Fortunly's Guide
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Best Payday Loans in Canada for 2024

Written By
G. Dautovic
Updated
October 07,2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you need some quick cash, a payday loan might be the solution for you. Payday loans are short-term loans that can help you cover unexpected expenses until your next payday. 

There are many payday lenders in Canada, so it can be difficult to determine which one is right for you. This article will compare some of the best payday loans in Canada to help you decide which one is right for you.

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Best Payday Loan Rates in Canada for October 2024

GoDay

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

GoDay Logo
OVERVIEW

Led by a team of experienced financial professionals, GoDay is a payday loaning company committed to providing short-term loans to help people deal with unexpected financial emergencies. It offers fast, convenient payday loans of up to $1,500 that can be deposited directly into borrowers’ bank accounts. And since everyone’s situation is different, the company offers quick payday loans with flexible repayment terms tailored to every borrower’s unique needs. Read more

  • Fast approvals
  • Consumers with bad credit or no credit welcome
  • Easy application process
Learn More
On Official Website
Loan amount:
$100 – $1,500
Loan term:
14-30 days
Interest rate:
Varies by province
How to apply:
In store, online

Credit Club

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Credit Club Logo
OVERVIEW

Credit Club is a payday lender available to residents of Ontario, British Columbia and Nova Scotia. Founded in 2012, the company stands out as one of the rare names on the market that allows 24/7 funding, and boasts some of the fastest funding times we’ve seen, with loans often being approved and the funds received in a matter of minutes. Read more

  • No credit check
  • Funds borrowers even during the weekend and holidays
  • Get funded in 30 minutes
Loan amount:
$100-$1,500
Loan term:
Up to 62 days
Interest rate:
Varies by province
How to apply:
Online only

Money Mart

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Money Mart Logo
OVERVIEW

Money Mart is a payday loaning company that offers short-term loans to people who need quick cash. The company has a simple application process and does not require a credit check. Money Mart also offers various other financial services, such as cheque cashing and money transfers. The company has been in business for 40 years and has helped millions of people access the cash they need. Money Mart is a reliable and trusted source for payday loans, and its commitment to customer service makes them a top choice for those who wish to borrow money online in Canada. Read more

  • Cash advance loans up to $1,500
  • Flexible eligibility criteria
  • Wide range of lending solutions
Learn More
On Official Website
Loan amount:
$120 - $1,500
Loan term:
1-62 days
Interest rate:
Varies by province
How to apply:
Online, in store

My Canada Payday

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

My Canada Payday Logo
OVERVIEW

My Canada Payday is a leading provider of payday loans in Canada. The company offers a convenient and easy-to-use online application process and a fast and friendly customer service team. My Canada Payday loans are available to all Canadian residents over 18 and can be used for any purpose. Whether you need a loan to cover last-minute expenditures or to consolidate debt, My Canada Payday can help. The company offers competitive rates and flexible repayment terms, making it a convenient choice for those looking for payday loans online in Canada. Read more

  • Fast funding
  • Accepts those with poor credit
  • Extended repayment option
Learn More
On Official Website
Loan amount:
Up to $1,500
Loan term:
Up to 60 days
Interest rate:
Varies by province
How to apply:
Online

PAY2DAY

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

PAY2DAY Logo
OVERVIEW

PAY2DAY is a leading provider of short-term loans and financial services in Canada. The company is dedicated to providing our customers with convenient, confidential, and secure service. Its goal is to provide our customers with the best possible loan experience. PAY2DAY provides loan products like payday loans, installment loans, title loans and lines of credit. It offers a variety of other financial services, such as cheque cashing, money transfers and bill payments. When looking for the best payday loan in Canada, PAY2DAY is a perfect place to start. Read more

