Money Direct Review 2026: Payday Loans, Costs & Pros and Cons

April 09, 2024

Our Review of Money Direct Canada

Last Updated: September 2026

Money Direct is a Canadian financial services provider offering payday loans, cheque cashing and money-transfer services. It operates online and through storefront locations in Ontario, Nova Scotia and British Columbia.

Its payday loans are designed for short-term borrowing between paydays rather than larger or longer-term expenses. Money Direct currently advertises a maximum permitted borrowing cost of $14 per $100 borrowed in Ontario, Nova Scotia and British Columbia.

This Money Direct review looks at its current borrowing costs, eligibility, repayment, locations, application process and alternatives to consider before taking out a payday loan.

Money Direct Canada: Key Facts

Feature	Current Details
Main borrowing product	Payday loans
Availability	Ontario, Nova Scotia and British Columbia
Application	Online or at participating storefronts
Current advertised maximum cost	$14 per $100 borrowed
Collateral	Not required for payday loans
Repayment	Short-term; repayment is required on the agreed due date
Other services	Cheque cashing and money transfers

What Is Money Direct?

Money Direct is a Canadian financial services provider offering payday loans and services such as cheque cashing and money transfers. Its current website lists locations in Ontario, Nova Scotia and British Columbia.

Money Direct’s payday loans are intended to provide short-term funds between paydays. They aren’t the same as a conventional personal loan, which typically provides a larger lump sum with repayments spread over a longer period.

Because payday loans are a form of high-cost credit, borrowers should compare the total repayment amount and other borrowing options before applying.

Where Does Money Direct Operate?

Money Direct currently lists storefront locations in Ontario, Nova Scotia and British Columbia. Its locations page includes branches in communities such as Toronto, Mississauga, Hamilton, Halifax, Lower Sackville, New Minas, Sydney and Campbell River.

Money Direct also provides an online payday-loan application. Availability and application requirements can depend on your location, so check the current Money Direct website before applying.

What Does Money Direct Offer?

Payday Loans

Money Direct’s main borrowing product is a payday loan. These are short-term loans intended to cover a temporary cash shortfall until your next payday.

Cheque Cashing

Money Direct also provides cheque-cashing services at participating locations. Fees and availability should be checked directly with the branch before using the service.

Money Transfers

Money Direct advertises money-transfer services through MoneyGram at participating locations.

Money Direct Payday Loan Requirements

Money Direct says applicants visiting a store should bring several documents to support their payday-loan application. These currently include:

• A current bank statement dated the day of the visit
• A blank cheque or pre-authorized debit (PAD) form
• Your most recent pay stub
• A document showing your address, such as a utility bill, cell-phone bill or other mail

Online applicants are also asked for information including their income, pay frequency, next pay date and location. Meeting the application requirements doesn’t guarantee approval.

How Does Money Direct Repayment Work?

Money Direct describes its payday loan as short-term borrowing intended to cover a cash need between paydays. The company says the loan must be repaid on the agreed due date.

Money Direct’s FAQ specifically says payday loans cannot be rolled over or moved to a later repayment date. It also says borrowers cannot have more than one Money Direct payday loan outstanding at a time.

Before accepting a loan, check the repayment date and total amount due in your agreement. Payday loans can be expensive relative to many other forms of credit, so make sure the repayment fits your budget without requiring another loan to cover the payment.

Money Direct Pros and Cons

Pros	Cons
Online and storefront applications available	Payday loans are a high-cost form of credit
No collateral required for payday loans	Loan must be repaid on the agreed due date
Locations in three Canadian provinces	Cannot roll the loan over to a later date
Other services such as cheque cashing available	Availability is limited by province and location

Money Direct Payday Loan Costs

Money Direct currently advertises a maximum payday-loan borrowing cost of $14 for every $100 borrowed in Ontario, Nova Scotia and British Columbia.

Money Direct Ontario Example

Money Direct gives the example of a $500 payday loan for 14 days. At $14 per $100 borrowed:

• Amount borrowed: $500
• Cost of borrowing: $70
• Total repayment: $570
• Advertised APR: 365.00%

Money Direct Nova Scotia Example

For a $300 payday loan for 14 days, Money Direct currently gives the following example:

• Amount borrowed: $300
• Cost of borrowing: $42
• Total repayment: $342

Money Direct also states that the maximum default fee following a returned payment in Nova Scotia is currently $20.

