iCash

Ad Disclosure

Approval is not guaranteed and conditions apply.

British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

Payday Loans Quebec

Bryan
Author:
Bryan
Bryan Daly
Expert Contributor at Loans Canada
Priyanka
Reviewed By:
Priyanka
Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
  • Personal finance
  • Consumer borrowing
  • Consumer banking
  • Debt management
📅
Updated On: March 31, 2025

Payday loans provide quick access to small amounts of money for last-minute financial needs, typically with minimal credit and financial requirements. While convenient, payday loans come with extremely high interest rates and very short repayment terms, making them expensive and difficult to repay. In Quebec, there are strict regulations on these types of loans, including rate caps, to protect borrowers. These short-term financing solutions may be helpful in urgent situations, but should be considered as a last resort to avoid financial strain.


Key Points

  • Payday loans are difficult to find in Quebec due to the relatively low interest rate caps lenders are allowed to charge.
  • Payday loan alternatives are available in Quebec, including small, short-term installment loans.
  • These loans typically come with flexible loan requirements and often require no credit check, making them accessible to bad credit borrowers.

Yes, payday loans are legal in Quebec. However, there are strict laws in place that limit the interest rate lenders may charge on these short-term, high-cost loans.

More specifically, lenders in Quebec cannot charge more than 35% AIR (annual interest rate). This restriction has limited the number of payday lenders that operate in Quebec, as such loans are not very profitable. Given this, it may be more difficult to find a payday lender in Quebec, as most have left due to restrictions on interest rates permitted.


Where Can You Get A Payday Loan In Quebec? 

It may be extremely difficult to get a payday loan in Quebec due to the interest rate cap. However, you may find payday loan-like loans in the province. These are small, short-term loans that come with flexible loan criteria, quick approvals, and fast funding. However, they can also be quite expensive due to very high interest rates.

Kredit Pret

Kredit Pret is a Canadian lender that specializes in short-term micro-loans ranging from $250 to $1,500. They offer quick approvals, often within an hour, with no credit check requirements, using Instant bank verification (IBV) for fast and secure verification. Funds are quickly disbursed within 24 hours via Interac e-Transfer and can be used for a variety of emergency expenses.

  • Loan amount: $250 – $1,500
  • Loan term: N/A
  • Interest rate: N/A
  • Funding time: Within 24 hours

514 Loans

514 Loans offers short-term installment loans of up to $3,000 as an alternative to payday loans. They provide quick approvals, flexible repayment options, and funding within 24 hours. Bad credit borrowers are encouraged to apply, as 514 Loans does not conduct credit checks.  

  • Loan amount: $300 – $3,000
  • Loan term: 90 to 120 days
  • Interest rate: 22% to 32%
  • Funding time: Within 24 hours

What To Expect When Taking Out A “Payday Loan” 

As mentioned, the payday loan regulations in Quebec are among the strictest in Canada, which include a maximum annual interest rate of 35% on loan products. These rules are in place to protect consumers from predatory lenders who prey on the underbanked and charge exorbitant fees on small loans. 

The following chart outlines the specific regulations in Quebec and what you can expect when taking out a payday loan: 

Payday Loan Regulations In Quebec

Loan AmountUp to $1,500
Loan TermUp to 3 to 6 months
Interest RateMaximum 35% APR
Default Consequences– Lenders in Quebec typically do not charge NSF fees.
Late payments may provide lenders with the right to demand the remainder of the loan payment, as long as a “forfeiture of benefit of the term” clause is included in your loan contract. You’ll have 30 days from the receipt of the notice to pay the late payment. 
Cooling Off Period10 days (for high-cost loans)
Loan RolloversNot specified
Licensing Requirements– Lenders must be licensed to provide loans in Quebec. 
– Licensing must be obtained from the Office de la protection du consommateur.

Source: opc.gouv.qc.ca/


What Do You Need To Get A Payday Loan? 

Getting approved for a payday loan in Quebec is relatively easy compared to traditional loans. When applying for a Quebec payday loan, you’ll need to meet the following criteria:

  • Be at least 18 years old
  • Be a Quebec resident
  • Have stable and sufficient income
  • Have an active bank account

Documents required when you apply for a short-term loan in Quebec include the following:

  • Proof of address (utility bill or rent agreement)
  • Proof of income (pay stubs or bank statements)
  • Proof of employment (some lenders accept non-employment income, such as Employment Insurance)
  • Photo ID (passport or driver’s license)

Do Payday Loans Require Credit Checks?

