Payday loans offer fast access to cash when you need money urgently. It’s easy to apply and get approved, even if you have bad credit, and some lenders fund loans almost instantly.
But where can you find the best payday loans in Ontario? Keep reading to find out.
| Payday lender | Interest rate | Loan amount | Loan term | Best for | |
|---|---|---|---|---|---|
 | Varies by province | $100 – $1,500 | 7 - 62 days | Instant 24/7 payday loan | Go to site |
 | Varies by province | $100 – $1,500 | Up to 62 days | Online payday loan | Go to site |
 | Varies by province | $100 – $1,500 | 5 - 40 days | Easy payday loan | |
 | Varies by province | $300 – $1,500 | Up to 62 days | 24/7 no credit check payday loan | Learn more |
 | Varies by province | $100 – $1,500 | Up to 62 days | Bad credit payday loan | Learn more |
 | Varies by province | $120 – $1,500 | 1 - 62 days | In-store payday loan | Learn more |
| Varies | Up to $1,500 | Up to 62 | Payday loan for self-employed | Learn more |
| 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 |
If you’re searching for instant payday loans in Ontario, iCash has you covered. This online payday lender offers instant decisions 24/7, and it’s easy to apply via the iCash website or app. If approved, you can get the funds in a matter of minutes via e-Transfer.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.6 out of 5 based on 2,465 iCash reviews |
| Google rating | 4.5 out of 5 stars based on 5,949 iCash reviews |
| BBB accreditation | No |
| BBB rating | B+ |
| BBB reviews | 2.14 out of 5 based on 7 iCash reviews |
| Reviews as of | March 3, 2024 |
PAY2DAY offers instant payday loans in Ontario in-store and online. You can apply online or via a mobile app within minutes, and you’ll then be sent your loan amount within 1-2 hours by e-Transfer. And if you have any questions or problems with your loan application, 24/7 customer support is also available.
If you’re searching for a lender that offers online payday loans in Ontario, there’s a lot to like about GoDay. This online-only lender offers a simple paperless application process, instant pre-approvals are provided, and you can get your loan funds in a matter of minutes via e-Transfer.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.5 out of 5 stars based on 2,803 GoDay reviews |
| Google rating | 3.8 out of 5 stars based on 317 GoDay reviews |
| BBB accreditation | Yes |
| BBB rating | A |
| BBB reviews | 1.63 out of 5 stars based on 8 GoDay reviews |
| Reviews as of | March 3, 2024 |
iCash is a 24/7 payday lender that operates completely online. It’s simple to apply for a loan through iCash’s website or app, and the lender uses an automated system to offer instant loan approvals. If you’re approved, you’ll get fast access to your funds via Interac e-Transfer.
Cash Money offers a simple and stress-free loan application and funding process. As one of the largest payday lenders in Canada, Cash Money allows you to apply online, in-store or over the phone. This lender is also flexible with the types of income it accepts, so you can still get a loan if you earn non-employment income such as Employment Insurance, Child Tax Benefits and Canada Pension Plan.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.5 out of 5 stars based on 4,165 Cash Money reviews |
| Google rating | Review score varies depending on location |
| BBB accreditation | No |
| BBB rating | A+ |
| BBB reviews | 1 out of 5 stars based on 13 Cash Money reviews |
| Reviews as of | March 3, 2024 |
Speedy Cash offers no credit check payday loans in-store and online. It’s simple to apply, and you can get funded within 1 hour to 1 business day via e-Transfer or direct deposit. Speedy Cash also accepts income from a variety of sources, including employment insurance, child tax benefit and pensions.
There’s no credit check required when you apply for a PAY2DAY payday loan, and all types of credit are accepted. You also get the convenience of applying with a lender that approves and funds loans 24/7, ensuring that you can access an emergency loan whenever you need it. Customer support is also available 24/7. E-transfer funding means you’ll get your loan within 1-2 hours of being approved.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.8 out of 5 based on 5,054 PAY2DAY reviews |
| Google rating | Review score varies depending on location |
| BBB accreditation | No |
| BBB rating | A- |
| BBB reviews | 1 out of 5 stars based on 3 PAY2DAY reviews |
| Reviews as of | March 3, 2024 |
Credit Club offers easy access to no credit check loans online. You can apply and get funded 24/7, and all types of credit are accepted. If you’re approved, you can get your loan funds via e-Transfer in as little as 30 minutes.
Bad credit won’t stop you getting a loan from Loan Express. This popular payday lender doesn’t carry out credit checks, so you can qualify for funding even if your credit history is far from ideal. Apply online 24/7. Loan Express’ automated systems make it possible to get instant approval and fast funding.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.8 out of 5 stars based on 7,262 Loan Express reviews |
| Google rating | 4.8 out of 5 stars based on 526 Loan Express reviews |
| BBB accreditation | No |
| BBB rating | C+ |
| BBB reviews | 2.33 out of 5 based on 3 Loan Express reviews |
| Reviews as of | March 3, 2024 |
Mr. Payday is an online payday lender that lets you apply for a loan and get funded in as little as 30 minutes. There are no credit checks or collateral required, and you can apply online or via a mobile app. If you’re approved, funds will be sent out via e-Transfer.
