Best Payday Loans in Canada (2022 Reviews & Buyer’s Guide)

When it comes to payday loans, there are a lot of options available in Canada. People who are in tough financial situations might feel hopeless, but it’s not hard to find loans for customers with bad credit in Canada.

In this article, we’ve compiled a comprehensive guide to the country’s best payday loans. We’ve looked at all of the different lenders and compared their rates, fees, and terms and conditions. We hope that this information will help you find the perfect payday loan for your needs.

Five Best Payday Loans in Canada in 2022

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Key Features

  • Deposits ready in one hour
  • Accepts the disability tax credit, CBB, EL, CPP, OAS, and private pensions
  • Direct deposit or e-transfer


Key Features

  • You can get money even with bad credit
  • Approval in an hour or less
  • 24/7 funding, application, and approval

Money Mart

Key Features

  • Bad-credit applicants accepted
  • No prepayment penalties
  • Fast funding available
  • Many locations offered

Cash Money

Key Features

  • Flexible repayment terms
  • No prepayment penalties
  • Great customer service

Canada’s Top-Rated Payday Loans Review

We’ll take a look at some of the best payday loans available in Canada. You’ll have a chance to get familiar with their features and do your own research before deciding on a specific one. Bear in mind that there are other loans available, so the payday loans we’ve selected may not be the best fit for your circumstances. You can also take a look at best car loans in Canada, which are also relatively easy to get and could be closer to what you need.


star 8

Key Features

  • Interest rate: Varies by province
  • Credit check: Yes
  • Term: Up to 62 days
  • Minimum turnaround time: As little as one hour after getting approved
  • How to apply: Online, in person

With headquarters in Toronto, GoDay is one of the best alternative lenders in Canada. It was established in 2012, and today there are branches in more than 30 locations across Canada, such as Halifax, Regina, Toronto, Calgary, Vancouver, Dartmouth, and Fredericton. You can access GoDay online via your computer or mobile device, and the service is available 24/7.  With all this in mind, GoDay provides some of the best online payday loans in Canada.

You can get payday loans ranging from $100 to $1,500, while the company’s installment loans allow you to borrow from $1,500 to $15,500. For your first loan, you’ll only be able to borrow up to $500.

The application is processed quickly, so you’ll know whether you meet the criteria or not in about five minutes. The basic requirements you need to meet are as follows:

  • You must be at least 18 years old.
  • You must reside in ON, SK, BC, AB, NB, NS, or PEI.
  • You must have a steady income.
  • You must have a Canadian bank account.
  • You must have a phone number and an email address.

GoDay offers payday loans as well as personal installment loans. So, let’s take a look at the specifics you should be familiar with if you want to get a loan from GoDay.

For these reliable speedy loans, the interest rates vary depending on where you are in Canada. The interest rate will be $19 per $100 borrowed if you live in NS, while if you live in SK, the interest rate will be $17 per $100 borrowed. If you live in AB, ON, BC, or NB, the interest rate will be $15 per $100 borrowed. Finally, residents of PEI will have an interest rate of $25 per $100 borrowed. The repayment period is typically from 14 to 30 days, while personal installment loans need to be repaid over six to 60 months.

The application process is very straightforward, which is one of the main benefits of this online lender. You can get some of these express payday loans in just a few steps; you’ll only be required to provide personal, financial, and bank information, as well as income payment details. Another reason why many people opt for GoDay when they want to get a loan is that it accepts various sorts of income, such as the Canadian pension plan, Canada child benefit, disability tax credit, and old age security.


  • + Deposits ready in one hour
  • + Accepts the disability tax credit, CBB, EL, CPP, OAS, and private pensions
  • + Direct deposit or e-transfer


  • Short repayment terms


star 8

Key Features

  • Interest rate: Varies by province
  • Credit check: Yes
  • Term: 7-62 days
  • Minimum turnaround time: With Interac e-Transfer, as little as two minutes
  • How to apply: Online, in person

iCASH Canada is a licensed direct payday loan lender that offers cash advance loans and ‘Flexpay’ loans. Loan applications are done online, although iCASH has an office in Hawkesbury, Ontario. You can apply for a loan any time of the day, 365 days a year. iCASH has been in business since 2014 and has had over 500,000 customers.

The application process is easy and quick, and if you’re eligible, your application will be approved instantly. You can get your money in as little as two minutes after signing the contract. Should you have any questions about your application or the loans, you can contact iCASH customer support 24/7.