Credit checks are not mandatory in Quebec. That means lenders can use their discretion whether or not to conduct a credit check. 

Many lenders that provide small, short-term loans often do not perform a credit inquiry. So, if you have bad credit, you may be more likely to get approved for a loan from these types of lenders compared to conventional lenders, like banks, who tend to require good credit for loan approval.

Is Your Lender Treating You Unfairly?
Lenders in Quebec are required to treat consumers fairly. If you believe you’re being mistreated by a lender in the province, you may have some recourse by reaching out to the Office de la protection du consommateur.

How To Apply For A Payday Loan

To apply for a payday loan in Quebec, follow these steps:

Step 1: Find A Lender

As mentioned, it may be tough to find a payday lender in Quebec. One way to find them is to conduct a quick Google search. 

Alternatively, you can use an online loan comparison site, like Loans Canada, to find a lender that meets your needs. Simply enter details about your finances, credit score, and loan requirements, and Loans Canada will quickly populate a list of lenders, along with their offers for quick comparison. 

Step 2: Complete The Loan Application

Fill out the lender’s loan application, either online or in person. Make sure all information is accurate and complete. 

Step 3: Gather Required Documents

Prepare all necessary documents required by your lender, and submit them along with your loan application. As mentioned, you’ll need documents such as photo ID, proof of income and employment, and proof of residency.

Step 4: Get Funded 

Once you’re approved, you’ll receive your borrowed funds, either via cash, cheque, direct deposit, or transfer. 


How Much Do Payday Loans In Quebec Cost?

To help you understand how much a payday loan would cost you with a 35% APR, here are a few examples, assuming a 3-month term:

Loan AmountInterest Total Repayment
$100$5.89$105.89
$500$29.45$529.45
$1,000$58.89$1,058.89
$1,500$88.34$1,588.34

Source: calculator.net


Is A Payday Loan Worth It?

Payday loans should be used as a last resort, but there may be a few scenarios where they can be helpful, especially when time and access to funds are essential:

  • Urgent Financial Emergencies: If you’re facing an unexpected expense and can’t qualify for a traditional loan, a payday loan might offer a quick solution.
  • Poor Credit History: With payday loans, approval doesn’t depend on your credit score. As long as you can show proof of income, a chequing account, and a valid address, you may qualify, even with bad credit.
  • Need Same-Day Funds: Most lenders offer quick approval and access to funds, often within hours.

Want More Options? Check Out These Fast Low-Cost Loans

If you’re in need of extra cash but prefer avoiding higher-cost credit products, here are a few alternatives to consider:

No-Interest Loans

These services provide small amounts of money based on your income, with zero interest rate: 

  • Nyble: You can access a line of credit for up to $250 from Nyble. Funds can be deposited in as little as 30 minutes, with zero interest.
  • Bree: With Bree, you can get up to $500 in minutes, with no credit check, interest, or late fees.
  • KOHO Cover: This interest-free, instant cash advance is provided by KOHO. You can access up to $250 interest-free, with no credit check.

Need More Financial Assistance? 

Several programs are available to individuals and families in Quebec who need financial assistance. 

Quebec’s Social Assistance Program provides financial aid to low-income individuals and families. Funding can be used to cover everyday expenses, like food and housing. Learn more
The Solidarity Tax Credit is a refundable tax credit in Quebec that supports low- and middle-income families. Learn more
The Quebec Basic Income Program (BIP) provides financial aid to individuals who have difficulty maintaining employment. Learn more
Quebec Family Allowance provides financial assistance to families with children under the age of 18. Learn more

Speak To A Financial Advisor

If your financial struggles are due to heavy debt loads that you can’t pay off on your own, consider speaking to a credit counsellor. They can help you find a financial solution, including:  

  • Debt Management Plan (DMP). A DMP is a structured repayment plan that’s designed to help consumers manage unsecured debts. With the help of a credit counselling agency, you can consolidate your debt payments into one payment, often with all interest and fees eliminated or reduced. You’ll then have up to 5 years to complete your payments.
  • Voluntary Deposit. Voluntary deposit is a debt repayment program in Quebec that provides a way for consumers to avoid bankruptcy by willingly repaying their creditors based on the amount each creditor is owed and the consumer’s ability to make payments. It protects against wage garnishment and the seizing of assets while providing a structured and manageable repayment plan.
  • Consumer Proposal. A consumer proposal is a legal agreement that allows consumers to negotiate lower debt payments with creditors. With the help of a Licensed Insolvency Trustee (LIT), a consumer proposal offers an alternative to bankruptcy, helping you keep your assets while consolidating your debts into more manageable payments.
  • Bankruptcy. Bankruptcy is a legal process that helps consumers get rid of their unsecured debts that they are unable to repay. The process is facilitated by a LIT, and requires that non-exempt assets be surrendered in exchange for protection from creditors and legal fines.

