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| Payday loan | Instalment loan | Line of credit | |
|---|---|---|---|
| Rate range | $14 per $100 | 5.98 - 35% APR | 19.8 - 34.99% APR |
| Interest charged on | Flat fee per $100 borrowed | The full amount from day one | Only what you draw |
| Repayment | Due in full on your next payday | Fixed instalments, set end date | Revolving, minimum payment |
| Re-borrow without reapplying | No, and rollovers are banned in most provinces | No | Yes |
| Best when | A small shortfall you can clear from your next cheque | You know the amount and want a payoff date | Costs arrive over time and you cannot size them yet |
| Watch out for | The highest cost per dollar of any form on this site | Interest on funds you may not need | No end date means a balance can persist for years |
Not from the lender, or not mostly. Every lender listed decides on your bank data, read directly through your online banking login, which is why the decision takes minutes; and every one sends the money by e-transfer, which is why the clock matters more than the lender.
An e-transfer sent before your bank's cutoff arrives the same afternoon. One sent after it arrives the next morning. Apply before noon with your login ready and the decision, the agreement and the deposit can all happen in one sitting; apply at 9pm and the money is there for breakfast. Two of the seven lenders listed publish payout within the hour; all seven publish it within 24 hours of approval.
Your online banking login, because the decision is made on your statements and the repayment is taken from the same account. Your pay date, because the loan is repaid in full on it. A regular income of at least $800 to $1,500 a month depending on the lender, from any source that arrives on a fixed date, benefit income included with most lenders. Nothing else: no interview, no employment letter, and with most lenders no minimum credit score.
Not with a payday lender, because the price is fixed by law at $14 per $100 in every province that licenses payday lending; the fastest lender and the slowest cost exactly the same. What does cost more is borrowing this way for anything you cannot repay on your next pay date. A same-day loan from a lender that decides on bank data and pays out inside the day, repaid over two or three months under the 35% cap, is often what someone searching for an express loan is actually after, and the same application reaches those lenders. The full cost, the provincial rules and the cheaper products are on the payday loans in Canada page.
Apply once. Our application reaches every lender listed and is sent where you are most likely to qualify.
Reviewed by Rafael Rositsan, Co-Founder and CEO, Smarter Loans. Last reviewed 17 September 2026. Lender figures are the lenders' published terms as checked August 2026.
All seven lenders listed publish payout within 24 hours of approval, and two publish payout within the hour. The clock decides more than the lender: an e-transfer sent before your bank's cutoff arrives the same afternoon, one sent after it arrives the next morning.
Not with a payday lender. The price is fixed by law at $14 per $100 in every province that licenses payday lending, so the fastest lender listed and the slowest cost exactly the same on the same amount.
Yes. Every one of the seven lenders listed considers poor credit, and most set no minimum score. The decision is made on your bank statements, read through your online banking login, which is also why it takes minutes.
Your online banking login, your pay date, and a regular income of at least $800 to $1,500 a month depending on the lender, from any source that arrives on a fixed date. No interview and no employment letter.
Close, but a same-day loan can also mean a short-term loan from a lender that decides on bank data and pays out inside the day, repaid over two or three months under the 35% cap. For anything you cannot repay in full on your next pay date, that product is the cheaper one, and the same application reaches those lenders.
