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British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

Payday Loans In Ontario

Priyanka
Author:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
Caitlin
Reviewed By:
Caitlin
Caitlin Wood, BA
Editor-in-Chief at Loans Canada
Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:
  • Personal finance
  • Consumer borrowing
  • Credit improvement
  • Debt management
📅
Updated On: July 8, 2025
iCash

Payday loans can offer access to cash quickly, sometimes within the same day, when you’re facing an unexpected financial emergency. While payday loans are notorious for being expensive, Ontario has several regulations in place to make them safer and more affordable for borrowers.

That said, it’s important to understand how they work and when they might be the right choice. Below, we’ll go over where to get one in Ontario, what to expect, what to watch for, and how to use them responsibly if you choose to do so.


What Should You Expect When Taking Out A Payday Loan?

If you’re in urgent need of cash, you can use a payday loan in Ontario. These short-term loans are typically much easier to qualify for compared to personal loans. However, these loans are much more expensive and come with very short repayment terms, making them difficult to repay. 

  • How much can you borrow? Payday lenders offer loans up to $1,500. However, in Ontario, the amount you borrow cannot exceed 50% of your net income. Essentially, you’ll need an income of at least $3,000 to borrow the maximum amount of $1,500.
  • When do I have to pay back my loan? With payday loans, you must pay back the amount borrowed plus interest in one lump sum payment. This is usually due by your next payday but can be stretched up to 62 days.
  • How much does it cost? A payday loan in Ontario costs $14 per $100 borrowed.
  • How fast can I get a payday loan? Payday loans are known for their speed and convenience. Many lenders offer same-day approvals and send funds via e-transfer for instant delivery.

Learn more: Payday Loans

Note: Payday loans are extremely expensive. Make sure to understand the full cost of taking out a payday loan, and consider speaking with a credit counsellor if you’re struggling to maintain your finances. Learn more.

How To Qualify For A Payday Loan

Some requirements must be met to be eligible for a payday loan in Ontario. Specifically:

  • You must meet the minimum age requirement of 18.
  • Must have a regular source of income.
  • Must have a chequing account that is active.

Will My Payday Lender Check My Credit? 

No, most payday lenders do not require a credit check. So, even if you have bad credit, you can still qualify for a payday loan. Most payday lenders look at your income and current ability to repay the loan.

Do I Have To Be Employed To Get A Payday Loan?

Not necessarily. While many payday lenders look for proof of steady income, it doesn’t always have to be from employment. Many payday lenders will approve you if you can show you receive stable income from other sources such as a pension, disability benefits, Canada Child Benefits or other government benefits.


Where Can I Find A Good Payday Lender In Ontario?

Under the Payday Loans Act, payday lenders in Ontario must be licensed to operate in the province. Before you apply for a payday loan, make sure the lender you work with is properly licensed. You can check whether a lender is licensed by visiting the Ontario.ca website or by calling the Ministry of Public and Business Service Delivery at 416-326-6203 or toll-free at 1-800-889-9768.

Here are a few licensed payday lenders in Ontario listed on the provincial government website to help you begin your search:

Loading...
Loans Canada
Loans Canada
Amount
Up to $50,000
Rate
Prime to 35%
Term
3-60 months
AimFinance - Personal Loan
AimFinance - Personal Loan
Amount
$100 – $1,000
Rate
29% – 35%
Term
9 – 24
GoLoans - Installment Loan
GoLoans - Installment Loan
Amount
$500 – $5,000
Rate
Up to 32%
Term
3 – 4
Loan Me Now - Personal Loan
Loan Me Now - Personal Loan
Amount
$500 – $1000
Rate
Up to 32%
Term
3
Magical Credit - Magical Cash Loans
Magical Credit - Magical Cash Loans
Amount
$100 - $1,500
Rate
$14.00 per $100.00
Term
14 to 62 days
Cash Money - Payday Loan
Cash Money - Payday Loan
Amount
Up to $1,500
Rate
$14 per $100
Term
Up to 60 days
Captain Cash - Personal Loan
Captain Cash - Personal Loan
Amount
$500 – $750
Rate
23%
Term
3 – 4
GoDay - Payday Loan
GoDay - Payday Loan
Amount
$100 – $1,500
Rate
$14 per $100
Term
14 days
Cash 4 You - Installment Loan
Cash 4 You - Installment Loan
Amount
$1,000 – $15,000
Rate
34.37%
Term
9 – 60
Pay2day - Payday Loan
Pay2day - Payday Loan
Amount
Up to $1,500
Rate
$14 per $100
Term
14 days
My Canada Payday - Payday Loan
My Canada Payday - Payday Loan
Amount
Up to $1,500
Rate
$14 per $100
Term
14 days
Speedy Cash - Payday Loan
Speedy Cash - Payday Loan
Amount
$200 – $1,500
Rate
$14 per $100
Term
Next payday
Loan Express - Payday Loan
Loan Express - Payday Loan
Amount
up to $1,500
Rate
$14 per $100
Term
14 days


Brick And Mortar Payday Loan Locations In Toronto

Payday lenders tend to offer online applications. But if you prefer to deal with lenders face-to-face, then you’ll want to choose a lender that has a physical storefront. 

