Pay2Day is an Ontario-based, short-term lender that opened in 2009. This business operates in three provinces: Ontario, British Columbia, and Nova Scotia. The company positions itself as a consumer-focused brand, with its core principle being, “the customer comes first”. It offers core financial services, each tailored to get the funds into consumers’ hands efficiently. Balancing physical storefronts with digital services, Pay2Day stands out by catering to both markets.
Pay2Day offers payday loans and cheque cashing services.
Pay2Day offers payday loans up to $1,500. The amount you qualify for depends on your net income. Payday loans are heavily regulated on a federal and provincial level; so you’re only allowed to borrow up to fifty percent of your income. These loans have a short repayment period, and usually have to be paid by your next payday (2 weeks to 30 days).
When you need a payday, you can visit one of Pay2Days 32 storefronts or apply online. Provided you get a regular paycheque and have three months of consistent work history (with substantiating pay stubs), you are financially eligible for a loan.
You can apply for a payday loan online by creating an account online. You’ll need to input your personal and financial information, including your:
Assuming you have all the necessary documents at your disposal, and meet the eligibility criteria, then you can get approved in a matter of minutes. The company remains open 24 hours a day and seven days a week. If you go into the store, the clerk can give you the cash in hand. Alternatively, you can apply online and receive an e-transfer in just a couple of hours after applying.
If you need cash immediately or if you don’t have a bank account, Pay2Day can help you cash your cheque with no holding period. You can cash cheques for amounts up to $1,000 for a fee of 2.99%. Though that fee is waived for your first cheque you cash with Pay2Day.
You can cash most types of cheques at Pay2Day including payroll cheques, court settlements cheques, business cheques and private insurance cheques. Do note that this service is currently only available at Pay2Day locations in Ontario.
To cash a check at Pay2Day, you’ll need to visit a Pay2Day location in Ontario. You’ll also need to bring the following documents to cash your cheque.
Pay2Day offers payday loans in three provinces. In each jurisdiction, the loan agreement is an advance on your paycheque. To pay for the service, the company charges the following interest rates:
The legal maximum amount for a payday loan is 15%. Done on a 14-day basis, if you took a loan of $200, you repay $230 when you receive your next regular pay. Licensed by the provincial government, Pay2Day relies on the standard 391.07% annual interest rate.
In this province, the legal maximum is also 15%. So, if you borrow $100 you repay $115. The APR (annual percentage rate of interest) is 391.07%. It sounds steep, but it’s a short-term loan, so the entire interest shouldn’t be realized.
This province has the highest rates of the three, with the company opting for the legal maximum of 19%. For a loan of $100, held for a period of 14 days, you repay $119 to the company. This results in the annual percentage rate equalling 495.36%.
Payday lenders are designed as an emergency solution to financial issues. If you need cash quickly. Payday loans give you access to your income in advance. When you choose to get a payday loan with Pay2Day, you’ll also be able to take advantage of these benefits:
The company has all the relevant licenses to operate as a short-term lender in British Columbia, Ontario, and Nova Scotia. It is entirely transparent about the rates and publishes its license directly on the website.
Pay2Day has 32 branches across Canada. Its Nova Scotia location is in Truro, while its two British Columbia branches are in Vancouver and Surrey. In Ontario, the GTA has five stores, Mississauga has four, Brampton has three, as does the Niagara region. Barrie, Ottawa, and London each have two branches. There are an additional nine locations in Ontario, in Oshawa, Pickering, Kitchener, Windsor, Cambridge, Milton, Vaughan, and Bradford. This, with 24/7 opening hours and an intuitive website makes this an accessible company.
Regardless of whether you use the in-store locations or the online service, you can get access to money quickly. If you use in-person services, you can get cash in hand. When you apply online, the funds are e-transferred to you within one and two hours after approval.
If you need cash outside of business hours, you can use the online service to get the money any time, day or night. Since this isn’t a storefront feature, you get a deposit rather than cash. If you need paper bills, you can visit an ATM in the area once the deposit goes through.
Regular income is Pay2Day’s focus, but they are willing to accept income from other sources such as employment insurance and the Canada Recovery Benefit. Though the cheque-cashing services may be limited, you can use this type of income as collateral for your payday loan.
This company doesn’t run a credit check, meaning you could have poor credit (or no history) and still qualify for the loan. So long as you have an eligible source of income, you can qualify for a loan.
Any type of loan should be approached with prudence, and that means assessing the drawbacks. Balance the risks with the benefits to determine if the loan is right for you.
Pay2Day is well-reviewed and has a proven history of success; so, if you’re considering a payday loan, it’s worth a look. It’s easy to use, customer-focused and makes it easier to access payday loans. However, keep in mind that payday loans are meant as a short-term solution. Use them only when it’s necessary that you get cash quickly. Ensure that you have a structured plan to repay it in a timely manner.
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Payday Loan | up to $1,500 |
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Lindsay was very helpful very professional good service.
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