{"id":730725,"date":"2018-02-18T15:53:54","date_gmt":"2018-02-18T20:53:54","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?page_id=730725"},"modified":"2025-12-10T15:52:38","modified_gmt":"2025-12-10T20:52:38","slug":"payday-loans","status":"publish","type":"page","link":"https:\/\/www.finder.com\/ca\/payday-loans","title":{"rendered":"Compare 20+ payday loans"},"content":{"rendered":"<p>People often turn to payday loans for those times when there\u2019s a little more month left at the end of the money. According to the Financial Consumer Agency of Canada, most payday loan borrowers use the money to cover necessary expenses like bills or unexpected expenses that pop up before payday. We\u2019ll help you understand what a payday loan is, what to consider before borrowing, how they\u2019re regulated and alternatives to these high-cost loans.<\/p><h3>What is a payday loan?<\/h3><p>Payday loans are high-interest loans of up to $1,500. These loans are typically paid back when your next paycheque is deposited in your account, hence the term \u201cpayday loans.\u201d In Canada, payday loans are regulated at the provincial level, except for territories, which are federally regulated.<\/p><h3 data-toc=\"false\">Where can you get payday loans in Canada?<\/h3><p>If you need to get a payday loan, you can apply either online or at a physical store:<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th scope=\"col\">Payday loan options<\/th><th scope=\"col\">Quick facts<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td><b>Online lenders<\/b><\/td><td><ul><li>Quick and easy<\/li><li>Apply for and manage your loan from a phone app or website<\/li><li>No need to fax any documents<\/li><li>Get your money within minutes of approval via e-Transfer<\/li><\/ul><\/td><\/tr><tr><td><b>Storefront lenders<\/b><\/td><td><ul><li>Some lenders have extensive branch networks<\/li><li>You can apply at a physical store at a location near you<\/li><li>You\u2019ll need to bring the required documentation<\/li><li>Get instant approval<\/li><\/ul><\/td><\/tr><\/tbody><\/table><h3 id=\"cost\">How much do payday loans cost?<\/h3><p>Payday loans are one of the most expensive ways to borrow money. The annual percentage rate (APR) charged on payday loans is very high at 365%. For comparison\u2019s sake, credit card APRs sit between 12% and 29.99%, and personal loan APRs are between 6.99% and 35%.<\/p><p>The cost of a payday loan is $14 for every $100 borrowed.<\/p><div class=\"content-area-light-blue has-padding-small has-padding-top-large\"><h4>Payday loan repayment example<\/h4><p>Here\u2019s an example of how much a $500 payday loan in BC would cost:<\/p><ul><li>Loan amount: $500<\/li><li>Loan term: 14 days<\/li><li>Borrowing fee: $14 for every $100 = $70<\/li><li>Total repayment amount: $570<\/li><li>APR: 365%<\/li><\/ul><\/div><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Dive deeper: <\/span><a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-interest-rates%20\" style=\"text-decoration:underline; font-size:0.9em;\">Payday loan rates<\/a>\n<\/div>\n<\/article><h4>What other fees can come with payday loans?<\/h4><p>If you\u2019re late or miss a repayment, you may be charged other fees, which can include:<\/p><ul class=\"list-3\"><li><b>Late payment fees. <\/b>If you\u2019re late with a repayment and don\u2019t notify your lender beforehand, you\u2019ll likely be charged a fee.<\/li><li><strong>Bounced cheque or failed direct debit. <\/strong>If your payment bounces, you will usually be charged a fee.<\/li><\/ul><p style=\"text-align: center;\"><a class=\"btn btn-masthead btn-success scroll\" href=\"#comparison-table\">Compare payday loans<\/a><\/p><h3>What are the benefits of getting payday loans?<\/h3><p>When you apply for a payday loan, some of the benefits include:<\/p><ul class=\"list-1\"><li><b>Fast and easy.<\/b> Apply online in under 10 minutes, get an instant decision and get instant funding if you\u2019re approved. <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/weekend-payday-loans\">You can apply for a payday loan even on a weekend.<\/a><\/li><li><b>Bad credit doesn\u2019t matter.<\/b> Payday lenders shift the emphasis from your credit score to your ability to repay a loan. As long as you can prove you have a stable income to repay a loan, you should be in the clear.<\/li><li><strong>Non-employment income is okay. <\/strong>Unlike most personal loans, you can use non-employment income, such as government benefits, to qualify for a payday loan.<\/li><\/ul><h3>Are payday loans a bad idea?<\/h3><p>Payday loans are not viewed positively because of their extremely high fees. Customers who desperately need financing turn to payday loans as they are easy to get and provide quick financial relief\u2014but they can also throw borrowers into a cycle of debt. Before taking out a payday loan, make sure you\u2019ll have enough income left to pay for other debts and expenses once you repay your loan. Otherwise, you may find that you need another payday loan to cover the income shortage.