Payday Loans

Payday loans, sometimes called a 'cash advance' or 'fast cash loans' are specialist loans designed to cover you until your next payday. They way they work is that you borrow a small amount of money, usually between $100 and $1000, that you repay plus interest on your next payday. To be eligible for one of the payday loans below a payday lender will ask that you are at least 18 years of age, a Canadian resident and in employment (minimum net monthly income differs according to lender) and have a working checking account. Most payday loans lenders do not carry out credit checks and even if you have poor credit history it does not affect your chances of being able to get a cash loan. With payday loans the loan term is usually between two weeks and a month and the amount you can borrow varies according to the lending firm. Use the table below to compare different payday loans against each other. Always read the terms and conditions thoroughly.

If you wish to speak to someone: Contact Us or Enquiry Line: +1 416 8000999

COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

PROVINCE

PROVINCE

Provinces in which loan is available in

ID REQUIRED

ID REQUIRED

Identification required to apply

SUITABLE

SUITABLE

Applicants the loan is suitable for

TERMS

TERMS

Terms and conditions of loan

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

MORE INFO

Wonga.ca
Wonga.ca

LenderVariesUp to $15001 day45 daysProvince

Province

Alberta,British Columbia,Ontario

Identification

Identification

You must provide bank details.

Suitable For

Suitable

For those in need of a short term cash solution.

Terms

Terms

You must be over 18 to apply

Restrictions

Restrictions

You must be a Canadian citizen and over the age of 18.

Wonga.ca
Wonga is a ground-breaking online lender founded in the UK and serving Canadians from its Toronto headquarters. Wonga can help solve your short-term and urgent cash flow problems by providing flexible loans from 1 – 45 days. Wonga is different because you choose the precise length of your loan and you only pay for the days you have the cash. Pay it back early and it’ll cost you even less. The application takes less than 5 minutes, the decision is instant, and the cash can be in your account in as little as an hour. Wonga.ca is the first company in the world to fully automate the lending process and make the approval process completely objective and responsible. DETAIL INFORMATION >>Services

Services

This is a fast and efficient Payday loan service.


Advantages

Advantages

1.Very user-friendly calculator / sliding scale on homepage to view your possible loan, term and interest
2.Choose your repayment by the day - the shorter the loan the less you pay
3.If accepted, you'll get the money in your bank account very quickly.
4. Max loan amount is $500 for new customers and up to $1,500 for existing customers


Disadvantages

Disadvantages

1.Not available in Quebec, New Brunswick and Manitoba

My Canada Payday
My Canada Payday

LenderAPR : 599.64%$100 – $15003 Days42 DaysProvince

Province

British Columbia and Ontario

Identification

Identification

Personal details, employment and banking information

Suitable For

Suitable

For those in need of a short term cash solution

Terms

Terms

You must be regularily employed, and be using a bank account with Direct Deposit or Cheque pay.

Restrictions

Restrictions

1. Must be 18 years or older.
2. Ontario and British Columbia only.
3. No disability loans paid. You must be employed.

My Canada Payday
My Canada Payday understands the sense of urgency when applying for a payday loan. My Canada Payday customers don’t have to waste their time commuting, standing in line, and waiting for paperwork to be filed, but rather can submit a loan application online, with approvals in as little as 30 minutes. Other lenders can take hours or even days to process and approve applications. My Canada Payday is Canada's Premier Online Payday Lender. Their quick and secure online application will have money in your account without even leaving your home! My Canada Payday staff are very helpful and their loan application process is extremely quick and easy. DETAIL INFORMATION >>Services

Services

Online Payday Loan Application


Advantages

Advantages

1.Totally Online Application Process – You can apply 24 hours a day, 7 days a week!
2.No Faxing Required.
3.Everything is done securely and safely via your PC.
4.Cash deposited direct to your bank account, or sent via EMT.
5.Safe, Convenient and Secure


Disadvantages

Disadvantages

1.Must be paid via Direct Deposit or Cheque only.
2.No cash allowed.
3.You must live in B.C. Or Ontario at time of review.
4. No disability loans paid. You must be employed.

