Straight answers about short-term loans in Canada

CashPicks is a free Canadian comparison platform that helps you find and connect with licensed lenders for short-term loans. We're not a lender or a broker — we research the market, vet our partners, and show you options that fit. The actual loan agreement is signed directly between you and the lender you choose.

You share roughly how much you'd like to borrow and your repayment timeline. We match you with one or more licensed partner lenders that serve your province. From there, you review their offers, apply directly with the one you prefer, and (if approved) they fund you by Interac e-Transfer. The whole match usually takes under a minute.

Neither. CashPicks is a comparison platform. We don't issue loans, approve applications, or set the rates you'll be offered. Your loan agreement is signed directly with the licensed lender you choose. Their terms, their decision, your funds — all handled between you and them.

Yes. Borrowers never pay CashPicks anything. There's no fee to compare options, get matched with a lender, or use our calculator. The lenders you ultimately work with handle their own pricing under federal and provincial rules. You'll see exactly what a loan costs before you sign anything.

No. Browsing options on CashPicks and using the calculator has zero impact on your credit. If a lender you choose later runs a credit check during their application process, they'll disclose that before doing so. Many partners use soft checks or bank-based verification instead of hard credit pulls.

Most lenders require you to be at least 18 (19 in BC, NB, NS, NL, YT, NT, and NU), a Canadian resident, and have a steady source of income — whether that's employment, a pension, or government benefits like CPP, EI, or ODSP. You'll also need an active Canadian bank account to receive funds and set up repayment.

Many partner lenders look at income and banking activity rather than credit score alone, so a low score doesn't automatically disqualify you. Some specialise in helping people rebuild credit through small, responsibly-sized loans. Approval still depends on your overall financial situation, though — no lender can honestly guarantee approval before reviewing your application.

Yes — several partner lenders accept government benefits as qualifying income, including ODSP, CPP, EI, the Canada Child Benefit, and disability payments. The usual affordability checks apply, and not every benefit type is accepted by every lender. We'll surface the partners who work with your specific income source.

Usually less than you'd expect: government-issued photo ID, proof of income (a recent pay stub or benefits statement), and your bank account details. Many lenders skip paper documents entirely with instant bank verification — you log into your online banking through a secure connector, and the lender confirms income automatically.

Yes, though requirements vary by lender. Most partners want to see three to six months of consistent business income through your bank statements. Self-employed Canadians often need to provide statements rather than pay stubs, since traditional employment verification doesn't apply. The match list we show you will highlight self-employed-friendly lenders.

The CashPicks side takes about a minute — a few quick questions to match you with a fitting lender. The actual application with your chosen lender usually takes five to ten minutes, especially if you use instant bank verification. Most lender decisions come back in seconds to a few minutes.

If approved, most partner lenders fund loans the same business day via Interac e-Transfer — often within hours. Timing depends on the lender's processing hours, your bank, and when you submit. Applications submitted overnight or on weekends may receive funding the next business day, depending on the lender.

You can apply through CashPicks 24/7, including weekends and statutory holidays. Some partner lenders process applications around the clock; others only fund on business days. We'll show you which lenders offer weekend funding when we match you, so you can choose accordingly.

Yes. Lenders need an active Canadian chequing account to send funds via Interac e-Transfer and to set up repayment. Prepaid cards generally aren't accepted. The account should be in your name and held at a major Canadian bank, credit union, or recognised online bank.

Under federal law (Criminal Interest Rate Regulations, effective Jan 1, 2025), the maximum cost is $14 per $100 borrowed. So a $300 loan over 14 days costs up to $42, with $342 due on repayment. The cap applies regardless of term, up to the federal 62-day maximum. Lenders can charge less; they can't legally charge more.

Most payday lenders in Canada cap loans at $1,500 for first-time borrowers. Provincial regulations may set lower limits in some cases. Many partner lenders also offer payday-style installment loans for slightly larger amounts repaid over multiple paycheques — we'll show you both if they're available in your province.

There shouldn't be. Federal rules require lenders to display all loan costs upfront — borrowing fee, total repayment amount, and due date — before you sign. The $14-per-$100 federal cap covers all fees combined. If a lender is trying to add extra charges on top of the cap, that's a serious red flag.

Payday loans are short-term, so the annual percentage rate (APR) looks high — often around 365% for a 14-day loan, even at the legal $14-per-$100 rate. APR isn't the most useful number for a two-week loan, but the dollar cost ($14 per $100) is the practical figure to focus on. Lenders must show you both.

Repayment is usually automatic through a pre-authorised debit from the same bank account that received the loan. The amount and date are set when you sign the loan agreement, typically on your next payday. You can also pay manually through online banking or a one-time transfer if your lender allows it.

Contact your lender as soon as you know there's a problem — most will discuss options before charging extra fees. Missing a payment can trigger NSF charges from your bank and additional fees from the lender, both capped by provincial rules. It can also affect your credit. Free credit counselling is available through nonprofits like Credit Counselling Canada.

Most Canadian provinces ban rollovers — paying just the fee to extend the loan another period — because they trap people in debt cycles. Some lenders may offer a repayment plan if you ask before the due date. Always talk to your lender early if you can't repay; ignoring it is the worst move.

Yes. Federal law prohibits early-repayment penalties on payday loans. If you can repay sooner, you simply pay the principal plus the agreed fee — no extra charges. Some lenders may even reduce the fee for early repayment, though that's not required. Always confirm the exact amount with your lender before sending payment.

Payday loans are legally regulated in every province except Newfoundland and Labrador and the territories (where federal rules apply directly). Each province sets its own licensing requirements and rules, but all must respect the federal $14-per-$100 cap on borrowing costs as of Jan 1, 2025.

Quebec doesn't regulate payday loans the same way other provinces do. Instead, it applies a 35% annual interest rate cap to all consumer credit, which makes traditional payday lending impractical. Most CashPicks partner lenders don't operate in Quebec for this reason — Quebec residents will see fewer options on our platform.

Yes. Provinces set their own rules for things like maximum loan amounts, allowable repayment terms, licensing, and what lenders must disclose. The federal $14-per-$100 cost-of-borrowing cap applies everywhere, but the surrounding rules differ. Your lender will follow the rules of the province where you live.

Yes. All data flows through CashPicks over 256-bit SSL encryption, and we follow the Personal Information Protection and Electronic Documents Act (PIPEDA) — Canada's federal privacy law. Your information only goes to lender partners you actively choose to apply with. We never sell data to third parties.

Only the lender you choose to apply with. CashPicks doesn't broadcast your information to every partner in our network. When you select a lender from the matched options, your details are passed securely to that lender for their review. Other lenders never see your application.