<\/p><p>Before applying for a payday loan, consider the following:<\/p><ul><li><b>Are you eligible for any lower-cost loans?<\/b> You may be able to qualify for a cheaper source of financing. <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-alternatives\">Learn more about payday loan alternatives.<\/a><\/li><li><b>Will repayments be manageable for you? <\/b>Work out if the payday loan will be manageable with your current budget before proceeding. Failing to repay could result in late payment and NSF fees.<\/li><li><b>What are you using the loan for?<\/b> Payday loans are a band-aid solution and aren\u2019t designed to fix long-term financial problems. If you have substantial financial problems, consider credit counselling.<\/li><\/ul><p><img decoding=\"async\" class=\"alignright size-full wp-image-981359\" style=\"padding-bottom: 10pt;\" title=\"Image: Finder\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png\" alt=\"Payday loan application process\" width=\"400\" height=\"949\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/5\/2022\/04\/payday_loans_application_process_Finder.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\"><\/p><h3 id=\"apply\">How to apply for payday loans<\/h3><p>While applications vary from lender to lender, these are the steps you\u2019ll typically need to follow when filling out an application:<\/p><ol><li><a class=\"scroll\" href=\"#comparison-table\">Select the <strong>Go to site<\/strong> button above<\/a>, or visit a lender\u2019s website.<\/li><li>Provide information about yourself, including your contact details and Social Insurance Number.<\/li><li>Fill in your employment details or benefits information if you\u2019re receiving government benefits like a pension, EI or welfare.<\/li><li>Provide information about your monthly income, including how frequently you\u2019re paid.<\/li><li>Enter your <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-internet-banking\">bank account details<\/a> and agree to electronic transfers. Confirm if the website is secure before providing this information.<\/li><\/ol><p>You\u2019ll need to read over a lender\u2019s terms of service and privacy policy before submitting your application. The <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/best-payday-loans\">best payday loan providers<\/a> will always have a secure online application and outline your loan\u2019s final amount so you know exactly how much it will cost to borrow. Payday lenders are not allowed to charge more than the amount capped by provincial rules.<\/p><ul class=\"luna-accordionGroup accordionGroup\"><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000000\" data-toggle=\"collapse\" data-target=\"#accordion0000000000\">\n        <span class=\"luna-accordion__title\">Eligibility criteria for payday loans<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000000\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><p>Eligibility differs between lenders and provinces. However, the following minimum criteria will usually need to be met:<\/p><ul class=\"list-7\"><li><b>Age<\/b>. You must be the age of majority in your province or territory.<\/li><li><b>Residency.<\/b> You\u2019ll need to be a Canadian citizen or permanent resident with a valid Canadian address.<\/li><li><b>Income.<\/b> You\u2019ll need proof that you have some form of income, whether it\u2019s employment income or government benefits.<\/li><li><b>Employment.<\/b> Some lenders require you to be employed, however, some will accept you if you are self-employed or have government benefits or welfare.<\/li><li><b>Bank account. <\/b>If you\u2019re applying online, you will need a working bank account. If you apply in person at a store, you may not need a bank account.<\/li><\/ul><div class=\"has-padding-xsmall\"><\/div><p><strong>Note: <\/strong>Remember that meeting basic eligibility requirements does not guarantee payday loan approval.<\/p><\/div>\n  <\/div>\n<\/li><li class=\"luna-accordion\" data-accordion=\"accordion\">\n  <div class=\"luna-accordion__summary\">\n    <h4 class=\"luna-accordion__heading\">\n      <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"accordion0000000001\" data-toggle=\"collapse\" data-target=\"#accordion0000000001\">\n        <span class=\"luna-accordion__title\">Required documents for payday loans<\/span>\n        <svg class=\"luna-icon\" aria-hidden=\"true\">\n          <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n          <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n        <\/svg>\n      <\/button>\n    <\/h4>\n  <\/div>\n  <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"accordion0000000001\" data-accordion=\"details\">\n    <div class=\"accordionContent\"><ul class=\"list-7\"><li>Valid ID with your name and address<\/li><li>Valid phone number<\/li><li>Proof of government benefits, investment income or employment income with your employer\u2019s name, address and phone number<\/li><li>Net and gross income amounts<\/li><li>Bank account information (chequing account, transit and institution numbers)<\/li><\/ul><p><strong>Note: <\/strong>Payday lenders may ask you to log into your bank account on a secure and encrypted online portal, but they won\u2019t ask for your username and password directly.