Money Mart
Money Mart

Lender599.64%Up to $1,5007 days42 daysProvince

Province

Alberta, Ontario, Nova Scotia and British Columbia

Identification

Identification

Must live in a province where the product is offered

Suitable For

Suitable

Emergency cash needs

Terms

Terms

You must have an active bank account with direct deposit and be at least 18 years of age.

Restrictions

Restrictions

Services Currently Not Available in: Manitoba, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Quebec, Saskatchewan, Yukon Territory

Money Mart
Get a fast and easy Payday Loan from Money Mart! Sometimes everyone ends up a little short on cash. Whether you need cash to pay the bills, fix the car or just breathe a little easier, they can help get you the quick instant payday loan you need. Apply online today – it’s fast, friendly and hassle-free which is why you can count on us for the best payday loans in town. Depending upon income level, province of residence and other underwriting criteria, payday loan amounts can range from $120 to $1,500. Poor credit will not impact the approval of your loan. Their payday loans are designed to help customers with poor credit gain access to short term credit. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may receive up to $1,000 for your first loan
3. Repeat customers can receive up to $1,500


Advantages

Advantages

1. Online Application – apply 24 hours a day, 7 days a week
2. No faxing required for qualified applicants
3. Cash deposited directly into your bank account, or pick-up your funds
4. Convenient, quick, hassle free


Disadvantages

Disadvantages

1. You must have a source of income with direct deposit
2. You must reside in a province where the loans are offered

Mogo
Mogo

Lender60% - 299%Up to $1,70014 days30 daysProvince

Province

Alberta, Ontario and British Columbia

Identification

Identification

Instant application approval requires your personal, employment and banking details.

Suitable For

Suitable

Immediate cash needs

Terms

Terms

You must be over the age of 18, currently employed and have an active bank account.

Restrictions

Restrictions

Currently not available in New Brunswick and Quebec.

Mogo
When you need money, you want it fast. With Mogo, get money in your account in under an hour, with rates starting even lower than the cost of your daily coffee, and no hidden fees. Mogo is Canada’s leading online short-term lender offering low credit alternatives to payday loans. Mogo have challenged payday lenders by providing the most affordable, convenient and innovative loan solutions available. Compared to a payday lender Mogo offers customers up to 50% more money, at up to 90% cheaper and guarantees funding to your bank or Paypal account within 1 hour, 7 days a week. Get up to $1700 on your first 30 day loan and use the promocode WWTPCA receive 25% off. DETAIL INFORMATION >>Services

Services

Services :
1.They lend the most money – up to 70% of net pay.
2.Get up to $1700 on your first loan.
3.Save up to 90% compared to a typical payday loan.
4.Guaranteed 1 hour funding to bank or paypal account 7 days a week
5.They have a cheaper 30 day loan and a flexible line of credit product


Advantages

Advantages

1.9 out of 10 applicants approved
2.Easy application and instant approval decision
3.1 hour bank or Paypal account funding guaranteed, 7 days a week
4.100% money back happiness guarantee before first payment
5.Multiple loan products with flexible and affordable payment options


Disadvantages

Disadvantages

1.At this time Mogo can only loan to someone who is employed and being paid by their employer. 2.Services not available in New Brunswick or Quebec.

DollarsDirect
DollarsDirect

Lender599.64%Up to $1,5000 days62 daysProvince

Province

British Columbia, Ontario and Alberta

Identification

Identification

You must be currently employed for more than two months with the same employer, be self-employed or be collecting employment insurance

Suitable For

Suitable

Emergency cash needs

Terms

Terms

You must be employed, have an active bank account and be over the age of 18 years old.

