Payday Loans Quebec - Compare Providers

ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81683676800 Windmill Microlending$15,000 5.95% Up to 60 months
$15,000
1001666051200 Nyble$20 - $100 0% -
$20 - $100
1001643932800 FlexMoney$500 - $15,000 +18.9% APR 6 - 60
$500 - $15,000
111639094400 Loanz$1,000 - $15,000 29.9% - 46.9% APR   12 - 60
$1,000 - $15,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 24 - 60
$1,000-$7,500
1001598918400 LM Financial$1,000 - $15,000 - -
$1,000 - $15,000
1001595980800 FlexiLoans$200 - $1,200 25% - 32% -
$200 - $1,200
1001593561600 PayBright- 0+ 2 - 60
-
1001592438400 Credit Matik$250 - $1,250 22% 3 - 6
$250 - $1,250
1001582243200 LendCare- - Up to 60
-
1001580947200 ECN Capital- - -
-
91580860800 SimplyBorrowed$500 - $5,000 - 12 - 24
$500 - $5,000
1001580860800 Pebble Cash$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
1001580860800 Prêt Express 911$250 - $1,250 22% APR -
$250 - $1,250
101580774400 goPeer$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
1001579478400 North’n Loans$100 - $1,500 - -
$100 - $1,500
1001579478400 MDGUp to $3,200 - -
Up to $3,200
1001579219200 Loan or Credit$100 - $25,000 +4.9% -
$100 - $25,000
1001576713600 Flexiti Financial- Up to 35% -
-
181576713600 Financeit$500 - $100,000 6.99% - 14.99% 12 - 240
$500 - $100,000
1001575590400 Climb1800- 2900 15.99% 23 - 36
1800- 2900
1001560124800 Fresh Start FinanceUp to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
1001551830400 Payday King$100 - $1,000 546% APR 14 days
$100 - $1,000
1001569974400 Private Loan Shop$500 - $50,000 15 - 30% -
$500 - $50,000
1001551398400 Money Provider$500 - $1,000 28% - 32% -
$500 - $1,000
1001551139200 Lendful$5,000 - $35,000 9.9%+ 6 - 60
$5,000 - $35,000
1001550534400 Health Smart Financial Services$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
1001550534400 Fina CapitaleUp to $50,000 14% - 34% Up to 60
Up to $50,000
1001550534400 DMO Credit$300 - $1,000 38% APR 3 - 4
$300 - $1,000
1001549411200 Capital Cash$100 - $1,000 546% APR 14 days
$100 - $1,000
1001567555200 Cash Depot$300 - $1,500 32% APR 3 - 5
$300 - $1,500
1001549238400 Credit 700$500 - $1,000 28% - 32% 4 - 5
$500 - $1,000
1001549238400 Credit2Go$250 - $1,000 29% APR 3 - 4
$250 - $1,000
201548720000 Ledn$500 - $1,000,000 7.9% 12
$500 - $1,000,000
11543622400 Fairstone FinancialUp to $50,000 19.99% - 39.99% 6 - 120
Up to $50,000
31545177600 LendingMate$2,000 – $10,000 34.9% - 43% 12 - 60
$2,000 – $10,000
1001545350400 LaminaUp to $1000 30% 3 - 5
Up to $1000
1001545350400 Loans SOSUp to $5,000 60% 6 - 60
Up to $5,000
1001545350400 514 LoansUp to $3,000 22% - 35% 3 - 4
Up to $3,000
1001545350400 LoanMeNow$500 - $1000+ 28%-32% 3
$500 - $1000+
1001545350400 Urgent Loans$300 - $1500 27% - 35% 3 - 4
$300 - $1500
61545264000 easyfinancial$500 - $100,000 Starting at 29.99% 9 - 84
$500 - $100,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
81669852800 Driven$500 - $300,000 - 2 - 24 months
$500 - $300,000
1001648512000 2M7 Financial Solutions$10,000 - $250,000 Varies 6-12
$10,000 - $250,000
1001620345600 TD Bank- - 12 - 60
-
1001611878400 Accord Financial$5,000 - $30,000,000 - Up to 18
$5,000 - $30,000,000
1001598918400 Loop- - -
-
1001592438400 Core Capital Group Inc- - -
-
1001585612800 BarterPay- 0.9% - 12% 6 months - 5 years
-
1001581984000 Clearbanc$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
1001581033600 GE Capital- - -
-
1001581033600 We Can Financial- - -
-
1001581033600 Wajax Equipment- - -
-
1001580947200 Key Equipment Financing- - -
-
1001580947200 Corl$10,000 - $1,000,000 - -
$10,000 - $1,000,000
1001580860800 Yellowhead Equipment Finance Ltd- - -
-
1001580860800 Specialty Truck Financing- - -
-
1001580860800 Travelers Financial- - -
-
1001580860800 Peel Financial- - -
-
1001580860800 Pioneer Financial Services$5,000 - $1,000,000 - -
$5,000 - $1,000,000
1001580860800 Polaris Leasing- - -
-
1001580860800 Patron West- - -
-
1001580860800 Payabilityup to $250,000 - -
up to $250,000
1001580860800 Planet Financial- - -
-
1001580688000 RiseUp to $10,000 - -
Up to $10,000
1001580256000 Merchant Growth$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
1001579478400 Onesta- - -
-
1001579478400 Lift Capital- - 12 - 120
-
1001579478400 Leaseline- - 24 to 60
-
1001579478400 Lease Direct- - -
-
1001579478400 John Deere- - -
-
1001579046400 Hitachi Capital Canada- - -
-
1001577059200 Export Development Canada- - -
-
1001577059200 Essex Lease Financial Corporation- - -
-
1001577059200 Equilease- - -
-
1001575849600 Alliance Financing Group LTD$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
1001575590400 CLE Capital- - -
-
1001575590400 Canada Equipment Loan- - -
-
11545955200 SharpShooter Funding$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - Up to 10 years
Up to $250,000
1001552262400 HSBC Bank Canada- - -
-
1001552262400 National BankUp to $1,000,000 - -
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - -
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - Up to 15 years
$10,000+