Prefer the convenience of getting a payday loan in-store? Money Mart is worth checking out. The lender operates dozens of stores across Ontario, so there’s a good chance you’ll find one near you. Bad credit won’t stop you from getting a loan, and it’s easy to apply for a loan in person and get funded within minutes.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.5 out of 5 stars based on 3,988 Money Mart reviews |
| Google rating | Review score varies depending on location |
| BBB accreditation | No |
| BBB rating | F |
| BBB reviews | 1 out of 5 stars based on 13 Money Mart reviews |
| Reviews as of | March 3, 2024 |
Cash 4 You has been offering payday and installment loans in Ontario since 2001. It operates over 100 store locations and you can apply in-person within minutes. Best of all, Cash for you has an average rating of 4.9 out of 5 based on over 19,500 reviews on Trustpilot.
Some payday lenders don’t accept self-employed income when you’re applying for a loan, but Usolve Financial does. This Brampton-based payday lender also offers loans 24/7, so you can apply and get funded within minutes. You also have the option to either apply online or in-person at one of its 10 stores across Ontario.
| Feature | Details |
|---|---|
| Trustpilot rating | N/A |
| Google rating | 4.8 out of 5 stars based on 142 Usolve Financial reviews |
| BBB accreditation | No |
| BBB rating | N/A |
| BBB reviews | No Usolve Financial reviews available |
| Reviews as of | March 3, 2024 |
Cash Money accepts a wide range of income types when assessing your payday loan application. You can apply for funding online, in-store or over the phone, and instant decisions mean you get fast access to funds. Enjoy added peace of mind from dealing with a lender that’s been in business since 1992.
If you need a short-term loan but you want to avoid expensive payday loans, Bree could be the answer. Bree offers access to a cash advance of up to $350 to tide you over until your next paycheque without incurring bank account overdraft fees. There’s a $2.99 monthly membership fee. But there are no interest charges to worry about, and you don’t need to complete a credit check to get funds.
| Feature | Details |
|---|---|
| Trustpilot rating | 4.6 out of 5 stars based on 1,125 Bree reviews |
| Google rating | No Bree reviews available |
| BBB accreditation | No |
| BBB rating | N/A |
| BBB reviews | No Bree reviews available |
| Reviews as of | March 3, 2024 |
Nyble is another option well worth considering if you’re searching for payday loan alternatives. 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.
Yes, payday loans are legal in Ontario. However, there are strict regulations in place under Ontario’s Payday Loans Act to prevent lenders from taking advantage of borrowers. These regulations set out important information such as:
The maximum cost of a payday loan in Ontario is $15 per $100 borrowed. So if you take out a $1,000 loan, it’ll cost you $1,150 to repay.
This might not sound all that expensive at first, but you also need to take into account the very short repayment period. Payday loans are typically designed to be repaid when you get your next paycheque, so you only have an extremely limited amount of time to repay what you borrow. As a result, payday loans have extremely high APRs—often in the triple digits.
That’s why you should only ever consider a payday loan as a last resort, and check out a range of payday loan alternatives before deciding if you should apply.
| Loan amount | Loan fee | Total cost | Loan term | APR |
|---|---|---|---|---|
| $500 | $15 per $100 borrowed | $575 | 14 days | 391.07% |
Requirements vary between lenders, but you’ll generally need to meet the following eligibility criteria to get a payday loan in Ontario:
Before taking out a payday loan in Ontario, protect yourself as a borrower by knowing your rights. Below is a summary of payday loan regulations in Ontario, but be sure to visit the Ontario government website for more details.
You can’t be charged more than $15 for every $100 borrowed for a payday loan in Ontario.
An Ontario lender can’t lend more than 50% of your net income, up to $1,500.
The maximum payday loan term in Ontario is 62 days.
Should you change your mind and want to cancel your payday loan, you have two business days to do so without facing a penalty. You also don’t have to provide a reason for cancelling.
Yes. With instant payday loans in Ontario, lenders use automated systems and instant bank verification to speed up the approval process. After you apply, you get a decision within a few minutes. Once you submit your contract, you also get your funding within a few minutes via Interac e-Transfer.
Below is a sample of lenders that provide instant decisions and funding.
For a seamless application process, make sure you’re eligible for the loan first and submit all required documents. If your lender has to contact you about missing information, the process could get delayed.
Several lenders offer completely online payday loans in Ontario. It’s quick and easy to apply by filling out an application form on the lender’s website, while some lenders also allow you to apply through their mobile app. It’ll usually take 5-10 minutes to apply, and an increasing number of lenders support instant online bank verification to speed up the application process.
Once you’ve submitted your application and provided your contact details, you should receive a decision within minutes. You can receive your funds via Interac e-Transfer or direct deposit.
The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection Ontario. Look for the following signs to make sure you’re working with a reputable business.
Find out more about payday loan scams and how to protect yourself.
If you find you’re frequently running short on funds and need payday loans in Ontario, it’s worth looking into the following alternatives.
Ontario has some programs that can help lower the costs of everyday expenses for residents and newcomers who are struggling to make ends meet.
Some credit unions and local banks offer less expensive small loans with longer repayment terms.
If you’re struggling with your personal finances, you might want to consider enrolling in a credit counselling program. These programs can help you make a budget and manage your debts for the long term.
If you’re looking for a quick and easy solution to deal with a short-term financial problem, a payday loan might be just what you need. But payday loans are very expensive to repay, so consider all your options before deciding whether to apply.
Compare payday lenders and cash advance providers that offer loans like Wagepay.
Compare a selection of loans like iCash.
A cycle of unaffordable payday loans could be easy to fall into but seemingly impossible to escape. Here are steps you can take to relieve your debt.
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.
Before taking out a payday loan, consider looking into these alternatives first.
Watch out for these payday loan scams that prey on those who need quick cash and see which lenders are legitimate.
Your helpful guide to payday loan interest rates in Canada and how to compare loans on the market.
We take you through what you need to know if you’re looking for a second payday loan.
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.