Restrictions

Restrictions

Services Currently Not Available
Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Quebec, Saskatchewan, Yukon Territory

DollarsDirect
At DollarsDirect, they are dedicated to providing you with fast, convenient and straightforward lending services. Their payday loans are designed to meet your unique needs, whether you need to bridge the gap between paydays or can't access a loan through a traditional source. DollarsDirect provides you with a fast, convenient and reliable payday loans service. Their payday loans are a convenient option if you cannot access a payday loan through a traditional service. New customers may qualify for up to $500 and returning customers can receive up to $1,500. To save 20% on your initial loan fee at DollarsDirect.ca, use discount code: CJCASH (not redeemable in British Columbia.) DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may qualify for up to $500 for your first loan from DollarsDirect
3. Returning customers can receive up to $1,500


Advantages

Advantages

1. Apply in minutes online 24 hours a day, 7 days a week.
2. Easy to qualify.
3. Perfect credit not required.
4. Cash as soon as today deposited directly into your bank account.


Disadvantages

Disadvantages

1. The loan term can be up to 62 days.
2. For a loan of $1,500 the total cost of borrowing would be $315. The total amount you would repay would be $1,815.

PaydayLoan.ca
PaydayLoan.ca

LenderDependent on StateUp to $1,5007 Days42 DaysProvince

Province

Alberta and Ontario only

Identification

Identification

Initially personal details.

Suitable For

Suitable

Emergency cash needs

Terms

Terms

You must be over the age of 18 years old, reside in Alberta or Ontario and receive a steady source of income.

Restrictions

Restrictions

1. 18 years of age or older
2. Valid government-issued photo ID
3. Reside in Alberta or Ontario
4. Steady source of income
5. Current chequing account
6. Email address
7. Active phone number

PaydayLoan.ca
Got a money emergency? Hit with a big, unexpected, bill? Need vacation cash? Sometimes payday can seem like a long way away. Payday Loan CA are there to help with payday loans that can help bridge the gap. For over 30 years, they’ve provided fast, friendly, service for no-hassle payday cash advances. Unlike other payday loan providers, they don’t make you sit around to find out if you have been approved for a loan. Apply online now on their safe and secure website and they guarantee you a decision on your loan application right away. It is also their #1 priority to deposit the money into your account as quickly as possible. DETAIL INFORMATION >>Services

Services

Payday loan provider


Advantages

Advantages

1. Fast Funding –Get your money safely deposited into your account today!
2. Instant Approval –Find out if you're approved right away!
3. Easy Application process –Faxless and Hassle Free!


Disadvantages

Disadvantages

1. Fee is dependent on the state.

Cash Loans Now
Cash Loans Now

BrokerVaries$100 - $15001 day30 daysProvince

Province

Alberta, British Columbia, Ontario and Manitoba

Identification

Identification

They need your name, address, contact details, employment information, and banking details in order to complete your payday loan request

Suitable For

Suitable

For those seeking a solution to a short term cash problem

Terms

Terms

See website for details

Restrictions

Restrictions

To qualify for a payday loan, you must:
1. Be a citizen or resident of Canada
2. You must be at least eighteen (18) years old
3. You must be currently employed
4. You must have an active bank account

Cash Loans Now
Cashloansnow.ca provides fast and easy payday loans and cash advances anywhere in Canada. Regardless of how you manage your money there are always times when you might need a little help. Life is complicated, and from time to time unexpected expenses can crop up. To get your cash loan now, submit your application, check your e-mail and within an hour your unexpected expense could be a thing of the past. The online payday loan/cash advance process is a simple one. There are four basic criteria to qualify for the loan: Be a citizen or legal resident of Canada, be at least 18 years old, be employed and have a bank account. If you meet these four initial criteria you will qualify. DETAIL INFORMATION >>Services

Services

Payday Loan Broker


Advantages

Advantages

1. Easy Online Application - Can't make payment on your next payday? We are very flexible with repayment dates.
2. Instant Loan Approvals - Requirements are minimal and easy to meet. We will find you the lowest rates available.
3. No faxing required - Visiting a storefront is a huge inconvenience. Instead, just fill out our online application form.
4. Your money in 30 minutes - You could get money in your bank account in as little as 30 minutes.
5. Even with bad credit you can still qualify for a payday loan. Your credit score is not a factor in receiving the loan in most cases.