1001551830400 ScotiabankUp to $1,000,000 -   Up to 15 years
Up to $1,000,000
1001551830400 Bank of Montreal (BMO)Up to $500,000 - Up to 10 years
Up to $500,000
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
1001551398400 Money in Motion$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
1001551139200 Lease LinkUp to $75,000 - Up to 18
Up to $75,000
1001550534400 FundThrough$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
1001550534400 Econolease Financial Services Inc.$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
1001550534400 Easylease CorpUp to $5,000,000 4.5% 24 - 72
Up to $5,000,000
1001550534400 Capify$5,000 - $200,000 - -
$5,000 - $200,000
1001549411200 Canadian Equipment Finance$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
1001549411200 Capital Key$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
1001549238400 Cashbloom$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
1001548720000 BFS Capital$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
1001548720000 Baron Finance$10,000+ 18% - 22% -
$10,000+
1001548720000 B2B Bank$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
1001548633600 AOne Financial SolutionsUp to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
1001545264000 Lendified$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
1001545350400 IOU Financial$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
1001545177600 Lending Loop$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
1001561507200 Thinking CapitalUp to $300,000 - -
Up to $300,000
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
61624233600 Auto Credit DealsUp to $50,000 29.99% – 46.96% 12 - 96
Up to $50,000
1001600646400 Iceberg Finance$1,000-$7,500 12.99% - 29.99% 12 - 84
$1,000-$7,500
1001594339200 Alphera Financial Services- - -
-
1001581033600 WeFinanceCars- + 4.9% -
-
1001581033600 Walker Financial Services- - -
-
1001579478400 National Powersports Financing- - -
-
1001579478400 LMG Finance- - -
-
1001579478400 Loans2Go- - -
-
1001578873600 iA Auto Finance- +8.99% -
-
1001578873600 Gamache Group- - -
-
1001551830400 Royal Bank of Canada (RBC)$5,000 - $10,000 - up to 84
$5,000 - $10,000
1001552262400 Laurentian Bank of CanadaUp to $250,000 - 12 - 60
Up to $250,000
1001552262400 National BankUp to $1,000,000 - up to 96
Up to $1,000,000
1001551830400 DesjardinsUp to $100,000 - 6 - 96
Up to $100,000
1001551830400 Canadian Imperial Bank of Commerce (CIBC)$10,000+ - 12 - 96
$10,000+
1001551830400 ScotiabankUp to $1,000,000 - up to 96
Up to $1,000,000
1001577059200 Daimler Truck Financial- - up to 72
-
1001577059200 DealerPlan Financial- - -
-
1001575849600 Canada Auto Finance$5000 - $45,000 4.90 % - 29.95% APR 36 - 72
$5000 - $45,000
1001575849600 Credit River Capital Inc- - -
-
1001575590400 Capital Trust Financial- - -
-
1001575590400 Canadian Truck Loan- - -
-
1001575504000 Canada Car Loans- - -
-
21569974400 Car Loans Canada$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
1001562112000 Car Creditex- Up to 49.9% -
-
1001561507200 Auto Capital Canada- - -
-
1001561507200 Carfinco- - Up to 84
-
11560124800 Canada DrivesUp to $100,000 3.99% - 19.9% 24 -96
Up to $100,000
1001548720000 Approve Canada- - -
-
1001548633600 2nd Chance Automotive- 4.2%+ -
-
1001545177600 Carloans411$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
1001545177600 AutoArriba- - Maximum 84
-
ProviderLoan AmountRateTerm (Months)Rating
00 Up to $50,000Prime – 46.96%3 - 120
Up to $50,000
1001545264000 BHM FinancialUp to $25,000 - 12 - 60
Up to $25,000
ProviderLoan AmountRateTerm (Months)Rating
00 N/AN/AN/A
N/A
1001627344000 Peoples Bank- 1.94% - 2.45% 12 - 60
-
1001581033600 Mortgage Alliance- 2.74% - 6.30% 12 - 120
-
1001580947200 Paradigm- - -
-
1001580860800 Verico- - -
-
1001580860800 True North Mortgage- 2.64% - 4.45% 12 - 120
-
1001580860800 Tangerine$50,000+ 2.74% - 3.49% 12- 120
$50,000+
1001580860800 Turnedaway- - -
-
1001580860800 REICO- - -
-
1001579478400 Mortgage Architects- 2.74% - 3.70% 6 - 120
-
1001578873600 IntelliMortgage- - -
-
1001578873600 Invis- 2.69% - 3.95% 6 - 120
-
1001577059200 Equitable Bank$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
1001577059200 Dominion Lending Center- - -
-
1001577059200 First National Financial LP- 2.84% - 7.30% -
-
1001574985600 CMLS Financials$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
1001574899200 CHIP Reverse Mortgagemin 25,000 3.89.% - 4.84% 12 - 60
min 25,000
1001574899200 CanWise- 2.23% - 4.45% -
-
1001560124800 Centum- 2.89% - 3.79% -
-
1001548720000 Broker Financial Group Inc.- 2.41% - 3.84% -
-
ProviderServicesRating
00 Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation
N/A (Referrer)
1001576540800 BDO Credit Counselling, Bankruptcy, Consumer Proposal
1001576540800 Raymond Chabot Bankruptcy, Consumer Proposal
1001576540800 Full Circle Debt Solutions Inc Credit Counselling, Debt Management Program
1001576368000 Consolidated Credit Credit Counselling, Debt Management Program
1001576454400 4Pillars Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

