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Best payday loans in Ontario

Where to go when you need an emergency loan to get you through to your next payday.

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.

⚠️ Warning: Be cautious with payday loans
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.

Best payday loans in Ontario

Payday lenderInterest rateLoan amountLoan termBest for
iCashVaries by province$100 – $1,5007 - 62 daysInstant 24/7 payday loanGo to site
GoDayVaries by province$100 – $1,500Up to 62 daysOnline payday loanGo to site
Cash Money

Varies by province$100 – $1,5005 - 40 daysEasy payday loan

Learn more

PAY2DAY

Varies by province$300 – $1,500Up to 62 days24/7 no credit check payday loanLearn more
Loan Express

Varies by province$100 – $1,500Up to 62 daysBad credit payday loanLearn more
Money Mart

Varies by province$120 – $1,5001 - 62 daysIn-store payday loanLearn more

Usolve

VariesUp to $1,500Up to 62Payday loan for self-employedLearn more
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

Best instant 24/7 payday loan: iCash

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.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: 7 - 62 days
  • Interest rate: Varies by province
  • Serviced provinces: AB, BC, MB, NB, NS, ON, PEI
  • Types of income accepted: employment insurance, child tax, ODSP, AISH, provincial disability, CPP, OAS and social assistance
  • Accepts bad credit: Yes
  • Credit check required: Yes
  • Instant approval available: Yes

How to apply online

  1. Visit the iCash website and select Get a loan.
  2. Enter your email address and select Ontario as your province of residence.
  3. Provide information such as your name, phone number, address, Social Insurance Number, date of birth, employment and income.
  4. Enter your desired loan amount and submit your application.

Go to site

Pros and cons

  • Get funded within minutes
  • Apply and get funded 24/7
  • Many forms of income accepted
  • Handy mobile app
  • High cost of borrowing
  • Short repayment terms

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.6 out of 5 based on 2,465 iCash reviews
Google rating4.5 out of 5 stars based on 5,949 iCash reviews
BBB accreditationNo
BBB ratingB+
BBB reviews2.14 out of 5 based on 7 iCash reviews
Reviews as ofMarch 3, 2024

Runner-up: PAY2DAY

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.

Best online payday loan: GoDay

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.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province
  • Serviced provinces: AB, BC, MB, NB, NS, ON, PEI, SK
  • Types of income accepted: CCB, disability tax credit, OAS, CPP and private pensions
  • Accepts bad credit: Yes
  • Credit check required: Yes
  • Instant approval available: Yes

How to apply online

  1. Visit the GoDay website and select Apply now.
  2. Select Ontario as your province from the drop-down menu.
  3. Choose your requested loan amount.
  4. Provide your personal and contact information as well as your employment details.
  5. Review all details and submit your application.

Go to site

Pros and cons

  • Fast online application
  • Get funds within minutes
  • Variety of income types accepted
  • High cost of borrowing
  • Short repayment terms
  • First-time borrowers limited to $500

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.5 out of 5 stars based on 2,803 GoDay reviews
Google rating3.8 out of 5 stars based on 317 GoDay reviews
BBB accreditationYes
BBB ratingA
BBB reviews1.63 out of 5 stars based on 8 GoDay reviews
Reviews as ofMarch 3, 2024

Runner-up: iCash

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.

Go to site

Best easy payday loan: Cash Money

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.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: 5 - 40 days
  • Interest rate: Varies by province
  • Serviced provinces: BC, MB, NL, NS, ON, SK
  • Types of income accepted: CPP, child tax credit, unemployment, disability
  • Accepts bad credit: Yes
  • Credit check required: Yes
  • Instant approval available: Yes

How to apply online

  1. Visit the Cash Money website and select Apply now.
  2. Select your province and confirm that you are applying for a payday loan.
  3. Provide your email address, create a password and set up a security question and answer.
  4. Provide your name, contact details, and income and employment information.
  5. Upload any supporting documents required.
  6. Submit your application.

Pros and cons

  • Easy application process
  • Fast approvals and funding
  • Established in 1992
  • Expensive
  • Short repayment period

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.5 out of 5 stars based on 4,165 Cash Money reviews
Google ratingReview score varies depending on location
BBB accreditationNo
BBB ratingA+
BBB reviews1 out of 5 stars based on 13 Cash Money reviews
Reviews as ofMarch 3, 2024

Runner-up: Speedy Cash

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.

Best 24/7 no credit check payday loan: PAY2DAY

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.