Disadvantages

Disadvantages

1. Interest rates on payday loans tend to be high
2. Payday loans are not a long term solution to debt problems

Payday Eh
Payday Eh

BrokerAsk on application$100 - $1,500Next paydayAsk on applicationProvince

Province

Alberta, Ontario and British Columbia

Identification

Identification

Personal details, employment and banking information

Suitable For

Suitable

Emergency cash needs.

Terms

Terms

See website for details

Restrictions

Restrictions

See website for terms and conditions

Payday Eh
Payday Eh provide you with payday loans of up to $1,500. You receive same day approvals for cash in hours and you can use your cash for anything. It is easy to qualify these payday loans as there are minimal requirements. Easy to Qualify For All Canadians. You can use your cash for anything. There are minimal requirements and there is fast approval. You can depend on a secure and encrypted form as well as total privacy. DETAIL INFORMATION >>Services

Services

1. Payday loan service


Advantages

Advantages

1. Same Day Approvals for Cash in Hours
2. Easy to Qualify For All Canadians
3. Use Your Cash for Anything
4. Minimal Requirements = Fast Approval
5. Secure Encryted Form & Total Privacy


Disadvantages

Disadvantages

1. There is limited information on the website.
2. You have to apply to obtain the APR and fees.

Canada Loan Source
Canada Loan Source

BrokerDepends on LenderUp to $1,500Ask on application31 daysProvince

Province

Ontario, British Columbia, Alberta

Identification

Identification

Employment and Bank details

Suitable For

Suitable

Immediate Cash Needs

Terms

Terms

You must be employed and over the age of 19 years old.

Restrictions

Restrictions

1. You must be at least nineteen (19) years old
2. You must be currently employed
3. You must have been with your current employer for more than three (3) months
4. You must have an active bank account
5. You must not have filed for bankruptcy in the past year
6. You must have an active phone that we can use to contact you

Canada Loan Source
Canada Loan Source is your trusted source for fast, easy and secure Payday Loans. They match you with the best lender in your province, for the best payday loans, ensuring you get the money you need when you need it. CanadaLoanSource provide financial options for individuals who require money before their next payday. If you decide a payday loan is right for you, it is their goal to present you with a convenient, fast and effective way to deal with lack of funds between paydays. They understand that not everyone has a perfect credit score. When other forms of credit are not available, CanadaLoanSource can help. DETAIL INFORMATION >>Services

Services

Payday loan service


Advantages

Advantages

1. Immediate Approval
2. Funds deposited same day
3. Up to $1,500 Loan


Disadvantages

Disadvantages

1. Not available for self-employed, social assistance, workers comp or disability.
2. For short-term money needs only

Uncle Buck
Uncle Buck

BrokerVaried by lenderUp to $15001 day62 daysProvince

Province

Alberta, Ontario and British Columbia

Identification

Identification

Personal identification, current employment details and banking information

Suitable For

Suitable

Short term borrowing and emergency cash needs

Terms

Terms

You must be currently employed, over 18 years of age and have an active bank account.

