Payday loans in Toronto offer fast and convenient access to emergency cash, but they’re expensive and difficult to repay. If you need a payday loan, compare some of the best Toronto payday loans below, learn how to find a legitimate lender near you and find out how to apply.
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We’ve chosen the products on this page based on licensed lenders available through Finder and online in the Canadian payday loans marketplace. These loans are not representative of the entire market. When choosing the best payday loans in Toronto, we considered each direct lender’s speed, availability, eligibility requirements, reputation, customer reviews, application process and funding options. No single payday loan will be the best choice for everyone, so compare your options before applying.
Speed and availability
Payday loans are the fastest type of consumer loan available in the Canadian marketplace, but among payday loan lenders, the application and funding time can vary, sometimes significantly. Some online payday loan lenders use automated systems to give instant approval and funding, while some have staff operating 24/7. We prioritized lenders that invest in speed and availability by putting these systems in place.
Eligibility requirements
Payday loans are typically easy to get, but lenders will still differ in their eligibility requirements. We highlight lenders that accept bad credit and multiple forms of income, such as government benefits, private pensions and self-employment income.
Reputation and customer feedback
The reputation of a payday loan matters. We prioritized lenders with a solid online presence. We also consider positive customer feedback by reviewing Trustpilot and Google customer reviews and scores.
Application process
We prioritized lenders with an easy online application process. We considered how a customer could apply (whether online, over the phone or in-store).
Customer support
We considered whether the lenders had a phone number, live chat, email address and comprehensive help centre. As a bonus, we considered the operating hours for both online and telephone customer support and in-store hours.
Funding options
We prioritized lenders that offered funding via Interac e-Transfer, as this provides funds in the fastest possible way to customers. Funding via direct deposit or prepaid debit cards were considered good perks.
⚠️ 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.
GoDay is an online payday lender that offers an easy application process and loans within minutes. GoDay is an online payday lender that offers an easy application process and loans within minutes. Full Review
Why it's one of the best
Fast approvals. GoDay offers instant pre-approvals and the loan amount is sent out via e-Transfer within one hour of your loan being approved.
Easy online application process. You can apply for a GoDay payday loan in just a few minutes.
Wide range of incomes accepted. GoDay accepts CCB, disability tax credit, OAS, CPP and private pensions.
USolve Financial is an Ontario-based lender that offers payday and installment loans, cheque cashing, car title loans and more.
Why it's one of the best
13 locations. USolve Financial has 13 locations around Ontario so you can apply for a loan in-person.
Bad credit is OK. A poor credit history won't stop you from getting approved for a payday loan.
Discounts for new customers. The first $200 you borrow from USolve Financial is free.
Positive customer reviews
Licensed payday lender
You can't apply online
Only accepts employment income
High cost of borrowing
Loan amount
Up to $1,500
APR
Varies
Term
Up to 62 days
Credit Check
Yes
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
How can I apply for a payday loan in Toronto?
If you’re interested in applying for payday loans in Toronto, you’ll need to meet the following eligibility criteria:
Be at least 18 years old
Have a recurring income
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 and a valid form of ID
Contact details, such as your residential address, email address and phone number
Details about your employment and income
Payday loan regulations in Toronto
Payday loan regulations vary depending on which province or territory you live in across Canada. In Ontario, the following rules apply:
Maximum loan amount: $1,500 (or 50% of your paycheque)
Maximum loan term: 62 days
Maximum amount a lender can charge on a loan: $15 for every $100 borrowed
Payday loan lenders must:
Be licensed to offer payday loans in Ontario
Not offer you another payday loan until you have completely paid off your first loan
Not offer rollover loans (you can’t roll over what you owe into a second payday loan)
Display the loan amount, term and total cost on the first page of the loan contract
Not ask you to sign a form that transfers your wages directly to them
Offer you an extended payment plan if you take out three loans within a 63-day period
Not offer or sell you any products or services in connection with the payday loan
Allow you to cancel a payday loan contract within two business days without any penalty
How much do payday loans in Toronto cost?
The maximum cost of a payday loan in all of Ontario is $15 for every $100 borrowed. Let’s look at what that means for the total cost of a few different loan amounts.
Loan amount
Loan term
Cost of borrowing
Total cost to repay
$400
14 days
$15 for every $100 borrowed
$460
$800
14 days
$15 for every $100 borrowed
$920
$1,200
14 days
$15 for every $100 borrowed
$1,380
Risks of payday loans
If you’re struggling to stay afloat between paycheques, a payday loan may seem like the best option. But there are several risks you should be aware of before deciding whether a payday loan is right for you:
High cost of borrowing. Payday loans are extremely expensive to repay. If you take out a $500 loan that’s due to be repaid in 14 days, you’ll be looking at a loan APR of 391%.