Loan details

  • Loan amount: $300 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province
  • Serviced provinces: ON, BC, NS
  • Types of income accepted: EI, retirement income
  • Accepts bad credit: Yes
  • Credit check required: No
  • Instant approval available: Yes

How to apply online

  1. Visit the PAY2DAY website and select Apply online.
  2. Select the application for new customers.
  3. Choose your loan amount and province, and specify how you earn your income.
  4. Enter your contact details, name, birth date and employment information.
  5. Submit your application.

Pros and cons

  • No credit check
  • 24/7 approvals and funding
  • Fast access to funds
  • High rating on Trustpilot
  • Short repayment terms
  • Expensive
  • Summary of ratings and reviews

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.8 out of 5 based on 5,054 PAY2DAY reviews
Google ratingReview score varies depending on location
BBB accreditationNo
BBB ratingA-
BBB reviews1 out of 5 stars based on 3 PAY2DAY reviews
Reviews as ofMarch 3, 2024

Runner-up: Credit Club

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.

Best bad credit payday loan: Loan Express

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.

Loan details

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies by province
  • Serviced provinces: AB, BC, MB, NB, NL, NS, ON, SK, YK, NT, NWT
  • Types of income accepted: Many types, including pension, disability, child tax credit, most other government benefits paid regularly
  • Accepts bad credit: Yes
  • Credit check required: No
  • Instant approval available: Yes

How to apply online

  1. Visit the Loan Express website and select on Get a loan.
  2. Choose Ontario as your province of residence.
  3. Select your desired loan amount.
  4. Provide your name, contact details, date of birth and SIN.
  5. Provide your income and bank account details.
  6. Review all details before submitting your application.

Pros and cons

  • All types of credit accepted
  • 24/7 approvals and funding
  • Get funded within minutes
  • Doesn’t accept EI as income
  • Expensive
  • Customer support isn’t available 24/7

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.8 out of 5 stars based on 7,262 Loan Express reviews
Google rating4.8 out of 5 stars based on 526 Loan Express reviews
BBB accreditationNo
BBB ratingC+
BBB reviews2.33 out of 5 based on 3 Loan Express reviews
Reviews as ofMarch 3, 2024

Runner-up: Mr. Payday

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.

Best in-store payday loan: Money Mart

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.

Loan details

  • Loan amount: $120 – $1,500
  • Loan term: 1 - 62 days
  • Interest rate: Varies by province
  • Serviced provinces: AB, BC, MB, NS, NT, ON, SK, YT
  • Types of income accepted: child tax credit, EI, disability and pensions
  • Accepts bad credit: Yes
  • Credit check required: No
  • Instant approval available: Yes

How to apply in person

  1. Visit your nearest Money Mart location.
  2. Provide your name, contact details, date of birth and income and employment information.
  3. Provide proof of ID, your most recent pay stub, a bank statement and a void cheque or pre-authorized debit form.

Pros and cons

  • Network of over 500 stores across Canada
  • Fast access to funds
  • Bad credit is okay
  • High cost of borrowing
  • Short repayment terms

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.5 out of 5 stars based on 3,988 Money Mart reviews
Google ratingReview score varies depending on location
BBB accreditationNo
BBB ratingF
BBB reviews1 out of 5 stars based on 13 Money Mart reviews
Reviews as ofMarch 3, 2024

Runner-up: Cash 4 You

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.

Best payday loan if you’re self-employed: Usolve Financial

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.

Loan details

  • Loan amount: Up to $1,500
  • Loan term: Up to 62 days
  • Interest rate: Varies
  • Serviced provinces: N/A
  • Types of income accepted: N/A
  • Accepts bad credit: Yes
  • Credit check required: Yes
  • Instant approval available: Yes

How to apply online

  1. Visit the Usolve Financial website and select Apply online.
  2. Answer Yes when asked if you live in Ontario and specify your source of income.
  3. Provide your personal information and contact details before uploading proof of ID and a selfie.
  4. Submit your application.

Pros and cons

  • Apply online or in-store
  • Fast access to funds
  • Apply 24/7
  • Expensive
  • Short repayment terms

Summary of ratings and reviews

FeatureDetails
Trustpilot ratingN/A
Google rating4.8 out of 5 stars based on 142 Usolve Financial reviews
BBB accreditationNo
BBB ratingN/A
BBB reviewsNo Usolve Financial reviews available
Reviews as ofMarch 3, 2024

Runner-up: Cash Money

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.

Best payday loan alternative in Ontario: Bree

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 $250 to tide you over until your next paycheque without incurring bank account overdraft fees. There are no interest charges to worry about, and you don’t need to complete a credit check to get funds.

