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Our verdict

This website says it offers payday loans, but we can't sign off on its legitimacy.

Planet Loan Inc. claims to offer fast access to payday loans seven days a week. It says that you can get your cash within 20 minutes of getting approved and that there are no credit checks required. However, there are several concerning issues to be aware of, so we can't sign off on this website's legitimacy. Consider applying elsewhere.

Is Planet Loan Inc. legitimate?

We’re not signing off on the legitimacy of Planet Loan Inc. for a number of reasons:

Not a licensed payday lender. We couldn’t find Planet Loan Inc in business licence registration databases in provinces such as Ontario, Alberta and British Columbia.
Doesn’t follow payday lending regulations. Planet Loan Inc doesn’t abide by payday lending laws. For example, in the FAQ section on the Planet Loan Inc website, it says you can borrow additional money before paying out your first payday loan – however, most provinces don’t allow lenders to issue a second payday loan to a borrower.
Underdeveloped website. The Planet Loan Inc website is fairly basic, contains minimal information and features spelling and grammatical errors.
Phone number. Planet Loan Inc shares a phone number with other lending companies. The number listed on its website is the same as that listed on the websites of Apple Cash and Faxless Payday Loan.
F rating from the BBB. Planet Loan Inc. is not accredited by the Better Business Bureau (BBB). The BBB gives Planet Loan Inc. an F rating. At the time of writing, the BBB has closed 56 complaints against Planet Loan Inc. in the previous three years.
No physical address. The address listed on the Planet Loan Inc. website is that of a UPS store in the United States rather than a physical branch location. It’s also the same address listed on the websites of Apple Cash and Faxless Payday Loan.
Not registered. We couldn’t find Planet Loan Inc. listed in Canada’s Business Registries.

Legitimate alternatives to Planet Loan Inc.

⚠️ 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	Loan Amount	Loan Term	APR	Turnaround Time	Serviced Provinces	Offer	Table description
iCash Payday Loan iCash Payday Loan	$100 - $1,500	7 - 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI	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.	Go to site More Info Compare	loading Fetching your data...
GoDay Payday Loan GoDay Payday Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	AB, BC, MB, NB, NS, ON, PEI, SK		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.	Go to site More Info Compare	loading Fetching your data...
Wagepay Wage Advance Loan Wagepay Wage Advance Loan	$100 - $1,500	Up to 62 days	Varies by province	As little as 2 minutes with Interac e-Transfer	BC, ON	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.	Go to site More Info Compare	loading Fetching your data...
Money Mart Payday Loan Money Mart Payday Loan	$120 - $1,500	1 - 62 days	Varies by province	As little as 1 hour after getting approved	AB, BC, MB, NS, NT, ON, SK, YT		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 Compare	loading Fetching your data...
Cash Money Payday Loan Cash Money Payday Loan	$100 - $1,500	5 - 40 days	Varies by province	As little as 15 minutes with INTERAC e-Transfer	BC, MB, NL, NS, ON, SK		Instant decision and e-Transfer funding. Income of at least $1,000/month required.	More Info Compare	loading Fetching your data...

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 reviews about Planet Loan Inc.

Planet Loan Inc. has an average rating of 1 out of 5 from seven reviews on the Better Business Bureau website. Some reviewers report that they applied for a loan from Planet Loan Inc, and provided their personal and financial information, but then didn’t receive a loan. Other customers report that emails and phone calls to Planet Loan Inc often go unanswered.

Another common gripe among the 50-plus complaints the bureau has received about Planet Loan Inc was the lender deducting loan repayments earlier than scheduled, resulting in NSF fees.

What information does Planet Loan Inc. ask for?

Planet Loan Inc. asks for the following sensitive information:

First and last name
Email
Phone number
Address

Planet Loan Inc. may ask for more personal information, such as your bank account details, as you go through the application.

Overview of payday loan regulations in Canada

Payday lending laws in Canada vary between provinces and territories. These regulations outline the maximum amount a lender is allowed to charge borrowers, impose limits on the maximum loan term and also stipulate the information a lender must provide you with before you sign a loan agreement.

Let’s take a brief look at the regulations where you live:

British Columbia. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your paycheque.
Alberta. Maximum cost of $15 for every $100 borrowed and loan terms of between 42 and 62 days.
Saskatchewan. Maximum cost of $17 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your take-home pay.
Manitoba. Maximum cost of $17 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 30% of your net pay.
Ontario. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your net income.
Quebec. Maximum annual interest rate of 35%.
Newfoundland and Labrador. Maximum cost of $14 for every $100 borrowed and maximum loan term of 62 days. The amount you can borrow is limited to 50% of your take-home pay.
New Brunswick. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days. The maximum amount you can borrow is limited to 30% of your net pay.
Nova Scotia. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days.
Prince Edward Island. Maximum cost of $15 for every $100 borrowed and maximum loan term of 62 days.
Northwest Territories, Nunavut and the Yukon. Maximum cost of $60 per $100 borrowed and maximum loan term of 62 days.

Bottom line

If you’re searching for a payday loan, we recommend considering options other than Planet Loan Inc. Our research into Planet Loan Inc. turned up several red flags – of particular note was the fact that we couldn’t find the business listed as a licensed payday lender on provincial government databases.

As a result, we recommend comparing a range of loans from legitimate payday lenders to find financing that suits your needs.

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Tim Falk is a freelance writer for Finder. Over the course of his 15-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full profile

Planet Loan Inc. review