Short repayment period. Payday loans are typically designed to be repaid on your next payday, so you only have a very short time to repay what you borrow. This can make it difficult to budget for regular expenses at the same time, so there’s a real risk of getting trapped in a cycle of debt.
Fees. The lender can charge you a maximum fee of $25 for a dishonoured cheque or pre-authorized debit. Check the fine print for details of late fees or any other charges that may apply.
Loan scams. The payday lending space attracts more than its fair share of unscrupulous lenders who prey on financially vulnerable people. That’s why it’s essential to make sure you’re dealing with a legit lender before applying for a loan. Learn more about payday loan scams.
How can I tell if a payday lender in Toronto is legit?
The best way to make sure a Toronto payday loan lender is legitimate 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 — you can search for licensed payday lenders on the Government of Ontario website. Be aware that there are companies that pose as payday loan lenders online but are actually just collecting your personal information for illicit purposes, charging illegally high fees or even gaining access to your bank account.
The lender doesn’t allow roll-overs or multiple loans. Ontario law doesn’t allow payday lenders to give out multiple loans. This means you can’t use a second payday loan to pay off your first one.
The lender follows consumer protection laws. Stay away from lenders who charge more than $15 in fees per $100 borrowed. If you’re charged more than the maximum rate allowed, you have the right to file a complaint with Consumer Protection Ontario.
If you notice any other red flags that could indicate a loan scam — such as a lender charging an upfront fee — walk away.
Alternatives to payday loans in Toronto
If you’re not sure you want to take out payday loans in Toronto, you have other options. Here are some programs and lenders you might want to check out.
Ontario assistance programs
Ontario has some programs that can help lower the costs of everyday expenses for some 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 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 Nation communities to help their eligible members meet basic needs, such as food, clothing and shelter.
Ontario Disability Income Support helps people with disabilities who are in financial need pay for living expenses, like food and housing.
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.
Local financial institutions
Some credit unions and local banks offer less expensive small-dollar financing amounts with longer repayment terms. You could also look into 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. You also typically have more time to pay it off.
Other borrowing options
You may be eligible to qualify for a range of other loan types, such as:
Online installment loans. Installment loans from online lenders allow you to borrow money for any purpose. They have more lenient eligibility criteria than bank personal loans, so you may be able to get funded even if you have bad credit. Learn more about installment loans in Ontario.
Lines of credit. A line of credit is a flexible borrowing option that provides ongoing access to a revolving line of credit. You only pay interest on the money you use, not the full credit limit, and there are line of credit options available for bad credit.
Credit card cash advances. If you have a credit card, you can use it to withdraw cash at an ATM. This convenient option is known as a cash advance, but you’ll need to watch out for high interest rates, fees and card limits.
Early pay advances. These are small loans you can get at 0% interest, but you may have to pay a monthly subscription fee.
Payday loans can be a quick and easy solution for short-term financial difficulties, but they’re expensive and risky – they often throw borrowers into an endless cycle of debt. Since these types of loans come with high fees, they are only manageable if they can be paid off in full and on time.
If you’re considering taking out a payday loan in Toronto, familiarize yourself with the laws of Ontario to make sure you’re aware of the maximum amount of fees you can be charged. Read our full guide to payday loans to learn more.
Frequently asked questions about payday loans in Toronto
Yes, payday loans are legal in Toronto. You can get a payday loan in Toronto at either physical store locations, like in the table below, or through a reputable online provider.
Roll-over loans are not allowed in Ontario. This means you can't roll what you owe on a payday loan into a second payday loan. You can't get another payday loan from the same lender before paying your first loan in full.
Many lenders in Toronto won't do a credit check when issuing a payday loan. Instead, they'll be more interested in you having the income to repay their loan.
You can file a complaint with Consumer Protection Ontario, who will act on your behalf if the company fails to respond to a preliminary letter of complaint.
No, according to federal laws in Canada, you can't be arrested for unpaid debt. It's also illegal for a debt collector to threaten you with jail time. So if your lender attempts this, don't feel like you have to go along with it. You may even be able to report the lender to Consumer Protection Ontario for illegal practices.
To learn more about what can happen if you default on a payday loan, like whether or not a lender can take you to court, read our full guide here.
Yes. Several Toronto payday lenders allow you to apply, get approved and get funded for a payday loan 24/7. Some have store locations that are open 24 hours, while others offer automated online approvals and funding via e-Transfer.
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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