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8 fast payday loans in Vancouver, BC

Compare these payday loans in Vancouver so you can apply and get funded in as little as 30 minutes.

Payday loans offer fast access to funds when you need cash urgently, but they come at a very high cost. If you’ve considered all the alternatives and you’re now searching for payday loans in Vancouver, compare popular lenders below. We’ll also show you how to tell the difference between a scammer and a legit lender.

⚠️ 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.

Compare fast payday loans in Vancouver

1. iCash

iCash is an online payday lender that offers 24/7 loan applications, approvals and funding. You can apply online or using the iCash mobile app, with instant approval available and funds distributed via Interac e-Transfer.

  • Loan amount: Up to $1,500
  • Loan term: Up to 62 days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Have been receiving the same source of income for the past three months
    • Have net income of at least $800 per month to the same Canadian bank account for at least three months
    • Have a valid phone number, address and email address
  • Incomes it accepts (besides employment): All types
  • How to apply: Online or via mobile app
  • Licence number in BC: 67639
  • Reviews: 4.8/5 stars based on over 2,100 Trustpilot reviews. Positive reviews commonly mention quick and easy applications and funding, while some negative reviews complain about slow customer service.

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2. GoDay

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GoDay is an online payday lenders that offers quick payday loans with no documents required. It’s been in business since 2012 and has Better Business Bureau (BBB) accreditation.

  • Loan amount: Up to $1,500
  • Loan term: Up to 62 days.
  • Interest rate: Varies by province
  • Eligibility requirements: Steady income
  • Incomes it accepts (besides employment): CCB, disability tax credit, OAS, CPP and private pensions
  • How to apply: Online
  • Licence number in BC: 67513
  • Reviews: 4.5/5 stars based on over 2,337 Trustpilot reviews. Positive reviews commonly mention fast, convenient applications and funding, while some negative reviews complain about low borrowing amounts.


3. Cash Money

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Cash Money allows you to apply for a payday loan online or by visiting one of its stores. You can get approved and funded the same day you apply, and Cash Money is an established lender with a history that goes back to 1992.

  • Loan amount: $100 – $1,500
  • Loan term: Up to 40 days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Open chequing account
    • Proof of recurring income
    • Valid phone number and email address
  • Income accepted (other than employment): Unemployment and disability
  • How to apply: In-store, online or over the phone
  • Licence number in BC: 50066
  • Reviews: 4.3/5 stars based on over 2,200 Trustpilot reviews. Positive reviews mention fast funding and helpful customer service, while negative reviews mention disappointing customer service and the high cost of borrowing.

4. Money Mart

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Established in 1982, Money Mart offers payday and installment loans in several provinces and territories. You can apply within minutes and get your funds via e-Transfer, while bad credit doesn’t matter.

  • Loan amount: $120 – $1,500
  • Loan term: Up to 62 days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Must have a chequing account
    • Must have a steady source of income
  • Income accepted (other than employment): Not specified
  • How to apply: Online or in-store
  • Licence number in BC: 62477
  • Reviews: 4.5/5 stars based on over 3,800 Trustpilot reviews. Positive reviews mention easy applications and fast funding, while negative reviews complain about poor customer service.


5. PAY2DAY

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PAY2DAY is a payday lender that offers loan applications and approvals 24/7. You can apply online or by visiting the lender’s Vancouver store, and the funds could be in your account within hours.

  • Loan amount: $300 – $1,500
  • Loan term: Up to 62 days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Valid bank account with access to online banking
    • Employment income
  • Income accepted (other than employment): EI and CRB benefits
  • How to apply: Online or in-store
  • Licence number in BC: 77089
  • Reviews: 4.8/5 based on over 4,300 Trustpilot reviews. Positive reviews mention helpful customer support and a fast funding process, while negative reviews mention poor customer service


6. Mr. Payday

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Mr. Payday is a payday lender that offers loans within as little as one hour of applying. Established in 2002, Mr. Payday sends funds to borrowers by email money transfer.

