Speedy Pay review

What is Speedy Pay (Speedypay.ca)?

Speedy Pay is an online lender that lets Canadians apply for payday loans 24/7. It uses an automated system to assess and approve your application, and it’s possible to get approved and receive your funds via e-Transfer in as little as an hour.

Speedypay.ca payday loans are designed to be repaid on your next pay date. The funds will be automatically deducted from your nominated bank account on the due date.

Is Speedypay.ca legit?

Speedypay.ca was licensed as a payday lender in Ontario, but the licence expired on December 16, 2024, and Speedypay.ca hasn’t posted an up-to-date licence yet.

Its website lists phone and email contact details as well as a privacy policy and terms and conditions.

It is not accredited with the Better Business Bureau and has minimal customer reviews online.

What we like about Speedy Pay

• No paperwork required. You can apply online without having to upload a long list of documents.
• Fast pre-approval. The lender uses an automated approval system to give you a fast decision on your application.
• Same-day funding. You can apply and get funded the same day with loan funds disbursed via e-Transfer. Learn more about same-day loans.
• Wide range of income types accepted. In addition to employment income, Speedypay.ca also accepts child tax credits, EI, ODSP benefits and pensions.
• All types of credit. Bad credit won’t necessarily stop you from getting a loan, as Speedypay.ca also considers other factors like your income and payment history when assessing your application.

What to watch out for

• Expired licence. At the time of writing, Speedypay.ca is showing a licence that expired on December 16, 2024.
• Expensive loans. You’ll pay $14 for every $100 borrowed.
• Short repayment period. Speedypay.ca payday loans are designed to be repaid on your next pay date, and this short turnaround time makes it difficult to budget for your loan repayment.
• Areas served. Speedypay.ca claims to offer payday loans in several provinces, including Alberta and BC, but we couldn’t find payday lender licence details for Speedypay.ca in either Alberta or BC.
• Credit check. Speedypay.ca may conduct a credit check as part of the application process.
• First-time limit. As a first-time borrower, the maximum amount you can borrow is $750.
• Not available everywhere. If you don’t live in Alberta, BC, Manitoba, Ontario and Saskatchewan, you’ll need to consider other lenders.

Alternatives to Speedypay.ca

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Product	Cost	Loan Amount	Loan Term	Serviced Provinces	Key Features
Cashco Financial Payday Loans	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC, ON and SK	Key features: Instant approval, no credit check	More info Compare	loading Fetching your data...
Wagepay Wage Advance Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	BC, ON	Key features: 24/7 approval and e-Transfer, no credit check	More info Compare	loading Fetching your data...
iCash Payday Loan	$14 per $100 borrowed	$100 - $1,500	7 - 62 days	AB, BC, MB, NB, NS, ON, PEI	Key features: 24/7 instant approval and e-Transfer, accepts bad credit	Go to siteMore info Compare	loading Fetching your data...
Lenditt Payday Loan	$14 per $100 borrowed	$250 - $1,500	Up to 62 days	Ontario	Key features: Instant soft approval, instant e-Transfer funding	More info Compare	loading Fetching your data...
Venue Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	BC	Key features: Instant loans, no credit check	More info Compare	loading Fetching your data...
Money Mart Payday Loan	$14 per $100 borrowed	$120 - $1,500	1 - 62 days	AB, BC, MB, NS, NT, ON, SK, YT	Key features: In-store and online no credit check loans, accepts many income types	More info Compare	loading Fetching your data...
GoDay Payday Loan	$14 per $100 borrowed	$100 - $1,500	Up to 62 days	AB, BC, MB, NB, NS, ON, PEI, SK	Key features: Instant approval, accepts bad credit	More info Compare	loading Fetching your data...
Cash Money Payday Loan	$14 per $100 borrowed	$100 - $1,500	5 - 40 days	BC, MB, NL, NS, ON, SK	Key features: Instant approval, accepts bad credit	More info Compare	loading Fetching your data...

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Summary of Speedy Pay reviews

Reviews as of December 16, 2024

How to get a payday loan from Speedy Pay

To qualify for a loan from Speedy Pay, you will need to:

• Have a valid email account and phone number
• Be a Canadian resident
• Be 19 years of age or older
• Have a valid Canadian bank account
• Get paid by direct deposit
• Have a monthly net income of at least $800

You can apply for a loan by visiting the Speedypay.ca website and selecting Signup or Apply now. You’ll need to enter your email address and create a password, then provide your personal details and contact information. You’ll also need to provide your income and employment details along with your bank account information.

Bottom line

Speedypay.ca offers fast payday loans. You can apply online 24/7, a wide range of income types are accepted and you can get funded the same day. But it’s showing an expired licence on its website at the time of writing. Additionally, payday loans are very expensive and have a short repayment period, so make sure you’re aware of the total cost of borrowing and consider a range of payday loan alternatives before applying.