Are you in need of quick cash and looking for the best online payday loans with instant approval? Look no further! I have researched and compiled a list of the 10 best payday loan providers to help you get the funds you need quickly.
Our list features payday lenders that offer fast and easy application processes, competitive interest rates, and flexible repayment options. With instant approval, you can get the money you need without the long wait times or complicated paperwork.
So whether you’re dealing with unexpected expenses, a temporary cash shortfall, or just need some extra cash to get you through to your next paycheck, our list of the 10 best payday loans with online instant approval has got you covered.
Don’t let financial stress get you down – get the funds you need today with one of our top-rated payday loan providers. Apply now and get the cash you need in your account quickly!
10 Best Online Payday Loans With Instant Approval
There are several lenders in Canada that offer online payday loans with instant approval. Many of these lenders provide different loan options and offer various online payment methods. With all the available options, it can be overwhelming when searching for a loan.
Here is a list of some of the 10 best lenders in Canada that provide online payday loans online with instant approval.
1. Loan Connect
Loan Connect is Canada’s top online payday loan provider, helping Canadians find personal loans that work for them. If you’re looking for a fast and simple way to get some cash, consider LoanConnect.
With LoanConnect, you might be authorized for up to $50,000 in online payday loans. The interest rate you pay will be determined by the amount of loan you apply for.
Loan Details
- Maximum Payout: $50,000
- Loans offered: Unsecured personal loans
- Loan terms: 6 to 60 months
- APR: 10% to 46.96%
Why we recommend Loan Connect
- A free application which won’t affect your credit score
- Singular application
- Allows you to compare loan options with terms and conditions upfront
- Application takes less than 5 minutes, with funds possible the same day
- New partners with lower APR ranges for better loan options
- You can use your unsecured personal loans anyhow
Why we don’t recommend Loan Connect
- LoanConnect is the aggregator, not the lender
- Your results only present the lenders they work with, not all lenders in the market
2. Mogo
Founded in 2003 by David Marshall, Mogo is one of Canada’s free credit score monitoring services providers and payday loans. The company has over 1 million members and offers one of the highest payday loan amounts and a long repayment schedule in the industry.
Each time you borrow money from Mogo, your interest rate is known in advance, so there are no surprises. The company’s flexible payment plans will keep you on track, and its online credit score monitoring will notify you if anything unusual happens.
Loan Details
- Maximum Payout: $35,000
- Loan terms: 9 months to 5 years
- APR: 5.9% to 46.96%
Why we recommend Mogo
- Poor credit approval
- High loan amount
- 100-day money-back guarantee
- Flexible terms
- Free credit score monitoring
Why we don’t recommend Mogo
- No guarantee approval
- High-interest rates
- Double penalties if you default on your loan payments.
3. Lending Mate
Founded in 2017, Lending Mate is your best option when you’re looking for quick access to funds in Canada. LendingMate is a guaranteed payday loan no matter what provider servicing Ontario and British Columbia.
The company is a part of Richmond Group, an investment company with around $1 billion in assets. You can seek an affordable and convenient loan solution from LendingMate if you are in a financial emergency.
Loan Details
- Maximum payout: $10,000
- Loans offered: Guarantor-based loans
- Loan terms: 12 to 60 months
- APR: 34.9% to 43%
Why we recommend LendingMate
- No hidden fees
- Fast approval
Why we don’t recommend LendingMate
- Requires a guarantor
- High-interest rates
- Only available for Ontario and British Columbia residents
4. LoanMeNow
LoanMeNow is a major Canadian payday loan company that provides fast and convenient loans regardless of creditworthiness to Canadians. While it has a low loan amount, your chances of approval are high once you meet the requirements.
This lending organization provides outstanding cash advances in Canada, generally available within hours of application. You can easily apply for personal, payday, and instalment loans online at LoanMeNow, and you will not be charged any hidden fees.
Loan Details
- Maximum Payout: $1000
- Loans offered: Personal loans
- Loan terms: Up to 60 months
- APR: 28% to 32%
Why we recommend Loan Me Now
- Fast approval
- Flexible terms
- Poor credit approval
Why we don’t recommend Loan Me Now
- Low loan amount
5. LendDirect
If you’re looking for payday loans or lines of credit in Canada, LendDirect is your one-stop destination.LendDirect offers up to a $15,000 line of credit to eligible Canadians. Their safe service helps you get the ideal payday loans online tailored to your specific requirements.
LendDirect has flexible terms and fast approval, as you can get your funds in your account within 15 minutes after approval.
Loan Details
- Maximum Payout: $15,000
- Loans offered: Line of credit
- Loan terms: Open-ended line of credit
- APR: 19.99% to 46.93%
Why we recommend LendDirect
- Flexible terms
- Fast approval
- Flexible requirements
Why we don’t recommend LendDirect
- High-interest rates
- Credit check
6. Fairstone
Fairstone is a Canadian lending firm that provides payday loans ranging from $500 to $35,000 based on the borrower’s qualifications and credit history. Founded in 1923, the company is owned by Duo Bank, with Scoot Wood as president.