Learn more: Debt Relief Programs In Canada: What Are Your Options?


Bottom Line

Payday loans may provide financial relief, but the result is only temporary and can lead to increased debt and financial stress. In Quebec, payday loans are hard to come by, as they’re no longer profitable for lenders. Instead, you may consider seeking out other small, short-term loan alternatives, which may come with lower rates and longer repayment terms, making them more affordable and easier to repay. No matter what type of loan you choose, be sure to weigh your options and ensure that you’re able to make repayments comfortably.  


FAQs

Can I get payday loans in Quebec with no credit check?

Yes, you can get short-term loans in Quebec without a credit check. Some lenders, such as 514 Loans and Kredit Pret, offer short-term loans with fast approvals and no credit inquiries. As such, you can get approved even with bad credit.  

Can I get same-day payday loans in Quebec?

Yes, same-day loans are available in Quebec from various lenders. Depending on when and how you apply, you may be able to get quick loan approval and have your funds disbursed within hours.

Can I get e-transfer payday loans in Quebec?

Yes, many online lenders offer loans that disperse funds via e-transfer. These loans are ideal for urgent financial needs. 

Are 24/7 payday loans available in Quebec?

Yes, online lenders typically allow consumers to apply for a loan around the clock via their websites.
It can be very difficult to get a payday loan in Quebec, mainly because lenders in the province cannot charge more than 35% AIR (annual interest rate). This restriction has limited the number of payday lenders that operate in Quebec, as such loans are not very profitable. Given this, it may be more difficult to find a payday lender in Quebec, as most have left due to restrictions on interest rates permitted.

More From Our Experts

Best Payday Loan Apps In Canada
Best Payday Loan Apps In Canada

Compare the top payday loan apps in Canada for easy application, minimal paperwork, and fast approvals and funding.

Do Payday Loans Affect Your Credit In Canada?
Do Payday Loans Affect Your Credit In Canada?

Whether or not you plan on getting a payday loan, it's important to understand how it can impact not just your finances but your credit.

Paying Off A Personal Installment Loan Early: Pros And Cons
Paying Off A Personal Installment Loan Early: Pros And Cons

Can you pay off a personal loan early in Canada? Find out if paying off a personal loan early is worth it for you.

Treadmill Financing Options In Canada
Treadmill Financing Options In Canada

Thinking about buying a treadmill but worried about the cost? You’re not alone. High-quality treadmills can range anywhere from $500 to over $5,000, d...

No Bank Account Loans In Canada
No Bank Account Loans In Canada

Getting a loan without a bank account can be hard, and your options will be severely limited. It may be worth getting a free bank account instead.

Boat Loan Calculator: Estimate Your Payments
Boat Loan Calculator: Estimate Your Payments

Use our boat loan calculator to help you estimate your monthly loan payments based on various factors such as your credit score, down payment and loan...

Pros And Cons Of A Personal Loan
Pros And Cons Of A Personal Loan

Personal loans can be a financial lifeline for the everyday Canadian, offering quick access to funds for everything and anything—from a big purchase t...

FlexitiCard Review
FlexitiCard Review

Check out our review of the FlexitiCard; a convenient and flexible way to buy and spread payments all in one card.

What Credit Score Is Needed For A Personal Loan?
What Credit Score Is Needed For A Personal Loan?

Do you know what credit score is needed for a personal loan? Find out how credit score requirements may vary among lenders and how it can impact your ...

Is It Better To Apply Online Or In Person For A Loan?
Is It Better To Apply Online Or In Person For A Loan?

While applying online for a loan seems to be the most convenient choice, is there any advantage to applying in-person?

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
Caitlin Wood Priyanka Correia Lisa Rennie Bryan Daly Cris Ravazzano Margaret Johnson Kale Havervold Liz Enriquez Sean Cooper Veronica Ott Corrina Murdoch Chrissy Kapralos

A Team of Experts

Get expert tips and guidance from a community of renown personal finance experts right here at Loans Canada. We're here to help you stay informed so you can make the best financial decisions.