  • Loan amount: $100 – $1,500
  • Loan term: Up to days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Active chequing account
    • Have a stable job you’ve held for at least two months (or have an accepted source of non-employment income)
    • Have a net income of more than $1,100 per month
    • Have an active phone number
  • Income accepted (other than employment): CPP, private pension, EI, WCB, CCB and non-government disability benefits
  • How to apply: In-store, online or via mobile app
  • Licence number in BC: 50031
  • Reviews: 4.7/5 based on over 1,400 Trustpilot reviews. Positive reviews mention fast and easy applications, while negative reviews complain of slow approval times.


7. Speedy Cash

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Speedy Cash offers payday loans online and in-store. Founded in 1998, Speedy Cash provides same-day funding via cash or e-Transfer.

  • Loan amount: $250 – $1,500
  • Loan term: Up to days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Steady source of income
    • Valid bank account
  • Income accepted (other than employment): EI, CPP, PP and CTB
  • How to apply: In-store or online
  • Licence number in BC: 59868
  • Reviews: 4.8/5 based on over 5,200 Trustpilot reviews. Positive reviews mention the quick and easy application and approval process, while some negative reviews complain about the information required to apply for a loan.


8. Focus Cash Loans

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Focus Cash Loans is an online lender available in BC, Alberta and Ontario. You can apply for a loan in as little as five minutes and no credit checks are required.

  • Loan amount: $100 – $1,500
  • Loan term: Up to 62 days.
  • Interest rate: $15 for every $100 borrowed
  • Eligibility requirements:
    • Net income of $1,200 per month
    • Bank statements showing steady deposits for the past three months
    • Active chequing account
    • Active phone number
  • Income accepted (other than employment): CPP, PP, EI, WCB, CTC and non-government disability benefits
  • How to apply: Online
  • Licence number in BC: 50034
  • Reviews: 4.7/5 based on over 390 Trustpilot reviews. Positive reviews mention prompt and helpful service, while negative reviews mention slow approvals.

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

Payday loan regulations in Vancouver

Provincial laws regulate payday lenders and loans around the country. These regulations set out maximum loan amounts and terms, licensing requirements for lenders, and the responsibilities of lenders and rights of borrowers.

In British Columbia, the following rules apply to payday loans:

  • 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

As a borrower, you have the right to:

  • Review how much the loan will cost before you sign a contract.
  • Cancel the loan without penalty during the two-day cooling-off period after you get the loan.
  • Pay your loan back early without incurring any fees.
  • Repay the loan over two or three pay periods (but only if it’s your third payday loan from the same lender in the past two months).

Payday lenders must:

  • Hold a licence from the provincial government.
  • Issue you more than one payday loan at a time.
  • Offer rollover loans.
  • Require you to take out loan insurance for your payday loan.

Find out more in our guide to payday loan regulations in Canada.

How much do payday loans in Vancouver cost?

Payday lenders in Vancouver are allowed to charge up to $15 for every $100 borrowed, which is one of the lowest rates in Canada. If you take out a 14-day payday loan of $800, you’ll end up repaying significantly more than you borrow. As you can see in the table below, that equates to an APR of almost 400%.

Loan amountLoan termCost of borrowingTotal cost to repayAPR
$80014 days$15 per $100 borrowed$920391%

The use of payday loans in BC in 2023

According to the results of the Finder: Consumer Sentiment Survey Q2 2023, 11% of British Columbia residents took out one payday loan in the last three months, 15% took out two payday loans and 9% took out three payday loans.

What happens if I default on my loan?

If you’re struggling to afford to repay what you borrowed and you think you may default on the loan, contact the lender as soon as possible. They may be willing to let you put together an extended payment plan to pay off your debt.

