Getting money in a pinch can be stressful and challenging. If you're in need of some extra cash to pay for rent, school, or anything else, you likely need it quickly. A payday loan could be the ideal solution if you’re in a rough financial situation.
Payday loans help you cover unexpected expenses and get over unforeseen obstacles. They are short-term loans that allow you advance funds to pay whatever arises until you receive your next paycheck. This article will compare different payday loans in Canada to help you find the ideal one for your situation.
Our team at Insurdinary has researched loan providers throughout Canada and assessed each of them to provide you with a list of the top seven providers of payday loans in Canada. Read below for reviews of each!
Before we discuss specific payday loans from different providers, let’s talk about the pros and cons of payday loans to give you a better understanding to inform your decision.
The first benefit of payday loans is how quickly they allow you to get the money you need. If you apply in-store, many payday lenders will immediately give you cash following your approval. If you apply for online payday loans, you can likely receive your money through an e-transfer that only takes a few minutes.
Another pro of payday loans is the lack of restraint over how you may use the money. You can make a monthly car or rent payment, buy groceries, or use the money for anything else that is legitimate and legal.
Finally, most providers are far more lenient on credit score requirements when it comes to payday loans. You’ll likely get approved for a payday loan even with a poor credit history.
The most significant downsides of payday loans are their extremely inflated interest rates and fees. Depending on your province, you could end up paying $15 to $25 in fees for every $100 you borrow. Their high cost of borrowing makes payday loans much riskier than other loan types.
Another con of payday loans is that many unreliable and disreputable providers exist. Because of that fact, it’s vital to research each loan provider and ensure they are operating legally, within provincial regulations.
Be skeptical if a loan provider’s interest rates and fees appear extremely low. Also, stay away from any business that offers “advance-free loans.” During the pandemic, a surge of scammers emerged who required illegal up-front fees to those looking for quick cash. As our mission is to be as transparent as possible on every topic we discuss. To dig a little more into the cons of pay day loans, read on here.
Looking to Do Your Own Comparison?
Visit our loans page here and compare directly each provider's rates.
When comparing payday loans from several providers, we used a specific set of criteria to determine their quality. We examined the interest rates and fees associated with each loan, the loan’s repayment terms, the speed of approval for each provider, whether or not early repayment penalties were a factor, and the minimum and maximum amounts you can borrow.
Interest Rates and Fees
Payday loans typically come with high interest rates and other expensive fees. Finding loan providers that offer more reasonable rates and costs was one of the most crucial factors in our comparison of payday loans.
We also looked explicitly for loans that came with fixed interest rates. Variable rates can increase the difficulty of budgeting and knowing how much you need to repay each month. A payday loan with a relatively low, fixed interest rate and minimal fees ensures that the provider doesn’t overcharge you for the money.
Payday loans in Canada have varying repayment terms. The majority have rather short terms, requiring you to repay them in two weeks or less. Other terms give you up to 30 days or require you to repay on the day you receive your next pay cheque.
In general, shorter repayment terms are better. You want to settle the payment as quickly as possible so that it’s off your plate rather than looming over your head. However, flexibility is even more ideal.
The best loan providers allow you to repay a payday loan based on a personalized schedule. This flexibility lets you select a repayment date that aligns with when you get paid or when you’ll have enough money, ensuring that payment due dates are achievable. Ideally, a loan will also have transparency, with no confusing terms or hidden fees.
If you have the money to repay your payday loan sooner than anticipated, you may want an early repayment option within the loan’s repayment terms. Some providers tack on fees when you repay your loan before the scheduled date to ensure that they don’t lose on interest. The best Canadian loan providers allow you to pay early with no fees to save you some money.
Because you’re likely in a time crunch when looking for a payday loan, it’s vital that a provider has a fast approval speed. Rather than requiring excessive documentation and making the approval a long and drawn-out process, Canada’s best loan providers will approve you quickly. Further, they’ll deposit your money for you immediately after approval.
Loan Amount: Minimum and Maximum
Finally, you want to ensure that you can get the amount of money you need for your situation. While most loan providers let you borrow anywhere between $100 and $1,500, some set their own minimum and maximum amounts.
The first step in applying for your payday loan is calculating your ideal loan amount. It should be the amount that you need and can pay back in time. If not, that provider isn’t right for you.
Payday Loans Reviews: The Top 7 Providers for 2023
We’ve researched payday loan providers throughout Canada and assessed them using the criteria detailed above. We’ve concluded that the following are the seven best payday loans in Canada. While they’re all excellent options for many situations, you may find that one suits your needs better than the others.
