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The Best Payday Loan Apps in Canada for 2024


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Payday loan apps let you obtain a loan to help tide you over until your next payday.

Payday loans are easy to obtain with apps for instant money but have much higher interest rates than other loans. Thus, it is best to use them sparingly.

Read on to learn about the best payday loan apps in Canada, how to choose the best app, and what to look out for.

Key Takeaways

  • Payday loan apps provide access to instant funds of up to $1,500.
  • The best payday loan apps in Canada are Cash Money, FatCatLoans, iCASH, Nyble, Pay2Day, Bree, KOHO, and Money Mart.
  • Cash advance apps like Bree, Nyble and KOHO do not charge interest rates on cash advances.
  • Use payday loan apps only when necessary to avoid falling into a debt cycle.

Best Cash Advance Apps For Android and iPhone

Below are the best cash advance apps for Android and iPhone. Consider each one carefully to choose the ideal app for your needs.

1. FatCatLoans

FatCatLoans is a loan service platform that matches loan applicants with lenders that can best meet their financial needs and situation. 

Although this app doesn’t specifically offer payday loans, it provides a wide range of personal loans with terms as short as 3 months, which provides a convenient alternative.

You can borrow anywhere from $300 to $50,000 using FatCatLaons’ 5-minute online application process. Once you apply, the platform will swiftly compare and contrast the offers of the top lenders in Canada to find the best loan for you.

How It Works

The eligibility requirements of FatCatLoans are as follows:

  • Have a minimum credit score of 300
  • Be at least 18 years old
  • Earn at least $1,000 a month

If you meet these requirements, you can proceed to complete FatCatLoans’ online application, which will automatically match you with suitable lenders who will review and facilitate the loan you need. 

Most of the time, you’ll receive your funds in 1 to 3 days, but some lenders can disburse them within 24 hours.


FatCatLoans does not charge additional fees. Lenders are the ones who compensate FatCatLoans for their matching services, so you only need to cover the costs associated with your chosen lender.


  • Same-day loan approval is possible 
  • Various loan types are available
  • Bad credit is welcomed


  • Longer minimum loan term compared to payday loans
  • Interest rates can reach 46.96% APR

2. Cash Money

Since 1992, the Cash Money app has provided Canadians with cash to fund their short-term financial needs.  

With free instant cash advance apps like Cash Money, you can borrow anywhere from $50 to $1,500. Loan amounts and loan availability vary by location.

Cash Money is available in BC, NL, NS, ON, and SK.

How It Works

To be eligible for a Cash Money personal loan, you must meet the following requirements:

  • At least 18 years old or under 70 years of age
  • Have a chequing account in your name
  • Proof of recurring income
  • Working telephone number
  • A valid email address

To apply for a payday loan, go to a Cash Money store. To apply online, go to the Cash Money website and complete the online application form.

After approval, select the amount you want to borrow. Review your loan document and sign it electronically.

Your funds may be available in 15 minutes through e-transfer. You can also pick up your funds at a Cash Money branch or have them deposit the money directly into your bank account.

You can make payments via cash, debit, or post-dated personal cheques.


The Cash Money website does not state the fees involved when taking out a payday loan.


  • Fast approval and release of funds
  • Offers several payment methods
  • Accepts government assistance as income


  • High-interest rates
  • Signup is through the Cash Money website instead of on the app
  • Not available in all Canadian provinces and territories

3. iCASH

The iCASH loan app allows Canadians access to easy credit anytime through cash advances or short-term loans provided as a lump sum and paid back in multiple installments.

iCASH is a borrow money app that instantly offers loans from $100 to $1,500 to be repaid on the next payday. For your first loan, you can borrow up to $750.

The service is available in BC, AB, MB, ON, NB, NS, and PE.

How It Works

To be eligible for an iCASH loan, you must be:

  • At least 19 years old
  • A Canadian citizen
  • Employed for the past 3 months
  • A net income of at least $800 per month
  • A Canadian bank account open for at least 3 months
  • A valid mobile phone, email address and home address

To apply for an iCASH loan, complete the application form and provide the requested information.

Choose your loan amount, repayment plan option and province, and submit. When approved, receive your funds through e-transfer in 5 minutes.

You can use the feature called Flexpay to pay back your loan in 2 or 3 equal payments on your succeeding pay dates. 


iCASH does not charge application fees but applies non-sufficient funds (NSF) fees.


  • Quick application
  • Fast release of funds
  • No documents required
  • Offers options to repay loans without additional interest
  • The FlexCash offers repayment flexibility


  • Charges NSF fees
  • High-interest rates

4. Nyble

Nyble is a Canadian lender launched in 2022 by a fintech company called Fincentiry Inc. It is one of those apps that loan you money instantly without a job as long you have government income.

It offers zero-interest cash advances to help you cover unexpected or upcoming expenses and other financial needs.

It also offers a service called Nyble Line, a small line of credit that lets you borrow anywhere from $30 to $150 with no late fees or interest charges.

How It Works

To use the Nyble service, create an account on the Nyble website. Connect your approved bank account that contains your income sources.

