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Payday loans in Toronto are a financial option for people in the city (and the whole province of Ontario) dealing with a financial emergency. It could be anything from needing to repair a sudden leak in your roof, to getting a flat tire and needing a quick fix.
At iCash, we understand the unique challenges facing Toronto residents. From the city's high cost of living to rising expenses, we get that even the best planned budgets can be strained.
In this guide, we’re going to provide transparent and honest information about accessing a short term loan in Toronto. As a fully licensed online lender, we're committed to helping you understand your options, your rights, and how to borrow responsibly.
When it comes to online loans Toronto residents can depend on, and here's why many choose us:
100% Online
Our completely online process means you can apply from anywhere in Toronto. Whether you're in downtown, North York, Scarborough, or Etobicoke. No commute, no paperwork, no unnecessary conversations about your finances.
Lightning-Fast Approvals
We provide instant decisions 24/7, 365 days a year (that’s right, even on weekends and holidays). Once you’re approved for a fast cash loan in Toronto, funds are sent via e-Transfer within 2 minutes, not days.
Bad Credit Accepted
Your credit score shouldn’t define you. We accept all types of credit and focus on your current income and ability to repay rather than past financial mistakes.
Transparent Pricing
Our fee is straightforward: $14 per $100 borrowed, which is the standard under Ontario law. No hidden charges, no surprises.
Licensed & Regulated
We’re fully licensed to operate in Ontario and complies with all provincial and municipal regulations, giving you peace of mind that you're working with a legitimate lender.
Trusted by Over 1 Million Canadians
With a 4.8/5 rating on Trustpilot and thousands of positive reviews across platforms, our track record speaks for itself.
Toronto consistently ranks as one of Canada's most expensive cities. From groceries to transportation, the cost of daily living continues to climb, making it harder to build a financial cushion for emergencies. It’s just one of the many reasons why short-term loans in Toronto are often viewed as a reliable and helpful solution.
Many Toronto residents spend well over 40% of their income on rent alone, which far exceeds the recommended 30% threshold. This leaves little room for unexpected expenses. When debt payments, rent, and daily expenses consume most of your income, even a small emergency can create a financial crisis.
Emergency loan providers in Toronto are there to help. You can apply 24/7 and get your funds quickly. This is by design, so that anyone dealing with a sudden financial issue can deal with it as quickly as possible.
A payday loan is a short-term, small-dollar loan designed to help you cover immediate expenses until your next payday. In Toronto, these loans are governed by Ontario law, which provides important consumer protections.
Payday loans typically range from $100 to $1,500 and are usually repaid in full on your next pay date. They're meant to be used for temporary cash flow problems, not long-term borrowing needs.
Getting a loan in Toronto is as simple as ordering you a coffee from your favourite local spot in the city. When you work with a licensed online lender, here’s the process you can expect:
Apply Online: Complete a simple application on our website or mobile app. No need to visit a physical location in Toronto.
Instant Decision: We review your application and provide an immediate decision based on your income and banking information. You won’t have to wait to find out if you’re approved.
E-Sign Your Agreement: If you’ve been approved, you’ll just need to review the loan terms, which will include info on the total cost of borrowing, and then electronically sign your contract.
Receive Funds: Once approved, your funds are sent to you via e-Transfer within 2 minutes, 24/7.
Repay on Schedule: The loan amount plus fees are withdrawn from your account on your agreed repayment date.
To qualify for payday loan options in Toronto, you'll need to meet these basic requirements:
Be at least 18 years old (19 years old for applicants in British Columbia, New Brunswick, Nova Scotia)
Be a resident of any of the provinces in which we operate (AB, ON, BC, MB, NB, NS, PEI).
Show that you have been receiving the same source of income for the past three months.
Have a total net income of at least $800/month.
Have access to an online bank account, in which pre-authorized debits can be performed.*
Have a valid Canadian mobile phone number, address, and email address (VoIP numbers are not accepted)
*Please note that KOHO accounts do not qualify as they do not support pre-authorized debits.
