The Annual Percentage Rate (APR) on a 14 day loan is 600% in BC, 547% in Ontario, 600% in Saskatchewan and 574% in Nova Scotia.
Implications of Non Payment
If a pre-authorized withdrawal is returned to My Canada Payday for any reason, including but not limited to "NSF" or "account frozen," it will be considered as a non-payment. In these cases you will be charged an NSF fee from My Canada Payday of $20 in BC, $50 in Ontario, $50 in Saskatchewan and $40 in Nova Scotia. You may also incur an overdraft charge from your bank. In addition, an annualized interest of 30% n BC and 59% in all other provinces will accrue from the loan repayment date up to and including the eventual repayment date.
Our in-house collections department meets or exceeds the collection practices as set out by each of the relevant provincial authorities.
If you fail to repay your loan to My Canada Payday, your credit score may be negatively impacted.
My Canada Payday does not offer automatic renewals (rollovers) on its payday loans. If you want to borrow again, you must repay any other outstanding loans you have with us.