Things to be aware of with same day payday loans

Do you need cash in your hand today? Find out if it's possible or if it's too good to be true.

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If you find yourself in urgent need of some cash to pay bills or unexpected expenses, there are options available. Same day payday loans generally don’t exist if you are applying online for a loan. If you apply online, the quickest you can get your money is usually by the next business day. If you apply in person for a payday loan, you may be able to receive it the same day, however this is not true of all lenders.

You must be careful when looking for a same day payday loan since there are many scams in the short term loan space. Our guide covers how to compare different short term loans, the benefits and drawbacks, things to avoid and more.

⚠️ Warning: be cautious with short-term loans

If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call the Credit Counselling Canada on 1800 007 007. It is open from 8:00am to 5pm, Monday to Friday. When comparing short term loans, ensure you take into consideration any fees, charges and rates you may be charged.

Alternatives to short-term loans

Consider these alternatives before applying for a payday loan:

  • Use online Government resources. The Financial Consumer Agency of Canada website demonstrates how small amount loans work – and suggests alternative options that may help you.
  • Payment plans. Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan or receive an extension on your due date if you’re behind on payments.
  • Contact your creditors. Speak with creditors about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. Consider a small personal loan from a bank or a credit union. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
  • Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.

Cash Money Payday Loan

Apply online or in store and get approved for up to $1,500.
  • Minimum loan amount: $100
  • Maximum loan amount: $1,500
  • Interest Rate: Varies by Province
  • Fees: Up to $17 per $100 borrowed (rounded to nearest dollar)
  • Loan term: 12-14 days. Varies by Province
  • Turnaround time: Within 2 hours with INTERAC e-Transfer® if approved
  • Key requirements: Be 18+ years old, provide proof of recurring income
Cash Money Payday Loan
  • Simple application process
  • Fast turnaround time
  • Extended business hours
Go to site More info

Do same day short term loans exist?

Same day short term loans do exist, however they are quite rare and typically can only be found if you apply for a loan in person at a physical location. This means the lender can give you the cash in person. Keep in mind that not all lenders will give you the loan the same day if you apply in person. If you apply for an online loan, you will typically receive your funds by the next business day.

Remember that you will have to meet the eligibility requirements for the loan before you apply for it.

Compare quick short term loans

Name Product Max. Loan Amount Serviced Provinces/Territories Turnaround Time Term of Loan Interest Rate
Cash Money Payday Loan
Nova Scotia
New Brunswick
British Columbia
Within 2 hours with INTERAC e-Transfer® if approved
12-14 days. Varies by Province
Varies by Province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Alberta, Manitoba, New Brunswick or Saskatchewan applicants).

Click "View details" link under "Go to site" button to reveal borrowing costs.

Compare up to 4 providers

What are the eligibility requirements for a short term loan?

If you’re looking to apply for a short term loan, you will usually need to meet the following criteria. Keep in mind that the criteria can vary between different lenders.

  • Be 18 years of age, or the age of majority in your province or territory
  • Have proof of an income (via employment, welfare, investment income, etc.)
  • Be a Canadian citizen or permanent resident with a valid Canadian address
  • You may need a working bank account if you apply online

How to ensure a short term loan will benefit you

In order to find the best short term loan for your financial situation, you should consider the following features:

  • Know what fees you’ll be paying. Most short term loans have fees based on every $100 you borrow. Provincial regulations typically cap the maximum amount that can be charged per $100, so check to make sure the lender abides by any laws in your province.
  • Make sure you can repay the full amount. If you can’t make the payment in full on the due date, your loan can end up costing you a lot more in fees. Additionally, you can damage your credit score if you don’t make your repayments on time.
  • Variable loan amount. Some provinces may cap the maximum amount of loans you are allowed at one time as well as the maximum amount you can borrow.
  • Ensure the application process is legal. For a one-hour payday loan, there’s a good chance you’ll have to apply in person at a store. In most cases when you apply online, you get access to the funds by the next business day.
  • How will you make your repayments? You will likely have to provide a post-dated cheque or your bank account details in order to make repayments automatically. If you’ve given a post-dated cheque, the lender will cash it on the due date. If you provide your bank account details, they will debit the money directly from your bank account.

Benefits and drawbacks


  • You’ll get quick access to funds. Short term loans have some of the fastest approval processes when compared to other types of loans.
  • Bad credit is OK. Rather than looking at your credit score to decide if you will be approved for a loan, lenders tend to look at your income in order to determine if you’ll actually be able to pay back the loan.


  • They can come with high fees. The interest rates of short term loans are much higher than other types of loans that you would get from a traditional lender like a bank or a credit union.
  • You could be charged late fees. If you can’t pay back the loan on time or you default on the loan, you will get charged with additional fees. These fees vary depending on the province you live in and the lender you take the loan out with, but they are generally very high and add to the cost of your loan.

Things to avoid

  • Skimming over your loan’s terms and conditions. Read your loan document very carefully before signing it. This will ensure that you understand all of the fees and penalties that you can face.
  • Making late payments. A late payment will incur extra charges. If you don’t think you can pay back the loan, avoid taking one out in the first place.
  • Refinancing your loan. Refinancing will add additional costs to your loan since it will lengthen the time interest has to accumulate on your borrowed amount.

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, which means costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

At the time of writing in January 2019, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the territorial level. Payday loans are regulated in these territories at the federal level only.

Find out how much lenders can charge across Canada

Questions you’ll need answered before applying

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