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True Payday Loan review

Should you apply for a loan from True Payday Loan?

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Our verdict

True Payday Loan says it offers no credit check loans of $500 or more. The money you borrow can then be paid back over a term ranging from 90–180 days in regular installments. However, there are a number of red flags that you should be aware of before applying with True Payday Loan. Learn more below.
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Is True Payday Loan legitimate?

True Payday Loan has been the subject of consumer alerts issued by the Better Business Bureau (BBB) and Service Alberta’s Consumer Investigations Unit for failing to hold an appropriate lending licence and using prohibited lending and collection practices. As a result, we’re not signing off on the legitimacy of True Payday Loan.

Our research into True Payday Loan raised a number of questions and concerns, such as the following:

  • F rating from BBB. True Payday Loan has an F rating from the Better Business Bureau and is not BBB accredited. At the time of writing, the BBB had closed 29 complaints against True Payday Loan in the previous three years.
  • BBB alert. As of February 1, 2023, there was a current BBB alert for True Payday Loan. The alert urged consumers to contact their local regulatory agency to find out whether True Payday Loan is licensed to operate in their province. It also mentioned allegations from True Payday Loan customers that they had “received multiple harassing phone calls” about repaying outstanding loans.
  • Service Alberta alert. True Payday Loan was also the subject of a 2021 Consumer Protection Alert from Service Alberta’s Consumer Investigations Unit. The alert warned that True Payday Loan is not licensed to offer high-cost or payday loans and has engaged in prohibited lending and collection practices.
  • “No refusal” loans. A heading on one page of the True Payday Loan website promotes “No refusal loans of $500 or more”. While it’s clarified further down the page that no credit requests are refused provided that you meet certain requirements, offering guaranteed approval can indicate a loan scam.
  • Limited information on website. True Payday Loan says it partners with lending companies to help borrowers access loans. There’s no information on the website about who those partners are nor does the website feature a physical address for the business.
  • Misleading name. Although the business is named True Payday Loan, payday loans in Canada have terms of 62 days or less. On its website, True Payday Loan says its loans have terms of between 90 and 180 days.

Legitimate alternatives to True Payday Loan

⚠️ 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 payday loan alternatives:
  • Visit A free and confidential service that connects you to organizations that can help with finances, food, housing and more.
  • 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.
1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
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.
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 & PEI $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $14 per $100 borrowed
Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

What do reviews say about True Payday Loan?

The online reviews we found about True Payday Loan were largely negative. It had an average score of 1 out of 5 from 19 Better Business Bureau reviews.

Reviewers complained about persistent harassing phone calls and verbal abuse.

What is the True Payday Loan application process like?

True Payday Loan says you’ll need to satisfy the following eligibility requirements to qualify for a loan:

  • 18 years or older
  • Canadian citizen
  • Receive pay by direct deposit
  • Have held a stable job for the past six months

You can apply by filling out an online application with the following information:

  • Your desired loan amount
  • Your name, date of birth and address
  • Your phone number and email address
  • The names and contact details of two references
  • Your income and employment details

How to find a legitimate payday lender

If you want to take out a payday loan, use these tips to ensure that you find a legit lender:

  • Check if they’re licensed. Make sure the lender has a payday lending licence in your province by contacting your local consumer affairs office.
  • Make sure they follow payday lending regulations. Your local consumer affairs office will also offer online resources that explain payday lending regulations where you live. Read up on the rules in your province or territory and check whether the lender abides by them.
  • Recognize the warning signs of a scam. If the lender doesn’t clearly explain the total cost of a loan or if they promise guaranteed loan approval, this could indicate that they’re not legit.
  • Read reviews. Look at independent reviews on sites like Trustpilot, the Better Business Bureau and Google to find out what other borrowers have to say about a lender.

For more tips, check out our guide to finding a legitimate lender.

Bottom line

When a lender is the subject of alerts from organizations like the Better Business Bureau and Service Alberta’s Consumer Investigations Unit, it’s best to steer clear. Compare loans from a range of legitimate lenders to find the right loan for you.

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