Choose the amount you want to get funded, enter your next pay date, select the delivery method (standard or express), and submit your application.

  • Standard delivery – within 0-3 business days
  • Express delivery – within 30 minutes, if not instant

Nyble will deposit the amount into your bank account within the specified period. On the next payday, the lender will deduct the payback amount.

To be eligible for a Nyble loan, you must meet the following requirements:

  • Age of majority in your province
  • An employment or government income
  • A Canadian bank account with your monthly income deposit


Nyble charges $4.99 or $7.99, depending on your membership type:

  • After the 14-day free trial concludes for first-time customers
  • Customers returning for a second or subsequent membership

You can cancel your membership at any time.


  • No interest charges
  • No late fees
  • No credit check


  • Small loan amounts
  • Monthly membership fee
  • Additional charge for faster fund release
  • NSF fees may apply

5. Pay2Day

Pay2Day is a licensed payday loan provider with over 30 locations in Canada. It lets you borrow up to $1,500 cash online, in-store or through the app.

If you are a new customer, you can get up to $300 in interest-free cash on the first payday loan you obtain from a Pay2Day store.

Pay2Day is available in ON, BC, and NS.

How It Works

To apply for a Pay2Day loan online, complete the online application form. Once approved, you will receive your funds within an hour directly in your bank account through e-transfer.

To qualify for the loan, you must:

  • Be 18 years of age or older
  • Have employment income
  • Have a bank account
  • Have access to online banking


Pay2Day has no hidden fees but will charge a returned item fee and returned item interest at 30% per annum for payments made after the due date.


  • No credit checks
  • Fast fund release
  • Quick application
  • Free $300 cash advance for new customers
  • A referral program that offers a $20 discount on the next payday loan you take out
  • A 48-hour interest-free grace period for customers in the Greater Toronto Area


  • High-interest rates
  • Limited availability

6. Bree

Bree is a Vancouver-based provider of interest-free cash advances to help you avoid bank overdrafts and NSF fees if your funds are low.

One of the cash advance apps, no credit check required option, Bree offers advances from $10 up to $200 at 0%, which you pay back on your next payday.

Bree is available in all Canadian provinces and territories.

How It Works

Sign up for an account at the Bree website and provide your personal information and bank account details. Connect your checking account to Bree.

Request for an advance through your dashboard. Choose to have your funds delivered through:

  • The standard method (less than three business days), or
  • Express delivery (less than eight hours)

When approved, you will receive your funds through e-transfer.

To be eligible for a Bree cash advance, you must:

  • Be 18 years or older
  • A Canadian resident
  • Have a Canadian bank account
  • Have enough funds in your bank account
  • Have at least two paychecks on consistent dates in your transaction history


  • A monthly subscription fee of $2.99
  • A fee of $1.99 to $6.99 for express delivery of funds


  • Zero interest
  • No late fees
  • No penalties
  • No credit check
  • Fast funding available


  • Fees for express release of funds
  • Monthly subscription fee
  • Small loan amounts

7. Money Mart

Money Mart is an alternative lender that has provided various loans, such as cash advance loans and other loan products, since 1982.

It provides cash advances, with loan amounts ranging from $120 to $1,500. Payments are due on the next pay date.

The lender also provides other services, such as installment loans, business loans, bill payments, cheque cashing, and currency exchanges, to name a few.

Money Mart is available in BC, AB, ON, and NL.

How It Works

To apply for a Money Mart loan, complete the online application form or visit a Money Mart branch. After approval, indicate if you want the funds picked up in-store or deposited into your account.

To be eligible for a Money Mart payday loan, you must meet the following requirements:

  • Be at least 18 years old with a valid ID
  • Have a steady source of income
  • Have a chequing account
  • For new customers, a bank statement and a pre-authorized debit form

Release of funds can be in as little as 15 minutes, 24 hours, or 1 to 2 days.


Money Mart does not charge any other fees except NSF and late fees.


  • Easy application with flexible options
  • Fast approval and release of funds
  • No early repayment fees
  • Accepts bad credit


  • High-interest rates
  • Late payments can incur NSF fees and late fees
  • Short repayment terms
  • Not available across Canada


KOHO is a Fintech company offering free spending and savings accounts for Canadians.

It also offers Instant Pay, a free payroll benefit that lets you access 50% of your pay every workday on a daily basis.

KOHO Instant Pay is not a payday loan. Instead of taking out a payday loan, you use KOHO Instant Pay to cash out up to 50% of your paycheque for free.

It is comparable with an earned wage access (EWA) program that helps employees access a portion of their pay before their payday.

How It Works

To use KOHO Instant Pay as an employee, fill out a form with your company’s information.

A KOHO representative will contact your employer to discuss what Instant Pay can offer to the company and its employees.

You must open a KOHO account and set up a Payroll Direct Load on your account.

The amount you will receive in earned wages daily will depend on several factors, but it can be up to 50%. You will receive your withdrawn funds at the end of your workday.


  • No charges apply when you use KOHO Instant Pay to withdraw your earned wages.
  • If you transfer your withdrawn pay to another bank, KOHO will charge a fee of $3.50 per transfer.


