If you’re looking for a payday lender that prioritizes speed and convenience, Speedy Cash fits the bill. But there are other payday lenders that can get the job done, too. Here’s a look at alternatives that are similar to the Speedy Cash payday loan in Canada but may better suit your needs. Bear in mind, payday loans are one of the most costly ways to borrow money, and should be used as a last resort.
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. If you're experiencing financial hardship call 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.
Sometimes you need access to cash and can't wait until the next business day. If you're in a lurch, keep iCash in your back pocket. iCash operates 24/7, 365 days a year, using software that can review your application at all hours of the day to provide instant approval. Once you've signed your contract, iCash will send your funds in minutes via INTERAC e-Transfer. (Speedy Cash doesn't have 24/7 support.)
GoDay is an online-only payday lender so your application is done via a paperless application. Once you submit your application, you'll receive a decision within seconds. GoDay accepts many types of income, including employment, Canada Child Benefit, private and government disability income, OAS, CPP and private pensions.
Easy online application
Instant pre-approval decision
Many types of income accepted
Sky-high fees
Caps on how much you can borrow ($1,500)
No in-person interaction:Late and NSF fees
Loan amount
$100 – $1,500
APR
Varies by province
Term
Up to 62 days
Min. Turnaround time
As little as 2 minutes with Interac e-Transfer
How to apply
Online In Store
Credit Check
Yes
Maximum borrowing costs of payday loans per province
Always refer to your contract for exact repayment amounts and costs.
Province
Max. cost of borrowing a $100 payday loan
Cooling off period to cancel loan
Max. penalty for returned cheque or pre-authorized debit
Alberta
$15
2 business days
$25
British Columbia
$15
2 business days
$20
Manitoba
$17
48 hours excluding Sundays and holidays
$20
New Brunswick
$15
48 hours excluding Sundays and holidays
$20
Newfoundland and Labrador
$14
2 business days
$20
Nova Scotia
$15
Next business day (2 days for online loans)
$40 (default penalty)
Ontario
$15
2 business days
$25
Prince Edward Island
$15
2 business days
N/A
Quebec
Limit of 35% AIR
N/A
N/A
Saskatchewan
$17
Next business day
$25
Compare cash advances like Speedy Cash
If you’re looking for a small, flexible loan: Nyble
Apply online for an interest-free line of credit of up to $150 to cover small expenses and build your credit. Get funds in 1-3 business days with a free account. For $11.99 per month, get access to premium services, including funding in 1-30 minutes, a free Equifax credit report and identity theft protection.
Easy application process
No credit check
No interest
Can improve your credit score
Roll over your loan
$11.99 per month for fast transfers, full credit report and other premium perks
Small loan amounts only
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
0% interest and no fees to access credit, optional $11.99/month membership for premium services like instant funding
Origination fee
$11.99
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
If you're worried that a credit check may bar you from getting qualified for a loan, try Bree, which offers zero-interest small loans without a credit check. You can still qualify even with bad credit or no credit at all. The application instead focuses on your income and ability to repay the loan.
Instant approval and funding available
0% interest
$2.99 monthly membership fee
Extra fee for instant funding
Small amounts only
Loan amount
$20 – $350
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
0% interest for cash advances but a $2.99 monthly membership fee applies, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours with express delivery (fee is based on the advance amount) and up to 3 business days for standard delivery
Get an installment loan like Speedy Cash
If you’re looking for a payday loan alternative: MDG
MDG is not a payday loan but a small installment loan. Its loan amounts are similar to a payday loan. Like Speedy Cash, MDG can accept low income or bad credit.
Repay in installments
Flexible requirements
High interest rates
Loan amount
Up to $1,600
APR
29.78% – 44.8%
Term
Up to 36 months
Min. credit score
560
Is Speedy Cash legit in Canada?
Speedy Cash has a payday loan licence for each province it operates in, so it’s legit. You can find its registration by visiting the provincial government sites.