You can check Money Direct’s current payday-loan costs and disclosures before applying.

What Does $14 per $100 Borrowed Mean?

A charge of $14 per $100 means you pay $14 in borrowing costs for every $100 you borrow. For example, borrowing $500 would result in $70 in borrowing costs and a total repayment of $570.

The dollar fee can look relatively small, but payday loans have very short repayment periods. This makes their annualized cost high compared with many conventional forms of credit.

The Financial Consumer Agency of Canada (FCAC) explains that payday loans are an expensive way to borrow and recommends considering alternatives before taking one.

Before borrowing, compare the total amount you need to repay rather than focusing only on how quickly you can access the money.

If you want to compare other borrowing options before choosing a payday loan, FatCat Loans works with a network of Canadian lending partners.

Is Money Direct Legit in Canada?

Money Direct is a Canadian payday-loan provider with physical storefronts and an online application service. Its current website publishes payday-loan cost disclosures for Ontario, Nova Scotia and British Columbia.

Its website also publishes licensing information for its Nova Scotia online payday-loan operation. However, licensing requirements and licence status can change, so consumers should verify the current status with the relevant provincial regulator before borrowing.

Remember that a lender operating legally doesn’t necessarily mean its product is inexpensive or appropriate for your circumstances. Payday loans are high-cost credit and should generally be considered only after comparing lower-cost alternatives.

How to Apply for a Money Direct Payday Loan

Money Direct accepts applications through its website and participating storefront locations.

1. Choose whether to apply online or visit a Money Direct location.
2. Provide the personal, income and banking information requested.
3. Complete any identity or income verification required by Money Direct.
4. If you’re offered a loan, review the borrowing cost, repayment date and total amount due.
5. Accept the agreement only if you understand the terms and can afford the repayment.

Approval isn’t guaranteed. Money Direct determines whether an applicant meets its current lending requirements.

Alternatives to Money Direct

Because payday loans are high-cost credit, it’s worth comparing other options before borrowing.

• Need a larger lump sum? Compare personal loans in Canada.
• Need longer to repay? Learn about installment loans with repayments spread over an agreed term.
• Have a weaker credit profile? Explore bad credit loan options.
• Want flexible access to credit? Read about lines of credit in Canada.
• Want to compare providers? Explore our Canadian lender network.

If you’re regularly relying on payday loans to cover everyday expenses, taking another loan may not solve the underlying problem. Consider speaking with a reputable non-profit credit counsellor about your options.

Final Thoughts

Money Direct offers payday loans online and through storefront locations in Ontario, Nova Scotia and British Columbia, alongside services such as cheque cashing and money transfers.

Its current advertised payday-loan cost is $14 per $100 borrowed. Although payday loans can provide access to short-term funds, their annualized cost is high and repayment is required over a short period.

Before applying, check Money Direct’s current costs and repayment terms and compare lower-cost borrowing options where available. If repaying the loan would leave you needing to borrow again for regular expenses, a payday loan may not address the underlying financial problem.

Frequently Asked Questions

What type of loans does Money Direct offer?

Money Direct offers payday loans intended for short-term borrowing between paydays. It also provides other financial services such as cheque cashing and money transfers at participating locations.

How much does a Money Direct payday loan cost?

Money Direct currently advertises a maximum borrowing cost of $14 for every $100 borrowed in Ontario, Nova Scotia and British Columbia. Always check the current disclosure for your province before accepting a loan.

Can I roll over a Money Direct payday loan?

No. Money Direct’s current FAQ states that payday loans must be repaid when due and cannot be rolled over to a later repayment date.

Does Money Direct require collateral?

No. Money Direct states that it doesn’t require security or collateral for its payday loans.

Can I apply for Money Direct online?

Yes. Money Direct provides an online payday-loan application as well as applications through participating storefront locations. Availability depends on your location.

What should I compare before taking a Money Direct payday loan?

Compare the total borrowing cost, repayment date and total amount due with other available credit options. Payday loans are high-cost credit, so lower-cost alternatives may be worth considering first.

Sources

• Money Direct – Payday Loans
• Money Direct – Locations
• Financial Consumer Agency of Canada – Payday Loans

Disclosure:  This article is for informational purposes only and does not constitute financial advice. Loan terms, rates, and eligibility vary by lender and province. FatCat Loans is a loan comparison platform, not a lender. Always review lender agreements carefully before accepting a loan.