 days
Min. Turnaround time	As little as 15 minutes with INTERAC e-Transfer®
How to apply	Online In Store
Credit Check	Yes

Read review

Money Mart Payday Loan

$120 – $1,500
Loan amount

1 – 62 days
Loan Term

60 minutes
Min. Turnaround Time

• Info
• Features
• Details

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 $120 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	$120 – $1,500
APR	Varies by province
Term	1 - 62 days
Min. Turnaround time	As little as 1 hour after getting approved
How to apply	Online In Store
Credit Check	No

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Loan Express Payday Loan

$100 – $1,500
Loan amount

Up to 62 days
Loan Term

5 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
APR	Varies by province
Term	Up to 62 days
Credit Check	No

Read review

PAY2DAY payday loan

$300 – $1,500
Loan amount

Up to 62 days
Loan Term

60 minutes
Min. Turnaround Time

• Info
• Features
• Details

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
APR	Varies by province
Term	Up to 62 days
Min. Turnaround time	Within 1-2 hours via e-Transfer once approved
Credit Check	Yes

What are payday loans?

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.

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 of 300% or more, 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.

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 credit counselling agencies by province:

British Columbia

Alberta

Saskatchewan

Manitoba

Ontario

Quebec

New Brunswick

Prince Edward Island

Nova Scotia

Newfoundland and Labrador

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:

• 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.
• Personal loan with a cosigner. If you’ve got bad credit, you can increase your chances of loan approval by applying for a personal loan with a cosigner. If your cosigner has strong credit, you’ll qualify for a better rate. Just be aware that they’ll be responsible for paying off the loan if you can’t keep up with the repayments.
• Line of credit. With a line of credit, you can withdraw funds whenever you need them, up to a pre-approved credit limit. You only pay interest on the money you withdraw, not the total credit limit, and you’ll enjoy lower rates than you can get with a credit card.
• 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.
• Pay advance app. Pay advance services 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.
• Car title loan. If you own a car, a car title loan allows you to secure a loan to 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.
• Pawn shop loan. Pawn shop loans are small loans secured by valuables, for example jewellery or current electronics. You can generally borrow anywhere between 20% and 60% of the item’s resale value, but watch out for high rates. The pawn shop will also take ownership of the item you provide as collateral if you default on the loan.