Can You Get A 1-Month Payday Loan In Canada?

Are you in need of a little cash, but currently don’t have enough funds in your bank account? If so, a short-term payday loan could help. More specifically, a 1-month payday loan may give you just enough money and time needed to deal with your current financial needs. And by the time your next paycheque rolls around, you’ll have enough money to pay back your debt, along with any associated interest and fees.

Let’s take a closer look at 1-month payday loans in Canada and how they work.  

Can You Get A 1-Month Payday Loan In Canada?

Payday loans are available in 1-month terms, which may be convenient if you need a quick short-term loan to cover a last-minute expense. In fact, payday loans can come in even shorter terms, including 1-to-2-week terms. 

Also referred to as a 30-day loan, a 1-month loan is a short-term loan that is typically made for smaller loan amounts of up to $1,500. Unlike traditional personal loans that are repaid in regular installment payments, payday loans must be repaid in one lump sum once you receive your next paycheque. As such, while these 30-day loans are fast and easy to acquire, you should only apply for one if you know you will be able to repay the debt by or before the loan amount is due. 

1-Month Payday Loans

	Loan Amount	Interest Rate	Term	Province Availability
iCash	Up to $1,500	Varies by province*	Max 62 days	BC, AB, MB, ON, NB, NS, PEI	Learn More
MoneyMart	$120 -  $1,500	Varies by province*	Max 62 days	BC, AB, SK, MB, ON, NS	Learn More
Captain Cash	$500 - $750	Varies by province*	90 - 120 days	BC, AB, ON, PEI	Learn More
GoDay	Up to $1,500	Varies by province*	Max 62 days	BC, AB, SK, MB, ON, NB, NS, PEI	Learn More
CashMoney	Up to $1,500	Varies by province*	Up to 60 days	BC, MB, SK, ON, NS, NL	Learn More

Cost Of A 1-Month Payday Loan In Canada

It’s important to understand that 1-month payday loans come with very high-interest rates and fees, which make them an expensive financial product. Given this, you should only consider these 30-day loans as a last resort.

The exact cost of your payday loan depends on which province you live in, as each has its own maximum costs that payday lenders are allowed to charge.

Maximum Cost For 30-Day Payday Loans By Province

To illustrate how much a payday loan can cost you, let’s look at the total cost for a 1-month payday loan for $500, $1,000, and $1,500 loan amounts based on the maximum allowed payday loan costs across different provinces and territories:

What Do You Need To Get A 30-Day Payday Loan In Canada? 

It’s relatively easy to get approved for a 30-day payday loan, as the requirements are typically less stringent than a conventional loan. To qualify for a 30-day loan, you generally just need to meet the following criteria:

• Be the age of majority in your province
• Be a Canadian citizen or permanent resident
• Have the same job for at least 1-3 months
• Earn at least $800 per month. Do note, that the amount you qualify for will depend on the province you live in and the lender you work with. Some provinces have a law that forbids lenders from lending more than 50% of the borrower’s paycheque. 
• Have an active Canadian bank account that’s been open for at least 3 months
• Have a valid phone number, mailing address, and email address

Can You Get A 1-Month Payday Loan With No Credit Check In Canada?

Unlike conventional lenders, like banks and credit unions, most payday lenders do not conduct a credit check. These lenders will place more weight on other factors instead of your credit score, such as a steady income and a bank account in good standing.

Can You Get A 1-Month Payday Loan With Bad Credit In Canada?

Whether the payday lender runs a credit check or not, you still don’t need good credit to get approved for these 30-day loans. That means you can apply and get approved for a 1-month payday loan even if you have poor credit. As mentioned, these lenders will look at other financial factors rather than your credit profile when reviewing your application.

Can You Get An Instant 1-Month Payday Loan?

The time it takes for you to get approved for a 1-month payday loan and receive the funds depends on how you apply for the loan.

When you apply online, may payday lenders provide instant approvals and same-day funding. These payday lenders may offer instant funding using e-transfer, meaning you can sometimes get your money within 15 minutes after approval. If you apply in-store, you can get approved and receive your loan on the spot. 

Additional Reading

How To Get Payday Loans With Government Benefits Canada

Weekend Payday Loans In Canada

How To Get No Refusal Payday Loans In Canada

What Should You Consider When Getting a 1-Month Payday Loan?

Before you apply for a 1-month payday loan, there are a few important factors to consider first:

• Amount you can borrow. Since payday lenders charge per $100 borrowed, you’ll be paying more fees on larger loan amounts. For this reason, be sure only to apply for the loan amount you really need, and not a dollar more. 

• Interest rate and fees. You have to pay interest on the amount you borrow, which is usually charged for every $100 borrowed, as mentioned. Interest and fees for payday loans are typically much higher than conventional loans, though there are laws in place that limit how much a lender can charge. Take some time to go over the terms and conditions of the loan to help you compare different lenders and avoid any unpleasant surprises. 

• Payment flexibility. Find out if the lender charges early repayment penalty fees for paying your loan off early, or if you have some flexibility if you choose to repay the loan before it’s due. 

1-Month Payday Loan FAQs

Final Thoughts

A 1-month payday loan may give you just enough financial help to cover a pressing expense. But make sure you understand your repayment obligations and the high costs associated with these 30-day short-term loans before you apply.