  • Easy-to-use mobile app
  • Free $300 cash advance
  • No collateral required
Learn More
On Official Website
Loan amount:
Up to $1,500
Loan term:
1-31 days
Interest rate:
Varies by province
How to apply:
Online, in store

iCASH

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

iCASH Logo
OVERVIEW

iCASH is a Canadian loaning company offering short-term loans. The company was founded in 2015 and funded over a hundred million in loans in its first three years, helping many people in dire situations. iCASH offers loans of up to $1,500, and the application process is quick and easy. All you need is a valid ID, a phone number, and a bank account, and you’re ready to apply for one of the best online payday loans in Canada. Read more

  • No credit score requirement
  • Great cashback program
  • High approval rate
Learn More
On Official Website
Loan amount:
$100 – $1,500
Loan term:
7 - 62 days
Interest rate:
Varies by province
How to apply:
In store, online

Cash Money

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Cash Money Logo
OVERVIEW

Cash Money is a loaning company that offers cash loans to needy individuals. The company has been in business for 30 years and has helped thousands of people with their financial needs. Cash Money provides short-term loans, long-term loans, and line of credit options. The company also offers several repayment plans, so customers can find the one that best suits their needs. Read more

  • Same day funding
  • A+ rating at BBB
  • No hidden charges
Learn More
On Official Website
Loan amount:
$100 to $1,500
Loan term:
Until next payday
Interest rate:
Varies by province
How to apply:
Online, in store, by phone
Quick Breakdown

Our Picks of Best Payday Loans Canada for 2024:

  • GoDay - Best for fast funding

  • Credit Club - Best for funding availability

  • Money Mart - Best flexible loan terms

  • My Canada Payday - Best for those with poor credit

  • PAY2DAY - Best free cash advance

  • iCASH - Best cashback program

  • Cash Money - Best for unemployed borrowers

Detailed Reviews of Canadian Payday Lenders

GoDay Review

Quick Facts
Loan amount:
$100 – $1,500
Loan term:
14-30 days
Interest rate:
Varies by province
How to apply:
In store, online

GoDay is a Canadian payday lender that offers short-term loans to people who need extra money before their next payday. The company has been in business since 2012 and is based in Toronto, Ontario.

The loan application process is straightforward and can be completed online in just a few clicks. The funding time is one business day. Once approved, GoDay will advance your cash and collect the funds directly from your bank account on the agreed repayment date. The repayment period is between 14 and 30 days.

GoDay offers online payday loans with instant approval to all those in need. The maximum amount for a payday loan is  $1,500, and the minimum is $100. This lender provides installment loans for those looking for a more substantial amount, ranging between $1,000 and $15,000. 

One of the best things about GoDay is that you don’t need to be employed to qualify for a loan. You can still apply for a GoDay loan if you're receiving government benefits. The benefits include Canada Child Benefit, Canadian Pension Plan, Disability Tax Credit, and private pensions.

However, there are some requirements you need to meet. These include being a Canadian citizen or permanent resident, being of legal age in your province or territory, having an active bank account, and getting paid by direct deposit. 

You will also need a valid email address and provide your home or cell phone number so the lender can contact you if needed.

All things considered, GoDay is a great option if you’re looking for payday loans. The application process is quick and easy, and your account will be credited with the money you need in as little as one business day. This is an excellent option for unemployed borrowers.

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Credit Club Review

Quick Facts
Loan amount:
$100 - $1,500
Loan term:
Up to 62 days
Interest rate:
Varies by province
How to apply:
Online application process

Credit Club is a licensed payday lender serving ON, BC, and NS. Established in 2012, it offers fully online loans with amounts ranging from $100 to $1,500. Keep in mind that first-time borrowers are limited to borrowing a maximum of $500.

The application process is straightforward and fast, often providing funding in just 30 minutes, after which the funds are transferred to your bank account via e-transfer. 

Credit Club does not conduct credit checks, making it accessible to individuals with lower credit scores. The fee structure here is highly transparent and consumer-friendly, and you’ll pay $15 per $100 borrowed, though new regulations coming in 2025 will cap fees at $14 per $100 across all Canadian provinces.