The payday loan cycle is a serious obstacle that can affect many consumers. Nevertheless, these payday loans in Quebec are a common source of financing for a lot of residents in the province.

Payday loans are popular in Quebec because:

  • They offer fast, often same day approval, which is good if you’re experiencing a financial emergency or you don’t have a credit card
  • Your credit health is not a factor (no credit check is necessary)
  • Proof of 3 months stable income, an active chequing account, and your home address are the only real requirements for approval

Payday loans are dangerous because:

  • They come with extremely high-interest rates (sometimes 400-500% annual percentage rate), along with miscellaneous fees and penalties for defaulting
  • Despite their relatively small amounts (less than $2,000), these costs make them the most expensive credit products in Canada
  • You generally only have 14 days to repay the loan in full (the time until your next paycheck would arrive)
  • If you don’t manage to make the 14-day cut-off point, your combined penalties, interest and debt could lead you down a steep path to the payday loan cycle
  • Scammers and predatory lenders might use your need for fast cash as a way to commit fraud or identity theft, or to charge you ridiculous prices

The True Cost of BorrowingTake a look at this infographic to learn all about the true cost of borrowing.

Quebec Has Effectively Banned Payday Loans

Thankfully, the Quebec Government recently reduced its AIR (annual interest rate) limit to 35%. This has made it unprofitable and nearly impossible for payday loan lenders to operate legally within the province.

Having trouble understanding APR (annual percentage rate) and AIR? Click here.

Better Alternatives to Payday Loans In Quebec

Since payday loans in Quebec are now outlawed, if you’re looking for some relief from your debts, there are a few useful alternatives available all over the province, and some that we offer right here at Loans Canada. While your approval and interest rate for many of these options will depend on the health of your credit and finances, rest assured that when handled responsibly, they will likely be cheaper than the average payday loan.

Alternatives for Emergencies and General Expenses:

  • Installment Loans – A form of personal loan, these are meant to be paid back through equally divided payments (although you can sometimes negotiate with your lender to make advance payments, reducing your loan term). Like payday loans in Quebec , they can be used to finance almost any expense you can think of but will come with a far lower interest rate, saving you more money in the long run.
  • Credit Cards – As long as you don’t overuse them, credit cards are a simple, effective way to pay for the things you need. Just make all your payments on time and in full. If you can’t make full payments, at least try to remain above the designated minimum payment to avoid penalties.
  • Home Equity – There are several different ways of accessing your home equity, such as a HELOC or a second mortgage. You can then use your equity to cover your expenses. Be warned, however, that with a second mortgage, your home may be held as collateral and you’ll have 2 mortgage payments to deal with. If you fail to make your payments on time, you could be risking a foreclosure.
  • Car Title Loans You can also use your car or another vehicle as leverage to borrow cash, assuming you’ve paid it off in full. Again, be very careful with this option, as your vehicle’s title will be forfeit in the event that you default on your payments for too long.
  • Friends and Family – One of the simplest options of all, there’s no shame in asking the people you trust for a bit of financial aid!