<\/p><\/div>\n  <\/div>\n<\/li><\/ul><h3>Am I eligible for a payday loan if\u2026<\/h3><ul class=\"list-1\"><li><b>I receive a pension?<\/b><\/li><\/ul><p>If you\u2019re retired or physically unable to work, you can still access a line of credit, personal loan or a payday loan. Some lenders consider your pension as income, so you may still be eligible depending on your financial situation and why you need the loan. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/retired-loans\">Learn more about loans for retirees.<\/a><\/p><ul class=\"list-1\"><li><b>I receive welfare payments?<\/b><\/li><\/ul><p>Some payday lenders and institutions consider welfare payments as income, so you may be eligible. It generally depends on how much you earn, what kind of financial situation you\u2019re in and the kind of payments you receive. Contact a lender to find out if you\u2019re eligible. <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/loans-for-people-on-welfare\">Learn more about payday loans for welfare recipients.<\/a><\/p><ul class=\"list-1\"><li><b>I have bad credit?<\/b><\/li><\/ul><p>It\u2019s possible to get a payday loan with bad credit. When reviewing your application, lenders will place less emphasis on your credit and more on your income.<\/p><article class=\"luna-card luna-card--primary luna-card--border\">\n  <div class=\"luna-card__block\" style=\"padding:0.7em\">\n<span style=\"font-size:0.9em; font-weight: 800; font-style: italic; text-transform: uppercase;\">Related: <\/span><a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loans-with-government-benefits\" style=\"text-decoration:underline; font-size:0.9em;\">List of payday lenders that accept government benefits<\/a>\n<\/div>\n<\/article><h3>What happens after I apply for a payday loan?<\/h3><p>Once you submit your payday loan application, lenders will give you a decision within minutes. If you\u2019re applying online, lenders can typically <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/e-transfer-payday-loans\">e-Transfer payday loans<\/a> within minutes or deposit the funds into your bank account within one business day or less. If you\u2019re applying in-store, you can receive your funds via cash, cheque or e-Transfer.<\/p><p>When it\u2019s time to repay, your lender will withdraw the principal amount and any fees you owe directly from your bank account. Make sure you have enough money in your bank account on your due date to avoid penalties.<\/p><p>Keep in mind that you\u2019re under no obligation to accept the terms of your payday loan offer. If you\u2019ve read through the terms and conditions before signing, you can always decline the offered loan. If you\u2019ve signed the contract, some provinces allow a cooling-off period (typically two days) where you can cancel the payday loan without penalty.<\/p><h3>Do payday loan providers check your credit score?<\/h3><p>It depends. Some payday lenders do not check credit scores, while others do. Even if a payday lender checks your credit score, it doesn\u2019t mean you\u2019ll get rejected if you have poor credit, because payday lenders are more lenient than traditional lenders.<\/p><h3 data-toc=\"false\">Reasons why you might be rejected<\/h3><p>While your lender should provide a reason why you weren\u2019t approved for a payday loan, these are four of the most likely reasons:<\/p><ul class=\"list-12\"><li>You aren\u2019t employed or your income is too low.<\/li><li>You already have a payday loan or recently borrowed one.<\/li><li>You have too many current debts.<\/li><li>You had errors on your application.<\/li><\/ul><h3>Can a payday loan improve my credit?<\/h3><p>No. Payday loans don\u2019t work like traditional loans because most lenders don\u2019t report your payment history to the major credit bureaus. Payday loans are often considered a type of cash advance, so they typically have no effect on your credit score if you pay them back on time.<\/p><h3>Can a payday loan hurt my credit?<\/h3><p>Yes it can, if you don\u2019t make your payments. If you don\u2019t pay off your loan, your payday lender can turn it over to a debt collection agency. Debt collection agencies typically report loans to credit bureaus. Collections show up on your report and can hurt your score.<\/p><h3>Do I need a credit score to get a payday loan?<\/h3><p>No, payday lenders are lenient and you don\u2019t need a credit history to get approved.<\/p><h3>Do payday lenders usually report to the credit bureaus?<\/h3><p>No, payday lenders don\u2019t report on-time repayments to the two major credit bureaus: TransUnion and Equifax. The most common way for your payday loan to be reported to a credit bureau is if it goes into collections.