Secure payday loans

Find out what makes a short term loan secure and how you can get one.


A short term loan, also referred to as 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 short term 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 secure short term loans available.

⚠️ 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
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What are secure short term loans?

A secure short term loan is one where the loan provider keeps your information safe and confidential, and adheres to any applicable rules and regulations.

In terms of features, secure short term loans are the same as other short term loans. Some parts of the country have regulations that restrict how much you can borrow and what fees and interest lenders can charge. Additionally, some jurisdictions limit loan terms as well as how many loans you can take out at one time.

It’s important to note that payday loans are not regulated in all provinces or territories. See below for more information on these regulations across Canada.

Secure short-term loans you can apply for

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).

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The features that come with secure short term loans

Compare the following features when looking for a secure short term loan:

  • Secure online application. Lenders who provide secure online short term 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.
  • 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.
  • Quick access to funds. The time it takes for you to receive your loan will typically depend on whether you apply for the loan online or in person at a store. If you apply online, you will usually receive access to your money by the next business day. Applying in store can usually allow you to get access to your funds much faster, sometimes within the same day.
  • Use your funds for any purpose. You can use your loan for any purpose, as long as it is legitimate. Whether you need to pay for car repairs, bills, rent, groceries or a vacation, you can use your loan to cover it.

What you should look for to find a safe loan

There are many different lenders and loans available in Canada. Here’s how to find a safe option no matter what kind of financing you’re looking for:

  • Payday loans.
    A payday loan is usually paid back in one lump-sum, typically when you receive your next paycheque, whether that is weekly, bi-weekly or monthly. Research a lender online before applying for a loan and read real customer reviews of the lender. Additionally, make sure they have contact information on their website and that they abide by any provincial regulations. If you want to take it a step further, you can contact the Better Business Bureau (BBB) to see if the lender is listed as reputable and trustworthy.
  • 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 short term lenders.
  • 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.
  • Online cash advance loans.
    These are the same as short term loans. Make sure the lender uses the latest data encryption for your financial and personal information, and doesn’t share your information with any third parties.
  • Storefront short term loans.
    Since you are not using the Internet, you can expect a safer transaction when you get a loan at a physical location. This is because you don’t have to worry about your information making it into the wrong hands if it’s intercepted online by hackers, malware and/or scammers. Even though the lender has a physical location, you should still make sure that they operate legally. Additionally, you can read reviews online about the lenders branch.

Is applying online for a short term loan safe?

Online SecuritySafe short term loans are easy to find in the online world, you just have to spend some time sifting through the good and bad. Most of the leading short term lenders make use of 128-bit secure socket layer (SSL) encryption technology to keep the transfer of information secure.

When you’re considering online short term 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 short term 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.

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 about secure short term loans

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