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.
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 was considered an extra perk.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for long-term borrowing, with up to $14 charged per $100 borrowed. If you're experiencing financial hardship, consider calling 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.
With instant loan approvals available 24/7, online lender iCash is a convenient option if you're searching for payday loans in Toronto.
Why it's one of the best
Get funded 24/7. iCash approves and funds loan applications at all times of day, so you can get money when you need it.
Instant approvals. iCash offers fast approvals and you can get your loan amount in one hour or less.
Bad credit is OK. There are no credit checks and a bad credit score won't stop you getting a loan.
Wide range of income types accepted
Apply online or via a mobile app
Plenty of positive customer reviews
Very high APR
Short repayment term
Loan Amount
$100 – $1,500
Loan Term
7 - 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
AB, BC, MB, NB, NS, ON, PEI
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
Yes
Requirements
- At least 18 years old (for applicants in Alberta, Manitoba, Ontario and PEI) - At least 19 years old (for applicants in British Columbia, New Brunswick and Nova Scotia) - Canadian resident in a province that iCASH services - Valid cell phone number, address and email address - Net income of at least $800/month deposited into bank account - Receiving the same source of income for the past 3 months - Have a Canadian bank account that's been open for at least 3 months with online banking
Wagepay lets you access a portion of your earned wages before payday, giving you quick cash when unexpected expenses arise. You can apply on Wagepay's website or mobile app, but unlike other payday lenders, Wagepay accepts employment income only.
Why it's one of the best
Get funded 24/7. Apply any time of day and receive your Interac e-Transfer within minutes.
Flexible repayment. Wagepay lets you split your repayment into smaller portions or postpone it if needed.
Accessible even with bad credit. Approval is based on your bank account history rather than your credit score.
Easy applicaton
No credit check
Get funded any time
No late or NSF fees
Highly rated app
Employment income is required
Only available in BC and Ontario
Loan Amount
$100 – $1,500
Loan Term
Up to 62 days
Cost
$14 per $100 borrowed
Serviced Provinces
BC, ON
Speed
As little as 2 minutes with Interac e-Transfer
Credit Check
No
Requirements
- Be at least 18 years old in Ontario or 19 in BC - You must live and work in Canada - You must be employed and receive a regular, consistent income from your employer of at least $400/week ($1,600/month) - You must leave enough of your income each pay cycle in your account to be able to repay an advance - You must have a generally good banking history
$35 per hour on average (depends on chosen tasks & engagement)
Sign up in minutes
Instant cash-outs from $2
$5 sign-up bonus when you start your first task
Which payday loans provide instant approval 24/7 with no credit checks?
You can get an instant, 24/7, no credit check payday loan from iCash, Loan Express, Wagepay and PAY2DAY. You may also wish to consider cash advance apps like Nyble, KOHO and Bree, which provide all these perks as well. Learn more about cash advance apps.
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
How do I get instant approval?
You can get instant approval on a payday loan by applying to lenders like iCash, Loan Express and PAY2DAY. This is because they automate the process by using instant bank verification.
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: $14 for every $100 borrowed This typically works out to an APR over 300%.
Payday loan lenders must also:
Be licensed to offer payday loans in Ontario
Not offer you another payday loan until you’ve 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 63 days
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
Payday loan risks
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 and could put you in a cycle of debt.
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 $20 for a dishonoured cheque or pre-authorized debit. Check the fine print for details on late fees and other charges.
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 check the legitimacy of a Toronto payday lender is to ensure they’re licensed and they’re transparent about loan costs. You can check for a payday loan licence in the Ontario government’s database.
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.
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.
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 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.
Cash advance apps. Apps like Nyble and Bree offer cash advances up to $500 with no interest or credit check. You may just 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’re 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 Ontario laws 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
Rollover 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, such as PAY2DAY, Wagepay, Loan Express and Credit Club Loans. Instead, they'll be more interested in you having the income to repay their loan.
Yes. Several Toronto payday lenders allow you to apply, get approved and get funded for a payday loan 24/7, such as iCash, PAY2DAY and Loan Express. Some have store locations that are open 24 hours, while others offer automated online approvals and funding via e-Transfer.
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.
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.
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