As the prices of essential goods and services in the country continue to rise, it’s becoming a lot harder to fit every bill and expense into your monthly salary, especially if it’s too small in the first place.
In case you find yourself short of money during payday, searching for the best payday loans in Toronto can be a huge help. Worry no more though, because we’re here to share the most reliable loan providers in the entire Greater Toronto Area.
Before we start, let’s go over the true cost of getting a payday loan in Canada. We’ve also answered a few questions about payday loans, which you’ll see near the end of this article.
The Real Cost of Payday Loans in Toronto
The majority of loan providers in Toronto don’t need to do a background check on your credit score. As long as you’re aged 18 and above with a job and a bank account, you’re eligible to apply for a payday loan.
According to the loan providers we talked to, most people apply for a payday loan to cover groceries, utility bills, monthly rent, and medications.
However, if you don’t have a job, there’s a huge chance that your loan application will be rejected. Some loan providers lend as long as you can provide a source of guaranteed income, even if it’s a proof of social assistance.
Lenders will usually loan up to 60% of your monthly salary. The common rule is that you have to pay it back on your next payday, including the interest and administration fees.
Speaking of interest rates, it’s worth noting that almost all payday loans come with ridiculously high interest rates. It may be a source of easy money for a lot of people, but it comes with consequences.
For example, depending on the loan company you’re dealing with, the interest per every $100 borrowed typically ranges from $16 to $25. On top of that, other fees that may apply may be between 15% to 30% of the total amount borrowed.
This is where the tricky part of payday loans come into play. Now that you have the money, you have to pay everything back in less than two to three weeks.
After paying the loan on top of the interest rates and other fees, you’ll likely end up broke again because of the unforgiving fees, which means that you have to take out another loan.
The Best Payday Loans in Toronto
Anyway, now that you’re aware of the trust cost of applying for a payday loan in Toronto, it’s time to go over which lenders are worth considering.
As with any type of loan, payday loans are no joke, so you have to take your time in choosing a lender that will make things easier for you.
|SERVICES||Payday loans, online loans, cheque cashing, and prepaid cards|
|INTEREST RATE||$15 for every $100 borrowed|
|ADDRESS||622 Yonge St, Toronto, ON M4Y 1Z8, Canada|
|CONTACT DETAILS||647-748-7729 |
|OPERATING HOURS||Monday to Friday: 7:00 AM – 11:00 PM |
Saturday to Sunday: 9:00 AM – 6:00 PM
With a near-perfect rating of 4.9 out of 5 on Google Reviews, PAY2DAY stands as one of the best reviewed lending companies in Toronto, which says a lot about the quality of its services and how it treats its customers.
PAY2DAY is a fully licensed payday lender with more than 30 locations scattered all over Canada, making it one of the most accessible lending companies in our list.
However, you may not need to personally drop by any of its branches because all payday loan applications can be done online. Its application processing runs for 24 hours, so you can even be approved in less than a day, even during weekends.
Another thing we like about PAY2DAY is the fast and paperless transactions. Once approved, the loan will be wired to your bank account in as fast as two hours, with no papers needed to sign.
PAY2DAY’s interest rate is well within the national average as well, costing about $15 for every $100 borrowed. Customers can borrow as much as $1,500, depending on their monthly salary.
Lastly, it doesn’t pressure its customers with strict payment terms. In fact, it’s one of the few payday lenders in the area with flexible repayment options.
Take a look at these reviews shared on Google Reviews:
“One of “the most understanding establishments. They’re always quick with their responses and super friendly service. I had the pleasure of having Michelle for most of my interactions and her customer service skills are extraordinary! If you’re ever in a pickle this should be your first stop. With staff member’s like Michelle you’ll feel right at home.” -Deion Harrison
“I am taking this time to appreciate the professional staff at Pay2Day. Jessica helped me through a situation with a professional attitude, and a real care and integrity for the loan details. There are a lot of companies that loan, but in these times it is nice to have a compassionate, flexible, professionalism in the manner they comfort themselves. It is always a great experience at this company when I need to reach out for a little help.” -Michael
2. Cash Payday
|SERVICES||Payday loans, cheque cashing, cash for gold, bill payments, income tax services, tax refunds, and Western Union money transfer|
|INTEREST RATE||Call their hotline for more details|
|ADDRESS||2296 Eglinton Ave E, Scarborough, ON M1K 2M2, Canada|
|CONTACT DETAILS||416-750-0101 |
|OPERATING HOURS||Monday to Friday: 9:00 AM – 8:00 PM |
Saturday: 10:00 AM – 7:00 PM
Another trusted source of payday loans in Toronto is Cash Payday. It earns a spot on our list for three main reasons.
First, it’s extremely easy to qualify for its payday loans. As long as you’re at least 18 years old, have an active bank account, and a contact number, your application is as good as approved.
Second, it’s known for having some of the most competitive rates for a lending company, which explains why almost every customer has only positive comments about its services. It even has a perfect 5 out of 5 rating on Google Reviews.
