In this guide

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  • Frequently asked questions
  • Your reviews
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Wagepay review: Cheaper than industry standards (but still expensive)

  • Tim Falk's headshot
Edited by Leanne Escobal
Wagepay Wage Advance Loan
Varies by province
Loan Amount
$100 - $1,500
Loan Term
Up to 62 days
Turnaround Time
As little as 2 minutes with Interac e-Transfer
Serviced Provinces
Do you really need a loan today? If you would like to speak to someone about your finances you can make a free call to Credit Counselling Canada +1 866-3985999 (Monday-Friday 8:00am-5:00pm).

Our verdict

Get a fast payday loan 24/7, but watch out for the high cost of borrowing.

Wagepay is a payday lender that offers fast, short-term loans of up to $1,500. You can apply online or via mobile app, there are no credit checks and loans are funded 24/7 via e-Transfer. These loans, which Wagepay calls "wage advances," are also cheaper to repay than industry-standard payday loans.

But even though they're more affordable than traditional payday loans, Wagepay cash advances are still very expensive, so make sure you can afford to repay what you borrow before you apply. It's also worth noting that Wagepay is currently only available in BC and Ontario.

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Wagepay?

Wagepay is an online payday lender that offers loans 24/7. It was founded in Australia in 2020, and it started providing payday loans in Canada in 2023.

Wagepay loans are typically designed to be repaid by your next payday. However, you can repay your loan early if you wish via direct debit or online transfer.

Is Wagepay legit?

Wagepay is licensed as a payday lender in British Columbia (licence number 86410) and Ontario (licence number 4741466).

Its website features an office address, privacy policy and its lending licence numbers.

What we like about Wagepay

  • Cheaper than other payday loans. Wagepay charges an 8% fee and 24% interest, so it’s more affordable than a traditional payday loan. That said, it’s still a very expensive way to borrow money.
  • Easy application. You can sign up and apply for a wage advance from Wagepay in less than five minutes.
  • Fast access to funds. It’s possible to sign up and get funded in a matter of minutes.
  • Get funded 24/7. Your loan amount can be distributed by Interac e-Transfer 24/7.
  • Postpone or split. If you’re struggling to make an on-time payment, Wagepay offers a “postpone repayment” feature through its app and web portal. You also have the option to split a repayment into two repayments.
  • No late fees. Wagepay does not charge any late fees or NSF fees.
  • No credit checks. You don’t need to complete a credit check to qualify for funding, so bad credit won’t stop you getting a loan.
  • Licensed. Wagepay is licensed as a payday lender in BC and Ontario.

What to watch out for

  • High cost of borrowing. Wagepay charges an 8% fee and 24% interest per annum. In a representative example given on the Wagepay website, on a $500 loan with a 14-day repayment period, this equates to an APR of 232.56%.
  • Short repayment terms. You’ll typically need to pay back your loan on your next payday, so make sure you can afford to repay in a short period of time.
  • Only in BC and Ontario. If you live anywhere other than BC or Ontario, you’ll need to consider other lenders. However, Wagepay has plans for expansion.
  • Relatively new provider. Wagepay was founded in 2020 and has only been offering payday loans in Canada since 2023, so it doesn’t have the same long track record as some other lenders.
  • Some features still coming soon. Some Wagepay features such as a loyalty program, tiered pricing and tips on how to improve your creditworthiness are still listed as “Coming soon” on the Wagepay website.
⚠️ 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.

Alternatives to Wagepay

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

Summary of Wagepay app reviews

Trustpilot3.4/5 stars based on 5 Wagepay reviews (Wagepay Canada)
4.7/5 stars based on 336 Wagepay reviews (Wagepay Australia)
GoogleNo Wagepay Canada reviews available
4.5/5 stars based on 212 Wagepay reviews (Wagepay Australia)
Apple store5/5 stars based on 1 Wagepay review (Wagepay Canada)
4.7/5 stars based on 3,400 Wagepay reviews (Wagepay Australia)
Google Play storeNo Wagepay Canada reviews available
BBB accreditationNo
BBB ratingN/A
BBB reviewsNo Wagepay reviews available
Reviews as ofJune 19, 2024

What do Wagepay reviews say?

Wagepay Canada is only a relatively new service, so there are limited customer reviews available. However, reviews for Wagepay in Australia are generally positive, with customers reporting the service is easy to use and offers fast access to funds. Negative reviews mention inconsistent loan rejections and no phone customer support.

How to get a cash advance from Wagepay

You can download the Wagepay app or apply online for a cash advance. To qualify you’ll need to:

  • Be at least 18 years old in Ontario or 19 in BC
  • Be a resident of BC or Ontario
  • Live and work in Canada
  • Be employed and receive a consistent weekly income of at least $400
  • Have enough of your income left in your account each pay cycle to afford repayments
  • A generally good banking history

You can apply if you are receiving benefits, but you’ll need to also be receiving a wage and meet the other criteria.

You can sign up for a Wagepay account by providing:

  • Your name, address, date of birth and contact details
  • Your bank account details to provide your income and expense information
  • Your Social Insurance Number

Bottom line

Wagepay is well worth checking out if you need a short-term loan fast. It’s easy to apply, you get fast access to funds, and it’s cheaper to repay than most payday loans. But it’s still an expensive way to borrow money, so be sure to look for other alternatives before considering a payday loan.

Frequently asked questions

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