Credit Club has an automated approval system that operates 24/7, ensuring that you can get a loan even on weekends and during holidays. The loans you get here are usually repaid on your next paycheck, hence being called payday loans. It’s important to repay on time to avoid penalties such as non-sufficient funds or late payment fees.

Customer reviews are overwhelmingly positive, with Credit Club holding a 4.7/5 rating on Trustpilot and an A+ rating on BBB.

Overall, Credit Club provides a reliable and convenient option for those in urgent need of cash, but like all payday loans, borrowers should use them with caution due to the high costs associated with short-term lending.

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Money Mart Review

Quick Facts
Loan amount:
$120 - $1,500
Loan term:
1-62 days
Interest rate:
Varies by province
How to apply:
Online, in store

Money Mart is a payday loan lender that offers short-term loans to customers in need. The company has been in business for 40 years and has a strong reputation for providing fair and transparent loans.

Money Mart offers both online and in-person loan options, making it convenient for customers to apply and receive their funds. Its cash advance amounts range from $120 to $1,500 and can be repaid in full on your next payday.

If you need instant funding, Money Mart is just what you need. Once you get approved for a loan, your account will be funded within two hours, and you can use those funds immediately. If you need a direct deposit, be prepared to wait for one to two business days. 

Qualifying for a cash advance online in Canada is quite easy with MoneyMart. If you’re 18 or older, have a valid ID, a chequing account, and a steady source of income, you’re likely to be approved. 

Besides cash advances, Money Mart also offers installment loans of up to $15,000 with up to a 60-month repayment period.

One of Money Mart’s few downsides regarding cash advances is that it isn’t available in all the provinces. So if you live in one of these locations, you will have to look for another solution: Newfoundland and Labrador, New Brunswick, Prince Edward Island, Yukon, Northwest Territories, or Nunavut.

All in all, Money Mart is a great option when you need quick cash. It’s been around for a long time and is one of the leading payday loan providers in Canada. It offers online and in-person loan options, making it convenient for customers to apply and receive their funds.

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My Canada Payday Review

Quick Facts
Loan amount:
Up to $1,500
Loan term:
Up to 60 days
Interest rate:
Varies by province
How to apply:
Online

Founded in 2008, My Canada Payday is one of Canada’s leading loan providers.

The company offers a convenient and secure way for Canadian borrowers to apply for and receive payday loans. It operates in British Columbia, Alberta, Nova Scotia, Saskatchewan, Manitoba, and Ontario.

The application process is simple, and you can receive funds in just a few hours. As soon as you accept the loan, your funds will be immediately sent by Interac e-Transfer.

My Canada Payday is a Canadian Consumer Finance Association (CCFA) member and is committed to responsible lending practices. The company offers loans of up to $1,500, which can be repaid over up to 60 days.

Regarding interest rates, My Canada Payday has a unique pricing structure for each province. If you’re in Ontario, British Columbia or Alberta, you’ll be charged $15 per $100 borrowed, while the rate goes up to $17 per $100 in Saskatchewan and Manitoba. You’ll be charged a flat rate of $19 per $100 borrowed in Nova Scotia.

To apply for a loan with My Canada Payday, you must be at least 18 years old and a Canadian citizen or permanent resident. You will also need to have a steady source of income. The company accepts applications from full-time, and part-time employees, disabled, pensioners, and Canada child benefit users.

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PAY2DAY Review

Quick Facts
Loan amount:
Up to $1,500
Loan term:
1-31 days
Interest rate:
Varies by province
How to apply:
Online, in store

PAY2DAY is a Canadian-owned and operated company that offers short-term loans and other financial services to customers across the country.

Founded in 2006, PAY2DAY has a reputation for providing honest and responsive service. The company offers a variety of loan products, including personal loans, payday loans and installment loans.

In addition to its lending services, PAY2DAY also provides cheque cashing, bill payment, and money transfer services. PAY2DAY operates a network of 32 locations across Canada, making it one of the widest-spread, short-term lenders in the country.