Restrictions

Restrictions

Services Not Available in All Provinces

Uncle Buck
Uncle Buck can find you a fast and simple Payday Cash Loan. At one time or another everyone has felt the pinch of this economic climate we live in. Uncle Buck provides consumers with fast, convenient and straightforward payday loans through a number of top loan providers. The Uncle Buck application process takes 2 minutes to complete online - 24 hours a day, 7 days a week, 365 days a year - and connects borrowers with the best payday lenders in their province – providing a cash advance to avoid excessive bank overdraft or credit card charges, pay unexpected bills and bridge the gap between paydays. Receive up to $1500. DETAIL INFORMATION >>Services

Services

1. Apply online
2. You may receive up to $1500
3. Money deposited directly into your bank account.


Advantages

Advantages

1. Apply in two minutes online 24 hours a day, 7 days a week. 2. Easy to qualify. No Faxing required 3. Perfect credit not required. 4. Cash deposited directly into your bank account.


Disadvantages

Disadvantages

1. Not available in all Canadian provinces
2. Proof of employment required

Pay Day Finders
Pay Day Finders

Broker1355%Up to $1,500Dependent on lenderDependent on lenderProvince

Province

Alberta, Ontario and British Columbia

Identification

Identification

Your current financial performance

Suitable For

Suitable

Emergency cash needs

Terms

Terms

You must be at least 18 years old and have a bank account that accepts direct debit.

Restrictions

Restrictions

1. Have a bank account that accepts direct debit
2. Are at least 18 years old
3. Are employed and receive a regular pay cheque or salary
4. Live in Canada

Pay Day Finders
PayDayFinders.ca is helping hard-working Canadians find a fast and convenient solution to same day cash needs from the privacy and convenience of their homes. Payday loans are a hassle-free solution to household bills, emergency expenses or short-term money needs. Loan amounts are based on your employment and the ability to repay loan. PayDayFinders.ca is an online loan matching service. They are the bridge between consumers wanting payday loans and the payday lenders themselves. Their simple 5 minute online application process is designed to match you with the best lender to suit your short-term money needs, right when you need it most. DETAIL INFORMATION >>Services

Services

1. Fill in online application.
2. Money wired straight into your bank account.


Advantages

Advantages

1. Instant approval.
2. Same day cash in your account.
3. No fax, no fuss.


Disadvantages

Disadvantages

1. Please note that the average first time payday loan amount varies between $185 to $200.
2. Typical 1355% APR (30 day loan)

Online Payday
Online Payday

BrokerVaries$100 - $1500VariesVariesProvince

Province

All Provinces

Identification

Identification

Initially employment, personal and residential details.

Suitable For

Suitable

For individuals looking for a solution to a short term cash problem

Terms

Terms

You must be 18 or over, employed and a citizen or resident of Canada.

Restrictions

Restrictions

To qualify for a payday loan, you must:
1. Be a citizen or resident of Canada
2. You must be at least eighteen (18) years old
3. You must be currently employed
4. You must have an active bank account

Online Payday
No matter why you need a cash advance, onlinepayday.ca is here to help you get the cash you need fast. You can use a payday loan in whatever way you see fit. There are no restrictions on how you use the funds as there are with other types of loans. To obtain your payday loan simply complete the easy application and click submit. Unexpected expenses can leave the best of us strapped for cash before our next Pay Day. Online Payday's application form takes just a couple of minutes and get an instant answer back. Borrow up to $1500 with Online Payday. The money is deposited into your bank account by electronic transfer usually within 24 hours of being approved. DETAIL INFORMATION >>Services

Services

Payday broker


Advantages

Advantages

1. Complete and submit the application found on our website. The application itself takes just a couple of minutes. In most cases the application is reviewed and approved instantly.
2. The money is deposited into your bank account by electronic transfer usually within 24 hours of being approved.
3. This website does not charge a fee to the applicant. The cost of the loan will vary by the lender, the amount of the loan and the province in which you live.
4. Submitting an application simply states that you wish for one of our agents to approve and contact you to discuss your payday loan options. You may ask us any questions, and withdraw your request if you choose to do so.
5. Even with bad credit you can still qualify for a payday loan. Your credit score is not a factor in receiving the loan in most cases.
6. The loan amount and applicable fees will automatically be deducted from your bank account on the due date of the loan. You do not need to do anything.


