Payday loans in Quebec may be your first stop when you need fast cash. However, the Quebec government has imposed strict restrictions on payday loans to the point where it has become largely unprofitable for payday loan companies to operate in the province like they do in the rest of Canada.
But don’t worry, there are still many options for people with all types of credit scores who need money in a hurry. This guide breaks down regulations for payday loans in Quebec and explores loan options to help you stay afloat between paycheques.
Can you get a payday loan in Quebec?
The payday lending situation in Quebec is a little different from other provinces. The Government of Quebec limits the maximum annual interest rate on loans in the province to 35%. Across the rest of Canada, the criminal rate of interest is 60% (effective annual interest), but payday loans are exempt from this limit.
But while there are strict interest rate restrictions in place in Quebec, lenders of short-term loans have found a way to get around these provincial restrictions. By including a surety fee or brokerage fee of up to $300 in the loan payments, they offer loans with very high APRs.
Short-term installment loans in Quebec also have longer repayment terms than elsewhere in Canada. While regular payday loans have a maximum loan term of 62 days, in Quebec you have between 3 and 6 months to pay back what you borrow on a short-term loan.
Loans like payday loans in Quebec
Payday loans are not available in Quebec like the rest of Canada. But there are multiple lenders that offer small, short-term loans in Quebec. These installment loans have terms of 3-6 months and tend to come with high APRs, so it’s important that you know exactly how much a loan will cost to repay before you sign your loan contract.
Let’s take a look at some of the lenders worth considering if you’re searching for loans like payday loans in Quebec.
LoansLoans.ca is a broker that offers online short-term installment loans of $500 to $1,000. After filling out an application form, you can get approved and funded in less than 24 hours. Bad credit is accepted, but you'll need to earn a minimum monthly income of $1,200 to qualify for a loan.
Accepts bad credit: Yes
Credit check: No
Speed: Within 24 hours
Completely online process: Yes
No credit checks required
Get funded in less than 24 hours
Very expensive
Brokerage fee of up to $300
Not available to self-employed workers
Loan amount
$500 – $1,000
APR
28% – 32%
Term
3 months
Min. credit score
300
Fees
Late payment fee (2.66% per month), $45 NSF fee, broker fee
Turnaround time
Receive funds in less than 24 hours
Serviced provinces
All of Canada (except Manitoba)
Loans Canada: Loan search platform with the largest lender network
Loans Canada is an online loan search platform that allows you to compare loan offers from multiple lenders with a single application. It provides access to the largest lender network in Canada, making it quick and easy to compare loan products from dozens of providers.
Accepts bad credit: Yes
Credit check: No
Speed: Receive funds within as little as 24 hours.
LoanConnect is an online loan search platform that lets you compare loan offers from over 30 lenders. After filling out a single online application, you can get matched with lenders that work with borrowers like you. You can also get pre-approved in five minutes, and there are loan options for good and bad credit.
Accepts bad credit: Yes
Credit check: No
Speed: Receive funds within as little as 24 hours.
If you're looking for a cash advance in Quebec, Bree offers short-term loans of up to $250 with zero interest charges. There are no mandatory fees attached, but you'll need to pay a fee if you want instant access to your money.
Accepts bad credit: Yes
Credit check: No
Speed: Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Completely online process: Yes
Interest-free cash advance
Bad credit is OK
No late fees
Loan amount may be too small for some people's needs
Extra fee for instant loans
Relatively new provider
Loan amount
$20 – $250
APR
Starting at 0%
Term
Next pay cycle (61 days max.)
Fees
No interest or fees to access cash advance, fee for express funding (varies based on advance)
Turnaround time
Within 8 hours for the express option (fee charged based on advance amount) and up to 3 business days for standard delivery
Designed to help you cover unexpected expenses and avoid bank account overdraft fees, Nyble provides access to an interest-free short-term loan of up to $150. You don't need a credit check to apply, and there are no late charges.
Accepts bad credit: Yes
Credit check: No
Speed: Within 30 minutes
Completely online process: Yes
No interest charges or late fees
Good for building your credit history
Fast access to funds
Loan amount may be too small for some people's needs
Relatively new provider
Loan amount
$30 – $150
APR
Starting at 0%
Term
30 days, extendable
Fees
No interest or fees to access credit line, optional $11.99/month membership to get premium services such as instant funding
Turnaround time
1-30 minutes with a paid membership or 1-3 business days with a free membership.
Need a fast loan but have less-than-perfect credit? Lamina Loans offers loans ranging from $300 to $1,500 with no credit checks, and you can apply and get funded within an hour. You then have 90-210 days to pay back what you borrow, while a brokerage fee also applies and is calculated based on your loan amount.
Accepts bad credit: Yes
Credit check: No
Speed: Within one hour
Completely online process: Yes
Bad credit is OK
Easy online application
Get funded within an hour
Very high APRs
Brokerage fees apply
Loan amount
Up to $1,500
APR
N/A
Term
90-210 days
Turnaround time
Within one hour
Quebec payday loan regulations
In Quebec, the Consumer Protection Act protects those who take out payday loans. Quebec has tight laws governing financial services. These laws are especially tight when it comes to payday loans.
