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
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Updated On: May 30, 2025
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You may be familiar with a payday loan, but have you heard of a faxless payday loan? These types of short-term loans let you skip the paperwork and get access to cash quickly without faxing documents.
Read on to learn more about faxless payday loans and why they may be a great option if you need fast cash.
Key Points
A faxless payday loan is a quick, short-term loan that doesn’t require faxing documents.
Faxless payday loans allow for fast online approval and quick funding.
Consider the high cost and short repayment periods of faxless loans before applying.
What Is A Faxless Payday Loan?
A faxless payday loan is essentially the same thing as a traditional payday loan, except that the documentation required by the lender can be submitted electronically rather than having to be faxed.
Lenders can get the information they require within minutes, and approvals can even be given within a couple of hours. In some cases, repeat borrowers with the same payday lender can go straight to loan approval without having to re-submit their paperwork, since the lender will already have it all on file.
Features Of A Faxless Payday Loan
Loan Amount
Up to $1,500
Loan Term
By your next paycheque (up to 62 days )
Loan Cost
$14 per $100 borrowed (35% AIR in QC, YT, NU, NT)
Eligibility
-Be of the age of majority in your province -Be a Canadian citizen or a resident of Canada -Have a steady source of income -Have an active bank account
Application
-Applications can be completed online without any in-person visits -Documents proving identity, income and/or employment can be submitted online
Funding Method
Usually, direct deposit or e-transfer
What’s The Purpose Of Faxless Payday Loans?
Faxless payday loans are designed to make it very easy for borrowers to apply and get approved for these short-term loans. The process is simple and fast since you don’t have to go through the hassle of faxing documentation.
With all the technological advancements, faxing documents is no longer an option for many payday lenders.
Magical Credit is an online lender that offers two types of loan products; Magical Cash Loans and Magical Installment Loans. Borrowers can access up to $1,500 with the Magical Cash Loan and up to $20,000 with the Magical Installment Loan. Magical Credit specializes in bad credit loans, so qualifying with them may be easier compared to traditional banks. Moreover, they accept various government subsidies as income for their Magical Cash Loan, providing greater accessibility to those in need.
Available in seven provinces, iCash is an online source of fast, small loans that can be used for any emergency. Approved applications are processed within the same day and no documentation is required before the transfer of your funds. You can borrow up to $1,500 with iCash. Every time you pay the loan back following the agreed-upon deadline, you become a more reputable borrower. The increased trust allows you to borrow more each time. iCash uses a Trust Rating System, an algorithmic function that determines your merit as a borrower.
AimFinance is a financial service that provides small personal loans up to $1,000 to borrowers in Ontario and BC. The online application process is quick and easy, and funding is provided in as little as 24 hours. Loan terms range from 9 to 24 months, with interest rates ranging from 29% to 35%. AimFinance focuses on helping bad credit borrowers access credit without the need to undergo a credit check. So, if you have bad credit, you’re still eligible to apply.
GoLoans is a Canadian financial services company that offers online installment loans. The online application process can be completed in a few minutes, with funding available in as little as 2 hours or less after approval. GoLoans does not require credit checks and aims to help borrowers build their credit scores with timely payments. Repayment terms are flexible and range from 91 to 120 days or longer, depending on your needs. This flexibility makes GoLoans a convenient financial solution when you need fast cash and easy repayment terms.
LoanMeNow offers Canadian consumers quick access to the cash they need. They offer loans up to $1,000 with no credit check required. Funds are deposited directly into your bank account within as little as 24 hours. A short-term loan from LoansMeNow can help you cover the cost of an unexpected expense or tide you over until your next paycheque. Whatever your financial needs are, LoanMeNow’s quick approval time means you’ll be able to get back on track as soon as possible.
Venue Financial is a financial services company that offers short-term lending solutions online and in person to consumers in British Columbia (BC). The application and approval process is quick and easy, with funding available via e-transfer shortly after approval. All income types are accepted, and flexible repayment terms make repayments manageable for borrowers. No credit check is required, making Venue Financial a suitable option for bad credit borrowers or those with no credit history.
