Pay2Day
Borrow up to $1500 with instant e-Transfer deposits, no credit checks required! Fast approvals and funding available online or at over 35 Canadian locations.
Pay2Day offers convenient payday loans across Canada, giving you access to cash advances up to $1500. As an independent reviewer, I took a close look at the process, rates, and what new customers can expect when they use Pay2Day for extra funds.
The cost to borrow is fairly standard at $14 per $100, regulated by the provinces where Pay2Day operates. Loan terms typically range from 1 to 31 days, making this a short-term solution for emergencies or unexpected expenses. Applications are open to residents of Ontario, British Columbia, Alberta, and Nova Scotia.
To apply, you must be at least 18, have a bank account with online banking, and receive employment income or EI benefits. Pay2Day stands out by not requiring any credit checks, making loans more accessible even if your credit history is not ideal.
How to Apply: Step by Step
- Visit Pay2Day online or in-store at one of 35+ locations.
- Fill out the application form—only basic information required.
- Confirm your bank account and employment/benefit details.
- Get approved within minutes, anytime, day or night.
- Receive funds directly to your account via e-Transfer.
Pros: Fast and Flexible
One major advantage is Pay2Day’s instant funding, where approved loans are paid out within 1-2 hours via e-Transfer. There are no credit checks or paperwork, and the application is entirely online and paperless.
Additionally, customer service is available 24/7, and with a wide branch network, you can talk to someone in person or apply at any time.
Cons: Cost and Repayment
While convenient, payday loans can be costly with a $14/$100 fee. The short loan term also means full repayment is due on your next payday, which could strain your finances.
Furthermore, there are limitations if you do not have stable income or bank access, as eligibility depends on your ability to repay.
Verdict: Should You Use Pay2Day?
Pay2Day is an excellent choice if you need funds immediately and cannot access traditional loans due to credit issues. The quick online application and lack of credit checks are major pluses. However, use these loans responsibly and ensure you can repay on time to avoid extra fees or complications.