In order to qualify for one of these instant loans in Canada, you need to:

  • Be a Canadian citizen and reside in British Columbia, Ontario, New Brunswick, Alberta, Prince Edward Island, Manitoba, or Nova Scotia.
  • Be at least 19 years of age.
  • Be employed for three months with the same employer.
  • Receive your paycheck by direct debit.
  • Have an income of $800 or more per month.
  • Have a Canadian bank account that’s been open for at least three months.
  • Have a home address, phone number, and email address.

iCASH is available in various regions of Canada: ON, PEI, BC, NB, AB, MN, and NS. Interest rates differ depending on where you reside in Canada, so if you’re in PEI, AB, BC, NB, or ON, the interest rate will be $15 for every $100 you borrow. Similarly, the interest rate for these fast loans will be $17 for every $100 that customers borrow in Manitoba and $19 for every $100 borrowed in Nova Scotia.

Late fees for customers from Alberta and Ontario are $25. Those from BC, MN, and NB may be charged $20 in late fees, while Saskatchewan residents may pay $50. Finally, PEI residents might have to pay $48 for late fees if they default on their loan.

As for repayments, cash advance loans need to be repaid seven to 72 days from the date of approval, and for Flexpay, two or three repayments between six or seven days are needed from the date you get approved.

If you’re looking to borrow $100 to $1,500, iCASH could be the perfect solution for you. Even if you have bad credit, payday loans are possible with iCASH. However, there are some variations depending on where you’re located in Canada. So, if you’re in Ontario or BC, you can borrow up to $1,500 or up to 50% of your paycheck, whichever is less. For Manitoba or New Brunswick residents, the limit is also set at $1,500 or 30% of their income, whichever of these two is less. For Alberta, PEI, and Nova Scotia, the limit is $1,500.


  • + You can get money even with bad credit
  • + Approval in an hour or less
  • + 24/7 funding, application, and approval


  • Very expensive

Money Mart

star 7

Key Features

  • Interest rate: Varies by province
  • Credit check: No
  • Term: 1-62 days
  • Minimum turnaround time: As little as one hour
  • How to apply: Online, in-person

The online application process is simple and fast, and you have two options to choose from, Standard and Express. If you want your money as soon as possible, you should choose Express. With it, you can retrieve your information via online bank verification. You can log in via the Flinks portal and authorize sending your bank statement copies to Money Mart. With Standard, you’ll have to do it manually.

If you decide to use direct deposit, you’ll get money in one to two business days. If you go for Interac e-Transfer, you’ll get money in two hours.

This lender offers payday loans and installment loans, and you can apply online or in-person. Based on that, you can find an instant loan in Canada at many locations.

Consumers can get payday loans from outlets in Yukon, Ontario, Alberta, Manitoba, Northwest Territories, British Columbia, Nova Scotia, and Saskatchewan. The same type of loan is available online in Ontario, Alberta, British Columbia, Manitoba, Saskatchewan, and Nova Scotia.

When it comes to Money Mart installment loans, you can get them in-store in Yukon, Alberta, Saskatchewan, British Columbia, Prince Edward Island, Manitoba, Ontario, New Brunswick, Northwest Territories, Newfoundland and Labrador, and Nova Scotia. Additionally, you can apply online in Saskatchewan, Alberta, Prince Edward Island, British Columbia, Ontario, Manitoba, Nova Scotia, New Brunswick, and Newfoundland and Labrador.

You can get more than just a Canadian payday loan here. There are two loan types Money Mart provides: payday loans and installment loans. If you opt for the first one, you can borrow from $120 to $1,500. The interest rate varies by province, but it’s between $15 to $25 per $100 borrowed. The loan term is between one and 62 days.

When it comes to installment loans, you can borrow much more money. You can get between $1,000 and $15,000, and the interest rates range from 19.90% to 46.90%. Loan terms are between 12-60 months.


  • + Bad-credit applicants accepted
  • + No prepayment penalties
  • + Fast funding available
  • + Many locations offered


  • High fees

Cash Money

star 9

Key Features

  • Interest rate: Varies by province
  • Credit check: Yes
  • Term: 5-40 days
  • Minimum turnaround time: 15 minutes with Interac e-Transfer
  • How to apply: Online, in store

Cash Money is a Toronto-based lender founded in 1992 that offers lines of credits, installment loans, and payday loans to customers who don’t qualify for bank loans. You can apply online and get a range of Cash Money quick payday loans without leaving your house. Alternatively, you can request funding in person as the lender has more than 90 brick-and-mortar locations in Canada.

Cash Money payday loans come with loan terms of five to 40 days, with loan amounts ranging from $100 to $1,500. The interest rate is $15 to $21 for every $100, depending on where you are in Canada.

