10 Best Payday Loans in Canada for 2024

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Written by SnappyRates Team

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This article covers the best payday loans in Canada, their interest rates, eligibility requirements, and more.

Payday loans are short-term, high-interest loans that a financial institution offers to individuals needing money based on their income.

The loan’s principal is usually a portion of the individual’s next salary to ensure their ability to repay it.

Payday loans come in handy when Canadians desperately need immediate cash, but the high-interest rate is something to consider.

Most Canadians apply for payday loans as a last resort because although it is helpful, being irresponsible with it can lead to financial troubles.

Top Payday Loans in Canada

Payday loans in Canada are provided by banks and small financial institutions that can quickly verify an applicant’s financial information and approve their loan request.

Some of these institutions fully operate online and have websites Canadians can visit to apply for loans. Many companies offer instant payday loans in Canada, but here is a list of the best ten:

1. Pay2Day

Pay2Day is a payday loan company that allows people to lend up to $1500. They have 32 physical locations across the country where people can walk in and apply for a personal loan.

You can apply online for a loan anytime because they operate their online channels 24/7.

First-time borrowers in any of their physical locations will receive a $300 cash advance for free. Pay2Day also caters to borrowers with bad credit scores.

To get an online payday loan from Pay2Day, fill out the application form on their website. Once approved, the funds will be deposited to your bank account within 1-2 hours via eTransfer.

2. iCASH

This loan service provider is one of the most popular payday lenders in Canada. It allows you to borrow up to $1500 and repay in 1-3 instalments, depending on how often the borrower gets paid.

Payday loans from iCash can be granted online 24/7. They have no physical locations and only operate online through their website and mobile application.

The loan application process is quick and easy. Applicants must fill out a form and select the amount they want to borrow.

The loan decision is automated and made instantly, so you will know whether you qualify for a loan as soon as you submit the form.

If eligible, you will sign your loan agreement and get the money into your bank account in two minutes via eTransfer. 

3. Cash Money

With Cash Money, Canadians can borrow money online, over the phone, and at 90 physical locations across the country. They offer payday loans, instalment loans, and a line of credit.

Their payday loan has a maximum limit of $1500, while the other two types have a maximum limit of $10,000. Their interest rates for payday loans vary by province but are 46.93% for the other two loan types.

To be eligible for Cash Money payday loans, you must be up to 18, have a chequing account, an active phone number, and proof of recurring earnings.

The application process takes about 10 minutes. You need to fill out a form and submit supporting documents to get approved.

4. Go Day

This cash advance company allows people to borrow up to $1500. Once they apply online, they know if they are eligible within 5 minutes. They will get the money in their bank account in an hour or less if the loan is approved.

Go Day is active 24/7, so you can get a loan whenever you need one. They fully operate online, and their loan application process does not require paperwork. To apply for the loan, visit their website and follow the instructions.

To qualify for a payday loan, you need an active bank account, email address, and phone number. You also must be at least 18 years old, a Canadian resident and have proof of steady income.

5. Money Mart

Money Mart is one of the best platforms for payday loans for individuals with bad credit. They operate online, through a mobile application, and from over 500 outlets across Canada.

They offer both payday and instalment loans. These loans have a maximum limit of $1500 and $15,000, respectively.

Money Mart’s payday loan interest rate varies by province and ranges between 15%-21%. To access this loan, you must be 18 or older, have a valid government-issued ID, steady income, and a chequing account.

Loans are granted within two hours of application and can be received in person, by direct deposit or eTransfer.

Related: Read these interesting Canadian personal loan debt statistics.

6. Loan Express

Their loan applications last five minutes, after which Canadians can receive up to $1500 as a cash advance. Loan Express grants loans 24/7 through its website with paperless documentation.

They also have a helpful and responsive customer support team to help borrowers with questions or difficulties making their loan requests.

After filing the application form, you will receive your money through direct bank deposit or eTransfer, depending on your preference.

You must be above 18, with a bank account active for more than 30 days, and on payroll before you can apply for an online payday loan.

7. Blue Copper Capital

Blue Copper Capital grants payday loans to people in Alberta and British Columbia. To qualify, you need to be a salary earner for at least three months, have an active bank account, be at least 18, and have two government-issued IDs.

They have physical locations in Calgary, Edmonton, and Vancouver, where you can walk in and request a loan. You can also make loan applications on their website or over the phone.

BCC does not let you borrow more than half of your last salary. First-time borrowers can only get a maximum of $500 as a cash advance. Ultimately, their maximum loan amount is $1500.

It takes 20 minutes for them to process a loan application if you submit all the needed documents and provide accurate information.

8. Mr. Payday

Mr. Payday offers some of the best payday loans in Ontario. Borrowers can get loan requests approved in 30 minutes.

Their online payday loans can be accessed through their website and mobile application. Once you fill out the loan form and present the required documents, they will be evaluated.

Mr. Payday will send the requested loan amount to your bank account via eTransfer upon approval. The company has a high loan approval rate, and the application process takes about 5 minutes to complete.

To qualify for their payday loans, you should be at least 19, have been employed for the past two months, have a monthly income above $1100, have an active chequing account, and have a phone number.

9. Speedy Cash

With Speedy Cash, you can borrow up to $1500 ahead of your next salary. They accept loan applications at their 20 physical locations across Canada and on their website. Online payday loans can be granted 24/7.

To be given a loan, you must provide proof of residence, a government-issued ID, a recent bank statement, your latest pay stub, and a pre-authorized debit form.

