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Safe online payday loans

Find out what makes an online payday loan safe and learn how you can get one.

A payday loan is a convenient option when you need money quickly. With many lenders across the country, it’s simple and fast to find a lender that is willing to lend money even to those with poor credit. However, even though most provinces regulate payday loans, there are still many disreputable and untrustworthy lenders in operation.

Security plays a particularly important role if you’re considering applying for a payday loan online, because you’ll need to provide your financial and ID documents over the Internet. If you take care and do your research, there are plenty of safe online payday loans available.

What are safe online payday loans?

A safe payday loan is one where the loan provider keeps your information secure and confidential while adhering to all applicable rules and regulations. Payday loan regulations exist at the provincial and federal level to restrict loan amounts, the fees and interest lenders can charge, loan terms and how many loans you can take out at one time.

⚠️ 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. 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.

Safe online payday loans you can apply for now

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Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
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.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer®
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. 24/7 instant approval and e-Transfer funding. Income of at least $800/month required.
Maximum borrowing costs of payday loans 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 & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

What to look for in safe online payday loans

  • Secure online application. Lenders who provide safe online payday loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe. They use bank-level security and won’t share your information with any third parties.
  • Google safe browsing. To see whether a payday loan site is currently dangerous to visit, copy the URL and head over to Google’s safe browsing site, where you can paste the link of the website in question. Google will check the site status and let you know if it finds any unsafe content.
  • Check for the “S” in HTTPS. Although not foolproof, check whether there’s an “S” in the HTTPS of the site’s URL, or you can look for a lock icon. HTTPS is more secure.
  • Abides by the local laws. A lender should abide by any existing laws or regulations. Some provinces limit the maximum amount of interest that can be charged per $100 borrowed, while others additionally limit loan terms and how many loans you can take out at one time.
  • Contact information easily available. Check the website for chat support, a phone number, address and email.
  • Check for a licence. You can check your provincial government’s business licence database to see whether the payday lender is licensed to operate in your province.
  • No upfront fees. Legitimate payday lenders will not ask you to pay fees up front.

Learn about payday loan scams

Is applying online for a payday loan safe?

Online SecuritySafe payday loans can be found in the online world – you just have to spend some time sifting through the good and bad. Most of the leading payday lenders make use of 128-bit secure socket layer (SSL) encryption technology to keep the transfer of information secure.

When you’re considering online payday lenders, stick to ones who provide phone numbers and a mailing address in a visible location on their website, and make sure they are easy to contact. Any lender who doesn’t reply within a timely manner or who doesn’t provide much contact information should raise red flags.

The payday industry is home to some disreputable lenders, which means it’s important that you compare your options and apply with lenders that you have determined are reputable and trustworthy.

Risks of payday loans

Payday loans, including those you can safely apply for online, are extremely expensive, costing anywhere between $14 to $17 for every $100 borrowed. They also have short repayment terms. Before you apply for an online payday loan, check first that you’ll have enough income left to pay for other expenses once you repay your loan. Otherwise, you may find yourself needing another loan.

Alternatives to safe online payday loans

There are many different lenders and loans available in Canada. Considering that payday loans are one of the most expensive types of personal financing you can get, it’s worth looking into the alternative safe online loan options below.

Safe online installment loans

These loans require you to make repayments in installments across a specified time period, which can be anywhere from a few months to a year or more. Ensuring that you’re dealing with a reliable lender when getting an installment loan is crucial. To check the reputation of the lender, you can follow the same process as detailed above for payday lenders.

Learn about installment loans and compare lenders

Secure online auto title loans

If you have a car, RV, motorbike or a boat, you can apply for an auto title loan. With this type of loan, you can use your vehicle as collateral to secure the loan, which means if you don’t repay the loan, you lose your vehicle. Make sure you deal with a trusted lender who will not try to take your vehicle away without giving you the opportunity to repay the loan. You can check if the lender is trusted by looking for independent reviews online by real customers.

Learn about auto title loans and compare lenders

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 loan terms can vary. Ensure that any lender you choose abides by the laws of the place you live.

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.

Frequently asked questions about safe online payday loans

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