500 Danforth Ave. Suite 304, Toronto, ON M4K 1P6
Ontario, British Columbia, Nova Scotia, Alberta, New Brunswick, Saskatchewan, Prince Edward Island, Manitoba
Installment loans, personal loans, payday loans and short-term loans
Since 2012, GoDay has been a reliable loan provider in Toronto, Ontario. Using its brief and straightforward online form, you can easily apply for a payday loan from GoDay. Once you receive approval, GoDay will give you a cash advance in one business day, with interest rates varying by province.
The minimum and maximum loan amounts from GoDay are $100 and $1,500, respectively, but the provider also has installment loans for higher amounts ($1,000-$15,000). GoDay’s somewhat flexible repayment terms allow you to choose a repayment date anywhere from 14-30 days after you receive your loan. On that date, GoDay will collect the funds directly from your bank account.
GoDay makes it easy to get a payday loan even if you’re unemployed or you receive government benefits, such as Canada Pension Plan or Disability Tax Credit. You must, however, be a Canadian citizen, be of legal age, and have a bank account with direct deposit set up. You’ll also require a valid phone number and email address so GoDay can contact you.
If you’re unemployed, have bad credit, or simply need a quick and easy application and funding process, GoDay is an excellent option.
2. Money Mart
Money Mart Financial Services
74 Swedesford Rd., Suite 150, Malvern, PA 19355
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Saskatchewan
Installment loans, cash advance loans/payday loans, check cashing, Western Union, prepaid debit cards and currency exchange
In its 40 years of business, Money Mart has built a reputation for being a fair and straightforward loan provider in Canada. With in-person loan options that you can receive within two hours of your approval, Money Mart is the perfect provider for instant funding. You can also apply online, but the direct deposit typically takes one to two business days.
You can get a cash advance of anywhere from $120 to $1,500 from Money Mart, which you can repay in full when your next payday comes around. If necessary, you can schedule a repayment date anywhere from one to 62 days after you receive the loan. Money Mart also offers installment loans with a maximum of $15,000, which you'll have 60 days to repay after receiving the funds.
Money Mart makes it easy to qualify for a payday loan. You just need to be at least 18 years of age with a valid ID, chequing account, and source of income. Money Mart has locations in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Northwest Territories, Ontario, Prince Edward Island, Saskatchewan, and Yukon.
If you live in the provinces where Money Mart is available, it’s one of the best and most reliable sources of a quick payday loan.
420 Ambassador Dr., Mississauga, ON L5T 2J3
Nova Scotia, British Columbia, Ontario
Payday loans (online or in-store), home equity loans and prepaid cards
PAY2DAY is another reputable provider of personal, installment, and payday loans in Canada. With a vast network of 32 locations across the provinces of Ontario and British Columbia, the Canadian-owned-and-operated company is one of the widest-spread short-term loan providers in the country. As a special welcome offer, PAY2DAY gives new customers a $300 cash advance at no charge.
PAY2DAY’s payday loans have a maximum amount of $1,500, which includes no hidden fees. You can get approval for a PAY2DAY online loan without a credit check and without affecting your credit score. You can apply in-person or online and expect to receive the funds within 24 hours after approval.
PAY2DAY also has a free mobile app, available on iOS and Android devices, that makes it easy to apply for a payday loan, make payments, and check your balance at any time.
PAY2DAY’s extensive network, trusted reputation, and free cash advance make it an ideal option for just about anybody.
4. My Canada Payday
My Canada Payday
425 - 15225 104th Ave., Surrey, BC, V3R 6Y8
British Columbia, Ontario, Alberta, Nova Scotia, Saskatchewan, Manitoba
Cash advance loans/payday loans
Since its founding in 2008, My Canada Payday has become one of the country’s most reputable payday loan providers. You can use a simple online form to apply and receive immediate funds via e-transfer once you get approval. My Canada Payday is available online in British Columbia, Ontario, Alberta, Manitoba, Nova Scotia, and Saskatchewan.
My Canada Payday has a maximum payday loan amount of $1,500, which you can pay entirely or in segments during a 60-day period—unless you live in Ontario. If you live in Ontario, you can call My Canada Payday to reschedule your repayment date after receiving your funds. Interest rates and fees for My Canada Payday’s loans vary by province. You’ll have to pay $15 for every $100 you borrow in Ontario, British Columbia, and Alberta, and $17 per $100 in Saskatchewan, Manitoba, and Nova Scotia.