Finally, everything moves at the speed of light at Cash Payday, from the application process down to the wiring the loan to your account. You can get approved in less than a day and receive your money within two to three hours.
Cash Payday’s services don’t end in short-term loans. It can also help in a number of tax services, settle your bills on your behalf, and transfer money using Western Union.
Lime Florento shared her experience with Cash Payday:
“I highly recommend this place. The staff Dan and Glenda are very professional and very friendly. I’ve been using this location for several years now and have no regrets. Thanks guys for always helping me , from cashing cheques to Western Union transfers and other stuff.”
Here’s what another customer named John Weller had to say:
“I have been dealing with this company for a year or so now. They are EXTREMELY friendly and helpful, and Dan is always ready to help and answer any questions I have. As a paid day loan company, they are so easy and so fair. I would recommend them to anyone look to use a payday loan service.”
3. MyCanada Payday
|SERVICES||Payday loans and cash advance|
|INTEREST RATE||$15 for every $100 borrowed|
|CONTACT DETAILS||Phone: 604-630-4783|
Email: [email protected]
|OPERATING HOURS||Monday to Friday: 5:00 AM – 8:00 PM|
Saturday to Sunday: 9:00 AM – 5:00 PM
My Canada Payday Loans is a Canadian-owned and operated business, with several strategic locations around major provinces. They are fully licensed and are best known for issuing loans easily and swiftly.
What makes their service unique is that you can get approved for a loan in as little as 30 minutes. You can even apply for a loan completely online with a form that only takes 5 minutes to complete without needing to fax any documents.
Once you’re an existing customer of My Canada Payday, your loans can be approved even faster via Interac Email transfer. If you have your automatic deposit activated on your bank account, you can relieve your loan in just a few minutes after submitting your application.
Even if you have a bad credit history, you can take a loan easily with My Canada Payday. They have 24/7 automated loan systems that can issue a loan no matter what time of the day, although the speed of receiving the deposit may also depend on the bank you use.
You can borrow up to $1500 with My Canada Payday but no more than half of your paycheck. However, but you’ll need to clear your current loan balance before you can take out another loan or increase the loan amount.
In Ontario, the cost to borrow is $15 per $100 borrowed. So if you take out a $500 loan on a 2-week payment term, the total cost amount you would then owe is $575 and an APR of 391.07%.
If you’re looking for an easy way to get a loan completely online, then look no further than MyCanada Payday, which makes them one of our top picks for loans in the province.
4. Mr. Payday
|SERVICES||Payday loans and cash advance|
|INTEREST RATE||Click here to calculate your loan’s interest rate|
|ADDRESS||2 Bloor St W Suite 700, Toronto, ON M4W 3R1, Canada|
|OPERATING HOURS||Monday to Friday: 1:00 PM – 9:00 PM |
Saturday: 2:00 PM – 7:00 PM
Established in 2002, Mr. Payday has grown into one of the most trusted moneylending companies in Toronto. It currently services a broad range of areas, including Vancouver, Surrey, Victoria, Abbotsford, Ottawa, Kingston, Hamilton, and more.
If there’s one thing that Mr. Payday can promise its customers, it’d have to be convenience. There’s no need to personally visit any of its branches to apply, as applications can be done and approved online.
Another reason it’s our top pick in terms of convenience is how fast it approves applications and transfers the money. It usually takes around 30 minutes to approve loan applications during business hours, faster than most lending companies.
To make it better, successful applicants can receive their funds in as fast as 30 minutes, making it the perfect option for those who need extra money as soon as possible.
In terms of customer service, Mr. Payday also doesn’t fall short. It has a dedicated team always willing to answer queries and concerns during business hours.
For how fast it approves applications and sends money, Mr. Payday is highly recommended to individuals who can’t wait for a day or two to receive their money.
Here are some reviews posted online:
“Mr Pay Day is the BEST place for a loan, I’ve never had such great service before! They let me reborrow the same day my payment comes out, other places make you wait up to a week! It’s so easy and convenient! I LOVE this company!” -Victoria Hiscock
“I’ve been using Mr Payday off and on for the past 3 years. They have always been quick and courteous with no hassle. They also have lower interest rates. I usually submit online and it doesn’t take long to receive your money. Great service, keep it up” -Don Trudel
5. It’s Payday
|SERVICES||Payday loans and installment loans|
|INTEREST RATE||$14 for every $100 borrowed|
|ADDRESS||1250 Bloor St W, Toronto, ON M6H 1N5, Canada|
|OPERATING HOURS||Monday to Wednesday: 10:00 AM – 7:00 PM|
Thursday to Friday: 9:30 AM – 7:00 PM
Saturday: 10:00 AM – 4:00 PM
One thing we like about It’s Payday is that it doesn’t make customers with bad credit feel bad. It’s open to reviewing applications of all customers, even those who don’t have the most appealing credit score
That said, if you’re looking for a source of the best payday loans in Toronto that wouldn’t care too much about your credit history. However, don’t expect that your application loan is automatically approved, as there are factors to be considered, of course.