A Cash Money installment loan allows you to borrow from $500 to $10,000, with a loan term of six to 60 months. The interest rate is 46.93%.

With a Cash Money line of credit, you’ll be able to borrow $100 in store, and $500 to $10,000 online. There are no end dates and the interest rate is also 46.93%.

The cost of these loans also depends on how much money you borrow and how long the term is. For a line of credit, you’ll pay less or more depending on how much you draw from your loan limit and when you decide to repay the money. Other than that, you may have to pay fees for missed or late payments, as is the case with many payday loan companies.


  • + Flexible repayment terms
  • + No prepayment penalties
  • + Great customer service


  • High interest rates

How to Choose the Best Payday Loan in Canada: A Buyer’s Guide

Interest Rate

Interest rates are important for a number of reasons. First, they help determine the cost of borrowing money; the higher the interest rate, the more expensive it is to borrow, as lenders collect interest on the money they loan out. Secondly, interest rates can also affect the repayment schedule for a loan. If you’re looking for online payday loans, make sure to check the interest rate on the company’s website before applying.

For example, a higher interest rate will mean that more of each payment goes towards interest, and less towards the principal. This can extend the repayment period and increase the amount of money that must be paid back over time.

Finally, interest rates are also representative of the amount of money a borrower is able to access. For example, some lenders may only offer low-interest loans to borrowers with good credit scores; those with poor credit scores will have to settle for a higher interest rate.

Fees Associated with the Loan

When you’re looking for Canadian payday loans, fees are one of the most important factors to consider. After all, you don’t want to end up paying more in fees than you have to. Some payday loan providers charge higher fees than others, so it’s important to compare and find the best deal.

Fees can vary depending on the amount you borrow, the length of time you need to repay the loan, and other factors. Make sure you understand all the fees involved before you agree to take out a payday loan. By doing your research and shopping around, you can make sure you get the best deal possible and avoid paying more than you need to.

Repayment Options

It’s imperative to consider the repayment options when choosing a suitable payday loan in Canada. Some lenders offer flexible repayment options that allow you to choose how and when you make your payments. This can be helpful if you’re facing financial difficulties and need some time to get back on your feet.

Other lenders require that you repay the loan in full on your next payday. This can be difficult if you’re already struggling to make ends meet. Before you choose a lender, be sure to ask about the repayment terms so that you can choose the option that’s best for your particular situation.

Application Process

Payday loans are a quick and easy way to get cash when you need it. However, not all payday loans are created equal; there are different types of application processes that can make a big difference in the amount of time it takes to get your loan. The easiest payday loans in Canada are those that will cost you the least and will be approved as soon as possible.

Some lenders require you to fill out a lengthy application and provide documentation, while others only require you to answer a few simple questions. The more information you have to provide, the longer it will take to get approved for a loan. If you need cash fast, look for a lender with a simple application process.

Many payday lenders offer their services online, and in some instances, you can find out whether your loan is approved in as little as 30 minutes. Better still, some lenders will instantly let you know whether your loan is accepted or denied. Moreover,  with an online lender, you’re likely to finish your application faster, as the paperwork is typically not that extensive.

The Maximum Amount You Can Borrow

When you’re looking for the best loans in Canada, one of the vital factors to think about is the maximum amount you can borrow. Payday loans are typically small, short-term loans that are meant to be repaid on your next payday, or sometimes within 62 days. As such, they typically have a lower maximum borrowing limit than other types of loans, such as personal loans. This can be helpful if you only need a small amount of money to tide you over until your next paycheck.

However, it’s important to make sure that the maximum borrowing limit is high enough to cover your needs. Otherwise, you may find yourself taking out multiple payday loans or incurring additional fees. When choosing the best payday loan for your needs, make sure to take the maximum borrowing limit into account.

Availability of Online Online Applications

It’s essential that you only apply with reputable lenders in order to avoid any scams or fraudulent activity when looking for payday loans that accept online applications. The best online payday loans will have many positive reviews with very few negative comments, so make sure to do your research thoroughly before applying. Moreover, the option to apply online can save you a lot of time and make it easier for you to access the money when you need it.


Bad luck and difficult times may befall anyone, and in such moments we need a quick solution. While some people do their best to avoid getting into situations where they’ll have to borrow money, others are forced to seek help from payday loan lenders. There are a lot of cheap payday loans available in Canada, and it can be difficult to determine which one is best for you. However, by doing your research and comparing different lenders, you can find the perfect loan for your needs. This guide has provided information on some of the best payday loans in Canada so that you can make an informed decision.

Milica Milenkovic
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