If you can’t pay back your payday loan on time, there could be a range of consequences. These could include:

  • Insufficient funds fees. You may be charged a fee of around $50 if there are not enough funds in your account to repay the loan on the due date.
  • Extra fee. The lender can charge a one-off fee of $20 for a dishonoured cheque or pre-authorised debit.
  • Additional interest. The lender can charge additional interest at a rate of 30% on the overdue loan amount.
  • Collection agency. The lender can assign your loan to a collection agency to chase up the outstanding amount. This may also be reflected in your credit report.

Risks of payday loans

Payday loans should only ever be considered as a last resort. Here’s why:

  • High APRs. While a fee of $15 per $100 borrowed might not sound huge, combine it with the short term of a payday loan and you get a sky-high APR. It’s not uncommon for payday loans to have APRs of 300-400% or more, so they’re a very expensive form of borrowing.
  • Short repayment terms. These loans get their name from the fact that they’re designed to be repaid by your next payday. This extremely short repayment period can make it extremely difficult to find room in your budget to repay the loan.
  • Scams. The payday lending sector is notorious for attracting sketchy lenders and scammers. Make sure you do your due diligence to make sure a lender is above board before you hand over any personal or financial information.

How can I tell if a payday lender in Vancouver is legit?

The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection BC’s licence search tool. This licence number should also be displayed on the lender’s website, or the licence itself displayed in the lender’s payday loans store. If they’re not licensed, walk away.

You can also look for the following signs to make sure you’re working with a reputable business.

  • The lender is transparent about the cost of a loan. Payday lenders are required to prominently display rates and fees at physical branches, online and in borrowers’ contracts.
  • The lender doesn’t allow rollovers or multiple loans. You aren’t allowed to take out more than one loan at a time or roll your loan over to pay for a previous loan.
  • The lender follows consumer protection laws. Stay away from lenders who charge more than $15 per $100 borrowed.

How to spot a payday loan scam

While some predatory or unlicensed lenders have a physical presence in Vancouver, the majority set up shop online. The internet has made it easier than ever to get access to payday loans. If you’re thinking about taking out an online payday loan, know the risks and your rights before you agree to the terms of your contract.

  • Illegally high interest rates or fees. Some lenders will offer rates above $15 per $100 of your loan, which they’re not allowed to do under BC payday loans regulations.
  • Identity theft. Sketchy online lenders have been known to work with third-party companies to steal customers’ personal and banking information. Avoid handing over any personal or financial details until you’re certain you’re dealing with a legit lender.

Check out sites like Trustpilot, the Better Business Bureau and Consumer Protection BC to read customer reviews and find out about complaints and legal actions (if any) against lenders you’re interested in.

How to file a complaint against a lender

There are two ways to file a complaint with Consumer Protection BC: Call 1-888-564-9963 or fill out an online form. The organisation will conduct an investigation if they believe that a payday loan company has breached BC’s consumer protection laws.

Alternatives to payday loans in Vancouver

Payday loans are a high-cost form of borrowing and should only be considered as a last resort. So before you apply for a payday loan, here are some programs and lenders you might want to check out.

Vancouver assistance programs

The BC government has a number of programs that can provide some much-needed relief for residents and newcomers who are struggling to make ends meet. For example, the BC Employment and Assistance Program helps people in financial need with monetary support and employment assistance, while the Rental Assistance Program provides rent supplements for low-income families and seniors.

Credit counselling

When you’re buried in debt, any measures you take to save money or get your finances in order can feel hopeless. If you need a helping hand, it might be time to consider a credit counselling program for free debt and credit help. Credit Counselling Society is one option that can help you with budgeting and consolidating your debts.

Other types of credit

You can also check whether you qualify for other types of financing that have lower APRs than payday loans. For example, many online lenders offer installment loans for borrowers with bad credit, and while their interest rates are high, they’re still not as expensive as payday loans.
Alternatively, you may be able to qualify for a line of credit from some lenders, or maybe take out a cash advance from your credit card.

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 the solution. But payday loans in Vancouver are very expensive and put you at risk of getting trapped in a cycle of debt, so consider all other alternatives first.

Frequently asked questions

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