You can’t be charged more than 35% annual interest rate (AIR).
High-risk loans have a 10-day cooling-off period in Quebec.
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.
Can I get payday loans in Quebec with no credit check?
Yes, it’s possible to get payday loans in Quebec with no credit check from a selection of lenders who operate in the province. Instead of focusing on your credit score, these lenders want to determine if you meet other basic eligibility requirements like having a minimum, stable income.
Can I get no refusal payday loans in Quebec?
While you may find some lenders in Quebec who offer no refusal payday loans, you should be careful with any such lender. Legitimate lenders will thoroughly assess your finances to ensure you can afford repayments before offering you loans. If a payday loan provider advertises no refusal loans, it might be a scam. It’s always a good idea to research the legitimacy of any lender you’re considering before signing up for a loan.
If you’re interested in applying for payday loans in Quebec, you’ll typically need to meet the following eligibility criteria:
Be at least 18 years old
Provide proof of three months of continuous employment
Show proof of address (e.g. phone bill, internet bill)
Have an active chequing account
To complete your application successfully, prepare to submit some basic information:
Personal details such as your name, date of birth, Social Insurance Number and a valid form of ID
Contact details like your residential address, email address and phone number
Details about your employment and income
How much do payday loans in Quebec cost?
Lenders in Quebec are only allowed to charge a maximum of 35% annual interest rate.
But while the interest rate is capped, it’s still crucial to watch out for other fees that can dramatically increase the overall cost of a loan. Fees you may encounter include a weekly membership fee, guarantee fee, surety fee or brokerage fee. These are baked into your loan payments and can cost hundreds of dollars on top of interest charges. For example, some lenders in Quebec charge brokerage fees of up to $300.
Instead of looking at the annual interest rate (AIR) when comparing loan offers, it’s better to compare the annual percentage rate (APR). The APR takes into account both the interest rate and all other fees that contribute to the cost of getting your loan. Be aware, however, that some lenders might not include their fees in their APRs, so it’s important to review your contract.
How can I tell if a lender in Quebec is legit?
Quebec has strict regulations for lenders, with a maximum allowable annual interest rate of 35% on all loans. Look for the following signs to make sure you’re working with a legitimate lender.
The lender follows rate and fee regulations. Stay away from lenders that don’t follow the 35% annual interest rate maximum.
The lender doesn’t allow roll-overs or multiple loans. Quebec law doesn’t let payday lenders give out multiple loans or allow borrowers to pay off a payday loan with another payday loan.
The lender provides contracts in your language. If you and your lender communicate in English, your contract must be in English. If you both communicate in French, the contract must be in French.
Other options to consider instead of payday loans in Quebec
Since Quebec payday loans are hard to come by, here are some other options you may want to consider:
Quebec assistance programs
Quebec has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.
Social Assistance provides last-resort financial assistance to individuals whose capacity for employment is severely limited and whose financial situation makes it impossible to cover their basic needs.
The Family Allowance payment provides financial assistance to low-income families with one or more dependent children.
The Resettlement Assistance Program provides financial assistance for refugees and protected persons. Funds can be used for accommodation, essential clothing, household effects and living expenses.
Disability benefits under the Quebec Pension Plan help disabled people who are in financial need pay for living expenses like food and housing.
Local financial institutions
Some credit unions and local banks offer short-term financing for a fraction of the cost of regular payday loans. Other financial institutions also offer credit builder loans, which come in small amounts and can help you improve your credit score by reporting every on-time repayment you make to credit bureaus. Once you build up your credit score, you might qualify for much more competitive and affordable financial products.
Credit counselling
If you’re struggling with your personal finances, you might want to consider enrolling in a credit counselling program to help you make a budget and manage your debt. Find out where to get free credit counselling in Canada.
If you find yourself in need of emergency cash, a payday loan in Quebec will be hard to get due to strict regulations. Many online and private lenders offer short-term installment loans, but these often come with hefty fees that result in high loan APRs.
So before you consider applying for a loan, consider other forms of financial assistance, using your credit card or borrowing money from friends and family to make ends meet between paycheques.
Frequently asked questions
Yes, payday loans are legal in Quebec, but lenders must abide by very strict regulations to operate in the province. Severe payday loan restrictions in Quebec have made it unprofitable for many providers who operate in other parts of Canada to operate in Quebec.
You can file a complaint with Consumer Protection Quebec if you suspect that a lender is operating illegally. Lenders that are found to be violating provincial law could face legal consequences, which could include getting licences revoked, paying penalties and settling with customers who have filed civil actions.
Quick loans in Quebec are available from a number of online and private lenders. These lenders offer short-term installment loans from around $300 to $1,500. Loan terms range from 3 to 6 months. Many offer no credit check loans and will consider your income and employment instead to determine whether you can afford loan repayments. However, high interest rates and fees often apply.
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.
Read our guide to payday loan regulations in your province or territory.
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