Disadvantages

Disadvantages

1. You cannot extend your existing loan date due to Canadian regulations. You must it back in full on the due date.
2. Due to the short term nature of payday loans and the higher risk payday lenders take when lending to individuals with less then perfect credit histories, payday loans tend to have high interest rates.

If you wish to speak to someone: Contact Us or Enquiry Line: +1 416 8000999

Compare Payday Loans

Payday loans can provide loans for people with bad credit scored but make sure you know the risks before you apply.

What are Payday Loans?

A payday loan is a short term cash loan which can be borrowed by most people even if they have a lower than average credit rating. The idea is that you borrow money for approximately one month in order to tide you over until the next month. Most payday loans can only provide you with up to $1500 but this amount can vary as can the length of time that you borrow for. Payday Loans don’t have a great reputation because the interest on these loans is usually very high when compared to other types of loans. However, the reason for these high levels of interest is that these are unsecured loans. This means that you do not have to give up an asset as security for the loan. This can be advantageous to you as you won’t have to provide any sort of deposit meaning it won’t get seized if you fail to repay what you owe. However, it also means that the lender is taking more risk by lending to people with bad credit so the interest on the loan will be high.

Seek Alternatives to Payday Loans

Payday loans should ideally be used only as a last resort. These loans are expensive and it is not uncommon for people to get themselves into debt by borrowing too much with a payday loan. If you have cash emergency then look around for financial alternatives or see if friends or relatives can help you out. Payday loans van be useful in an emergency but should be avoided otherwise.

What is the difference between a Payday Loan Broker and a Payday Loan Lender?

If you are getting a payday loan online there are usually both payday lenders and payday brokers advertising their services. A payday loan broker can be useful if you can’t find a lender who will lend to you. A payday loan broker usually works with a panel of lenders and will send your details to all of them in order to find you a suitable loan. If you chose a payday lender the amount you borrow will come directly from them and you will pay them back directly as well. Make sure you know the pros and cons of taking out a loan with both a lender or a broker before you apply.

Keep Payday loan costs Down

If you are getting a payday loan then there are a few things you should consider in order to keep payments down. First of all, consider exactly how much you need to borrow and keep it to a minimum. The more you borrow the more you will have to pay back. Compare different companies and look at how much your loan will cost over the allotted period of time. Make sure there are no extra fees to take into consideration. It is also really important to make sure that you pay the loan back on time as there are often penalty charges for late payment. Defaulting on a payday loan can also affect your credit rating negatively. Make sure that you read the terms and conditions for your payday loan thoroughly in order to make sure that you do not receive any surprises. Payday loans are a financial product and it is important to take them seriously. They should be taken out as a last resort and treated with caution because they are a very expensive form of borrowing.

Payday Loans - Latest News News and Charts

Can one borrow money with a bad credit?

18 April 2013
Mark Maffia

A bad credit score does not mean you cannot borrow any money

READ ARTICLE

Taking out a loan in spite of a bad credit history?

03 April 2013
James Larkin

People who have been turned down by their bank still can apply for a bad credit loan. Bad credit loans are designed for people who have do not have a very good credit history. They are more flexible than other loans, but don't have to be repaid as quickly as payday loans.

READ ARTICLE

Can Payday Loans Ever Be The Right Choice?

01 June 2012 14:30
Mark Maffia

Despite the bad press, can payday loans be the right choice for you in certain circumstances? With payday loans they are very fast and accessible because the application can take minutes and there are minimal if no credit checks.

READ ARTICLE

Are Padyday Loans Worth The Risk?

23 March 2012 11:00am
Mark Maffia

In Canada, payday loans are becoming one of the most popular financial products on the market. But make sure you know the facts.

READ ARTICLE

Want To Get Out Of A Tight Financial Corner?

01 February 2012
Which Way to Pay

A payday loan is a financial product that specialises in getting you the money you need as soon as you need it.

READ ARTICLE