The 7 Best Payday Loans in Toronto

Paying off your bills can be tough on a tight budget. For many, payday loans in Toronto are the best way to get the quick cash they need-especially when times are tough. This article will explore what some of the best payday loan companies in Toronto are and how they compare to each other.
This post is all about paying off your bills and using payday loans as one option for getting money fast if you’re short on funds. We’ll go over what kind of fees you should expect from these services, things to consider before taking out a loan, and frequently asked questions about payday loans in Toronto.


What Kind of Fees Can You Expect from a Payday Loan Company?

Before you get excited about the payday loans in Toronto you can get from these companies, it’s important to note that they all have steep fees for late-payments and broken payment plans. You should expect a 10-20% fee on whatever portion of your loan isn’t paid. So if you were four days late on your loan, you can expect to pay an additional $20 in fees on top of the $100 you still owe.
Payday loans in Toronto are short-term loans that should be paid within two weeks when you get your next paycheck. If you can’t afford to pay them off when that time comes, it’s best not to take out the loan in the first place.

The Best Payday Loans in Toronto

Now that you’re aware of the fees you can expect to pay, let’s take a look at some of the top payday loan companies in Toronto.

7. CashMax

CashMax Payday Loans is one of the best payday loan companies in Toronto. They’ve been helping clients for many years and have high approval rates. The fees they charge are lower than most other lenders, which makes lending to them an even better option. Their loan application process is very easy and straightforward. CashMax will provide you with a rate quote so there are no surprises later on.
They have convenient locations throughout the city which makes applying for their loans even easier. Simply fill out the form, sign your loan docs, and receive your funds!

Address: 1023 Pape Ave, Toronto
Phone: (647) 348-3871

Customer Review:

"The crew at this location serves customer fantastic customer service and they are friendly. This location is to go too if you want to have an amazing experience for you’re payday loan. Absolutely recommend it to my friends who needs financially help temporarily."
- Zenai D

6. It's Payday Inc.

It's Payday Inc.
Another great payday loan company is It’s Payday Inc. which has been around for over 15 years servicing customers with quick loans. They offer up to $1500 on your online payday loans, and you can get it in as fast as an hour. Payday Inc. offers a simple and quick application process without any hidden fees so your loan is exactly what you were quoted. You can even speak to them over the phone if you have questions about applying for their loans.

Address: 1250 Bloor St W, Toronto
Phone: (416) 588-5626

Customer Review:

"I like It's Payday Inc. because they don't make you feel bad about a 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."
- Mia Velez

5. is another Toronto-based payday loan company that offers same-day service for most applications and approvals. They offer loans from $100 to $1,500 which may vary based on your employment history and credit score. GoDay has a simple online application process and takes only about 15 minutes to complete. Loan approval is expected within an hour if you’re approved, though it may take several hours to get your money.

Address: 500 Danforth Ave Suite 304, Toronto
Phone: +1 888-984-6329

Customer Review:

"GoDay helped me out when I really needed it. It was my first time getting a loan and I was a little worried about my confidentiality but GoDay made me feel protected with their system. I will definitely use them again because they're easy to reach and they helped me out by finding out the best loan for me."
- MorningStar Kematch

4. Cash Money

Cash Money
Cash Money is also a popular payday loan company in Toronto that has been operating for several years now. As a member of the Canadian Consumer Finance Association, they’re a trustworthy lender that offers cash loans from $50 to $10,000. Apply online and get your funds within 24 hours. After you’ve been approved, your money is sent via direct deposit or cheque on the next business day.

Address: 6172 Bathurst St, Toronto
Phone: (416) 229-4972

Customer Review:

"The service was very much satisfying, true to its word, quick and easy. As long as the applicant has the necessary requirements, he’ll be good! Plus, the staff (Maria, the one who handled me) was very friendly yet professional, so I gave the rate of 5 stars!! "
- Josephine Maglangit

3. Cash Payday Loan

Cash Payday Loan
Cash Payday Loan is another reputable Toronto-based payday loan company that provides emergency cash loans. This company has been offering quick, affordable solutions for many years now and takes pride in helping its customers through tough financial situations. You can apply online or at one of their many locations throughout the city and get an instant approval decision.
What’s great about Cash Payday Loan is that you will receive straight-up cash, not cheques.

