Weekend Payday Loans In Canada

Weekend Payday Loans In Canada

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated January 3, 2022

Financial emergencies always seem to happen at the worst times. So, if you’re in dire need of fast cash outside of typical business hours, where can you go? 

Can You Get A Payday Loan On The Weekend?

While payday loans are becoming more scarce in Canada, there are still plenty of lenders in most provinces and territories that accept weekend patrons. These sources can be found at physical store locations, as well as online. In fact, applying for a weekend payday loan online is even easier because e-transfers can be made 24/7. 

Where Can You Apply For A Weekend Payday Loan in Canada?

Every payday lender has different depositing methods, funding times and business hours. For instance, here’s how some of the more popular weekend payday lenders in Canada operate when you request to borrow a payday loan by Interac e-Transfer:  

Lender Funding Time Opening Hours
As little as 15 minutes– 24/7 Online
– Weekend store times vary by location
More Information
As little as 2 minutes9 am – 5 pm on weekends & holidays More Information
Immediately24/7 Online More Information
As little as 2 minutes– 24/7 Online
– 7 am to midnight on Saturdays & Sundays
More Information
As little as 60 minutes– 24/7 Online
– Weekend store times vary by location
More Information
As little as 60 minutes– 24/7 Online
– 10 am – 6 pm on Saturdays
– Closed on Sundays
More Information
Note: Payday loans are extremely expensive and can lead to a cycle of debt if you’re unable to repay the full amount borrowed. To Learn about the payday loan laws in your province, click here.

How Do You Apply For A Weekend Payday Loan? 

Weekend payday loan approval requirements vary according to the lender you apply with. For example, GoPay loans are available to applicants in 8 out of 10 provinces, whereas Cash 4 You is only for Ontario residents. Additionally, while all regions require you to be over the majority age to apply, that age is 18 in some areas and 19 in others.

What Are The General Requirements To Get A Weekend Payday Loan?

That said, there are a few basic requirements that you’ll need to meet if you want to apply for a weekend payday loan in-store or online in Canada, including but not limited to:

  • Be at least the age of majority in your province or territory
  • Be a Canadian citizen or permanent resident
  • Have a phone number where you can be reached during business hours
  • Have a steady source of income (job, government benefit payments, etc.)
  • Have a bank account with e-transfer capability (mostly for online loans) 

When filling in your application, you may also have to present the following documents:

  • Proof of identity (government photo ID, like a passport or driver’s license)
  • Proof of residency (utility bill or other document displaying your address)
  • Proof of income (your most recent bank statements, paychecks, etc.)

Advantages & Disadvantages Of Weekend Payday Loans In Canada

Although a weekend payday loan can be a viable solution to your financial problems in the worst of times, they do have some risks, so check out this list before you apply:

Advantages Of A Weekend Payday Loan

  • Versatility – Most weekend payday loans are deposited directly into your bank account as lump sums of liquid cash and can be used to pay any expense.
  • Any Credit Accepted – Even if you have bad credit or no credit, it won’t be hard to find a weekend payday lender that will approve you (if all other criteria are met).
  • Online Availability – Most lenders also allow you to apply for a weekend payday loan entirely online
  • e-Transfer Options – When you apply online, e-transfers allow you to receive your weekend payday loan quickly and conveniently, from almost any location.

Disadvantages Of A Weekend Payday Loan

  • High Costs – Payday loans come with really high-interest rates and fees, which is the number one reason why you should always consider all other options first.
  • Interest Rates Vary By Province/Territory – Some regions have much higher maximum rates than others (ex: up to $60 per $100 borrowed in all territories).
  • Small Loans & Short Terms – Depending on where you apply, you may only be able to borrow up to $1,500 and repayment terms are usually 2-weeks at most.
  • Scamming – Sadly, there are many predatory lenders and scam artists lurking in the world of payday loans, which can lead to illegal rates, theft and identity fraud. 

Things To Consider When Applying For A Weekend Payday Loan

Whether you apply on the weekend or not, it’s clear that payday loans come with some serious considerations. So, before you take the next step, make sure to think about:

  • If You Can Comfortably Afford It – Don’t forget, all weekend payday loans have extremely high service fees and interest rates of around 300% – 600% APR.
  • Repayment & Late Penalties – If you can’t pay back your weekend payday loan within 14 days, you may be subject to late fees, extra interest, and even debt problems.    
  • Underwriting – It’s also essential to read your weekend payday loan contract properly, as there may be suspicious fees and conditions hidden in the fine print.     
  • Funding Times – Payday loans have short funding times but it can take several hours or days to get your cash if you try to apply online outside business hours.
  • Finding A Reputable Lender – Always pick a regulated payday lender with good reviews, a valid license, and an A+ rating from the Better Business Bureau (BBB).
  • Checking the Interest Rates in Your Area – You should also remember to look up the maximum borrowing rate for payday lenders in your province or territory.
ProvinceMaximum Cost per $100Total To Pay BackMissed Payment Penalty (assuming a $40 penalty)Total Cost After Penalty 
British Columbia $15$575$615$707.25
Alberta $15$575$615$707.25
New Brunswick $15$575$615$707.25
Saskatchewan $17$585$625$731.25
Manitoba $17$585$625$731.25
Nova Scotia $19$595$635$755.65
Newfoundland and Labrador $21$605$645$780.45
Prince Edward Island$25$625$665$831.25

Weekend Payday Loan FAQs

How much cash can I get with a weekend payday loan?

Most payday loans in Canada are anywhere from $100 to $1,500. If that’s not enough to cover your expenses, some weekend payday lenders offer larger installment loans too.  

Can I get a payday loan on Saturday or Sunday?

It depends where you shop for it since every weekend payday loan lender has different hours. For example, Cash 4 You stores are normally closed on Sundays but you might be able to submit your application online and get your loan that day or the following day.   

Can I get a weekend payday loan with no bank account?

If you apply for your weekend payday loan online, you’ll need a bank account so the lender can transfer the money to you and withdraw payment on the due date (most payday loans are repaid in a single sum, plus interest and fees). However, some in-store locations may be more flexible, as long as they have a way to communicate with you and obtain your payment.

Thinking About Getting A Weekend Payday Loan In Canada?

If you’re determined to take on a weekend payday loan, it’s really important to prepare yourself so you can pay everything you owe on time and avoid any financial problems. While payday loans can be useful in emergencies, they also have significant risks, so you should only apply for one if you have no other choice and find a trustworthy lender.                       

Rating of 5/5 based on 1 vote.

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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