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Can you pay off your payday loan early?

Learn how you can save if you pay off your payday loan early.

If you know you’ll be able to pay off your payday loan early – great! Repaying early can save you money in interest fees and make your budget easier to manage. However, not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on paying it back early.

How to find out if you can pay off your payday loan early?

If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without facing any additional fees or penalties. If it isn’t immediately apparent when looking over the loan terms and conditions, be sure to contact the lender and ask this question specifically. Always double-check the contract before you sign and agree to the terms.

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. 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). Consider alternatives instead of a payday loan:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Compare payday loan options

Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
BC, NS, ON, SK
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).

You'll need to be 18 years of age or older and have a net income of at least $1,000/month. Residents of MB and NB must apply in-store for a 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
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.

To be eligible, you'll need to be at least 19 years of age and have a net income of at least $800/month deposited into your bank account.
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.
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Compare up to 4 providers

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba & Saskatchewan $17 per $100 borrowed
Nova Scotia $19 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

Find out how much lenders can charge across Canada

Which companies allow you to pay off a payday loan early?

The following Canadian payday loan providers are just some of the lenders that allow you to payoff a payday loan early – and with no penalty or early repayment fees.

How to repay your payday loan early

When you’re ready to pay off your payday loan ahead of its due date, make sure you do the following:

1. Check your loan contract

Your loan contract will establish any fees or penalties you might have to pay, as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.

2. Contact your lender

The contact information for your lender will be listed on any correspondence, as well as on the lender’s website. You can usually contact lenders by email or phone, and some also offer online chat and in person assistance (if they have physical store locations).

Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled, the more you may be able to save on interest fees.

3. Pay out your loan

Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure your loan account is closed to avoid any extra charges that are added by mistake to the account.

Everything you need to know about payday loans

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