True Payday Loan review

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

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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	Go to siteMore info Compare product selection Compare	loading
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	Go to siteMore info Compare product selection Compare	loading
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 product selection Compare	loading
Venue Financial Payday Loans	$14 per $100 borrowed	$50 - $1,500	Up to 62 days	BC	Key features: Instant loans, no credit check	Go to siteMore info Compare product selection Compare	loading
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 product selection Compare	loading
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 product selection Compare	loading
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 product selection Compare	loading
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 product selection Compare	loading

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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.

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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