Speedy Cash shares similar features to its contenders, such as:
Loan amount caps. Apply for a payday loan between $250 and $1,500, depending on your income.
Many types of income accepted. Qualify with income from employment, employment insurance, child tax benefit and seniors’ pension.
Quick access to funds. You can get your Speedy Cash payday loan within 1 hour to 1 business day via e-Transfer or direct deposit.
Easy application. Just like its competitors, you can apply for a Speedy Cash loan quickly online. It also has physical storefronts if you prefer applying in person, too.
Features of loans like Speedy Cash
Across the board, payday loans like the one provided by Speedy Cash in Canada includes features, such as:
Caps on how much you can borrow. With payday loans you can only borrow up to $1,500, so if you need more cash, this may not be your best option. Consumers in some provinces also can’t borrow more than 30% or 50% of their net income, and some lenders cap how much you can borrow on your first loan.
Short repayment terms. As indicated in their name, you’re typically required to pay back your loan by your next payday, or up to 62 days, depending on the province you live in. When you apply for a loan, the lender asks you how frequently you’re paid to determine your final repayment due date.
Bad credit doesn’t matter. You can apply with bad credit or no credit at all. That’s because payday lenders shift the emphasis from your credit score to your ability to repay your loan. Make sure you can prove you have a stable income and you should be in the clear.
Downsides of loans like Speedy Cash in Canada
On the whole, borrowers must tread carefully with payday loans like the one on offer from Speedy Cash for these key reasons:
Incredibly steep interest rates. Payday lenders charge excessive fees, ranging between $14 to $17 for every $100 borrowed, depending on the province you live in. That’s an annual percentage rate (APR) of 400% or more. This makes payday loans one of the most expensive ways to borrow.
Short repayment terms. Make sure your budget can accommodate a loan repayment by your next pay day. With payday loans, terms typically cap out at 62 days with most lenders expecting you to repay your loan by your next payday.
Disreputable lenders. The payday lending space is rife with predatory lenders. Check to make sure the payday lender you’re working with is licensed and follows provincial or territorial laws and regulations.
Increases your chances of staying in a cycle of debt. The combination of sky-high fees and quick repayment terms could spark a snowball of debt if you don’t have a clear-cut plan to pay off your loan. If you miss a payment, the fees worsen and this could have a negative effect on your credit rating too.
Bottom line
If you’re thinking about taking out a payday loan, Speedy Cash is a solid choice for a quick and seamless process. But there are other lenders worth checking out too during your comparison shopping. Remember: payday loans should be a last-resort option – if you can qualify for a personal loan, line of credit or installment loan, these will have lower interest rates and better terms.
During the application process, payday lenders will typically ask you for: your full name, date of birth, contact information including email, phone number and mailing address, your employment status and gross monthly income, and your banking details to arrange a deposit and automatic withdrawals.
Not necessarily. This factor will depend on the lender you’re working with. Some lenders insist that you must be receiving income from steady employment while other lenders accept many types of income, such as income from part-time work, freelancing, pension, government benefits or EI. Check with your lender first.
Most payday lenders ask for your banking information during the application process to arrange an automatic withdrawal from your account. Make sure you have adequate funds in your bank account to avoid NSF fees and late payment charges. In some cases, you can make a payment over the phone or in-person at a physical storefront.
The most common ways to receive your money is via Interac e-Transfer, direct deposit transferred directly to your bank account, or via cash if you’re applying in person.
Carmen Chai is a freelance writer at Finder, specializing in financial products. She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade. See full bio
Here’s a look at the top reasons why lenders might decline your application for a payday loan. Plus, find out how to increase the chances that your next application will be approved.
Our comprehensive guide covers different ways you can get a loan when you have no bank account. If you decide that you need more money borrowing options and want to open a bank account, we cover the steps on how to do so.
Read our guide to payday loan regulations in your province or territory.
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