Applying for a payday loan from My Canada Payday requires you to be 18 years of age and either a Canadian citizen or permanent resident. You need a steady source of income as a full-time or part-time employee or receive benefits from the Canadian Pension Plan, Disability Tax Credit, and Canada Child Benefit.
My Canada Payday is among the best loan providers for those seeking instant approval and immediate funds.
5. Cash Money
400 Carlingview Dr., Etobicoke, ON M9W 5X9
Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Saskatchewan
Line of credit, installment loans, payday loans, instant payday loans, online loans, cash advance, personal loans, cheque cashing and Western Union orders and money transfers
With 30 years of experience providing payday loans in Canada, Cash Money is an honest and reliable provider. The company offers a quick and straightforward application process available over the phone, in-store, and online. If you get approval, you’ll see the funds in your bank account within the next 24 hours or in as little as 15 minutes if you choose an instant payday loan with Interac e-Transfer.
Cash Money offers the typical minimum and maximum loan amounts of $100 and $1,500. Interest rates vary across provinces, with the lowest fee of $15 per $100 for British Columbia and Ontario residents. Borrowers from Manitoba and Saskatchewan pay $17 for every $100 they borrow, while Nova Scotia and Newfoundland residents pay $19 and $21 per $100, respectively.
To apply for a payday loan from Cash Money, you must be a Canadian citizen or permanent resident between the ages of 18 and 70. You must have an active bank account, a valid email address, and a valid phone number. While Cash Money also requires a regular source of income, it accepts unemployment and disability as sources, which means that those without a job can still receive a loan.
While Cash Money’s interest rates are relatively high, it’s a good option for those needing quick cash.
372 Bertha St., Hawkesbury, ON K6A 2A8
Alberta, British Columbia, Ontario, New Brunswick, Manitoba, Nova Scotia, Prince Edward Island
Online payday loans and fast cash loans
iCash is a trusted payday loan provider in Canada that rewards loyal customers who repay on time. If you repay a payday loan from iCash on the required date or dates, you can become eligible for a unique Cashback program that will save you money on future loans. iCash offers payday loans starting at $100 to a maximum amount of $1,500.
If you choose iCash’s cash advance option, you’ll need to repay your loan in full on your upcoming payday. If you instead opt for the flex pay option, you can pay in two or three equal installments on your next few paydays. Interest rates vary by province, with borrowers in Alberta, Ontario, New Brunswick, Prince Edward Island, and British Columbia paying $15 per $100 and Manitoba and Nova Scotia residents paying $17 per $100.
To meet iCash’s loan approval requirements, which are relatively strict compared to other providers, you must be 19 years old and a Canadian citizen living in one of the provinces mentioned above. You must have a minimum net income of $800 per month and a bank account that has been open for at least three months. You’ll need to have had the same employer for at least three months, be able to receive your fund through direct deposit, and have a valid home address, email address, and phone number.
While iCash has stricter requirements than other payday loan providers on our list, it offers quick funds and a unique Cashback program.
7. Loan Express
600 Mackenzie Blvd, Suite #9, Mackenzie, British Columbia V0J 2C0
Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Ontario, Saskatchewan
Cash advance loans/payday loans
Loan Express is a reliable online direct loan provider in all Canadian provinces except Quebec and Prince Edward Island. Canadian citizens and permanent residents over 18 can apply for Loan Express’s payday loan using a simple and brief online form. Borrowers can choose between bank verification and manual review during the application process.
Loan Express provides instant approval to expedite the loan process. Once you get approval, you can choose between e-transfer, which takes only a few minutes, and direct deposit, which takes less than 24 hours. Loan Express has the standard minimum and maximum payday loan amounts of $100 and $1,500, respectively.
You can repay your Loan Express payday loan for up to 62 days after you receive the funds. Loan Express requires no credit check, so it’s another good option for those with poor credit. Interest rates and fees vary from province to province but are relatively high compared to other loan providers on our list.
With instant approval and speedy e-transfer, Loan Express is an excellent option for fast funding.
Which Payday Loan Is Right for Me?
As we mentioned, though each of the seven payday loan providers we detailed is an excellent overall option, one may best suit your needs. We’ve compiled a quick summary of where each of the seven loan providers excels.
GoDay has the best reputation and offers a fast and straightforward application process
Money Mart is the best for flexible loan terms and online or in-store loan options
PAY2DAY provides the best free cash advance and has a trusted extensive network
My Canada Payday requires no credit check and is the best for those with poor credit
Cash Money is the best for unemployed loan borrowers
iCash has the best Cashback program for loyal borrowers who pay on time
Loan Express has instant approval and e-transfer, making it ideal for those who need fast funding
If None of These Choices Fits Your Needs
You may also find that none of the seven loan providers we’ve reviewed in this article is the right fit for your situation. If you decide to look elsewhere for a payday loan, be sure to do the proper research. Ensure that the loan provider is legitimate and follows the regulations in your specific province.