The good news? If you have bad credit history and are worried about being disqualified, you don’t have to be, because we focus on your current financial situation, not your past.
All payday loan Toronto lenders must comply with provincial and federal regulations. If they deal with a lender that doesn’t follow these rules, you should view it as a major red flag.
Ontario law caps the cost of borrowing at $14 for every $100 borrowed. So, for example, if you borrow $500, the maximum fee is $70. Your total repayment would be $570.
Ontario law also stipulates that you have the right to cancel your payday loan without penalty within two business days of receiving the funds. If you change your mind, you simply need to return the principal amount you borrowed. If you’ve borrowed with us and wish to cancel your loan, just get in touch with our customer service team, and we’ll help facilitate the process.
In addition to provincial regulations, the City of Toronto has authority to regulate payday loan establishments through municipal zoning bylaws.
Working with a licensed lender is essential for your protection. Licensed lenders must follow strict rules about fees, disclosure, and collection practices. This simple step protects you from unlicensed operators who may charge excessive fees or engage in predatory practices.
With iCash, before you sign up and apply, once you’ve selected your province, our license will be prominently displayed to you. We’ll never hide any information from you.
As a licensed online lender, we’re proud to serve residents throughout Toronto and the Greater Toronto Area, including:
…and beyond.
Our online platform allows us to provide fast and secure same day payday loans in Toronto and other Canadian residents across multiple provinces where we operate, including Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, and Prince Edward Island.
One of the most common questions we hear is: "Can I get approved with bad credit?" The answer is yes!
While some lenders advertise "payday loans in Toronto with no credit check," the truth is more nuanced. Licensed lenders will still perform a hard credit check, either for your first loan only (like iCash does) or for each loan you apply for. This is why it’s important to check with your lender beforehand.
On our end, we only perform one for the purposes of verifying your identity and income to ensure responsible lending, which is why you don’t have to worry about a poor credit score being a reason for holding you back.
Lenders are generally less concerned with past financial challenges and more focused on one question: Can you afford to repay this loan based on your current income?
Multiple sources of income are accepted as well. Whether you have a full time or part time job, receive income from self employment or government assistance, as long as you meet our basic income requirements, it doesn’t matter where your income comes from.
This practice is standard among legit and licensed payday lenders operating throughout Toronto and Ontario. Whether you're recovering from bankruptcy, dealing with past collection accounts, or simply have no credit history, you can still access the emergency funds you need.
When you need financial help fast, you want a lender that combines speed, transparency, and trustworthiness. Here's what sets iCash apart for Toronto borrowers:
✓ Completely Online – No store visits required
✓ 24/7 Approvals – Apply anytime, from anywhere, even on weekends and holidays
✓ e-Transfer in 2 Minutes – Fast access to funds
✓ Flexible Repayment* – Options that work for your budget
✓ All Income Types Accepted – Employment, benefits, EI, self-employment, etc.
✓ 93% Approval Rate – We say yes when others say no
✓ Up to 12% Cashback – Membership rewards on borrowing costs
✓ Mobile App Available – Apply on iOS or Android
Behind each review is an experience that matters
Since 2016, we've helped over half a million Canadians get instant loans online.
Since 2016 we have happily served over half a million customers.
Read more reviews.
Getting an online loan with us is fast and easy. Simply select your loan amount, repayment plan* and provide some personal details.
Our online loan application will tell you if you’re approved instantly. Once approved, all you have to do is electronically sign your contract. It’s that easy!
Once you sign your digital agreement, your cash advance will be sent by e-Transfer within 2 minutes. Fast, convenient and hassle-free. Funds are sent 24/7, no matter what.
Earn money every time you borrow with iCash! Our unique cashback program is designed to reward you for being a loyal customer and can help you save on future loan payments. After successfully paying off your first online loan, you'll receive 4% of the cost of borrowing credited to your account. You can earn up to 12% depending on how many iCash loans you have repaid.
Have more questions? Check out our full FAQ.