  • Instant access to 50% of your earned wages every day
  • No fees when using the service
  • No interest on the money you access through Instant Pay
  • No added costs to the company
  • Free for a company to implement
  • Free for employees to use


  • To use KOHO Instant Pay, your employer has to agree to share your payroll information.
  • There is a charge of $3.50 per transfer if you withdraw your pay and transfer it to another bank account.

Here’s our KOHO review for more information.

How Payday Loan Apps Work

Payday loan apps enable you to access instant loans online from alternative lenders with less stringent requirements than traditional banks.

Payday loans are short-term, high-interest loans you repay on your next payday. Unlike bank loans, payday loans do not have strict requirements and can be released within minutes.

You can download payday loan and cash advance apps for Android and iPhone from Google Play or the Apple Store.

Pros and Cons of Payday Loan Apps

Below are the pros and cons of payday loan apps that will help determine if it is the right solution for you.


  • Easy application
  • Fewer approval requirements
  • Quick approval
  • No collateral
  • Fast release of funds
  • Some lenders do not charge for early repayments
  • Accepts borrowers with bad credit


  • Steep interest rates and fees
  • High cost of borrowing
  • Short repayment terms
  • Some apps come with subscription fees
  • May not help build credit
  • May lead to chronic borrowing or a cycle of debt

What To Look Out For In Payday Loan Apps

Payday loan apps have opened the door for many people who need funds but cannot get approval from their bank.

The downside is that the apps have also made it easier for crooks to steal identities and scam unsuspecting borrowers.

Use these tips to avoid giving your personal data to scammers or fake payday loan apps:

  • Research the payday loan provider before downloading the app.
  • Take time to read reviews of the payday loan lender as well as app reviews, taking note of one-star reviews.
  • Check if the payday loan provider lays down all the needed information, such as interest rates and fees.
  • Check that the provider has a physical address (whenever possible) or provides contact details.
  • Always download apps from secured websites. Make sure the URL has the “https://” header.
  • Find security features on the app, such as two-factor authentication or a secure password requirement.

Alternatives To Payday Loan Apps

If you need funds to cover expenses, it is crucial to remember that payday loan apps are not the only solution. Below are several alternatives to payday loans that offer lower interest rates and longer repayment periods.

Credit Card

Credit cards offer cash advances wherein you borrow money from your credit card. Compared with payday loans, credit card cash advances have lower interest rates.

Taking out an advance can be done instantly from an ATM. Borrowing on a credit card may also let you earn rewards like cash back.

Line of Credit

A line of credit is a lending product in which you borrow up to a certain amount, and you pay interest on the amount you borrow.

It offers flexible terms and is cheaper than a payday loan due to its lower interest rates. It is an open-term loan that does not require you to repay your loan in a short period.

Overdraft Protection

An overdraft protection ensures that your lender will not charge you fees if you overdraw your account. In addition to paying a monthly fee, you will pay interest on any amount you borrow.

Aside from providing quick access to cash, it also protects you from incurring NSF fees, enabling your cheques to clear.

Installment Loans

Installment loans often have quick approvals, lower interest rates, and longer repayment terms than payday loans.

Rather than making a lump sum repayment, an installment loan allows you to repay your loan over a specified period, usually between 3 and 60 months.

Loans Canada

Loans Canada is a loan comparison platform for all kinds of personal loans, car loans, debt consolidation loans, and bad credit loans. It has partnerships with some of Canada’s largest lenders and offers free access to your Equifax credit score.

Interest rate: 2.99% to 46.96%.

Loan term: 4-60 months.

Maximum loan amount: Up to $50,000.

Are Payday Loan Apps Worth It?

Payday loan apps provide emergency funds to help you with unexpected expenses. These are helpful for those with little or no access to cash on short notice.

When borrowers overuse the apps, however, they can become problematic and trap them in a vicious debt cycle.

If you are considering using a payday loan app, you must ensure you can afford the repayments on time.

Another thing that experts recommend is to use payday loans only when you have no other option, so you can avoid falling into a debt trap.


What apps will let me borrow money instantly in Canada?

Most payday loan apps in Canada let you borrow money instantly, with some releasing the funds in less than ten minutes. As long as you submit the requirements, the lenders typically offer instant lending decisions that allow you to get cash in minutes.

What is the easiest payday loan to get online in Canada?

Payday loan apps like Cash Money, iCash, Pay2Day and Money Mart provide the easiest payday loans online. After you get approval for your loan request, you can access the funds in as little as 5 minutes.

How can I borrow money with bad credit in Canada?

If you have bad credit, your lending options include online lenders that cater to borrowers with bad to no credit, such as no refusal payday Loans Canada, Loanz and LoanConnect. Depending on your chosen lender, you can apply for a loan online and get approval within minutes.

What app will give me $50 instantly in Canada?

Apps like Bree and Nyble can provide an instant cash advance between $10 and $200, but you must pay up to $6.99 for the instant fund release. Also, these apps will not charge interest fees, but you must pay monthly subscription fees.


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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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