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 payday loans

Payday loans are expensive. If you're experiencing financial hardship and would like to speak to someone for free financial counselling, you can call Credit Counselling Canada from 8:00am to 5:00pm Monday to Friday at +1 866-398-5999.

Consider these alternatives before applying for a payday loan:

  • Contact your creditors. Speak with creditors or your electricity, gas, phone or water providers about extending payment due dates or working out a new payment plan.
  • Consider a personal loan. A personal loan usually comes with much lower interest rates than a payday loan.
  • Pay with credit card. While not a long term solution, paying with credit card can help cover emergency expenses. You’ll need to pay off the balance before it accrues interest.

Cash Money Payday Loan

Apply online or in store and get approved for up to $1,500.
  • Minimum loan amount:
  • 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: In as little as 15 minutes 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

Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.

Name Product Max. Loan Amount Serviced Provinces/Territories Turnaround Time Loan Term Interest Rate
Cash Money Payday Loan
Nova Scotia
New Brunswick
British Columbia
In as little as 15 minutes 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). Residents of Manitoba and New Brunswick cannot apply for a loan online (must apply in-store).

Compare up to 4 providers

What’s the difference between in-store and online loans?

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

When can you expect to receive money?

We’ve rounded up a list of payday loan lenders and information on their approximate fund turnaround times. Remeber to check the websites of any lenders you want to apply with to ensure that they operate in the province or territory where you reside.

ProviderWhat is the turnaround time to receive funds?
Cash MoneyIn as little as 15 minutes with INTERAC e-Transfer® if approved.
Captain CashIn under 24 hours.
iCASHWithin 5 minutes after signing your loan agreement if funds are sent by Interac e-Transfer.
GoDay.caLoans are processed and sent immediately upon application approval. Funds are sent by email and direct deposit, so actual times depend on your financial institution.
MyCanadaPayday.comFunds will be sent immediately via Interac E-mail transfer.
Ferratum CanadaAs little as 24 hours.
Money MartUpon application approval, funds are sent electronically or may be picked up in store. Actual times for electronic transfers depend on your financial institution
Cash 4 YouWithin 60 minutes if you apply online and have funds deposited via Interac e-Transfer
National PaydayWithin 30 minutes if your loan application is sent before 11:30am.

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

Frequently asked questions

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