Here are a few payday lenders that have multiple brick-and-mortar locations in Ontario:

  • Loan Express – 400 Carlingview Dr., Toronto, ON M9W 5X9
  • Mr.Payday – 2 Bloor St W #700, Toronto, ON M4W 3R1
  • Cash Money – 644 Yonge St, Toronto, ON M4Y 1Z8
  • Pay2Day – 622 Yonge Street Floor Main, Toronto, ON M4Y 1Z8

Are You Ready To Apply For A Payday Loan? Here’s What To Do

  1. Compare Offers: Depending on the payday lender, some may offer you more money than the other. Similarly, while some may accept non-traditional sources of income, others may not. By getting pre-approved or a loan quote, you can choose which option is best for you. You can compare multiple offers by using a loan comparison website like Loans Canada.
  2. Apply: The easiest way to apply for a payday loan is online. Most payday lenders are exclusively available online. To apply, you’ll have to fill out an online loan application where you’ll need to provide some personal and financial information. You may be asked to enter your banking credentials for instant bank verification. This process allows lenders to get a temporary copy of your bank statements, which they use to verify your income and identity.
  3. Get Funded: Once you submit your application, it can take a few hours or up to 24 hours before you receive a response. If approved, your lender will send you a loan contract to sign. Once signed, you’ll receive your funds, usually via e-transfer, within a few minutes.
What Is Instant Bank Verification?
Instant Bank Verification (IBV) is a secure and easy way for a lender to check your bank statements for information like your income, account balance, and recent transactions. Lenders use this to confirm that you can afford the loan and to speed up the approval process.

With IBV, you’ll log in to your bank account through a secure, trusted third-party service such as Plaid. This service gives the lender a temporary read-only access to your bank statement.
It’s fast, safe, and helps you get approved more quickly, without the paperwork.

Don’t Forget Your Rights When You Apply For A Payday Loan 

As a consumer, you have rights. Businesses, including payday lenders, have rules to follow when it comes to how they treat their customers. 

In Ontario, consider the following rules surrounding payday loans:

Payday Loan AmountUp to $1,500 (cannot exceed 50% of your net income)
Loan TermUp to 62 days
Interest$14 per $100 borrowed
Default Consequences – Maximum rate of 2.5% a month charged on the outstanding principal of a payday loan in default.
– Max NSF fee: $25
Cooling period2 business days
Loan RolloverNot permitted
Learn more: Payday Loans: Know Your Rights

Has Your Lender Treated You Unfairly? Contact: 

If you believe that you are being unfairly treated by a payday lender in Ontario, you can file a consumer complaint with Consumer Protection Ontario. You should receive a reply within 15 business days after submitting your complaint.

OnlineWhen submitting your complaint online, you’ll need to provide various documents to support your claim,
By MailTo file a complaint on paper start by printing and filling out an official complaint form and sending it to:
Ministry of Public and Business Service Delivery
Consumer Services Operations Division
PO Box 450
Toronto, ON
M7A 2J6
By email Download and fill out an official complaint form and email it to: consumer@ontario.ca

Repayment: Here’s How Much Your Payday Loan Will Cost You

As mentioned, you’ll have to repay your loan by your next paycheque. This is generally automatically withdrawn from your account. If you don’t have enough money in your bank account, you may be charged an NSF fee and other penalties.  

That said, here’s how much a payday loan could cost you when you pay on time.

Amount BorrowedAmount To Pay Back
$100$114
$500$570
$1,000$1,140
$1,500$1,710

Things You Should Keep In Mind When Getting A Payday Loan

Watch Out For Scams

The vast majority of people borrowing payday loans in Ontario have a financial emergency or don’t qualify with typical lenders in Ontario. Scam artists often use their desperation to sell them fake loans (mostly online) in an attempt to steal their personal and financial information. If you come across a “lender” who doesn’t have a solid reputation or legitimate credentials, stay away from them!  

More Debt

Payday loans can quickly lead to bad debt when not handled responsibly. If you’re not certain that you’ll be able to pay your full balance by your next paycheque, it might be best to hold off. If you don’t make your payments on time, you’ll be charged a penalty fee. Since payday loans are so easy to get, many borrowers in Ontario end up relying on them too much, ultimately sending them into a pattern of bad debt that can take months, even years to recover from.


Is A Payday Loan Worth It?

There are some rare instances where payday loans may be useful, such as a serious expense that requires immediate action, or you’ve exhausted all your other loan options. 