PAY2DAY offers payday loans of up to $1,500 with no hidden fees or credit checks. It also has a special welcome offer for all new customers. If you’re new to PAY2DAY and wish to take out a payday loan, the company will give you a $300 cash advance completely free of charge.

PAY2DAY’s loans are available to all Canadians residing in Halifax, Truro, Sidney, Dartmouth, or Nova Scotia. They can apply online or in person at any of PAY2DAY’s locations across the country. Once approved, you can expect your funds within 24 hours.

The company also has a dedicated mobile app that allows you to apply for a loan, check your balance, and make payments on the go. It’s available for iOS and Android devices, and users can download it for free from the App Store or Google Play.

Besides instant online loans, the company has an extensive network of locations across the country and a welcome offer for all new customers.

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iCASH Review

Quick Facts
Loan amount:
$100 – $1,500
Loan term:
7 - 62 days
Interest rate:
Varies by province
How to apply:
In store, online

iCASH offers loans of up to $1,500, and customers need to repay their loans within seven to 62 days. APR is 109.50%, while interest rates vary depending on the province.

This is how you would be charged per $100 based on the location: Alberta, Ontario, New Brunswick, Prince Edward Island and British Columbia $15, Manitoba $17, and Nova Scotia $19.

If you live in Canada and need a payday loan, iCASH offers two options, cash advance and flexpay. With a cash advance, you’re obligated to repay your loan on your next payday in one single payment. On the other hand, with flexpay, you pay your loan back in two or three equal installments on your upcoming paydays. 

Once approved for a loan, you can expect the e-Transfer of funds to your account within two minutes. However, there are a few requirements you need to meet first:

  • Be a Canadian citizen and a resident of Alberta, British Columbia, New Brunswick, Ontario, Manitoba, Nova Scotia, or Prince Edward Island
  • Be at least 19 years old
  • Have a net income of at least $800/month
  • Receive your paycheck by direct deposit
  • Be employed with the same employer for the past three months
  • Have a Canadian bank account that has been open for at least three months
  • Have a valid mobile phone, email, and home address

. If you’re a loyal customer and repay your loan on time, you can become eligible for the unique Cashback program.

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Cash Money Review

Quick Facts
Loan amount:
$100 to $1,500
Loan term:
Till next payday
Interest rate:
Varies by province
How to apply:
Online, in store, by phone

Cash Money is a company that offers short-term loans to consumers who need quick cash. The company was founded in 1992 and has grown to become one of the leading lenders in the country.

Cash Money loans are available online and at brick-and-mortar locations, and the application process is smooth. Borrowers can apply for a loan online, by phone, or at a physical location, and if approved, the funds will be deposited into their bank account within 24 hours.

Cash Money offers some of the quickest loans in the country. If they choose Interac e-Transfer, they will receive their funds in as little as 15 minutes. So, if you need cash fast, this is a lender worth considering.

Cash Money offers loans ranging from $100 to $1,500, and the interest rates are calculated based on the province you live in. Residents from British Columbia and Ontario residents will pay $15 per $100 borrowed, while for Manitoba and Saskatchewan residents, the fee rises to $17 for the same amount borrowed.

Nova Scotia residents will pay $19.00 per $100 borrowed, and Newfoundland residents can expect the steepest fee of $21.

Cash Money loans have specific prerequisites. To apply, you must:

  • Be between 18 and 70 years old
  • Have a regular source of income
  • Be a Canadian citizen or permanent resident
  • Have an active bank account
  • Have a valid email address and phone number

Unemployment and disability are accepted as sources of income, making Cash Money one of the few lenders that offer loans to people with no job.

Overall, Cash Money is an excellent option for anyone in need of quick cash. It’s important to note that the interest rates are quite high and should be considered before taking out a loan.

