Payday loans are small, short-term loans to bridge a gap before your next paycheque. Compare licensed Canadian lenders in one 60-second application, with funding often sent by e-transfer the same day.
A payday loan is a small, short-term loan — usually between $100 and $1,500 — meant to cover an urgent expense until your next paycheque. You repay the amount plus the lender's fee on your next payday. Loanspot matches you with licensed Canadian lenders from one 60-second application, so you can compare real offers instead of applying to each lender on its own.
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Payday loans are best for a true short-term gap. If you need a larger amount or longer to repay, an installment loan or a personal loan usually costs far less overall — we'll show you those options too.
Unlike larger personal loans, payday loans in Canada are regulated province by province, with each province setting the maximum fee a lender can charge per $100 borrowed. That fee is disclosed up front, and the lender must show you the total cost of borrowing before you sign. Because the term is so short, the fee on a payday loan is high relative to the amount — which is exactly why they suit a one-time gap, not ongoing expenses.
Borrow only what you can repay on your next payday, and avoid rolling one payday loan into another. Reputable lenders never ask for an upfront fee to "release" funds and never promise guaranteed approval. You can read the official guidance on payday loans from the FCAC.
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Apply once and compare real offers — comparing won't affect your credit.
Tell us how much you need and confirm your income with IBV — no documents to fax.
We compare licensed lenders and show you real short-term options for your province.
Choose an offer and receive your funds — often by e-transfer the same day.
To be matched for a payday loan you generally need to be the age of majority in your province, a Canadian resident, and have steady full-time or part-time employment income paid into a bank account. Your income is confirmed with IBV — a read-only, 60-second bank check that replaces faxing pay stubs.
Approval is based on your income and ability to repay rather than your credit score alone, so fair and bad credit are still considered. If you're regularly short before payday, it may be cheaper to look at bad credit loans or debt consolidation instead of repeat payday borrowing.
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The questions Canadians ask most before borrowing.
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Payday loans are small — typically $100 to $1,500. For larger amounts, compare an installment or personal loan, which usually costs less overall.
Most applicants are matched within minutes, and many lenders send approved payday loan funds by e-transfer the same day.
Often yes. Approval is based mainly on your income and ability to repay, so fair and bad credit are still considered.
Each province caps the maximum fee per $100 borrowed, and the lender must disclose the full cost before you sign. Because the term is short, the fee is high relative to the amount — only borrow what you can repay on payday.
No. Comparing options on Loanspot does not affect your credit score. A lender may only run a check if you move forward with an offer.
Generally you need to be the age of majority in your province, a Canadian resident, and have steady full-time or part-time employment income verified through IBV.
No. A payday loan is small and due on your next payday, while a personal loan is larger and repaid in fixed monthly instalments — usually at a much lower overall cost.
One 60-second application. No obligation. No impact to your credit score to compare.
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