Take a look at the following list to see if payday loans are the right option for you:

  • You Have Bad Credit. If you’re struggling to access credit and need the funds for an emergency, a payday loan can be a good option. Even if you have terrible credit, all you need for approval is proof of your address, steady income, and chequing account. No credit checks are required.
  • You Need The Funds Today: For the most part, payday loans can be applied for and received within a few hours when you go to an in-store location. If you apply online, your approval might take up to 24 hours, though many also offer same-day funding.

Payday Loan Alternatives You Should Consider

As mentioned, payday loans are extremely expensive and can be very difficult to repay on time. If you’re considering a payday loan because of financial struggles, there may be alternatives to consider that can help you:

BreeBree offers small cash advances (usually up to $500) with no interest and no credit checks. It’s designed to help cover short-term expenses before your next paycheque. You’ll just pay a small monthly fee for access.
NybleNyble is another interest-free cash advance service. It gives you access to a small amount of money ahead of payday and focuses on helping you build your credit. Like Bree, no credit checks are required, and they charge a membership fee for access.
Koho CoverKoho Cover offers short-term cash advances (usually up to $100) for a small monthly fee. The service is easy to use and comes with budgeting tools to help you stay on track.
MoneyUpMoneyUp is a newer Canadian service that provides early access to your wages, meaning you can get part of your paycheque before payday. This helps avoid the need for high-interest loans while still covering urgent expenses.

Want More Long-Term Financial Assistance? Consider A Debt Relief Program 

Instead of a payday loan, consider speaking to a credit counsellor for more long-term financial relief. While a payday loan may help with short-term problems, it can’t fix your financial issues. Learn to budget and get out of debt with the right debt relief program

  • Debt Management Program (DMP). If you have several high-interest debts, you can consolidate them into one lower-interest payment over a period of up to 5 years. This can save you money and streamline debt management.
  • Consumer Proposal. A consumer proposal is a legal process that requires the help of a Licensed Insolvency Trustee (LIT). Through a consumer proposal, your LIT will propose an arrangement whereby you pay your creditors a percentage of your debt or request more time to pay your debt. If your creditors agree, you have up to 5 years to repay your debt.
  • Bankruptcy. As a last resort, bankruptcy may help relieve you of your unsecured debt. Bankruptcy is a legal process in which you are discharged from most unsecured debts. Then, may stop making loan payments and any actions from your creditors to collect on your debts will cease.

Bottom Line

If you’re thinking about using a payday loan in Ontario to finance something important to you, or if you’ve found yourself trapped in a payday loan cycle, reach out to us today. We’ll put you in contact with better sources of better credit products. Simply apply below!


Frequently Asked Questions

Can I get a cash payday loan in Ontario?

You can also get your payday loan in cash if your lender has a physical branch location. You’ll have to bring all the necessary documents and identification needed to apply for a payday loan to the in-person office. If approved, you should receive the money on the spot in cash. Similar to the e-Transfer option. Keep in mind that receiving cash may take longer in some instances due to factors like when a branch is open and its hours of operation. 

Can I get an extension on repaying my payday loan?

Yes. Payday lenders are required to offer you an extended payment plan if you take out three loans within 63 days. The loan will then become a kind of open-end instalment loan. You’ll be able to spread out your payments in equal instalments according to how frequently you are paid. You will also be allowed to make prepayments without penalty. Other conditions apply. Consult with your provider for more information.

What is the legal limit for payday loan interest in Ontario?

For loans in Canada, the annual percentage rate (APR) limit is 35%. However, payday loans have their special limits that vary from province to province. In Ontario, this limit is $14 for every $100 borrowed. For a standard two-week period, this means an APR of almost 365%. The reason payday loans can have such high rates is because they are usually meant to be repaid within 1 to 2 paychecks, or 2 to 8 weeks. With such a quick turnaround, normal interest rates just wouldn’t be commercially viable for payday lenders. These types of loans are also typically taken out by higher-risk borrowers. Lenders will always charge more interest when there is a higher risk involved.

I’m unemployed. Can I still get a payday loan in Ontario?

It’s possible. Some providers consider income from non-employment sources. For example, if you receive income support from the government, some payday lenders will work with you to get approved. While it may vary from provider to provider, alternative sources of income can include the Canadian Pension Plan (CPP), Employment Insurance (EI), disability assistance, and private pensions.

Can I get a payday loan Online?

Some payday lenders offer loans online, which can be applied for via the lender’s website. Payday lenders typically try to make the application process as straightforward and fast as possible. Many online payday loan applications can be completed in just a few minutes.  Moreover, you’ll usually receive a response within 24 hours after applying. If approved, you can collect the funds through direct deposit or e-Transfer. Keep in mind that, like any payday loan, online loans adhere to the rules and regulations set out by the province. In some provinces like British Columbia and Québec, additional regulations may apply.

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