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All About Short Term $500 Loans in Canada

When you need to take out a loan, your first thought might be to head to your local bank or credit union. Most banks and credit unions only offer loans in high amounts, with typical loan amounts reaching $50,000 or more. That’s great news if you’re looking to take out a mortgage or start a business, but not so much if you just need to hold your bank account over until your next paycheque.

If you only need $500, where would you go to get a loan? How does a $500 loan work? More importantly, where do you find smaller loans that aren’t going to lock you into months of repayments and interest fees?

Don’t waste your money—or your time—by taking out more than what you need! It isn’t always easy to find $500 or $1,000 loans in Canada, which is why we’ve broken it all down for you. Keep reading to see answers to common questions about $500 loans and everything you need to know—including where to get the best small loans.

Where to Get Smaller, $500 Loans

If you are looking for a quick, $500 loan that is convenient and dependable, MyCanadaPayday has you covered. Our loans are designed to make the lending process as simple and as straightforward as possible, from our quick approval process to our easy online application.

We are one of the top lenders for $500 loans in Canada, and our customer testimonials prove it. Check out what some of our recent reviewers had to say about borrowing with MyCanadaPayday:

  • Excellent...good rates and attentive customer support.

  • Quick, friendly and painless. Will work with them again.

  • This company is the best! They are professional, easy to deal with.

  • My Canada Payday loan was quick and easy. I was denied from other places due to having bad credit. My Canada Payday loan was there to assist in a difficult time. Props to them!

Knowing that you have a strong customer support team to guide you through the process, answer questions and ensure that you have a positive borrowing experience can make all the difference when it comes to short term loans. We’re proud to be leading the industry!


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Common Questions About Smaller, Short Term Loans

Getting a loan can feel intimidating, especially if you’ve never done it before. Here are some of the most commonly asked questions (and answers) about $500 loans:

What is a short term $500 loan?

A short term loan is exactly how it sounds: it’s a loan that is designed to last for a much shorter period of time. Traditional loans have higher amounts and therefore last for months or years at a time. With a short term $500 loan, you’ll only be paying on that loan for a few weeks, making it much more manageable in the long run.

How does a $500 loan work?

Each lender will have their own set of rules and regulations, but here’s how the process works at MyCanadaPayday:

Step One: Fill out an application online, from anywhere that you have an internet connection—from your couch, a local coffee shop, or on your morning commute.

Step Two: Receive a confirmation email and sign the lending agreement.

Step Three: Decide on when you want to pay (your next paycheque or the following).

Step Four: Receive your money by the next business day (or sooner!).

Step Five: Breathe easy knowing that your bank account is covered.

What should I use a $500 loan for?

There are tons of reasons why you might need to take out a $500 loan! The possibilities are limitless, but here are some of the most common:

  • Catching up on past-due bills
  • Covering a last-minute car repair
  • Paying for a broken appliance or electronic equipment
  • Monthly bills, such as rent or utilities
  • Consolidating other smaller debts
  • Extra spending cash for a weekend trip
  • Boosting credit scores with on-time loan payments

How much does a $500 loan cost?

Costs will differ from one province to the next. Depending on where you live, MyCanadaPayday charges an up-front fee of 15, 17, or 19 percent of the principal balance. That means that a $500 loan can cost up to $575, $585, or $595 in total. You will always know what your fee is, and that fee will be included in your total loan amount to make payments as simple as possible.

Am I eligible for a $500 loan?

At MyCanadaPayday, we like to keep the lending process simple. We also believe that everyone should have access to the funds that they need—so we won’t deny you just because your credit score isn’t perfect, or if this is your first time getting a short term loan. All you need is to:

  • Be at least 18 years old
  • Have at least 60 days of banking history
  • Provide proof of steady income (submitted securely through Inverite or Decision Logic)
  • Have an internet connection on your phone, laptop, tablet, or desktop
  • Set aside 15–30 minutes for the application and approval process

Short Term $500 Loans: Everything You Need to Know

When you take out a $500 loan with MyCanadaPayday, you’ll be partnering with one of the top short term lenders in the country. Before you head online to fill out an application, here is everything that you need to know about MyCanadaPayday loans:

  • We are licensed with the Canadian Consumer Finance Association (CCFA), which means we adhere to strict federal and provincial government requirements.

  • We are completely Canadian-owned and operated—including our customer support team!

  • We’re also totally online, which means you don’t have to worry about faxing documents, waiting in line at a storefront, or even getting dressed and leaving the house.

  • All loans are disbursed using secure EMT bank transfer, so you’ll get your funds directly deposited into your account.

  • We offer flexible payment schedules, so you can choose the best payment terms for your needs.

  • MyCanadaPayday welcomes all applicants, regardless of credit score, lending history, or income.

If you need a $500 loan, you want to make sure you are choosing the right lender. Choose MyCanadaPayday! Reach out to us at any time to get started or to send us any questions that you might have. Our customer support team is available every day by phone (604-630-4783) or by email (getpaid@mycanadapayday.com). Let us show you what makes us one of the best payday lenders across Canada!