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True Payday Loan review

  • Tim Falk's headshot
True Payday Loan
Loan Amount
$500 - $1,000
Loan Term
90-180 days
All information about True Payday Loan has been collected independently by Finder. Finder is not connected with True payday loan products, and this page is not sponsored, endorsed or administered by, or associated with, True payday loan. All product names, logos, and brands have been used for identification purposes only and are property of their respective owners.

Our verdict

Should you apply for a loan from True Payday Loan?

True Payday Loan says it offers no credit check loans of $500 or more. The money you borrow can then be paid back over a term ranging from 90–180 days in regular installments. However, there are a number of red flags that you should be aware of before applying with True Payday Loan. Learn more below.

In this guide

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  • Your reviews

Is True Payday Loan legitimate?

True Payday Loan has been the subject of consumer alerts issued by the Better Business Bureau (BBB) and Service Alberta’s Consumer Investigations Unit for failing to hold an appropriate lending licence and using prohibited lending and collection practices. As a result, we’re not signing off on the legitimacy of True Payday Loan.

Our research into True Payday Loan raised a number of questions and concerns, such as the following:

  • F rating from BBB. True Payday Loan has an F rating from the Better Business Bureau and is not BBB accredited. At the time of writing, the BBB had closed 29 complaints against True Payday Loan in the previous three years.
  • BBB alert. As of February 1, 2023, there was a current BBB alert for True Payday Loan. The alert urged consumers to contact their local regulatory agency to find out whether True Payday Loan is licensed to operate in their province. It also mentioned allegations from True Payday Loan customers that they had “received multiple harassing phone calls” about repaying outstanding loans.
  • Service Alberta alert. True Payday Loan was also the subject of a 2021 Consumer Protection Alert from Service Alberta’s Consumer Investigations Unit. The alert warned that True Payday Loan is not licensed to offer high-cost or payday loans and has engaged in prohibited lending and collection practices.
  • “No refusal” loans. A heading on one page of the True Payday Loan website promotes “No refusal loans of $500 or more”. While it’s clarified further down the page that no credit requests are refused provided that you meet certain requirements, offering guaranteed approval can indicate a loan scam.
  • Limited information on website. True Payday Loan says it partners with lending companies to help borrowers access loans. There’s no information on the website about who those partners are nor does the website feature a physical address for the business.
  • Misleading name. Although the business is named True Payday Loan, payday loans in Canada have terms of 62 days or less. On its website, True Payday Loan says its loans have terms of between 90 and 180 days.

Legitimate alternatives to True Payday Loan

⚠️ 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.
1 - 5 of 5
Name Product Loan Amount Loan Term APR Turnaround Time Serviced Provinces Offer Table description
iCash Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
24/7 instant approval and e-Transfer funding.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
More Info
Wagepay Wage Advance Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
Lower and transparent fees. No late or NSF fees.
Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
More Info
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
More Info
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

What do reviews say about True Payday Loan?

The online reviews we found about True Payday Loan were largely negative. It had an average score of 1 out of 5 from 19 Better Business Bureau reviews.

Reviewers complained about persistent harassing phone calls and verbal abuse.

What is the True Payday Loan application process like?

True Payday Loan says you’ll need to satisfy the following eligibility requirements to qualify for a loan:

  • 18 years or older
  • Canadian citizen
  • Receive pay by direct deposit
  • Have held a stable job for the past six months

You can apply by filling out an online application with the following information:

  • Your desired loan amount
  • Your name, date of birth and address
  • Your phone number and email address
  • The names and contact details of two references
  • Your income and employment details

How to find a legitimate payday lender

If you want to take out a payday loan, use these tips to ensure that you find a legit lender:

  • Check if they’re licensed. Make sure the lender has a payday lending licence in your province by contacting your local consumer affairs office.
  • Make sure they follow payday lending regulations. Your local consumer affairs office will also offer online resources that explain payday lending regulations where you live. Read up on the rules in your province or territory and check whether the lender abides by them.
  • Recognize the warning signs of a scam. If the lender doesn’t clearly explain the total cost of a loan or if they promise guaranteed loan approval, this could indicate that they’re not legit.
  • Read reviews. Look at independent reviews on sites like Trustpilot, the Better Business Bureau and Google to find out what other borrowers have to say about a lender.

For more tips, check out our guide to finding a legitimate lender.

Bottom line

When a lender is the subject of alerts from organizations like the Better Business Bureau and Service Alberta’s Consumer Investigations Unit, it’s best to steer clear. Compare loans from a range of legitimate lenders to find the right loan for you.

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