You can prepay your loan at any of their branches or via direct withdrawal from your bank account.

10. My Canada Payday

My Canada Payday gives instant payday loans to Canadians, even those with bad credit scores.

Loan applicants can get their requests approved and the money in their account in 30 minutes if they are eligible. The interest rate varies by province.

The company gives loans to employed people that consistently receive a salary. You must provide recent pay stubs, proof of residence, a 6-month bank statement, a void cheque, and a government-issued ID. All applications are evaluated and approved on an individual basis.

Payday loans have a maximum limit of $1500 and can be applied for through their website.

However, they have physical locations in Alberta, BC, Nova Scotia, and Ontario, but you need to schedule an appointment before visiting any of those outlets.

Related: Here are some student loan debt statistics.

How Payday Loans Work

A payday loan (also called a salary loan) is a personal loan that a lender issues without collateral and at high interest. Financial institutions issuing this type of loan will demand you to provide proof of earnings.

This is usually a payslip from your employer. Afterwards, they will lend you a part of your salary, expecting you to repay the loan when you get your next paycheck or in the next 30 days.

The loan applications are granted within minutes, and the lender takes on a lot of risks. This is because they do not check if you can pay back by the stipulated date.

Therefore, they charge high-interest rates and have sizable penalties for loan defaults. The borrower should be financially responsible and not take out loans they cannot afford to repay on time.

Payday Loan Interest Rates

The Canadian government has lending regulations that limit the maximum cost a financial institution can charge on a payday loan in every province.

Most payday loan companies tend to charge the maximum allowable amount as interest because of the risk incurred by lending people money without collateral.

ProvinceThe maximum charge for borrowing $100Maximum APR
British Columbia$15391.07%
New Brunswick$15391.07%
Newfoundland and Labrador$21547.50%
Nova Scotia$19495.35%
Prince Edward Island$25651.78%

Pros and Cons of a Payday Loan

While payday loans are a saving grace for some people, they can have negative impacts if the borrower is not financially responsible. It might be preferable to seek other alternatives before considering this type of loan.


1. Easy Access to Lenders

Canadians needing financial assistance can easily access a host of lenders for a payday loan. Most institutions offering such loans have online platforms where loan requests can be granted in minutes.

2. Loose Requirements

Payday loans have fewer requirements than traditional loans. In most cases, applicants only need a job, a valid photo ID, a bank account, and to be 18 or older to qualify for a loan.

Unlike most financial institutions, they do not need a cosigner or collateral.

3. Credit History is Irrelevant

A prerequisite to obtaining a traditional loan is good credit. However, payday loan companies will not check your credit history before approving your loan request.


1. High-Interest Rates

The interest rates of a payday loan in Canada are substantially higher than that of traditional loans.

2. High Likelihood of Debt Spiral

These loans are expensive, and failure to pay back at the stipulated time will attract huge penalties that can compound the borrower’s financial woes.

Payday Loan Alternatives in Canada

Before taking out a high-interest payday loan, consider the following alternatives:

Credit Cards

You can get a low-interest credit card or one that demands a lower interest rate than a payday loan from a bank or reputable credit card company. The card will let you pay for items with the service provider’s money, provided you can pay it back later.

If you use a credit card for cash advances, watch out for credit card fees.


You can apply for overdraft protection for your bank account. If approved, the bank will let you withdraw more money than you put in up to a pre-agreed limit.

Borrowing from Friends and Family

If in dire need, try approaching your friends and family for a loan. If you are reliable, they will spare you some cash.

Personal Loan

Confirm whether you qualify for a traditional personal loan. You can check online lenders like Loans Canada and LoanConnect to compare rates from the comfort of your home.

Loans Canada

Loans Canada is a loans comparison website for various types of loans, including personal loans, car loans, bad credit loans, and debt consolidation loans.

Interest rates: 2.99% to 46.96%.

Loan term: 4-60 months.

Loan amount: $500 to $35,000.


LoanConnect is a loan search engine that connects borrowers with multiple lenders in one place. This platform is free to use, and you can use it to find online loans regardless of your credit score.

Interest rates: 4.99% – 46.96%.

Loan term: 3-120 months.

Loan amount: $1,000 to $35,000.

How to Choose the Best Payday Loans in Canada

When choosing a payday loan company, consider the following factors:

  • Loan fees
  • Interest rate
  • Application process
  • Maximum borrow limit
  • Terms of repayment

Should You Get a Payday Loan?

Only apply for a payday loan if you are in desperate need of cash and have exhausted all your other alternatives.

Before applying, have a clear plan for repayment to avoid serious financial troubles. The loan is easy to get, but that convenience comes with a price.

How We Chose the Recommended Payday Loan Companies

We looked at several payday loan companies and ranked them based on their loan terms, interest rates, amount, fees, and other features. We also checked customer reviews. The ten companies mentioned above offer some of the best online payday loans in Canada.


Can payday loans hurt your credit?

No, they cannot. Provided you pay them back on time and in full.

How much would a $200 payday loan cost?

The exact amount depends on the province, but you should expect to pay between $30-$50 extra if you borrow $200.

Does Cashapp let you borrow money?

Yes, Cashapp has a short-term loan service that gives between $20-$200 to be repaid in 4 weeks at a 5% flat fee.

How do I get a loan with horrible credit?

Apply for a payday loan; most companies will not check your credit history.

Related: Read our review of Loans Canada and get the best personal loans suited for you.

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SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

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