HeyDay Loans review: Legit or scam?

Is HeyDay Loans legit in Canada?

We’re not sure whether HeyDay Loans is legit or not.

On the plus side, it has an average rating of 4.2/5 on Trustpilot from over 440 reviews. But our research into HeyDay Loans raised the following concerns:

• We’re not sure it’s licensed. HeyDay Loans promotes itself as a licensed lender, but we couldn’t find any licence details listed on its website or in the government registries.
• Installment loan or payday loan. Although the lender says it offers installment loans, the HeyDay Loans website features an outdated notice about the maximum cost of borrowing for a payday loan being $15 for every $100 you borrow. It also links to an educational flyer about the cost of payday loans from the Government of Ontario. But as of January 1, 2025, the maximum cost of a payday loan is $14 for every $100 borrowed. We also couldn’t find payday lending licence details for HeyDay Loans in the Government of Ontario’s licence database. Learn more about payday loans vs installment loans.
• Missing contact details. There is no physical office address or phone number listed on the HeyDay Loans website.
• Unclear loan information. We couldn’t find clear information about the rates, fees or maximum repayment period of loans from HeyDay Loans. The lender’s website also mentions a maximum loan amount of $1,500 in a few places, but elsewhere on its homepage, it mentions offering loans of up to $2,000.

That’s why we’re not prepared to sign off on its legitimacy.

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Pros and cons of HeyDay Loans

Pros

• Quick and easy application process. It only takes a few minutes to fill out an online application, and instant banking verification helps ensure a fast application and approval process.
• No credit checks. HeyDay Loans doesn’t conduct credit checks, so bad credit won’t stop you from getting funded.
• Fast access to funds. You’ll receive your loan funds within 30 to 90 minutes of getting approved.

Cons

• High cost of borrowing. In the loan example given on its website, HeyDay Loans mentions a $500 loan costing $660 to repay.
• We’re not sure if they’re legit. See the concerns raised above surrounding HeyDay Loans’ bona fides.
• Conflicting loan information. It’s unclear from the HeyDay Loans website what the maximum loan is, what rates and fees apply, and exactly how long you’ll have to repay what you borrow.
• Several income types not accepted. HeyDay Loans doesn’t accept self-employment income, social assistance, CPP, child tax payments, disability benefits and a variety of other income types.

What do HeyDay Loans reviews say?

HeyDay Loans reviews from customers on Trustpilot are largely positive. Customers who left positive feedback on Trustpilot mention factors such as an easy loan application process and fast approval. However, negative reviewers complain about getting approved for a loan and then never receiving the funds, and about being unable to contact customer service.

Summary of HeyDay Loans reviews

Site	Details
Trustpilot	4.2/5 stars based on 448 reviews
Google	N/A
BBB accreditation	Not accredited
BBB rating	N/A
BBB reviews	N/A

Reviews as of September 16, 2025.

What are the interest rates of HeyDay Loans?

Heyday Loans doesn’t provide loan interest rates or fees on its website. However, it does provide the following loan example: A $500 loan is repaid in 6 installments totalling $660.

The lender also says its average installment loan repayment time is 60 to 90 days. So if we assume a repayment period of 90 days in the example above, that would work out to an APR of almost 130%.

Related: Learn more about the cost of a personal loan

Am I eligible?

To qualify for a loan from HeyDay Loans, you will need to:

• Be a Canadian citizen
• Be 18 years or older
• Receive income of over $1,200 per month by cheque or direct deposit from your employer
• Have been employed for at least three months
• Have a Canadian bank account that has been active for three months or more
• Not be on the cusp of bankruptcy or about to enter into a consumer proposal
• Have few or no insufficient funds transactions
• Have a low short-term debt ratio

How to apply for loans like HeyDay Loans

Online lenders of short-term loans tend to offer a streamlined online application process. You’ll need to provide details such as your name, date of birth, residential address and contact details.

Many of them also offer instant banking verification, which allows the lender to review an electronic copy of your bank statement in order to speed up the approval process. HeyDay Loans is no different, ensuring a paperless application.

You’ll also need to provide information about your employment, income, references and any existing financial obligations you have, such as other short-term loans. And if you’re approved for a loan from HeyDay Loans, you’ll receive the funds by e-Transfer upon request.

Bottom line

We’re not sure if HeyDay Loans is legit or not. We recommend doing your own thorough research before you consider applying with this lender, or simply comparing other reputable lenders instead.