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7 Best Payday Loan Apps in Canada for 2023
Key Points
- 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
1. KOHO
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 Fees:
- 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.
3. iCASH
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.
iCASH Fees:
- No application fees but they charge fees if there is not enough money in your account.
4. Nyble
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.
Nyble Fees:
- Monthly fee of either $4.99 or $7.99 depending on membership type.
5. Pay2Day
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.
Pay2Day Fees:
- They charge a returned item fee and interest for late payments.
6. Bree
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.
Bree Fees:
- 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.
Conclusion
Payday loan apps are helpful for quick cash. But they might have high interest rates and fees. Always read the fine print and understand how you will pay back. Try to budget, save, and use payday loans as a last option.
Remember, good money health means planning for the future, not just today. Make smart choices!