As with most of our picks, it’s extremely convenient to apply for a payday loan at It’s Payday. All you have to do is go to its website, answer the application form, and submit all the necessary requirements.
You can borrow as much as $1,500 per payday, with an interest of $14 per $100 borrowed. It’s a slightly lower interest rate compared to the national average of $15 to $16 per $100 borrowed – after all, every dollar off helps.
Another notable characteristic of It’s Payday is its fast approval process. You can expect to hear the results of your application after 10 to 20 minutes, and if approved, may receive the money in less than 15 minutes.
Mia Velez shared this comment about It’s Payday:
“I like It’s Payday Inc. because they don’t make you feel bad about bad credit or anything like that. Their staff are very professional and very helpful. Re-loans are fast and with no complications. Thank you for your help.”
Tyler Ob, a previous customer, posted this on Google Reviews:
“I have recently switched to Its Pay Day Inc. and I must say I’m very pleased with their services. It is quick and affordable. I currently have tried their car title loans and payday loans, both of them are great when you’re short on cash. Thanks!”
6. Cash 4 You
|SERVICES||Payday loans, installment loans, cheque cashing, and Western Union transfers|
|INTEREST RATE||Call their hotline for more details|
|ADDRESS||2763 Danforth Ave Unit 3, Toronto, ON M4C 1L8, Canada|
|OPERATING HOURS||Monday to Friday: 9:00 AM – 8:00 PM|
Saturday: 10:00 AM – 6:00 PM
With more than 100 branches nationwide, Cash 4 You is definitely the most accessible lending company in Canada. Most of its branches even operate until late at night, allowing customers with emergency needs to apply for a loan.
Its payday loan requirements are just like any other lender’s: must be at least 18 years old, must be employed with a net pay of $250 per day, and must have an active bank account.
What makes it stand out, though, is that it’s possible to borrow more than $1,500, which is the common limit among these lenders.
If you need more than a thousand bucks as soon as possible, then you’d be advised to apply for the installment loan, which works just like a payday loan. The maximum loan amount for this is $15,000.
Cash 4 You doesn’t trick its customers with hidden charges and penalties, which can’t be said for all money lenders in Toronto. All you have to pay on top of your loan is the interest rate and nothing more.
It’s been around for more than 20 years now, and so far, most of its customers only have positive things to say about their experience with them. That’s always a good sign, as far as we’re concerned.
Here’s what past customers had to say about Cash 4 You:
“Went to the store and was served by a gentleman named Krunal. He was very friendly, professional and courteous with us. He assisted us with our financial loan inquiry making sure to provide us with the proper information and support. Krunal demonstrates what excellent customer service should be going the extra mile and is more than happy to do so. This gentleman deserves a raise/promotion!” -Monica Hernandez
“Totally amazing service from this location!!!! Noah Was super helpful, patient, and understanding!!! Never had I seen this level of professionalism and awesome customer service! I highly recommend a promotion for Noah!! Superb job !!! way to go! Keep up the great work! I will definitely be back If needed! and will recommend this location at Dawes and Danforth!!! Thanks Noah!!! All the best!!!” -Daniel Smith
7. Xcash Money Solutions
Home Equity Loans
Car Title Loans
Car Repair Loans
Loan For Gold
|INTEREST RATE||Contact Xcash for more details.|
|ADDRESS||3768 Bathurst St, Suite 206 Toronto, Ontario M3H 3M7, Canada|
|OPERATING HOURS||Monday – Friday: 9am–6pm|
Xcash Money Solutions provides quick fixes when it comes to financial problems. They offer both unsecured and secured types of loaning, one of which is their payday advancement for workers.
Aside from payday loans, they also have a multitude of other types under personal loans, equity loans, and even ones for caregiving and gold.
What makes Xcash a very reliable company for loans like payday, is that they’re very transparent when it comes to conditions and contracts. All terms are explicitly stated and explained beforehand, as they ensure that each of their clients understand everything before pushing through the agreement.
They uphold a customer-first policy, and ensure that your experience with them, no matter how short or how long, is smooth and stress-free.
You can simply apply through Xcash’s website, or contact them through phone or email. They will be able to process it in a matter of days, so don’t worry about waiting too long.
Read some of the feedback left for Xcash Money Solutions:
“I would strongly recommend this firm to anyone looking for options regarding their personal financial difficulties. I have a great experienced, all the staff are very helpful, accomodating and knowledgeable about their business. I am very satisfied and now stress-free.
Thank you once again for the help☺️.”
“Professional staff and easy to deal with when it comes to emergency needs…
been with this company since they just started business which until now still exist…”
FAQs about Payday Loans
And with that, we conclude our list of the best payday loans in Toronto. If you’ve been in contact with any of these lenders in the past, share with us your experience with them.
By the way, if you know other trusted payday lenders that others should check out, don’t hesitate to share their names with us. If we find them worthy, we’ll definitely add them here.