The online payday loans provided by Fairstone are some of the most competitively priced available anywhere in Canada. Customers in Canada who need online payday loans, regardless of their credit history, will find Fairstone an excellent choice.
Loan Details
- Maximum Payout: $35,000
- Loans offered: Unsecured personal loans, mortgage loans, car loans, and online loans.
- Loan terms: 6 to 60 months
- APR: 19.99% to 39.99%
Why we recommend Fairstone
- High loan amount
- Flexible terms
- High customer satisfaction
Why we don’t recommend Fairstone
- High-interest rates
7. Focus Cash Loans
When it comes to payday loans, Focus Cash Loans is one of the most trusted names in the business. Canadians from all over the country have received e-Transfer payday loans from Focus Cash Loans since 2008.
The company provides a rapid and dependable service that can supply you with the emergency cash you want in minutes! Take advantage of the ease of Interac e-Transfers, and get payments within minutes of being accepted instead of waiting days.
Loan Details
- Loan Offered: Payday loans, instalment loans, and line of credit loans
- Interest Rate: Varies by province
- Loan Terms: Up to 62 days
- Loan Amounts: $100- $1,500
Why we recommend Focus Cash Loans
- Bad credit is okay
- Offers a straightforward application process
- Instant approval and funding
- You can use funds for any purpose
Why we don’t recommend Focus Cash Loans
- The interest rate is high
- Short repayment time
- Limited borrowing amounts
- Requires two references
8. Mr. Payday
If you’re looking for an online payday loan in Canada, Mr. Payday could provide the financial assistance you need. Founded in 2002, Mr. Payday offers payday loans online in Alberta, BC, and Ontario.
Mr. Payday has thousands of successful transactions under its belt. Being among the first lenders to offer this service, they have seen both good and bad trends over the years. The good part is that Mr. Payday’s service has no hidden fees or surprises, as all fees are included in the loan.
Loan Details
- Loan term: Up to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, ON
Why we recommend Mr. Payday
- Apply easily with a five-minute application and get cash in under 30 minutes
- 24/7 customer support
- Accepts different forms of income
- High approval rate for applicants
Why we don’t recommend Mr. Payday
- Very high-interest rate
- Requires two months of consistent employment to qualify
- Two references needed
- Must earn at least $1,100 to qualify
9. iCash
iCash offers payday loans to Canadians whose applications have been rejected by other lenders. The company is a Canadian Consumer Finance Association member and has provided short-term loans to over 500,000 Canadians since it was founded in 2014.
The online process for applying for these loans is straightforward, and there are no hidden fees. Using their quick application process, you can get cash the day you submit your application. You don’t need to submit a credit check or get pre-approved to get personal loans in Canada – just apply and get what you want.
Loan Details
- Loan term: 7 to 62 days
- Loan amount: $100 – $1500
- APR: Varies by province
- Serviced province: AB, BC, NS, MB, ON, NB, PEI
Why we recommend iCash
- e-Transfers in as little as two minutes
- Repayment flexibility with FlexCash
- Instant approval up to $1,500
- Free highly-rated app
- Earn up to 20% cashback for every loan you repay on time
Why we don’t recommend iCash
- Very high-interest rate
- Poor customer service
10. Money Mart
Money Mart is one of Canada’s most reputable payday loan companies. They conduct most of their business online, which is excellent since it helps keep prices low.
Fast and convenient, a cash advance from Money Mart is available in minutes with no credit checks. Customers with bad or no credit history can obtain credit from them, which will otherwise prove difficult for them to get elsewhere.
You can get payday loans, check cashing, bill pay, prepaid cards, international money transfers, and more from them any day of the week.
Loan Details
- Loan Offered: Payday loans, instalment loans, and line of credit loans
- Interest Rates: Varies by province
- Loan Terms: 6 – 60 days
- Loan Amounts: $120- $1,500
Why we recommend Money Mart
- Accepts bad credit
- Instant funding is available
- No prepayment penalties
- Available at numerous locations across Canada
Why we don’t recommend Money Mart
- High-interest rates and administrative fees
How Online Payday Loans With Instant Approval Work?
Payday loans are short-term loans that you can take out for unexpected expenses or emergencies. These loans are also called cash advances or check advance loans. Getting a payday loan online is straightforward, and you can be approved for one instantly.
These loans allow you to borrow money until your next paycheck arrives. The loan is usually paid back in full with a single payment on your next payday, typically within two weeks.
There are no complicated credit checks, and the process is straightforward. You apply online by filling out a short form with your contact information, personal details and employment information.
Once your information is verified and everything checks out, you’ll instantly receive your money in your checking account. Payday loans usually come in different amounts depending on where you live and how much debt you must cover.
Final Thoughts on Online Payday Loans With Instant Approval
If you find yourself in need of quick cash, payday loans are an option you can consider. Our list of the 10 best online payday loans with instant approval in Canada is definitely worth considering.
They offer fast and easy application processes, competitive interest rates, and flexible repayment options, making them a great option for anyone in Canada looking for quick cash to cover emergencies or unexpected expenses.
Now the ball is in your court to decide whether this type of loan is ideal for you. If ideal, contact any of the payday loan providers listed above for your fast cash.
