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Guide to weekend payday loans

Find out how you can get the cash you need, even if it’s a Saturday or Sunday.

If you find yourself short on cash, there are services you can turn to, even on the weekend. While you can generally always apply for emergency cash on the weekend, you won’t always be approved or receive the money on the weekend. Learn more in our guide below.

Can I really get a cash loan on the weekend?

It is possible. To actually receive the funds on the weekend, you’ll need to pick up your cash in person from the lender’s branch location in your area.

If you apply through an online lender, you may be be able to get your loan application approved quickly but the funds will be released as early as the next business day.

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Apply online or in store and get approved for up to $1,500.
  • Minimum loan amount: $50
  • Maximum loan amount: $1,500
  • Loan term: 12-14 days. Vary by province
  • Turnaround time: Within 2 hours with INTERAC e-Transfer® if approved
  • Key requirements: Be 18+ years old, provide proof of recurring income
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I need a weekend short term loan. What options do I have?

If you’re in need of emergency weekend funds, you could consider some of the options below:

  • An online short-term lender. Some online lenders will accept and approve applications electronically outside of normal business hours. If the lender operates on a Saturday or Sunday, you could potentially receive your funds the same day with an in-store pickup.
  • A debit card loan. You might consider a lender who offers short-term loans on a prepaid debit card. If you already have an eligible debit card, you could receive funds faster than with a transfer to your bank account.
  • A short-term lender with a physical branch location. Many lenders who operate out of branch locations can accept applications and distribute approved funds quickly after approval. This is an option worth considering if you can find a lender close to you that is open on the weekend.

Payday loans you could get approved for on the weekend

Name Product Min. Loan Amount Max. Loan Amount Serviced Provinces/Territories Turnaround Time Term of Loan
Cash Money Payday Loan
$50
$1,500
Nova Scotia
Ontario
Manitoba
Saskatchewan
British Columbia
Within 2 hours with INTERAC e-Transfer® if approved
12-14 days. Vary by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Alberta, Manitoba, New Brunswick or Saskatchewan applicants).

Compare up to 4 providers

How does the application process work?

The application process depends on whether you apply online or in person at a store.

If you opt for an online application, some short term loan providers will complete the application and approval in as little as 15 minutes, however the standard turnaround time is a few hours. Once you sign the loan contract, your funds could potentially be deposited into your bank account as soon as the next business day.

Applying in-store is generally a much quicker process. You will fill out a short application form and afterwards the lender will review your application and provide you with an answer almost immediately.

If you’re approved, the lender can give you your funds in the form of cash, a cheque or a prepaid debit card. Whether you apply online or in-store, you will have to repay your loan in full, usually on your next payday.

What features do weekend short term loans offer?

While many weekend short term lenders offer the same features, there are some differences to watch out for to help you find the best loan to apply for. These include:

  • Multiple loan options. You can choose to approach lenders directly, or you can use a loan-matching service to assist you with the process.
  • Quicker processing time. Some short term loan providers can distribute your funds soon after approval, but if the approval itself takes time, you could end up waiting longer for your money.
  • High fees. Provincial and territorial regulations differ and can have a major impact on the fees that you will pay. Find out exactly what fees you’ll have to pay before you apply and accept the loan.
  • Access to an in-store network. Some short term loan providers have store networks across Canada and many of these companies operate online. You may find it hard to locate stores that remain open over the weekend, so your best bet is to get an online loan where you’ll be transferred the funds electronically.

The pros and cons of weekend short term loans

Benefits

  • You’ll get your money anytime, from anywhere. Some short term loan providers let you borrow funds any day of the week, day or night. Since they offer loans online, you can apply for one just about anywhere or anytime.
  • You’ll be able to use the funds for any purpose. Short term loan providers don’t place restrictions on how you use the money you receive, as long as you use it for legitimate purposes.
  • A bad credit score is OK. Unlike traditional lenders, short term lenders accept applications from individuals who have a poor credit score or bad credit history. What’s important is demonstrating an ability to repay the money you borrow.

Drawbacks

  • You’ll pay a higher APR. One of the biggest drawbacks of short term loans is the high fees that you will pay. Make sure you’re aware of how much you’ll be expected to repay. Fees can vary depending on what province or territory you live in and what your credit score is like.
  • The loans are only short term. No matter how much money you borrow, expect to repay the entire amount on your next payday. Short term loans are not a solution for larger amounts of debt.
  • Predatory lenders. When you need money now, it’s easy to go with the first lender you find, but be sure to check if they are a reputable and trustworthy lender before signing a loan contract. This will save you time and money in the long run.

When should you avoid a weekend short term loan?

  • Avoid a loan you can’t repay. If you think you’ll have trouble repaying all of your loan, don’t take it out. Late or missed payments will lead to extra charges, costing you more money, and ultimately sending you into a vicious cycle of debt.
  • Avoid skimming quickly over your loan offer document. Before you accept the loan, take time to go through the terms and conditions carefully. This should give you a clear picture of the fees and charges you might be expected to pay under various circumstances.
  • Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.

Pierre's car needs a repair

Man in carPierre works weekends in a diner in Montreal. He has a 30-minute drive to get into work each day, but this morning his car won’t start. It’s three days before his paycheque is cleared and he doesn’t have the spare $400 to pay his mechanic.

Pierre quickly jumps on the Internet, compares weekend payday loans and applies online. He finds a lender with 24/7 application processing and gets his loan funded the next business day after being approved. He can now afford to fix his car.

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, Newfoundland and Labrador, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans at the provincial or territorial level. Payday loans are regulated in these provinces and territories at the federal level only.

Find out how much lenders can charge across Canada

We have the answers to some frequently asked questions about weekend payday loans

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