To get a loan you need regular income. That income can be in many different forms, including employment income, pensions, or child tax benefits. To borrow money with My Canada Payday you have to have at least employment income or a pension, but having child tax benefit income as well can count as supplemental income which we will consider as one of the data points.
To find out if you are eligible, fill out our application form and submit your online banking data through our trusted data provider. We will consider all your sources of income and have an answer for you in a few minutes. In addition to income requirements, you must match the following criteria:
Once we accept your application we will send you a digital contract. Since we're open 24/7 you can choose to accept that contract whenever is most convenient for you. Even if it's at 2am in the morning, we'll immediately send your Interac e-Transfer to your email address. Depositing that into your account only takes a few minutes.
Bad credit isn't a problem here. We analyze many factors beyond traditional credit scores, such as supplemental income like child tax or ODSP benefits. This lets us get a better sense of what's happening with an applicant's finances, so we can offer loans to far more people than the traditional banks.
Once you've taken out one loan with us, you start building credit with us. Your maximum loan amount will grow as you build a history with our company, up to 30-50% of your paycheck depending on the province you live in.