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Evaluation Criteria

How We Evaluate Payday Loans in Canada

We looked at various factors to find the best loan providers in Canada. Here’s what we considered:

Interest Rate and Other Fees Associated With the Loan

The first thing we looked at when comparing payday loans was the interest rate and other fees associated with the loan. We wanted to find lenders with reasonable costs so that you wouldn’t be charged too much for borrowing the money. 

Another requirement was a fixed interest rate, so you know exactly how much to pay back in interest each month. With a variable interest rate, your monthly payments fluctuate, making budgeting challenging.

Loan Repayment Terms

Instant loans in Canada come with various repayment terms but tend to be shorter. As it’s best to repay the loan as soon as possible, shorter repayment terms with no additional fees have an advantage. Flexibility is another important factor when it comes to repayment terms. You should be able to choose when you want to make your payments, and there should be no penalties for early repayment.

Some lenders require you to repay the loan on your next payday, while others give you up to 30 days to repay the loan. The best payday loans in Canada will allow you to choose a repayment schedule that suits your needs. Besides, you should also be able to decide how you want to make your payments.

Most Canadian payday loans have repayment terms of two weeks or less. You must understand the repayment terms before applying for a loan to be sure you can afford it. Also, always make sure to read the fine print.

Some payday loans have hidden fees or terms that can be difficult to understand. We made sure to only include lenders with clear and concise terms so that you know exactly what you’re getting into.

Approval Speed

Even if you find one of the best instant online payday loans in Canada with a low interest rate, your loan will likely be useless if you can’t get the money when you need it. That is why it’s important to consider the approval speed of a lender before applying.

Some of the best payday loans come with fast approval to get the money you need as soon as possible. Once you’ve been approved for a loan, the money will be deposited into your account, and you can use it immediately.

Certain lenders may require a fax or email with additional documentation to complete the approval process, but that’s not the case with the best payday loans in Canada. You should be able to complete the entire process online without leaving your home.

Early Repayment Option

Some payday loans in Canada allow you to repay your loan early without any penalties. This is a great option if you find yourself in a situation where you can afford to repay the loan sooner than expected.

If you decide to repay your loan early, ask about any fees associated with doing so. The best payday loan lenders in Canada won’t charge any fees for early repayment. Also, calculate how much interest you’ll save by repaying the loan early to ensure that it is worth your while.

Minimum and Maximum Loan Amount

Loan amounts are another element to consider when choosing a payday loan. In most cases, you’ll be able to borrow between $100 and $1,500. However, some lenders have different minimum and maximum loan amounts

The best payday loans in Canada will offer a loan amount that suits your needs. Be sure to consider how much money you need before you apply for a loan so that you can be sure to get the right amount. It’s also important to calculate exactly how much you can afford to repay so that you can choose a loan with manageable repayment and avoid defaulting on it.

FAQ

What do banks check before giving a loan?

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There are a few key things that banks check before providing a loan. One is your credit score. The higher your score, the more likely you will get approved for a loan with good terms. Another thing banks check is your employment history. They want to see that you have a steady job and that you’ve been employed for a while. However, there are some lenders that offer instant online loans in Canada to those who are unemployed or have poor credit scores.

Do personal loans require proof of income?

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Most lenders will require some proof of income during the loan approval process. Lenders want to be sure you’ll be able to make the monthly payments on the loan.

There are a few different ways to provide proof of income, such as pay stubs, tax returns, or bank statements. If you’re self-employed or have a fluctuating income, you may need to provide additional documentation, such as a profit and loss statement. 

When it comes to applying for personal loans, including payday loans in Canada, the specific requirements will vary from lender to lender and province to province, so be sure to check all the terms before applying.

How long do you need to have a job to get a personal loan?

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There is no set time for how long you need to have a job to get a personal loan. However, most lenders will want to see you have been employed for at least three months before they approve you for a loan. Lenders want borrowers with a steady income who will likely continue to be employed for the foreseeable future. Suppose you have recently changed jobs and are interested in getting one of the best payday loans in Canada. In that case, you may need to provide additional documentation, such as a letter from your employer or pay stubs from your new job.