If you’re short of cash, a payday loan offers an easy way to access money fast. But payday loans are extremely expensive, and the good news is that they’re not your only option for short-term loans.
In this guide, we’ll compare popular cash advance apps and payday loans in Hamilton so you can find the best loan for your needs.
⚠️ 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 a reputable and established lender that offers instant payday loans in Hamilton. You can apply for a loan online or via a highly rated mobile app, and you can get your loan approved and funded at any time of day or night. If you're approved, you'll get your money via e-Transfer in a matter of minutes.
Deal with an established lender
Bad credit is OK
Loans funded 24/7
24/7 customer support
4.7/5 based on 2,900+ Trustpilot reviews
Your loan will cost $14 per $100 borrowed
Short repayment term
Credit check for your first loan application
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
Wagepay is a relatively new arrival to the Canadian market, but it's a competitive offering if you're searching for payday loans in Hamilton online. Wagepay approves and funds loans 24/7, with money distributed via e-Transfer so you can take advantage of fast access to funds. There are no credit checks required either, so bad credit or no credit won't stop you from getting a loan.
Provides instant payday loans in Hamilton
Apply online or via an app
Get funds within minutes
No late fees
BC and Ontario only
Very expensive
Short repayment period
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC and 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
KOHO Cover is a cash advance service that offers an affordable alternative to instant payday loans in Hamilton. Sign up for the service for a small monthly fee, and you can get instant access to a cash advance of up to $250. There is no interest charged on the funds you borrow, and you have the flexibility to repay your advance at any time.
No credit checks
No income required to qualify
No interest charges or late fees
Convenient short-term loan option
Maximum advance of $250
KOHO Cover monthly fee starting at $2
Monthly KOHO plan fee may also apply
Costs
0% + monthly fee from $2
Loan Amount
$20 – $250
Loan Term
Flexible
Credit Check
No
Turnaround Time
Immediately
Requirements
KOHO account—access higher loan amounts over time by using KOHO for everyday spending, repaying your monthly fees and using its other services
If you need some extra cash to help you avoid bank account overdraft fees, Bree offers interest-free cash advances of up to $500. It's easy to sign up online by providing your personal details and linking your bank account, and there's no need to pass a credit check to qualify for funding. Best of all, you get an instant decision, and you don't have to worry about paying interest on the funds you borrow.
0% interest
Sign up in minutes
Bad or limited credit is OK
Larger loan amount than other cash advance apps
4.8/5 based on 6,700+ Trustpilot reviews
$500 may not be enough for your needs
Monthly subscription fee and transfer fee for instant transfers
Free transfers take up to three business days
Costs
0%
Loan Amount
$20 – $500
Loan Term
Next pay cycle (90 days max)
Credit Check
No
Turnaround Time
Receive funds within 5 minutes with express delivery (the fee is based on the advance amount) and within 1 to 3 business days for standard delivery.
Requirements
You must have a bank account with regular income deposits and a Visa or Mastercard debit card with a CVV
Most payday lenders and cash advance apps don't report your payment history to the credit bureau, but Nyble does. So when you make on-time payments to repay your interest-free cash advance of up to $250, you can build credit. There are no credit checks to worry about, and you can apply for funding online or via a mobile app in a matter of minutes.
Instant funding available
Use it to build credit
No interest charges or late fees
4.8/5 stars based on 8,100+ Trustpilot reviews
Small maximum loan amount may not suit your needs
$11.99 monthly fee for instant funding
Missing a payment could hurt your credit score
Loan Amount
Undisclosed
Loan Term
31 days, extendable
Cost
0%
Speed
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Credit Check
No
Requirements
You must be 18 years or older and have a minimum monthly income of $1,000.
PAY2DAY offers instant payday loans in Hamilton. You can apply for a loan online or in-store, and bad credit won't stop you from getting funded. If you're approved for funding, your funds will be sent out via e-Transfer within one to two hours. Best of all, PAY2DAY approves and funds loans 24/7, so you can get your hands on emergency cash whenever you need it.
Get a loan at any time
24/7 customer support
No credit checks
Accepts some types of non-employment income
4.9/5 stars based on 8,300+ Trustpilot reviews
Very expensive
You only have a short time to repay
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
Cash 4 You offers in-store and online payday loans in Hamilton, and it also offers installment loans. You don't need perfect credit to qualify for either loan. You can borrow up to $1,500 with a payday loan or up to $20,000 with an installment loan, and you can get approved within minutes of applying. Cash 4 You payday loan funds are delivered promptly via e-Transfer.
No credit check for payday loans
Same-day funding
Installment loan can help you build your credit history
4.9/5 stars based on 23,000+ Trustpilot reviews
Expensive borrowing option
Short repayment term
Credit check required for installment loan
Loan Amount
$120 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
ON and BC
Speed
In 60 minutes with funds deposited via INTERAC e-Transfer.
Credit Check
Yes
Requirements
- Be employed - Make at least $250 per net pay - Be at least 18 years of age - Have an active bank account.
If you're searching for installment or payday loans in Hamilton, Money Mart has got you covered. This well-known lender offers the convenience of applying in store or online, and it specializes in loans for people with fair to bad credit. You can borrow up to $1,500 with a payday loan or up to $25,000 with an installment loan, with instant funding available if you need money fast.