Check out the difference between a payday and personal loan.

Alternatives for Serious Debt Issues:

  • Debt Consolidation Loans When your debts are reaching worrisome levels, the first step you can take is to apply for a debt consolidation loan through your lender. If approved, you will be borrowing one loan that’s large enough to eliminate most of your smaller debts, leaving you with a single payment to keep track of. However, these loans are not always easy to qualify for and not all types of debt will be covered, so ask your lender what you need to be approved. Will a debt consolidation loan look bad on your credit report? Find out here.
  • Credit CounsellingWhile it’s not specifically reserved for Quebecers in serious debt, credit counselling is another beneficial service that can help you when you’re struggling with your finances. Even if all you want is a bit of financial education, licensed credit counsellors can make a huge difference in your life.
  • Debt Management Programs The next step you can try, with the help of your credit counsellor, is a debt management program. If your debt level is becoming uncontrollable, they can reach out to your lenders in an effort to negotiate a payment plan that works for your finances. However, not all lenders will agree to these programs, so ask your counsellor if this is the right path for you.
  • Debt SettlementsAnother method you can try on your own or with your counsellor is a debt settlement between you and your lenders. If the agreement goes through, your total debt should be reduced, then consolidated with one large payment or several smaller ones. Want to know how a debt settlement affects your credit? Take a look.
  • Consumer ProposalsWhen your debt is so uncontrollable that no creditors will accept any other method of payments, you could try filing a consumer proposal. This is another instance where you may be able to settle your debt for less than you actually owe. However, in this case, you’ll have to work with a licensed insolvency trustee, who will draw up a legally binding contract between you and your lenders, where the terms are fair for both parties involved.
  • Personal Bankruptcies – This service should truly be reserved for Quebecers who have no chance of paying their debts within a reasonable timeframe. If you owe too much and you’re being pursued by debt collectors, it may be time to consider your last resort, declaring personal bankruptcy. Again with your insolvency trustee, you’ll be entering a court agreement that relieves you of your debts in exchange for your assets (home, car, valuable property, etc.), followed by several years worth of payments.

How to Break The Payday Loan CycleIt’s possible to break the payday loan cycle, check out this infographic to learn now.

Online Payday Loans In Quebec

While physical payday loan locations across Quebec no longer exist, you may still come across payday loan lenders who operate online. Be extremely careful, as this is one way that scammers and predatory lenders can still get their hooks into your finances. Since online sources are much harder to regulate, it’s difficult for the Canadian Government to get these websites shut down. And since payday loans are normally easy to get, many borrowers in desperate situations don’t consider the inherent risks before handing over their personal and banking information.

Watch this video to know how you can identify a loan scam.

Many legitimate payday loan lenders do have an online presence. That being said, if you’re determined to apply, always make sure to do extensive research into every lender’s background. If they seem to have a bad reputation, seemingly fake customer reviews, or their company doesn’t show up in the Better Business Bureau database, do not give them any information and walk away immediately.

Read this to know more about online payday loans in Quebec.

Frequently Asked Questions

Are payday loans banned in Quebec?

Payday loans are not explicitly banned in Quebec. However, the province does not offer any interest rate exemption to payday lenders as other provinces do. In fact, Quebec has an even stricter annual interest rate limit of 35% as opposed to the Canada-wide 60% limit. Such a rate wouldn’t work with the quick turnaround of payday loans. While the structure of a payday loan isn’t necessarily illegal or banned in Quebec, such a business model simply isn’t viable with that kind of rate.

What are the alternatives to payday loans in Quebec?

Credit cards are already significantly cheaper than payday loans for purchases and even when used for cash advances. If credit cards and traditional institutions are not an option due to poor credit, there are alternative lenders that can offer personal loans. These are typically offered as installment loans and can be repaid in small, manageable installments. Securing a loan by using a vehicle or home equity as collateral will also increase your chances of being approved. It can also get you approved for more funds or a lower interest rate.

Can I still apply for a loan even with bad credit?

While more difficult, it is entirely possible. Banks and major institutions typically won’t lend money to those with poor credit. This means that you’ll need to seek out alternative lending institutions. These alternatives generally do not rely on your credit history to make a decision. They will assess your creditworthiness by verifying your income and existing expenses and debts.

Payday Loan? No Thanks!

All this being said, you may still be wondering if a payday loan is the right way to go when it comes to your unique financial situation. Then again, maybe it’s better to go with a safer choice. That’s where Loans Canada can help. We can match you with an affordable payday loan alternative that can help you regain control of your finances.

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