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.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
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
Province/Territory
Maximum Borrowing Costs Allowed
Quebec
35% AIR
All Other Provinces
$14 per $100 borrowed
All 3 Territories
35% AIR
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:
Province/Territory
Total Cost of $500 Loan
Total Cost of $1,000 Loan
Total Cost of $1,500 Loan
Quebec
$514
$1,029
$1,544
British Columbia
$570
$1,140
$1,710
Alberta
$570
$1,140
$1,710
Ontario
$570
$1,140
$1,710
New Brunswick
$570
$1,140
$1,710
Prince Edward Island
$570
$1,140
$1,710
Saskatchewan
$570
$1,140
$1,710
Manitoba
$570
$1,140
$1,710
Nova Scotia
$570
$1,140
$1,710
Newfoundland & Labrador
$570
$1,140
$1,710
Northwest Territories
$514
$1,029
$1,544
Nunavut
$514
$1,029
$1,544
Yukon
$514
$1,029
$1,544
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.
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
Can I get a payday loan without a job?
The majority of payday lenders want to know that you’ve been employed for at least 3 months at the same job before they lend to you. Your may be able to find certain online lenders that won’t ask for proof of employment to apply for their loans.
What’s the maximum term length for payday loans?
Payday loan terms lengths are generally no longer than 60 days but can be as short as 7 days.
Can I get multiple payday loans?
Generally speaking, you can’t have more than one payday loan at the same time. Most provinces don’t allow it, such as British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, and Nova Scotia. That said, the regulations in other provinces may vary.
Will a payday loan affect my credit?
There is no credit check required when you apply for a payday loan, and lenders who offer these loans typically do not report them to the major credit bureaus. As such, your credit scores are unlikely to be affected. However, if you miss your payments, your lender could get sell your debt to a collection agency which could negatively impact your credit.
Can I get a no refusal payday loan?
A no refusal loan is a loan that doesn’t require a credit check. Most payday lenders do not require any credit checks, so you can get a no refusal payday loan even with bad credit.
Can I get a 1-month payday loan with no bank verification
Yes, you get a 1-month payday loan with no bank verification in Canada. However, your lender will usually require solid proof of income and potentially an employment letter. Rather than being funded via direct deposit, your lender may provide your funds via cash, cheque or through a prepaid debit card.
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.
Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.
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