Wagepay is an online financial services platform that provides early payday advances, allowing consumers to access some of their upcoming paycheques before payday. The sign-up process takes just a few minutes, with up to $1,500 made available shortly after approval. No credit check is required, making it a great option for bad credit borrowers in need of cash but can't wait for their next paycheque to come in.
Cash Money has been helping Canadians access easy and quick loans for more than 30 years. They offer payday loans, personal loans, and line of credit loans from $1,500 to $10,000. User will enjoy their simple online application, personalized options, and same-day funding. Whether you need to cover an emergency expense or simply need to make it to your next payday, Cash Money can a variety of options to meet your needs.
Cashco Financial is a Canadian financial services company that offers short- and long-term loan options. Payday loans for up to $1,500 are available with no credit checks and instant approvals. Flex loans are available for up to $7,000 with loan terms of up to 60 months and flexible repayment options. Cashco is known for providing same-day funding, ensuring you have access to the money you need quickly.
Captain Cash specializes in providing quick online cash loans to consumers of all credit types. You can get up to $750 and repay your loan over a term as long as 3 months or more. Same-day approvals are available when you apply during business hours and funds are sent via email money transfer. If you have bad credit, you’re still encouraged to apply, as no credit check is required.
GoDay is an online payday loan lender that offers small, short-term loans up to $1,500. The application process is very quick and can be completed in as little as 5 minutes. You'll receive an instant decision once you submit your application, and funding can be accessible in as little as 1 hour. Their goal is to help Canadians in need of short-term financing access quick funds to cover last-minute expenses without the hurdles that typically come with traditional lending.
Cash4You is a financial services company that offers payday loans and installment loans. Payday loans are available for up to $1,500, and installment loans are available for up to $15,000. Cash4You provides an easy and efficient application process, which can be done either online or in-store. Loan applications can be approved very quickly and funding provided shortly after. Cash4You caters to consumers with varying credit scores, so bad credit borrowers may apply.
Pay2Day is an online payday lender in Canada that offers small, short-term payday loans for up to $1,500. The company has over 30 locations across Canada, giving borrowers the option to apply either in-person or online. Loan applications and approvals are available 24/7, with funding available in as little as 1 to 2 hours via e-transfer. No credit checks are required, making payday loans from Pay2Day accessible to bad credit borrowers. Pay2Day aims to make financial solutions more accessible, quick, and convenient for Canadians in need of fast cash but who don't have the credentials to secure a traditional loan.
My Canada Payday is a licensed payday lender specializing in short-term loans with fast approval and no credit checks, making them an ideal option for bad credit borrowers with urgent financial needs. Loans are available from $100 to $1,500, with funds available via e-transfer in as little as 15 minutes after approval.
Speedy Cash is a financial services company in Canada that provides payday loans both online and in person. Loan amounts are available from $200 to $1,500, based on income. The application and approval process is straightforward, and no credit check is required. Once approved, you can receive the funds as quickly as 30 minutes later via e-transfer.
Loan Express is an online lender that provides payday loans up to $1,500 with high approval rates and e-transfers available in as little as 2 minutes. Loan Express specializes in making small loans accessible to consumers with various credit backgrounds, including those with bad credit. If you're not employed and are collecting a pension or government benefits, you may still be eligible for a small, short-term payday loan from Loan Express. The simple and straightforward online application process makes Loan Express a viable option for those who need immediate financial relief.
Instant Payday Canada is an online payday lender in Canada that provides small, short-term loans for up to $1,500. Funds can be made available in as little as 15 minutes after approval, which is ideal in cases where fast cash is required to cover a pressing expense.
What Do You Need To Be Eligible For A Faxless Payday Loan?