Use the criteria we outlined earlier to ask the following question about each loan provider you consider:
How transparent is the provider about its interest rates and fees, and how inflated are they?
Does the provider have straightforward repayment terms? Is the provider flexible, allowing you to structure your repayment schedule?
Will the provider let you repay your payday loan early without a fee, or will it charge you extra?
How fast can the provider approve your loan application? Is the application process itself strung out? Can you get the money you need by the time you need it?
What are the minimum and maximum loan amounts from the provider? Can you get the ideal amount of money for your situation?
As you can probably tell from the reviews of the seven loan providers above, each provider has its requirements for the application and approval process. While some banks and loan providers will want to check your credit score, others do not require a credit check. Some providers will want to check your employment history and bank account to ensure that you’ve had a job and steady income for the past three months, while others allow you to be unemployed.
You’ll need to check each provider’s terms to know what their application and approval process requires.
Depending on the terms of repayment and the laws of your province, a couple of situations can happen if you can’t repay your loan on time. If the loan provider is set to take the money directly from your account on your repayment date, it may overdraft your bank account, resulting in a fee from your financial institution. If it cannot take money from your account, it may increase your loan's interest rate and fees daily until you repay.
If you’re supposed to send the payment to the provider rather than have the provider remove the amount on your repayment date, some other situations can arise. The loan provider may call your employer, family, or friends to contact you and ensure repayment. The provider could also deal with a collection agency to try and get the money from you: a measure that could show up on your credit report.
In more severe cases, the loan provider or collection agency could sue you for debt, which would end up costing you far more than the original repayment. A lawsuit could result in the provider or collection agency taking money directly from your paycheques. The loan provider or collection agency could even end up seizing your property.
Due to the high interest rates and fees associated with payday loans, it may be better to consider your other options first. Perhaps the first option to consider is asking the person or entity to whom you owe money for an extension. Whether you owe rent to a landlord or need to make car or house payments, you may get a grace period of a few weeks, allowing you to make the money you need.
If you can't push back your payment date, you can try to borrow money in a different manner. Some other ways to borrow money include getting a cash advance from your employer, a line of credit from your financial institution, or a loan from family or friends who won’t charge inflated interest rates on the borrowed money. If you have vacation days at your job that you have not yet used, you might be able to cash them in to get the extra money you need.
Other options include seeking a cash advance on your credit card or seeking a personal loan rather than a payday loan. Personal loans typically have lower interest rates than payday loans, but you may need more time for approval.
Legitimate loan providers in Canada should have the necessary licensing, which they must display on their website, and follow all the payday loan regulations of your province. A legitimate loan provider should also make the process and wording straightforward and transparent so all borrowers can understand. Suppose you find a provider that is not upfront about their interest rates and fees, does not guarantee approval, or has confusing wording or hidden fees in their terms. In that case, they are likely illegitimate or low-quality and unreliable.
At Insurdinary, we’re a company that compares payday loan providers to find you the best deals in Canada. We review hundreds of loan providers to ensure that you only consider legitimate companies offering transparent and fair payday loans. Aside from loans, Insurdinary also compares insurance, mortgages, credit cards, and other financial information to show you quality offers.
Are you considering checking different health or dental insurance plans for you or your family? Healthrates compares all insurance products to get you all the information you need about competing policies.
Read more about How to Get a Personal Loan with Bad Credit here.
We hope this breakdown of the seven best payday loans in Canada and the criteria we used to review them will help you find the perfect loan provider for your situation. Remember that it’s vital to research each provider before applying for its payday loans. With an increased number of scammers trying to draw you in, finding a legitimate, trusted, and transparent payday loan provider is more crucial than ever.
If you’re making any financial decision that requires comparing and contrasting different offers and companies, our team at Insurdinary can help. Insurdinary compares insurance, mortgages, loans, credit cards, and more to ensure that you get the best quotes and offers. For example, Insurdinary compares quotes from different insurance providers, allowing you to view coverage plans side by side and save money on your health insurance.
From personal and payday loans to dental and health insurance, Insurdinary is your ideal solution to finding the ideal offers in Canada. Fill out our online form to get the best insurance quotes in Canada, or use the “Contact Us” form.