7 Best Payday Loan Apps in Canada Oct 2023
- Payday loan apps can give quick cash but might have high interest.
- This guide lists the top 7 payday loan apps in Canada for 2023.
- You should pick the app that best meets your needs.
Let’s get started on the apps.
Top 7 Payday Loan Apps in Canada for 2023
Technology has changed how we manage our money in Canada. One big change is the rise of payday loan apps. These apps let people borrow small amounts of money quickly until their next paycheck. In 2023, there are seven top apps Canadians are using for this purpose.
Why are these apps popular? Well, many people like to handle their money matters on their smartphones. Plus, more people are okay with using payday loans now because these apps are easy to use and safe. Still, it’s good to be careful. Borrowing money this way can be expensive if not paid back quickly.
We’ll be looking at the best seven apps in detail. This will help you choose the right one if you ever need some quick cash.
KOHO is a popular app. It gives free savings accounts and an ‘Instant Pay’ service. You can get half of your pay every day for free with this service.
How KOHO Works:
- Fill a form with your company’s details to use Instant Pay.
- A KOHO person will talk about Instant Pay with your employer.
- Make a KOHO account and set up a Payroll Direct Load.
- Now, you can get half of your daily wages.
- KOHO Instant Pay is free.
- If you send your pay to another bank, you pay $3.50 per transfer.
2. Cash Money
Cash Money has been giving Canadians short-term loans since 1992. You can borrow from $50 to $1,500.
How Cash Money Works:
- You must be 18 or older, have a checking account, and show proof of regular income.
- Apply in-person or online.
- After approval, choose your loan amount and sign the loan document.
- Pay back with cash, debit, or a personal check.
Cash Money Fees:
- The app does not list specific fee details.
iCASH is a handy way to get a short-term loan from $100 to $1,500. You can pay back in parts.
How iCASH Works:
- You must be a Canadian citizen, 19 years old or older, have a job for the last 3 months, earn at least $800 per month after tax, and have a Canadian bank account.
- After approval, you get your money in 5 minutes.
- You can repay in 2 or 3 payments on pay dates.
- No application fees but they charge fees if there is not enough money in your account.
Nyble gives zero-interest cash advances from $30 to $150. You can apply if you get a government income.
How Nyble Works:
- Make an account and link your bank account.
- Choose the amount, input your next pay date, choose how you want the money, and submit.
- Nyble will give the money and take it back on your next payday.
- Monthly fee of either $4.99 or $7.99 depending on membership type.
Pay2Day lets you borrow up to $1,500 cash online, in-store, or via the app. New users can get up to $300 without interest on their first payday loan.
How Pay2Day Works:
- Fill the online form.
- After approval, you get your money in an hour.
- To get a loan, you need to be 18 or older, have a job, a bank account, and online banking access.
- They charge a returned item fee and interest for late payments.
Bree gives interest-free cash advances from $10 to $200.
How Bree Works:
- Make an account and link your checking account.
- After approval, you get your money.
- Bree will take the money back from your account.
- Monthly fee of $2.99 and a delivery fee from $1.99 to $6.99.
7. Money Mart
Since 1982, Money Mart has offered cash advances from $120 to $1,500.
Money Mart Fees:
- The app does not list specific fee details.
Things to Think About Before Using Payday Loan Apps
- Interest Rates: Payday loans can have high interest rates.
- Fees: Payday loan apps can have extra fees. Always read the fine print.
- Repayment Schedule: Usually, you must pay back by your next payday.
Tips for Using Payday Loan Apps
- Budget: Manage your money to avoid debt.
- Emergency Fund: Save money for unexpected costs.
- Compare Options: Look at different apps before you decide.
What are pros/cons of payday loan apps?
- Payday loan apps are convenient and easy to use. You can apply for a loan from anywhere, at any time, and the money is typically deposited into your bank account within minutes.
- Payday loan apps do not require a credit check, so they can be a good option for people with bad credit or no credit history.
- Payday loan apps can be a good way to get quick cash in an emergency.
- Payday loan apps have very high interest rates and fees. This can make them a very expensive way to borrow money, especially if you cannot repay the loan on your next payday.
- Payday loan apps can be addictive. If you are unable to repay the loan on your next payday, you may be tempted to take out another loan to cover the repayment. This can lead to a cycle of debt.
What are the risks of using payday loan apps?
The biggest risk of using payday loan apps is the high interest rates and fees. If you cannot repay the loan on your next payday, you may be charged additional fees and your interest rate may increase. This can make it very difficult to get out of debt.
Another risk of using payday loan apps is that they can be addictive. If you are unable to repay the loan on your next payday, you may be tempted to take out another loan to cover the repayment. This can lead to a cycle of debt.