Pay2Day Reviews, Ratings And Fees February 2023

Based on 1
Customer Reviews
1440 Bank St Unit 6
Ottawa, Ontario
K1H 8A7
  • 24/7

Who Is Pay2Day

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. 

What Does Pay2Day Offer?

Pay2Day offers payday loans and cheque cashing services. 

Payday Loans

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). 

How To Get A Payday Loan With Pay2Day?

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: 

  • Name and home address (EX: Government-issued ID)
  • Employer and Income details (EX: pay stubs)
  • Banking information

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. 

Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.

Cash A Cheque

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. 

How To Cash A Cheque At Pay2Day

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. 

  • Government-issued identification,
  • A valid cheque that’s paid either to you or your business
  • Proof of business ownership (if applicable) 
  • Social insurance card (only for business cheques)

Cost Of A Payday Loan

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: 

British Columbia

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. 

Nova Scotia

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%. 

Benefits Of Pay2Day

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: 

Special Offers

  • Free $300 Cash Advance –  For new customers or those who haven’t taken an advance in 180 days, customers can get a $300 cash advance for free. Any amount borrowed up to $300 has no charge. The offer is available at participating locations and cannot be combined with other offers.  Provincial interest rates apply to any additional amounts. 
  • Refer A Friend – If you refer a friend to Pay2Day, you can get a $20 discount on the next payday loan you take out. The friend must be a customer and use one of the locations in the Greater Toronto Area. Though there is no minimum loan amount, the incentive can only get applied to interest. Once the referral gets processed, the credit applies to your account and your repayment amount is lower. 
  • 48 Hour Interest-Free – A unique benefit is the 48-hour interest-free grace period. While it’s only available in the Greater Toronto Area, you can go back to the Pay2Day location and return the borrowed amount in full without any interest, if you do so within 48 hours. 
  • No Fee On First Cheque – The first cheque gets cashed for free with no holding period. Meaning you can cash your cheque without any fees. However, there is a limit of $1,000 for the cheque. 

Fully Licensed

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. 

Physical Locations

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. 

Fast Funding

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.  

FastTrack Your Cash

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. 

Accepts Non-Traditional Income

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. 

No credit checks

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. 

Drawbacks Of Pay2Day

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. 

  • Short loan terms   Loans with a shorter period are tricky because there is very little time to repay them. Your payday loan is generally due on your next paycheque. Be sure that you can realistically repay the amount in the agreed-upon time. 
  • High Loan Costs –  Payday lenders charge extremely high-interest rates. APRs range between 300% – 600% depending on the province you live in. Moreover, payday lenders are known to charge high fees for late or missed payments. 
  • Limited Availability Pay2Day is only available in three provinces: British Columbia, Nova Scotia and Ontario. Moreover, its cheque cashing service is exclusive to Ontario.
Lookout Can You Get A No Credit Check Loan In Canada?

Loans Canada Lookout


Pay2Day FAQs

Is Pay2Day Safe? 

Yes, Pay2Day is a verified lender in British Columbia, Ontario, and Nova Scotia. The company uses a secure website and follows the standard identification protocol for the payday loan industry. 

Does Pay2Day require credit checks?

No, Pay2Day doesn’t require credit checks. It relies on your regular income, where you provide three previous pay stubs to verify that you can repay the loan at your next payday. 

Does pay2day offer unemployment loans?

Yes, Pay2Day does accept employment insurance as a form of payment. You can use your EI or Canada Recovery Benefits to act as collateral for your advance. Supply the proof of payment in the same way as you would a pay stub. 

How much can I get? 

The maximum amount you can receive is half of your net pay, capped at $1,500. You can get up to $1,500 per loan; so, even if you made $3,500 per installment, you could only get an advance up to $1,500 per federal regulations. 

How long does it take to get a loan?

From start to finish it takes around three hours. If you have all your paperwork together and plan ahead, it can get done in half that time. Once you get approved, you receive funds within an hour. 

Bottom Line

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. 


Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Payday Loan

up to $1,500
Interest Rate
Term (Months)
Funding Time
Funding Method
Repayment Options
  • Must live in Ontario, British Columbia or Nova Scotia
  • Must be at least the age of majority
  • Must have three months of consistent work history
  • Photographs of government-issued ID
  • Proof of income

Reviews & Ratings

See what others have to say about Pay2Day

Lindsay was very helpful very professional good service.

- Dwayne froome (August 2, 2022)


Find Other Lenders In This Region


Loans Canada

Up to $50,000
2.00% to 46.96%
3-60 months


$1,000 - $15,000
29.9% - 46.9% APR
12 - 60 months

Symple Loans

$5,000 - $50,000
6.99% - 22.99%
Up to 84 Months

Spring Financial

Up to $15,000
14.99% to 46.96%
6 - 12 Months


$1,000 - $25,000
7.5% - 31.5%
36 - 60 months

Cash Money

$1,500 – $10,000
Varies by province
Varies by product (up to 60 months)


$5,000 - $35,000
Starting at 9.99%
6 - 60 Months

Loan Away

Up to $5,000
19.9% to 45.9%
6 - 36 Months


$500 - $1000+
28 to 32%
3 Months

Consumer Capital Canada

$500 - $12,500
19.99% to 34.99%
No minimum term

Mogo Finance

$300 – $35,000
9.9% - 47.72%
3 - 60 Months

Fairstone Financial

Up to $50,000
19.99% - 39.99%
6 - 120 Months

Review Widget

Want to show off your rating on your website? Copy the code below to embed our review widget on your website.

Pay2Day Reviews on Loans Canada
Best Personal Loan Provider by Greedy Rates

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.

When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.

Your data is protected and your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.