To qualify for a faxless payday loan, you’ll need to meet the following criteria:
Be a Canadian citizen or a resident of Canada
Be the age of majority in your province or territory
Reside in the province or territory where the lender works
Have an active phone number and email address
Have an active bank account with recent banking history
Have a steady income
How To Apply For A Faxless Payday Loan
To apply for a faxless payday loan, follow these steps:
Step 1: Find A Faxless Payday Loan Lender
Use an online loan aggregator to find faxless payday lenders and compare their offers, including their interest rates and terms, based on your personal and financial information. You can easily and quickly find these lenders with the help of Loans Canada.
Step 2: Apply For The Faxless Payday Loan
Once you’ve chosen a specific faxless payday lender, visit their website and apply online. You’ll need to provide the requested personal and financial information and upload any required documents.
Personal information may include the following:
Full name
Birth date
Contact information
Social Insurance Number (SIN)
Address
Financial information may include the following:
Income
Employer
Employment status
Salary
Next payday
The lender may require you to upload your pay stubs, bank statements and other documents to verify your income, debt, and assess your overall financial health.
Instant Bank Verification (IBV) Many faxless payday lenders use instant bank verification to quickly access a borrower’s financial information without requiring any documentation. This allows for quick approvals by securely verifying income and identity. Learn more: What Is Instant Bank Verification?
Step 3: Receive Loan Approval
Within a few minutes following loan application submission, you should receive pre-approval if all your financial and personal information meets the lender’s requirements. Once the lender verifies your information, you should receive a loan approval and contract to sign.
Step 4: Receive Your Funds
After signing the loan contract following loan approval, you’ll receive your funds within a few minutes if sent via e-Transfer, or within the same day (or next business day if applying after business hours) if the funds are sent via direct deposit.
Benefits Of A Faxless Payday Loan
There are several perks of applying for a faxless payday loan:
No Fax Required
Years ago, you would have been required to have access to a fax machine to both send and receive documents when applying for a payday loan remotely. No physical papers are necessary to apply for a faxless payday loan. Instead, everything is done online.
All you need is access to a computer or mobile device to apply for a loan and submit all required documents.
Quick Application And Fast Funding
The entire application process can be done within minutes and from wherever you happen to be, as long as you have an internet connection.
You can get access to the borrowed funds shortly after loan approval. The funds will be deposited directly into your account or via e-transfer, so there’s no need to visit a storefront to pick up a cheque.
Easy Approval Criteria
A faxless payday loan is essentially a regular payday loan that you apply for online. Like a regular payday loan, there are generally no credit checks, which makes them a great option for bad credit borrowers. Moreover, depending on the payday lender, you may not need a job to qualify, so long as you have some source of income, including certain government benefits.
Secure
Legitimate payday lenders use robust encryption security measures to ensure all your information is fully protected. Plus, many use IBV services to quickly and securely verify your income and identity.
Risks Of Faxless Payday Loans
While there are plenty of benefits to faxless payday loans, there are a few drawbacks to consider:
High Interest
The interest rates that are charged are typically exorbitant, making payday loans very difficult to repay the original loan amount plus the added amount in interest.
Automatic Withdrawals
Your payday lender will automatically withdraw your payments once they’re due. You’ll need to make sure you have enough money in your account to cover these payments. If not, your loan payments may be considered missed, and you could be charged an NSF fee from your bank and lender.
No In-Person Interaction
If you’re the type who prefers to have some face-to-face dealings with a lender, especially when it comes to submitting sensitive personal information or obtaining your loaned funds, a faxless payday loan may not be suitable for you.
Alternatives To Faxless Payday Loans
Faxless payday loans may be easy to qualify for and can provide you with much-needed funds very quickly, but they can also be very expensive and difficult to repay with such short payment terms. There are other options available if you need fast cash to consider before applying for a faxless payday loan, including the following:
Personal Loans
Rather than having to repay the entire loan amount in one lump sum in a short time period as is the case with a payday loan, a personal installment loan allows the loan to be paid off in regular installments over an extended period of time. In addition, the interest rates are not nearly as high as payday loans. This makes a personal loan much easier to pay off.
