When you need money fast, a payday loan offers a simple and convenient way to get your hands on some extra cash. But if you’re looking for an affordable alternative, cash advance apps like KOHO, Bree and Nyble are also worth considering.
This guide compares providers that offer cash advances and payday loans in Mississauga to help you find the best loan from a legit lender.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term use, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, call Credit Counselling Society for free financial counselling (Mon–Fri, 8am–5pm at 1-888-527-8999). Also consider payday loan alternatives.
iCash: Instant, 24/7 online payday loans
iCash is an established lender that approves and funds payday loans in Mississauga 24/7. You can apply online or through the iCash mobile app in just a few minutes, and e-Transfer loan funding ensures that you get fast access to your money
Licence number: 4733142
Accepts bad credit: Yes
Incomes accepted: EI, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
KOHO: Instant cash advances with no income requirements
When you subscribe to KOHO Cover, you can access a small cash advance of up to $250 to cover urgent expenses. You can access the money instantly through the KOHO app, you don’t need to pass a credit check, and advances are offered with 0% interest.
Licence number: N/A
Accepts bad credit: Yes
e-Transfer available: Yes
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Wagepay is a licensed lender that offers fast payday loans in Mississauga. Bad credit is OK, and you can apply online or through a mobile app. Loans are also approved 24/7, allowing you to get your money in minutes via e-Transfer.
Licence number: 4741466
Accepts bad credit: Yes
Incomes accepted: Employment only
e-Transfer available: Yes
Pros
Apply in 5 minutes
Get a loan at any time of day or night
Fast funding via e-Transfer
No late fees or NSF fees
Cons
Loans cost $14 per $100 borrowed
Short repayment terms
Relatively new lender
Bree: Cash advances with a low-cost option
Bree offers cash advances in Mississauga of up to $750. If you don’t mind waiting 1 – 3 business days to get funded, you can borrow without paying any fees. Instant funding is also available for a fee, and you won’t pay a cent of interest on the money you borrow.
Nyble: Small line of credit with a low-cost option
Nyble lines of credit are designed to help you build credit. You can borrow up to $250, instant funding is available for a fee, and you won’t pay any interest on the money you borrow. And because Nyble reports to the credit bureaus, repaying on time could help boost your credit score.
If you’d prefer to shop for in-person payday loans in Mississauga, Money Mart has 10 Mississauga locations to choose from. You can get approved even if you have bad credit, you get the convenience of collecting your loan in cash, and you also get the peace of mind of dealing with a lender that was founded back in 1979.
Licence number: 4716137
Accepts bad credit: Yes
Incomes accepted: child tax credit, EI, disability and pensions
e-Transfer available: Yes
Pros
10 locations in Mississauga
Established lender
Bad credit is OK
Get funded in as little as 24 hours after being approved
You can also apply online
Cons
Expensive borrowing option
Short repayment terms
What other brands have physical stores in Mississauga?
In Ontario, lenders are allowed to charge you $14 for every $100 you borrow. That might not sound like much at first, but costs can quickly add up.
For example, let’s say you take out a loan of $600. Check out the table below for details of how much your loan will cost—as you can see, it comes with a very high APR of 365%.
Loan amount
$600
Loan term
14 days
Loan cost
$14 per $100 borrowed ($84)
Total cost to repay
$684
Loan APR
365%
Payday loan regulations to be aware of
Loans of up to $1,500. The maximum amount you can borrow with a payday loan is $1,500.
Loans cost $14 for every $100 borrowed. Lenders are not allowed to charge you more than this.
Loan terms of up to 62 days. The maximum loan term for a payday loan is 62 days, but most loans need to be repaid by your next payday.
Lenders must be licensed. Lenders must be licensed to offer payday loans in Ontario. Look for the lender’s licence number on their website, and check the Ontario business registry for their licence details.
High fees. Payday loans are very expensive—for example, a $500 loan will cost $570 to repay.
Short repayment period. Most loans need to be repaid when you get your next paycheque, which can make it extremely difficult to afford your repayment.
High APRs. The high fees and short terms of payday loans combine to result in very high APRs, sometimes over 300%.
Unlicensed lenders. Payday lenders must be licensed to provide payday loans in Ontario, so watch for sketchy unlicensed lenders that don’t follow payday lending regulations.
Upfront fees. Fake lenders try to trick unsuspecting borrowers into paying an upfront fee to qualify for a loan. This is a scam—a legit lender will never ask you to pay a fee before approving you for a loan.
No-refusal loans. Be wary of lenders promising guaranteed approval or no-refusal loans, as this could be the sign of a scam.
A credit counsellor can assess your financial situation and put together a plan to help you get out of debt and take control of your finances. Even better, you can access free credit counselling in Mississauga. Here are some of your options:
Credit Counselling Society
Address: 77 City Centre Dr, East Tower, Suite 501, Mississauga
Phone: 1-888-527-8999 (toll-free)
Email: info@nomoredebts.org
Website: nomoredebts.org
Credit Canada Debt Solutions
Address: 2 Robert Speck Pkwy, Suite 750, Mississauga
Phone: 1-800-267-2272 (toll-free)
Email: info@creditcanada.com
Website: creditcanada.com
Selling items online
This won’t be a viable option for everyone, but if you have unused possessions that you no longer need, you can turn them into cash by selling them online. Items like sports equipment, musical instruments, electronics and even vintage clothing are often in high demand. List your unwanted stuff for sale on platforms like Facebook Marketplace or Kijiji to get the money you need without taking on any debt.
Bottom line
If you’re looking for cash advances or payday loans in Mississauga, there are several legit lenders worth checking out. Compare a range of borrowing options to find one that fits your budget, and consider whether there are any alternative financial solutions before you take out a loan.
Frequently asked questions
It's easy to get a payday loan online in Mississauga. Many lenders now offer a completely online application process, so you can fill out an application form with your personal information, contact details and desired loan amount. You will also need to upload proof of ID and complete instant banking verification to confirm you have enough income to afford the loan. If you're approved, some lenders even send out loan amounts 24/7 by e-Transfer.
No. While payday lenders generally have lenient eligibility requirements, there aren't any no-refusal payday loans in Mississauga. Under the Payday Loans Act, reputable and licensed payday lenders are required to verify your income and that you are able to afford your loan. That's why you should be wary of a lender that claims to offer no-refusal loans, as it could be a sign of a scam.
Yes. Many lenders offer cash advances or payday loans for borrowers who have bad credit. Rather than focusing on your credit score, they will instead verify your income to make sure you will be able to afford your loan repayments.
The exact time it takes to get a loan will vary depending on the lender, but the fastest options will fund your loan in a matter of minutes. Some online lenders offer automated approval systems, allowing you to get approved and funded 24/7, with loan amounts sent out immediately via e-Transfer.
It depends on your needs. Payday loans offer fast access to funds even if you have bad credit, and you can borrow up to $1,500. But payday loans are also very expensive, so an interest-free cash advance will usually be a much more affordable option. The downside of cash advance apps is that they only offer small loan amounts, often $250, and fees may apply for instant funding.
Tim Falk is a freelance writer for Finder. Over the course of his 20-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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If you have bad credit and need cash quickly, consider Speedy Cash for your next payday loan.
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