Loan details

  • Loan amount: $20 – $350
  • Loan term: Next pay cycle (61 days max.)
  • Interest rate: 0%
  • Serviced provinces: All provinces and territories
  • Types of income accepted: N/A
  • Accepts bad credit: Yes
  • Credit check required: N/A
  • Instant approval available: Yes

How to apply online

  1. Visit the Bree website and select Sign up.
  2. Enter your name and email address before creating a password, then confirm that you have a Canadian bank account.
  3. Provide your personal information, contact details and bank account information.
  4. Confirm when you will pay back your advance.
  5. Choose either a free Standard advance or an Express advance for an additional fee.
  6. Submit your application.

Go to site

Pros and cons

  • No credit checks
  • No interest
  • No late fees
  • Fee applies if you want an instant loan
  • Small loan amount won’t suit everyone

Summary of ratings and reviews

FeatureDetails
Trustpilot rating4.6 out of 5 stars based on 1,125 Bree reviews
Google ratingNo Bree reviews available
BBB accreditationNo
BBB ratingN/A
BBB reviewsNo Bree reviews available
Reviews as ofMarch 3, 2024

Runner-up: Nyble

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.

Go to site

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
  • The maximum loan amount
  • The maximum loan term
  • How much the lender can charge you if you miss a payment

How much do payday loans in Ontario cost?

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 amountLoan feeTotal costLoan termAPR
$500$15 per $100 borrowed$57514 days391.07%

Am I eligible for payday loans in Ontario?

Requirements vary between lenders, but you’ll generally need to meet the following eligibility criteria to get a payday loan in Ontario:

  • Be at least 18 years old
  • Have a recurring income
  • Have an active chequing account

Payday loan regulations 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.

Borrowing fee

You can’t be charged more than $15 for every $100 borrowed for a payday loan in Ontario.

Loan amount

An Ontario lender can’t lend more than 50% of your net income, up to $1,500.

Loan term

The maximum payday loan term in Ontario is 62 days.

Cancellation period

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.

Repayment

  • You can pay the full balance any time without penalty.
  • If you take out 3 loans within a 63-day period, lenders must offer you an extended payment plan. You have the option of paying the loan back in installments.

Loan in default

  • A maximum interest rate of 2.5% per month (without compounding) can apply to the outstanding principal of a payday loan in default.
  • A maximum fee of $25 can be charged for bounced cheques or pre-authorized debits (to be charged once only).
  • The lender can’t contact you more than 3 times a week.

Rollover loans

  • Rollover loans are not allowed. This means you can’t roll over what you owe into a second payday loan, but instead have to fully repay your payday loan in Ontario before taking out another loan with the same lender.

Other regulations

  • A lender can’t provide you a second payday loan until after you’ve paid off the first one.
  • Ontario lenders cannot ask you to sign a form that transfers your wages directly to them.
  • Lenders cannot offer or sell you any products or services in connection with the payday loan.

Are there instant payday loans in Ontario?

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.

Online payday loans in Ontario

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.

How can I tell if a payday lender in Ontario is legitimate?

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.

  • The lender displays an Ontario licence number. Always check that a lender is licensed by searching its business name in this registry.
  • The lender doesn’t allow roll-overs or multiple loans. Ontario law doesn’t allow payday lenders to give out multiple loans. You also cannot roll-over your loan, meaning you can’t add what you owe on one payday loan onto a second payday loan.
  • The lender follows fee regulations. Stay away from lenders who charge more than $15 for every $100 borrowed.

Find out more about payday loan scams and how to protect yourself.

Besides payday loans, where can I get financial help in Ontario?

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 assistance programs

Ontario has some programs that can help lower the costs of everyday expenses for residents and newcomers who are struggling to make ends meet.

  • The Ontario Child Benefit provides low-income families with financial assistance to cover expenses like medical bills, food, rent and utility bills.
  • Ontario Works can provide you with money and help you find a job during temporary financial difficulties.
  • The Canadian government’s Resettlement Assistance Program provides financial assistance to refugees and protected persons for accommodations, essential clothing, household effects and living expenses.
  • The Income Assistance Program provides funding to First Nations communities to help their eligible members meet basic needs, such as food, clothing and shelter.
  • Ontario Disability Support Program helps people with disabilities who are in financial need pay for living expenses, like food and housing.

Local financial institutions

Some credit unions and local banks offer less expensive small loans with longer repayment terms.

Credit counselling

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.

Bottom line

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.

Frequently asked questions

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Written by

Tim Falk

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. See full profile

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