Personal Line Of Credit
Many online lenders in Canada offer personal lines of credit, which work somewhat like a credit card. With a line of credit, you can borrow up to a specific limit and pay interest only on the amount withdrawn. Once you repay the borrowed funds, you can continue to borrow from your line of credit over and over again and make repayments according to your contract.
This is a good alternative to a faxless payday loan because there are no stringent repayment dates to adhere to.
If you have a credit card, you may be able to access cash from your account, as long as your withdrawals don’t exceed your credit limit. If you don’t repay the funds withdrawn by the next payment due date and carry a balance month over month, you’ll pay interest on the outstanding amount.
Keep in mind that credit card cash advance rates are very high, typically between the 22.99% to 24.99% mark. Further, interest on credit card cash advances starts to accrue right away, so you’ll start paying interest immediately following your advance. For this reason, you’ll want to pay off your balance as quickly as possible to avoid continued interest charges.
How Much Do Faxless Payday Loans Cost?
In Canada, payday lenders cannot charge any more than $14 per $100 borrowed. In Quebec, lenders who provide high-cost credit products cannot charge any more than 35% AIR on loans. While the Criminal Code sets the framework for interest rates across the country, provincial governments regulate payday lenders in their provinces.
Other fees may also be involved with faxless payday loans, including the following:
Fee For Dishonored Cheque/Pre-Authorized Debit: When the lender tries to cash your cheque or accept a pre-authorized debit for loan repayment that doesn’t go through, the lender may charge you a fee of up to $20.
Non-Sufficient Funds (NSF) Fees: If you don’t have enough money in your bank account when the lender withdraws your payment, you may be charged an NSF fee by your financial institution.
Example: To help you visualize how much a faxless payday loan may cost you, let’s assume you’re borrowing $500 with a 14-day repayment term. In this case, your total loan cost would be $570, given the rate of $14 per $100 borrowed.
Many Canadians find themselves needing fast cash to cover last-minute expenses and sometimes turn to payday loans to obtain the money they require. Faxless payday loans make the application and approval process simple and convenient. They don’t require any documentation to be faxed or presented in person.
However, as easy as these types of loans are, borrowers need to be aware that they can be extremely expensive and very difficult to pay back in such a short amount of time.Before you take out this type of loan – or any other type of loan – be sure to do your due diligence and make a sound decision that’s best for you.
Same Day E-Transfer Payday Loans Canada FAQs
Can you get a no credit check faxless payday loan?
Yes, you can get a faxless payday loan without the need to have your credit score checked. Some lenders offer “no credit check” payday loans, which means you don’t need good credit or any credit at all to get approved. As long as your income and employment status checks out, you should have little issue getting approved for this type of short-term loan.
Can you get a faxless payday loan with bad credit?
As noted earlier, payday lenders don’t typically require a credit check. Further, they also tend to offer loans to bad credit borrowers. Or, you can still get approved despite having a bad credit score.
How do I receive payment from a faxless payday loan?
Funds from a faxless payday loan are typically sent electronically, either through direct deposit to your bank account or via Interac e-Transfer.
Are faxless payday loans worth it?
Faxless payday loans are certainly very convenient and can get you the money you need right away, but they come with the cost of soaring interest rates that can make these types of loans very expensive.
Can a faxless payday loan help me build credit?
No, faxless payday loans typically do not help build credit, as payday lenders don’t report payments to credit bureaus. That means on-time payments won’t help you build credit. However, missing payments can hurt your credit score if the lender hands your unpaid debt over to a collection agency, which will be reported.
Can I get a 3-month payday loan in Canada?
No, you cannot get a 3-month payday loan in Canada. Payday loans come with a maximum repayment term of 62 days. So, if you’re looking for a 3-month loan, you will need to consider other options, such as a personal loan or line of credit.
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.
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