Life in Toronto can be expensive, from the cost of living to unexpected expenses that crop up out of nowhere. Whether dealing with a car breakdown, an overdue bill, or any other urgent expense, a payday loan can be a lifesaver.
Payday loans in Toronto are short-term loans designed to provide quick cash for unexpected expenses. They often cover bills, car repairs, or other urgent needs between paydays.
Toronto residents can apply for payday loans online and receive instant approval, making them a convenient solution for financial emergencies. But with so many options, finding the right payday loan in Toronto can feel overwhelming. That’s where we come in.
We’ve researched and found the top payday loans in Toronto, so you can make an informed choice and get back to living your best life. From flexible repayment terms to competitive interest rates, each of our top picks offers unique benefits that can help you get back on track.
7 Quick Approval Payday Loans in Toronto
With plenty of payday loans in Toronto, finding the right fit for your circumstances is challenging. We have scoured the web and compiled these 7 best payday loans in Toronto.
This list will help you make an informed decision and get the funds you need without breaking the bank. From no-credit checks, flexible repayment terms, and instant approval, to a quick application process, each of our picks has something unique.
Let’s get into them.
1. Mogo
Mogo is one of Toronto’s best payday loan providers, offering up to $35,000 in loans. If you need quick access to cash for emergencies or unexpected expenses, you can get payday loans in Toronto quickly and conveniently from Mogo.
Some of the loans from Mogo are reported to TransUnion and Equifax. This can help you improve your credit score if you make timely payments.
Why we recommend Mogo
- Getting approved is relatively easy and quick
- No early repayment charges.
- They offer relatively large loans to cover lots of expenses and unpaid debts.
- Mogo has a 100-day money-back guarantee policy
- A Mogo membership comes with various perks
Why we don’t recommend Mogo
- High-interest rates
- Two non-sufficient funds penalties will apply if you default on any payments ($20-$50).
- Additional loan fees
2. Coast Capital
Coast Capital is a member-operated loan and line credit cooperation offering low-interest payday loans in Toronto and other parts of Canada. Coast Capital has over 80+ years in the industry and is trusted by thousands of Torontonians.
I like Coast Capital’s maximum loan and credit line cap. Once eligible, you can borrow loans or line credit up to $50,000 on Coast Capital.
Why we recommend Coast Capital
- Quick approval
- Flexible payment options
- Refinancing to help you get lower interest rates and better loan term
- Competitive rates
Why we don’t like Coast Capital
- Not available in all of Canada, only in Quebec, Saskatchewan or other territories
3. Fairstone
Fairstone is a leading lender for payday loans in Ottawa. With Fairstone, you can get up to $35,000 to consolidate your debts into one simple monthly payment or cover unforeseen expenses.
Besides providing high loan amounts, Fairstone offers flexible loan terms to fix different lenders’ budgets. They are a good fit if you need cash urgently and can pay up in a short time frame. All the application process is done online from the comfort of your home.
Why we recommend Fairstone
- Easy application and fast approval
- Offers loan insurance
- Dedicated customer support
- No prepayment penalties
- You can cancel within 14 days if the loan is no longer suitable
Why we don’t recommend Fairstone
- High-interest rates
- Unsolicited loan offers
- You will pay a discharge fee when you finish your loan
- Negative press
4. LoanMeNow
LoanMeNow is a Canadian lender that offers quick access to the cash you need. They are one of the best payday loan providers in Toronto that stands by what it offers.
LoanMeNow can give you a short-term loan to cover your unexpected expenses and tide you over till your next payday. You can get your money deposited directly into your account within 24 hours. While it has a low loan amount, LoanMeNow has one of Toronto’s industry’s high loan approval rates.
Why we recommend LoanMeNow
- Super-fast approvals
- No credit checking when applying
- Fast funding as approved applications are funded the next business day
- Loans are secure and confidential
Why we don’t recommend LoanMeNow
- High-interest rates
- Short repayment terms
5. LendDirect
LendDirect is the best place to go if you’re looking for online payday loans in Toronto or other financial services. They offer a direct line of credits to eligible individuals. Their simple and easy application process allows anyone to get a loan online, even if they have bad credit.
LendDirect stands out from the competition due to its high line of credit offer of $15,000. This is something you can only easily find elsewhere. They speed up the process by offering their services online.
Why we recommend LendDirect
- Straightforward application process
- Funds can be used for any expense
- Funds are accessible immediately upon approval
Why we don’t like LendDirect
- Not available across Canada
- High-interest rates
6. PAY2DAY
Founded in 2006, Pay2Day provides cash for everyone visiting their BC and Ontario stores. You can easily apply online and get an e-transfer to your bank account in a few hours. PAY2DAY doesn’t need an introduction to the world of payday loans in Canada. Besides Toronto, PAY2DAY is also available in more than 30 areas.
Why we recommend PAY2DAY
- Get your first $300 loan interest-free
- Easy-to-use mobile app
- Money-back guarantee within 48 hours
- Over 30 in-person locations
- Fast e-Transfer of funds
- Accepts government assistance as income
- Refer-a-friend bonus
Why we don’t recommend PAY2DAY
- Very high-interest rate
- Not available in most provinces
- Short repayment term
7. Mr. Payday
Mr. Payday has been in the payday loan industry in Toronto for over two decades. Thousands of Canadians trust it due to its high convenience on payday loan offers.
Mr. Payday offers quick and easy payday loans to residents of Toronto. Your application will be approved within 30 minutes.
Why we recommend Mr. Payday
- App for mobile devices
- Multi-city operation
Why we don’t recommend Mr. Payday
- Getting approval after hours takes longer
- Customer service needs some improvement
RELATED: Best Payday Loans in Canada
Final Thoughts on Payday Loans in Toronto
Payday loans may seem like a quick and easy solution to financial troubles, but they have several disadvantages. One of the most significant downsides is their high-interest rates, which can trap borrowers in a cycle of debt.
Their short repayment period, typically two weeks, can make it challenging for borrowers to repay the loan on time, resulting in even higher interest and fees.
Payday loans should be your last option in Toronto when you need cash. Even at that, ensure you’re using the loan to fund something important.
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FAQs on Payday Loans in Toronto
Does Canada Have Payday Loans?
Yes, Canada has payday loan providers across all its provinces and territories. Most of Canada’s payday loan lenders offer a maximum of $1,500, while others offer more than that.
What Happens if You Don’t Pay Back a Payday Loan in Canada?
The lender will increase your interest and fees, making it difficult to immediately pay off the full loan.
Can Payday Loans Hurt Your Credit?
A payday loan can’t hurt your credit score if you repay it on time.
However, if you fail to repay the full loan, your lender may report you to a collection agency, which may take you to court. Your credit score could be impacted if you lose the court case.
Are Payday Loans Harder or Easier to Pay Back?
It depends on the payday provider. Some payday loan lenders approve loans within 30 minutes. However, payday loan lenders in Canada approve loans within a business.
If you’ve more questions about payday loans in Toronto, kindly drop them in the comment section.
