"Instant payday loans" is how many people search for a payday loan they can get the same day. Online lenders in Canada have made the process much faster, but it helps to know which parts are truly quick and which depend on banks and business hours.
Instant decision is not the same as instant money
Many lenders use automated systems that can return a decision within minutes of your bank verification. After that, you still need to read and sign the agreement, and the lender needs to send the funds. On a business day, the whole process often takes a few hours. Overnight or on a holiday, it can take until the next business day.
A realistic timeline
| Step | Typical time |
|---|---|
| Fill in the application | 5 to 10 minutes |
| Bank verification | 2 to 5 minutes |
| Lender decision | Minutes to a few hours |
| E-sign the agreement | A few minutes |
| E-Transfer arrives | Minutes to a few hours on business days |
Typical ranges only. Timing depends on the lender, your bank and when you apply.
How to make your payday loan as fast as possible
- Apply early on a business day.
- Use the same name, address and phone number your bank has on file.
- Set up Interac e-Transfer autodeposit beforehand.
- Have your ID ready to photograph in case the lender asks.
- Answer the lender’s call or email right away if they need to confirm something.
When speed costs you
Urgency is when people skip reading the agreement or borrow more than they need. Take the two minutes to check the total you will repay. And remember that in Ontario you can cancel a payday loan within two business days without paying any cost, if you change your mind.