Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

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 AmountInterest RateTermProvince Availability
iCashUp to $1,500Varies by province*Max 62 daysBC, AB, MB, ON, NB, NS, PEILearn More
Money Mart$120 -  $1,500Varies by province*Max 62 daysBC, AB, SK, MB, ON, NSLearn More
Captain Cash$500 - $750Varies by province*90 - 120 daysBC, AB, ON, PEILearn More
Go DayUp to $1,500Varies by province*Max 62 daysBC, AB, SK, MB, ON, NB, NS, PEILearn More
Cash MoneyUp to $1,500Varies by province*Up to 62 daysBC, AB, ON Learn More
*The maximum borrowing cost for a payday loan varies by province, learn more here.

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

Province/TerritoryMaximum Borrowing Costs Allowed
Quebec35% AIR
British Columbia, Alberta, Ontario, New Brunswick, and Prince Edward Island$15 per $100 borrowed
Saskatchewan and Manitoba$17 per $100 borrowed
Nova Scotia$19 per $100 borrowed
Newfoundland & Labrador$21 per $100 borrowed
Northwest Territories, Nunavut and Yukon$60 per $100 borrowed

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/TerritoryTotal Cost of $500 LoanTotal Cost of $1,000 LoanTotal Cost of $1,500 Loan
Quebec$514$1,029$1,544
British Columbia$575$1,150$1,725
Alberta$575$1,150$1,725
Ontario$575$1,150$1,725
New Brunswick$575$1,150$1,725
Prince Edward Island$575$1,150$1,725
Saskatchewan$585$1,170$1,755
Manitoba$585$1,170$1,755
Nova Scotia$595$1,190$1,785
Newfoundland & Labrador$1,550$1,210$1,815
Northwest Territories$800$1,600$2,400
Nunavut $800$1,600$2,400
Yukon$800$1,600$2,400

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.

Borrow Up To $50,000

$
100% FREE. NO OBLIGATION.
Lisa Rennie avatar on Loans Canada
Lisa Rennie

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.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood, BA
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia, BComm

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2016/12/caution-1.jpg
Beware of Fraudulent Lenders Impersonating Loans Canada

By Caitlin Wood, BA

A note to our clients about fraudulent lending practices and illegal upfront fees.

https://loanscanada.ca/wp-content/uploads/2022/10/How-To-Pay-Your-Taxes-With-A-Credit-Card-Through.png
How To Pay Your Income Taxes With A Credit Card

By Lisa Rennie

If you’d like to pay your taxes using a credit card, you’ll need to use a third-party service provider like Plastiq or PaySimply.

https://loanscanada.ca/wp-content/uploads/2021/08/Climate-Action-Incentive-CAI-1.png
What Is The Canada Carbon Rebate (CCR)?

By Bryan Daly

The Climate Action Incentive Payment (CAIP), or Carbon Tax Rebate, is quarterly benefit paid to eligible Canadians in

https://loanscanada.ca/wp-content/uploads/2021/03/Canada-Workers-Benefit-CWB.png
Can You Claim The Canada Workers Benefit (CWB) In 2024?

By Bryan Daly

The Canada Workers Benefit is a refundable tax credit for individuals earning a low taxable income of $3,000 - $24,112.

https://loanscanada.ca/wp-content/uploads/2020/12/Student-Tax-Credits-and-Deductions.png
Student Tax Credits In Canada

By Chrissy Kapralos

Similar to how there are specific tax credits and deductions for businesses, seniors, and parents, there are student tax credits in Canada.

https://loanscanada.ca/wp-content/uploads/2021/04/Pay-Less-Taxes-Canada.png
How To Pay Fewer Taxes In Canada

By Bryan Daly

People are always trying to figure out how to save money on taxes in Canada. We present the best ways to legally pay less tax in Canada.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

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

Koho Prepaid Credit Card