<\/p><h3>How do I stay on top of my payday loan repayment?<\/h3><p>Ask yourself these questions to make sure a payday loan is a feasible financial option that won\u2019t cause you long-term problems:<\/p><ul><li><strong>How much are my monthly bills?<\/strong> Write down and add up your rent or mortgage, utilities and other monthly expenses.<\/li><li><strong>How much are my living expenses?<\/strong> Consider how much you need for groceries, gas for your car, a few dollars for that morning coffee and other living expenses.<\/li><li><strong>How much of my paycheque do I have left?<\/strong> Subtract your monthly costs from your monthly salary after taxes. If you have enough left to cover your payday loan repayment, your loan is affordable.<\/li><\/ul><p>Ultimately, you need to know that you can afford to repay your loan according to the terms and still having enough cash to pay for your regular expenses. Otherwise, you may find yourself in a recurring debt situation.<\/p><h3>What happens if I don\u2019t pay back a payday loan?<\/h3><p>If you don\u2019t pay back a payday loan, you will be charged fees and your loan goes into default. Often, payday lenders hire debt collectors to try to collect on the loan, and when this happens, the collection agency can report your loan to the credit bureaus, which can negatively affect your credit score.<\/p><p>If you can\u2019t make a payment on your payday loan, contact your creditor immediately to explain your situation. They might be willing to work with you to create a plan that helps you more easily pay back what you owe.<\/p><h3>Can you renew payday loans?<\/h3><p>Renewing your loan just once can double its cost and make it even more difficult to pay off in the future. For this reason, most provinces have made direct rollovers illegal. If you want to take out another loan, you\u2019ll first have to pay off your current loan and then re-apply for a new one.<\/p><p>Some lenders have benefits for repeat borrowers, such as increased borrowing amounts and quicker funding. However, don\u2019t get into the habit of taking out payday loans. These are short-term solutions that often trigger a \u201cdebt spiral.\u201d The Financial Consumer Agency of Canada reported that 7% of survey respondents take out another payday loan to repay their first one. Read our guide on <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-cycle\">how to get out of payday loans<\/a> to learn practical ways to step out of that cycle of debt.<\/p><h3>What can I use instead of a payday loan?<\/h3><p>A payday loan can be an expensive way of getting emergency financing. Consider these payday loan alternatives before you borrow:<\/p><ul><li><strong>Provincial or federal aid.<\/strong> If you find yourself in need of consistent financial assistance, you might want to look into provincial or federal programs. Housing assistance and other aid could help reduce your bills, so you can avoid payday loans.<\/li><li><strong>Friends and family.<\/strong> If you\u2019re in a financial pinch, your friends and family may be willing to help. It doesn\u2019t necessarily have to be a loan\u2014giving you a ride while your car is in the shop or babysitting could help take the stress off your budget.<\/li><li><strong>Installment loans.<\/strong> These types of loans are for small amounts of money, but you make repayments over time in installments as opposed to one lump sum like a payday loan. You can <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/best-installment-loans\">learn more about installment loans here<\/a>.<\/li><li><strong>Credit union loans.<\/strong> Credit unions and other small banks sometimes offer small loans to their existing customers. Salary advances can be applied for and repaid on your next payday, often for more reasonable rates.<\/li><li><strong>Bank overdraft.<\/strong> If your bank account is in good standing, you may be eligible for a small personal loan or overdraft. Contact your current bank to discuss your eligibility.<\/li><li><strong>Credit card cash advance.<\/strong> Getting a <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/credit-card-cash-advances-vs-payday-loans\">credit card cash advance<\/a> can be much more affordable than a paydays loan. You can usually get a cash advance up to a percentage of your credit limit. You\u2019ll typically be charged anywhere from 24% to 36% for credit card cash advances.<\/li><\/ul><h3>Bottom line<\/h3><p>A payday loan is best saved as a last resort when you\u2019re facing an emergency financial situation. If you\u2019ve weighed the alternatives and believe a payday loan is right for you, you can <a class=\"scroll\" href=\"#comparison-table\">compare your payday loan options<\/a> to find the best deal available to you.<\/p><h3 data-toc=\"false\">Frequently asked questions about payday loans<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Can I pay off my payday loan early?