Emergency situations often require immediate access to money. Anything from car repairs to a broken tooth can call for a quick influx of cash; and, if you don’t have established savings, credit cards or good credit, it can feel overwhelming. For these reasons, many turn to payday loans — a short-term lending arrangement that provides you with emergency funds.
| Loan Amount | Interest Rate | Term | Province Availability | ||
 | Up to $1,000 | Max 32% | Max 90 days | All of Canada | Learn More |
 | $500 - $12,500 | 19.99% - 34.99% | 12 - 60 months | BC, AB, SK, MB, ON, NB, NS, PEI, NL | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, MB, ON, NB, NS, PEI | Learn More |
 | $120 - $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NS | Learn More |
 | $500 - $750 | Varies by province* | 90 to 120 days | BC, AB, ON, PEI | Learn More |
 | Up to $1,500 | Varies by province* | Max 62 days | BC, AB, SK, MB, ON, NB, NS, PEI | Learn More |
 | Up to $1,500 | Varies by province* | Up to 62 days | BC, AB, ON | Learn More |
 | $50 - $1,500 | Varies by province* | 14 days | BC, AB, SK, MB, ON, NS | Learn More |
 | $50 - $1,500 | Varies by province* | Up to 31 days | BC, ON, NS | Learn More |
 | $200 - $1,500 | Varies by province* | Next payday | BC, AB, SK, NS, YT, NT, NU | Learn More |
 | Up to $1,500 | Varies by province* | Next payday | BC, ON | Learn More |
There are a few different approaches to tracking down a payday lender in your area. By doing your research, you can find lenders with more competitive loan terms, easier application processes, and faster results. Some research methods include:
Go online and type in “payday loans near me” or “payday lenders in [enter your location]” in Bing, Yahoo or Google. Depending on the search engine used, you’ll likely have slightly different results. Just be sure to keep your location settings active.
Here’s an example of what you may see when you type in “payday lenders in Toronto” in Google. You can click more businesses to see more payday lenders in the area.
Next, make yourself a list of payday lenders in your area using your search results. Once you’ve curated the list of potential lenders, it is time to narrow down the options. Research each lender individually. Learn what the application process entails, including the time to get approved, the amount you can access, the interest, and repayment terms.
When you look at the details of each lender side by side, you can easily determine which lender is the best for your needs.
Applying for a payday loan in person can require more effort than applying online as you’ll need to bring physical documents to prove your identity, income, and employment. Common documents you may require to apply for a payday loan near you include:
If you forget to bring any documents, you won’t be able to qualify for the loan. You’ll likely need to go back home and retrieve the missing documents.
Looking for online payday lenders? Check out our list of online payday lenders.
The application process for payday loans is fairly straightforward, particularly if you complete the transaction in person. As long as you’re prepared and get your documentation ready ahead of time, you can make light work of the application process. The steps are simple:
Go to the payday location of your choice in person, supplying them with the necessary documentation. Bring pay stubs, banking details, proof of address, and a government-issued identification with you to prove the information you are giving the lender.
Prefer an application process with less paperwork? Check out the faxless payday loan.
The application process is fairly simple, focusing mainly on your job. The lender will want to know how much you earn, your position, and how long you have been in that role. Other details include your residential address and financial information. Usually, the application process can be completed in a single visit. The lender will review this; and, in most cases, approve the loan.
Once you’ve been approved, be sure to review the specifics of your contract. Pay extra attention to the repayment terms, including the rate of interest. Payday loans are federally regulated, so the amounts are fairly standardized. Usually, you are expected to repay the loan upon receipt of your next paycheck. If the terms work for you, sign the agreement, and the lender will give you either cash or a cheque for the loan.
In order to get a payday loan approved at a branch, the key to efficiency is bringing along all the necessary paperwork.
If you want to streamline the research process, you can consult a loan comparison platform. By providing you with a list of lenders who offer services in your area, the comparison site can cut down on the time required for your research.
While these sites enable you to find companies that offer services for your location, the lenders may not have physical branches. As a result, this is a better-suited option for those who prefer to rely on digital services. It’s also a good approach for those living in rural areas who still need to access a payday loan.
Check out how you can receive your payday loan through an e-transfer.
Loan comparison sites offer a lot of benefits, not the least of which is saving consumers time. Instead of going through each potential lender for specifics, you can compare their rates, loan terms, amounts, and consumer reviews at a glance. The loan comparison platform does the legwork of the research on your behalf, making it easier to find competitive rates on financial services like payday loans.
Check out what payday lenders and bad credit lenders look for in an applicant.
Determining how to access your payday loan depends largely on your personal situation. Both approaches have their own benefits, serving better those with different circumstances.
Here are 10 questions you should ask yourself when getting a payday loan.
When vetting potential payday lenders near you, there are a few necessary metrics to investigate. Be sure to follow the same steps for each lender to ensure that you are consistent in the details. Necessary steps include:
A reputable payday lender will have a well-established network of physical locations. Known companies like Cash Money and MoneyMart have retail outlets across Canada in addition to an established website. Ensure that the business is accredited, has a proven track record of success on the market, and makes sufficient information available online.
For any loan, you need to know what charges you incur for taking out the loan. These include any administrative fees, origination fees, the standard rate of interest, and any extra costs associated with defaulting on your agreement. All payday loans are regulated by the federal government, so the fees are fairly standard. However, to be competitive, lenders may offer slightly more competitive rates to incentivize consumers. Keep your eye on the specifics, especially if you are doing the research on your own instead of using a loan comparison site.
Depending on whether you complete the loan application process in person or online, the financing method will differ. If you get a payday loan at a branch, you can expect the money right away in either cash or cheque format. Conversely, if you are completing the payday loan application online, the funds should be available within 24 hours. The money will be transferred to the account whose information you supplied at the time of the application process.
Payday loans can seem like a convenient way for Canadian consumers to access the money they need quickly and with few requirements. But, payday loans are an extremely expensive loan product, with APRs of up to 500%. If you are considering taking out a payday loan, make sure you fully understand the consequences and research other viable options before signing any contract.
While the payday loan structure is straightforward if the agreement isn’t followed stringently, then penalty fees can accrue quickly. The key to success is doing your research and find the right type of loan that meets your needs, whether that’s a payday loan or another more affordable option.
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Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.
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