Address: 1153 Ellesmere Rd, Scarborough
Phone: (416) 615-2274

Customer Review:

"Need extra cash? Pay2day is the best place to go to. I really had an amazing experience with them. Aira and her manager Marlyn were very helpful. The service is really great! I will definitely recommend them!"
- Daryl Andre Suarez

2. Cash 4 You

cach4 you
Cash 4 You Payday Loans is a popular payday loan company that offers up to $15000 which you can repay over time and does not require perfect credit. They have locations throughout Toronto and offer a simple online application process. All you need to apply is proof of employment and an active bank account, so they’re a great option for folks who don’t have a credit history or a long history.

Address: 1901 Ellesmere Rd Unit A, Toronto
Phone: (416) 439-3535

Customer Review:

"Wonderful experience. The agents are quite knowledgeable and very helpful. There wasn't a long wait period at all. Everything was done in a timely manner. The staff is very polite everyone of them. Overall I was very happy with my experience. Would rec commend to everyone. Thank you Cash 4 You great job."
- Phenita Prince


The final payday loan company we’re going to look at is PAY2DAY. This company provides an instant approval process for those who need cash quickly. You can apply online from the comfort of your own home, which only takes a few minutes to complete. Once approved, you will receive your funds either by direct deposit or cheque. They accept any kind of employment and have a simple online application so you can get approved even if you don’t have perfect credit.
PAY2DAY is one of the best online payday loan companies in Toronto and they offer flexible repayment terms for your convenience.

Address: 6150 Hwy 7, Vaughan
Phone: (905) 856-0557

Things to Consider Before Taking Out a Payday Loan

If you’re thinking about getting a payday loan in Toronto, it’s important to know what kind of charges you’ll be expected to pay. The companies on this list should be able to provide you with the information you need and help you get the cash you need, but you should never accept a payday loan without knowing how much it will cost.
You can learn more about rates and terms by contacting the company directly. Keep in mind that some companies may offer different terms depending on your circumstances, which can make a big difference for your monthly payments.
Knowing what you could end up paying will help you avoid any unpleasant surprises and make the most of this financial opportunity. If you’re unsure, it’s a much better idea to borrow money from family or friends instead, even if that means getting a late start on your bills. You won’t face as many fees and it will be easier to make your monthly payments if you make a special arrangement with the person who lent you the money.

FAQ About Payday Loans in Toronto

You must be 18 or older to apply. You need to have a steady source of income, which will agree with the companies’ records. If you don’t have a job, you can still get approved for loans but it depends on how much money you make from other sources. Some companies will also ask you to provide proof of your address, such as a pay stub or utility bill.

Some companies can deposit it immediately and some the next business day. It depends on how busy they are and how soon you need the cash. Most payday cash advances in Toronto can be deposited the same day if you apply for it late in the day.

You don’t want to get yourself into financial trouble by taking out more payday money than you can afford to pay back right away. Most companies recommend borrowing only what you need, but the amount that is considered reasonable varies from lender to lender. You might have better luck getting approved for loans you can afford rather than trying to find the highest amount you can get.

No. This is considered borrowing money on the same day, which can be an expensive mistake.

The companies charge additional fees for this practice because it’s considered a higher risk. The best payday loan in Toronto is the one you don’t have to pay back right away, so why borrow money on the same day? It’s much better to spread out your loans with different lenders so you can avoid paying unnecessary fees.

Payday loans in Toronto are more than twice as expensive as conventional bank loans. This is because they’re considered a higher risk, and the companies must protect themselves from that risk with extra fees.


If you need money but don’t have good credit or enough collateral to get approved for a bank loan, payday loans are an excellent choice that shouldn’t be too difficult to obtain. As long as you’re aware of the fees involved and only borrow what you can afford, you should have no problem getting the cash you need without putting your finances at risk. It’s better to borrow what you need and pay less in fees than borrow more than you need, so keep that in mind while searching for payday cash advances in Toronto.

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