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, it's possible. Check the payday loan regulations in your province. In many provinces, lenders must allow you to pay off your loan early without any charges or penalties.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">I see lenders offering 'guaranteed' and 'instant' loans. Is this legit?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No, <a href=\"https:\/\/www.finder.com\/ca\/guaranteed-payday-loans\">there's no such thing as a guaranteed loan<\/a>. If you see a lender offering guaranteed payday loans, it may be a scam, predatory or not actually guaranteed.<\/p><p>Lenders offering <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/instant-loans-canada\">instant payday loans<\/a> are likely referencing how long it takes to get approved, which can happen online fairly quickly. It could take as little as 30 minutes or as much as several hours to receive your funds, in part because of how long it takes your financial institution to receive money transfers. If you apply in-store and get approved, you can often walk away with your money on the spot.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Are there three-month payday loans?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>No. In Canada, the maximum loan term allowed for payday loans is 62 days. 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She is an award-winning Canadian journalist who has lived and reported from major cities such as Vancouver, Toronto, London and Paris. She has reported on personal finance, mortgages, and banking products for nearly a decade.","url":"https:\/\/www.finder.com\/ca\/author\/carmenchai","jobTitle":"Writer","sameAs":[],"worksFor":{"@type":"Organization","@id":"https:\/\/www.finder.com\/ca\/#organization","name":"Finder"}},{"@context":"https:\/\/schema.org","@type":"FAQPage","name":"Frequently Asked Questions","mainEntity":[{"@type":"Question","name":"Can I pay off my payday loan early?","acceptedAnswer":{"@type":"Answer","text":"\r\rYes, it's possible. Check the payday loan regulations in your province. In many provinces, lenders must allow you to pay off your loan early without any charges or penalties.\r\r"}},{"@type":"Question","name":"I see lenders offering 'guaranteed' and 'instant' loans. Is this legit?","acceptedAnswer":{"@type":"Answer","text":"\r\rNo, <a href=\"https:\/\/www.finder.com\/ca\/guaranteed-payday-loans\">there's no such thing as a guaranteed loan<\/a>. If you see a lender offering guaranteed payday loans, it may be a scam, predatory or not actually guaranteed.\r\rLenders offering <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/instant-loans-canada\">instant payday loans<\/a> are likely referencing how long it takes to get approved, which can happen online fairly quickly. It could take as little as 30 minutes or as much as several hours to receive your funds, in part because of how long it takes your financial institution to receive money transfers. If you apply in-store and get approved, you can often walk away with your money on the spot.\r"}},{"@type":"Question","name":"Are there three-month payday loans?","acceptedAnswer":{"@type":"Answer","text":"\r\rNo. In Canada, the maximum loan term allowed for payday loans is 62 days. Check out our <a href=\"https:\/\/www.finder.com\/ca\/personal-loans\/short-term-loans\">short-term loans guide<\/a> to learn about options available to you.\r\r"}}]}]},"article_modified_time":"2023-11-16T12:48:20+00:00"},"custom_fields":{"_wp_page_template":["page-nb-table-with-filters.php"],"show_author_box":["yes"],"_masthead_variant":["{\"id\":\"standard-blue\",\"showFeaturedImage\":false,\"presetId\":\"\",\"shouldUsePrimaryCTAFieldName\":false,\"shouldUseSecondaryCTAFieldName\":false,\"primaryCTA\":null,\"secondaryCTA\":null,\"widgetShortcode\":\"\",\"widgetHeading\":\"\",\"widgetStats\":\"\",\"hasPrioritizedWidget\":false,\"hasMaximizedWidget\":false,\"shouldUseOverrideCTALabel\":false,\"overrideCTA\":null,\"cleanTopPicks\":\"\",\"tilesMenuId\":\"\"}"],"_masthead_subheading":["{\"text\":\"Before you apply for a payday loan, find out how it works and how much it will cost you.\"}"],"_content_type":["niche-content\/comparison\/niche-homepage"]},"_links":{"self":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/pages\/730725"}],"collection":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/users\/987"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/comments?post=730725"}],"version-history":[{"count":24,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/pages\/730725\/revisions"}],"predecessor-version":[{"id":737230,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/pages\/730725\/revisions\/737230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media\/1057731"}],"wp:attachment":[{"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/media?parent=730725"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finder.com\/ca\/wp-json\/wp\/v2\/tags?post=730725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}