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Payday Loans Toronto

Compare and Save With Loans Canada

Written by Lisa Rennie

Best Payday Loans Toronto (Online) January 2021

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 12 - 36
$500 - $50,000
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Lendle
up to $2,000 0% -
up to $2,000
PayBright
- 0+ 2 - 60
-
Moves Financial
$2,500 15.65% AIR 13 - 26
$2,500
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
X-bankers
$5,000+ - Up to 60
$5,000+
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Instant Payday Canada
- 15% - 19% -
-
Flexiti Financial
- Up to 35% -
-
Financeit
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
- -
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Meridian Credit Union
Up to $35,000 5.15%+ -
Up to $35,000
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Loan & Go
$250 -$1,250 29% 3 - 6
$250 -$1,250
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash 4 You
$1,000 -$15,000 46.93%  12 - 60
$1,000 -$15,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Helium Loans
$500 - $50,000 6.99% - 46.99% 6 - 36
$500 - $50,000
Accelerated Payments
- - -
-
Loop
- -
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Toronto Truck Loan Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Guardian Leasing
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
PACE Credit Union
- Competitive -
-
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
DUCA Credit Union
- - -
-
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Desjardins
Up to $100,000 - -
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money Line Capital
$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Advantagewon
- - -
-
Helium Loans
$500 - $50,000 - 24 - 60
$500 - $50,000
Go To Loans
$500 - $10,000 + 29.95% up to 48
$500 - $10,000
Alphera Financial Services
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- 11.9% - 22.9% Up to 84
-
Auto Loan Solutions
- 0% - 29.5% -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
Leisure Trailer Sales
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Dixie Auto Loans
- - -
-
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Up to $50,000 2.00% – 46.96% 3-60 months
N/A (Intermediary)
Up to $50,000
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Northwood Mortgage
- 2.74% - 4.45% 12 - 120
-
Matrix Mortgage Global
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Finser Mortgages
- 2.79% - 4.45% -
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Manzil
up to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National Financial LP
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Canadalend.com
- - -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Intermediary)
Debt Consolidation Program, Debt Settlem...
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

Have you ever been in a financial crunch that put you in a position where you needed to come up with money quickly to cover a pressing expense? It might only require a few hundred dollars, but sometimes even that may be too much for some consumers.

In these cases, many consumers in Toronto may have found payday loans Toronto very helpful and convenient. But what are payday loans, and what are the potential drawbacks of such loan products?

Know your rights when it comes to payday loans! Read this.

What Are Payday Loans?

Basically, payday loans in Toronto are small loans that are made for no more than $1,500. Their repayment time frames are relatively short; usually, the full loan amount must be repaid by the borrower’s next paycheck in one lump sum. These types of loans usually come with high-interest rates compared to other loan types.

How to Break The Payday Loan CycleCheck out this infographic all about the payday loan cycle.

What is the Payday Loan Cycle?

While taking out a payday loan in Toronto might make quick funds available almost immediately, they can put consumers in what’s known as the dreaded “payday loan cycle.”

This cycle basically starts and ends at the same place: in a position where you have to borrow more money.

With no other way to get your hands on the money, you take out a payday loan because of how fast you can get your hands on the cash and how easy it is to get approved.

But when your next paycheck arrives, you may find that you don’t have enough funds to cover the entire loan amount or you may have other obligations that need to be covered. Since payday loans in Toronto typically come with high fees and interest rates, you may not be able to afford to repay the payday loan. In fact, interest rates on payday loans are usually 500% or more.

As such, you may find that you have to take out another payday loan to cover the cost of the first one. The cycle continues if you continuously find that your subsequent paychecks don’t afford you with the finances to cover the full costs of your payday loans.

That’s why it’s so important for you to make sure you are fully capable of repaying your payday loan and its associated fees and interest rate charges before taking one out, and even then it’s always in your best interest to find another form of financing.

How Can You Break the Payday Loan Cycle?

To break the vicious cycle of payday loans, the first thing you need to do is stop taking out additional payday loans.

Rather than opting for another payday loan, consider other alternatives. For example, you may consider taking out another type of loan in Toronto that doesn’t necessarily come with such extremely high-interest rates that make payday loans so hard to pay off. For instance, there are various personal loans and installment loans that you may be able to qualify for that are far lower in interest rates while still providing you with the money you need.

You may also consider a debt relief service in Toronto that involves hiring debt settlement companies to negotiate with your creditors on your behalf to lower the overall amount that you owe. Alternatively, they may also be able to negotiate a lower interest rate to make your overall debt less expensive.

If you own a home, you may be able to use the equity in your home as a loan. Borrowing against the equity in your home can provide you with the funds you need at a much lower interest rate. As long as you have at least 20% equity in your home after taking out the loan amount and have fair credit, a home equity loan may be a viable option.

What Are the Warning Signs of Predatory Lenders in Toronto?

Not all payday lenders should be dealt with. Look out for the following warning signs of a predatory lender so you can steer clear of them:

They guarantee approval. Any lender in Toronto who basically doesn’t care about your finances and credit score and is still willing to loan you money on the spot could be predatory. Reputable lenders in Toronto will at least make some effort to make sure you’re able to repay the loan you’re taking out. Predatory lenders don’t actually care if you are able to repay the loan or not – they want you to continually take out loans so they can make more money off of you.

Vague terms and pricing. All loan terms should specify terms of repayment, interest, and other fees very clearly. If you have to go out of your way to find out what these are, this is a bad sign.

They’re aggressive. Any lender in Toronto who pressure you into signing a loan contract on the spot should be avoided.

What Credit Score is Needed to Secure a Payday Loan?

Payday lenders don’t look at the credit scores of applicants. Instead, payday lenders in Toronto only require that you have a job, an active bank account, and a valid address. Even scores well under 650 (which is typically required for traditional loans) are OK.

Canadian Credit ScoreInterested in more information about credit scores? Click here.

When Might a Payday Loan Be a Good Choice?

Toronto borrowers should be wary about taking out a payday loan without carefully assessing their situation. Payday loans are rarely the right choice, but they may be something to consider if a serious situation arises in an emergency where someone is absolutely certain that they have the money to repay the payday loan in two weeks but may not have access to a credit card right away.

Do you know the true cost of a payday loan? Find out here.

When is a Payday Loan a Bad Idea?

Payday loans usually are not the best route to take and very rarely should they be considered. For instance, the following scenarios would make taking out a payday loan a bad idea:

  • Your current monthly debt already uses up your monthly income
  • You need extra money for something that’s not that important
  • You don’t have a stable income

Payday Loans Vs. Personal Loans

There are significant differences between payday loans and personal loans, including the following:

Term. Payday loans in Toronto usually have to be paid back within two weeks, or when the next paycheck comes in. Personal loans usually have much longer terms, making them easier to pay off.

Payments. Payday loans are repaid in one lump sum, while personal loans are repaid in installments.

Interest rates. As mentioned earlier, payday loans come with extremely high-interest rates. If you have a decent credit score, you can get a personal loan at a relatively low rate, one that’s far lower than those that come with payday loans.

Are Payday Loans Right For You?

While payday loans in Toronto are certainly available for consumers who are strapped for cash and have an expense that needs to be covered, there are other loan products available that might make a better fit. Get in touch with Loans Canada today to find a more suitable loan product for your situation in Toronto.

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