Payday Loan Company in Canada

To find a reputable payday loan company in Canada, one of the best bets is to use one of the Canadian Payday Loan Association (CPLA) members.

All in all, the CPLA membership consists of a 18 companies that operate 763 different payday lending outlets across Canada, in every province and territory, with the exception of Quebec.

In Canada, the payday loan industry lends out typically small sums for the short-term. In fact, according to the CPLA statistic, the average payday loan in Canada is around $280, and the average loan 10 days.

The responsible payday lenders in the country have designed their products to meet their customers one-off, unexpected and emergency expenses.

Typically, CPLA member companies lend these small sums to their customers for a period of 1-14 days, with the repayment date on the borrower's payday from regular employment.

In exchange for the loan sum, the borrower writes the lender a post-dated cheque for principle plus interest and fees, dated on the next wage payday.

Therefore, to qualify for a cash advance in Canada, often the requirements include steady employment and a bank account, but not a credit check, which is why even Canadians with bad credit but with a steady job can apply to get a payday advance.

Payday Loan Lenders in Canada

CPLA membership list is published in the association's official website, and contains the following companies:

  • 1461350 ONT LTD
    Cash 4 You
    Cash Canada Financial
    Cash Max/Cash Converters
    Cash Money
    Cornwall Cash Advantage
    Money Mart
    Moneytree Canada Inc.
    PayCheck Plus
    Quik Loans Ltd.
    Red Leaf Loans
    Speedy Cash Payroll Advances
    The Fast Cash Co.
    The Money Shack
    Xtra Cash

These companies have made a commitment to follow the associations best practices principles that are aimed at the best quality customer service and reliable lending.

Out of the member companies, the three largest payday lenders in Canada in term of outlets are MoneyMart (454 stores), Cash Money (131), and Cash Max/Cash Converters (78).

There are also several online payday lenders with no physical stores at all, including DollarsDirect, PayCheck Plus, and Red Leaf Loans.

› Payday Loan Company in Canada

Cash advances should be used for short-term financial needs only, not as a long-term financial solution.

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