Get your money the same day
Bad credit is OK
No fee for early repayment
4.7/5 stars based on 6,000+ Trustpilot reviews
Payday loans cost $14 per $100 borrowed
Short repayment terms for payday loans
High APR on installment loans
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
Money Direct offers payday loans in Hamilton online and in store. It only takes a handful of minutes to apply, and you'll typically need to repay what you borrow by your next payday. The lender also offers other financial services in store, such as cheque cashing and international money transfers.
Bad credit is OK
Simple application process
Convenient Hamilton store location
High cost of borrowing
Short repayment term
Limited customer reviews
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON, NS
Speed
Within minutes
Credit Check
Yes
Requirements
Canadian citizen, age of majority, bank account, source of income
Which payday lenders offer online payday loans to Hamilton borrowers?
There are plenty of options to choose from if you’re searching for payday loans in Hamilton online. You can apply with:
These lenders allow you to apply online in minutes, and typically use instant bank verification (IBV) to verify your income. Some lenders also offer quick and easy loan applications via their own mobile apps.
If you’re approved, you’ll receive your loan amount by e-Transfer or direct deposit.
Which payday lenders have in-person locations?
If you’re searching for payday loans in Hamilton, Ontario, that allow you to apply in person, there are a few options available. Check out the table below for the details of lenders with branches in Hamilton.
Lender
Number of locations in Hamilton
Cash 4 You
4
Money Direct
1
Money Mart
4
PAY2DAY
1
Which payday lenders in Hamilton don’t perform credit checks?
While most payday lenders don’t conduct credit checks, some do. So if you’re searching for payday loans in Hamilton with no credit check, consider the following lenders:
Cash 4 You
Money Direct
Money Mart
PAY2DAY
Wagepay
Instead of checking your credit score, these lenders will assess your income and employment situation. If they’re satisfied that you will be able to afford your loan repayments, your application will be approved.
Which lenders provide 24/7 instant funding?
If you’re searching for instant payday loans in Hamilton, iCash and PAY2DAY can help. Both lenders approve and fund loans 24 hours a day, 7 days a week, and both offer funding within minutes via e-Transfer.
If a cash advance is a better fit for your needs, Nyble, Bree and KOHO all offer instant funding 24/7. You’ll need to pay a monthly fee with Nyble and Bree to get an instant transfer—otherwise it will take up to three business days to get your advance—while a fee always applies for KOHO Cover.
How do I make sure a payday lender is licensed to operate in Hamilton?
Lenders must hold a payday lending licence to be allowed to offer payday loans in Ontario. You can check if a lender is licensed by searching the Government of Ontario database. The lender should display their licence in store and on their website. You can also check the lender’s business name registration details on the Ontario Business Registry.
There are a few other steps you can take to make sure you’re dealing with a legit lender:
Check customer reviews on independent sites like Trustpilot or BBB
Make sure the lender abides by payday loan regulations in Ontario (more on this in a second).
Watch out for signs that could indicate a scam, such as high-pressure sales tactics or requiring you to pay an upfront fee.
What are the payday loan regulations in Hamilton?
You can take out payday loans in Hamilton, Ontario, of up to 50% of your net income, with a maximum loan amount of $1,500.
There’s also a limit on how much your loan will cost. The maximum amount a lender can charge you is $14 for every $100 borrowed. So if you take out a $750 loan, it will cost you $855 to repay.
Payday loans in Hamilton have a maximum loan term of 62 days. And if you take out a loan but then decide to cancel it, you have a cooling-off period of two business days in which to do so.
If you’re struggling with debt, there is help available. A credit counsellor can assess your financial situation and help you put together a plan to get out of debt and get your finances back on track. And the good news is that some non-profit agencies across Canada offer free credit counselling.
The Credit Counselling Society offers free credit counselling services in Hamilton. Sessions are confidential, and a trained counsellor can provide you with advice tailored to your unique financial situation.
Credit Counselling Society Hamilton
Located in: Highrise 1
Address: 20 Hughson St S Suite 906, Hamilton, ON L8N 4H3
One-on-one financial counselling and group education sessions from Money Matters are also available at the Hamilton Neighbour to Neighbour Centre. A counsellor can help you with tasks like making a budget, negotiating debt repayments with creditors, modifying spending habits and more.
Payday loans in Hamilton are a popular choice when you need cash to cover an emergency expense, but they’re not your only option. Cash advance apps offer an affordable alternative to payday loans, so compare all your loan choices before deciding where to borrow money.
Frequently asked questions
It depends on your borrowing needs. If you're looking for the cheapest way to borrow, a cash advance app is the better choice. But if you want to borrow a larger amount of money than $250 or $500, which is where cash advances max out, you can borrow up to $1,500 with a payday loan. Just be aware that payday loans are very expensive and have short loan terms, so this can make it difficult to budget to repay your loan.
Approval and funding times vary between lenders, but many offer same-day funding. In some cases, you can apply online, get approved and get your funds via e-Transfer in a matter of minutes.
Cash advance apps like Nyble, Bree and KOHO provide instant small loans for a fee. Some payday lenders also offer funding within minutes via a mobile app. Payday loan apps include iCash and Wagepay.
It all depends on your borrowing needs. For example, you might pick Bree if you want the largest loan amount, KOHO for flexible repayments, or Nyble if you want to build credit. Check out our Nyble vs Bree vs KOHO guide to get a better idea of which app is right for you.
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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