PAY2DAY at a glance
PAY2DAY payday loans are short-term cash advances from a licensed Canadian lender with more than 35 branches, offering up to $1,500 in Ontario, British Columbia, Alberta and Nova Scotia. The company’s website states that no credit check is done when you apply and that bad credit or no credit is accepted. As with any payday product, that convenience comes with a cost that is high when expressed as an annual rate.
The information below reflects the company’s website as checked in November 2026. Terms, branches and provinces can change, so confirm current details with the company before applying.
| Item | What the company states |
|---|---|
| Maximum advance | Up to $1,500 |
| Cost | $14 for every $100 advanced |
| Provinces | Ontario, British Columbia, Alberta, Nova Scotia |
| Branches | More than 35 |
| Credit check on application | None, per the website |
| Interest on overdue balance | 30% a year |
Requirements to borrow
The lender’s FAQ lists three conditions. You must be at least 18 years old, hold a bank account with online banking access and have employment income. The page adds that Employment Insurance benefits are accepted as income, which matters to people between jobs.
What to have ready
- Photo identification.
- Your bank account details and online banking access for verification.
- Proof of income such as a recent pay stub or a benefit statement.
- A contact phone number and email address.
“No credit check” does not mean “no checking.” The lender still confirms who you are and whether you have income to repay, and it may use a bank connection to do so. Ask which documents it needs for your situation before visiting a branch or starting an online application.
Age and provincial differences
Eighteen is the figure given on the company’s website. In some provinces the age of majority is nineteen, so ask the lender what applies where you live.
What the loan costs
The company states a cost of $14 for every $100 advanced, which it describes as regulated by the province. On a $500 advance, that is $70, and the company’s Ontario example for a 14-day term shows an annual percentage rate of 365 per cent. The Financial Consumer Agency of Canada’s own illustration reaches the same annual figure: a fortnight's loan of $300 carries a $42 fee.
| Advance | Fee | Repayment after 14 days |
|---|---|---|
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $900 | $126 | $1,026 |
| $1,500 | $210 | $1,710 |
The fee is the same whether you repay on the first day or the last day of the term, so the loan is best for a genuinely short gap. A fee of $70 for access to $500 for two weeks only makes sense if the alternative is something costlier, like a late penalty or a lost opportunity.
What happens if you cannot repay on time
The lender states that overdue balances carry interest of 30 per cent a year. Provincial rules also limit what can be charged for a dishonoured payment; the federal agency notes a one-time $20 fee in regulated provinces. Beyond the lender’s own charges, your bank may add a non-sufficient-funds fee when an automatic withdrawal fails.
Steps if a payment looks impossible
- Contact the lender before the due date and ask what options exist.
- Request any new arrangement in writing.
- Move other bills away from the withdrawal date if you can.
- Avoid taking a second payday loan to cover the first.
Several provinces forbid rollovers or restrict simultaneous loans. British Columbia, for example, allows only one loan at a time and no rollovers. Hold on to your agreement and every message, since they show what was promised.
Branch or online
The company runs branches and also takes online applications. A branch lets you talk through the figures in person and sign on paper, and an online application suits those who cannot get to a location. Whichever you choose, the same provincial rules apply.
Applying in a branch
Bring identification and proof of income. Ask for the agreement to be explained and check that the fee in dollars matches the table above for your amount.
Applying online
Type the web address yourself and confirm the page belongs to the company. Do not follow a link from a text message or an unsolicited email. Expect to verify your bank account, and never provide your online banking password to anyone who contacts you first.
Because availability is stated for four provinces, a lender claiming to be PAY2DAY but offering loans in other provinces deserves a closer look.
Your rights as a borrower
Borrowers in the regulated provinces can cancel a payday loan within a short window, usually two business days, by returning the advanced amount. The lender must hold a licence from the province, and it must give you a written agreement stating the total cost.
- Ask to see the licence for your province.
- Check that the contract lists the amount, the fee and the due date.
- Keep your copy and photograph any signed pages.
Ontario also limits a payday loan to 50 per cent of net pay, and British Columbia has a similar limit. Complaints go to the provincial consumer protection office, which regulates collection practices as well.
A worked scenario
Consider a borrower in Halifax whose car needs a $450 repair on the 6th, with the next paycheque of $1,300 arriving on the 18th. A $450 advance carries a $63 fee, so $513 comes out on repayment day. After that withdrawal, $787 of the paycheque remains for rent, food and transport. If those essentials need $950, the borrower is short again, which is how one loan becomes a pattern.
Running the same test on your numbers
- Write down the advance and the fee.
- Subtract the total from the next deposit.
- Compare what is left with the bills due before the following payday.
If the remainder does not cover those bills, a smaller advance, a bill extension or a different source of money is a better answer than signing.
How it differs from a line of credit
Some lenders offer both products. Cash Money, for instance, advertises a line of credit up to $10,000 at 34.99 per cent annual percentage rate alongside payday loans up to $1,500. A line of credit is reusable and carries an annual rate that is far lower than the roughly 365 per cent equivalent of a two-week payday fee, but it usually involves a credit check, and balances can linger for years.
The two suit different problems. A payday advance deals with a one-off, brief gap for people with no other access to funds. A line of credit supports ongoing needs for those who qualify, provided they pay down the balance steadily.
Is this the right tool for you?
A payday loan suits a single, short, one-time gap when you are sure the next deposit will clear it. It does not suit a recurring shortfall. If you expect to need it every month, it is more useful to find the cause than to keep paying $14 per $100.
Before applying, ask whether a smaller sum would do, whether a payment extension is possible and whether a cheaper product exists. A $500 loan costs $70 for two weeks, while a credit union small loan or an employer pay advance may cost little or nothing.
Where to get free advice
Credit Counselling Society offers non-profit counselling in most provinces, and the federal consumer agency explains payday rules clearly. Both are independent of any lender.