A Guide to Payday Loans

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A Guide to Payday Loans

Guide to Payday Loans

A payday loan is a short-term, unsecured loan for a small sum of money, typically only offered to people in stable employment, and intended for one-off, unexpected costs. They are personal loans, not offered to businesses, and as such have far less red tape. Life doesn’t always go the way we plan, and bills sometimes need to be paid before payday. A short-term cash advance can make the difference between paying that bill in full and bouncing a cheque. The average payday loan in Canada is around $280, borrowed for an average period of ten days. Typically, a payday loan is paid back with interest on the borrower’s next payday, hence the name. With My Canada Payday, loans are normally due on your next payday, but customers can borrow for up to 60 days by calling or e-mailing to make arrangements to pay on their next-but-one payday once their loan application is complete. Loans of up to $1500 are available. You can learn more at our FAQ section.

Who uses payday loans?

Ordinary people looking for financial flexibility and convenience. A 2007 report commissioned by the Canadian Consumer Finance Association found that the typical payday loan borrower is 40 years old, employed full-time, and earning an average income. Around two million Canadians will take out express loans every year, so you probably know someone who has used payday loan services.

Are payday loans safe?

As with any kind of borrowing, you should use payday loans responsibly. Payday loans should be used to cover occasional or unexpected costs, not to prolong unsustainable spending. Borrowing is not a substitute for a good budget. When you apply for your payday loan, make sure to read the terms and conditions. Make sure also that you will have enough money in your nominated bank account to repay the loan, plus interest, on the due date. As with any installment loan, failure to pay it off on the due date will incur further costs. If you cannot pay in full on the due date, contact us so that we can work out an alternative repayment schedule. My Canada Payday helps customers to manage their debt by not allowing them to take out a second loan until the original loan has been paid in full. If you have ongoing financial problems, the CPLA also provides a list of national and provincial credit counselling services. Depending on your circumstances there may be other options more appropriate than a payday loan, such as an overdraft or debt consolidation.

What does Canadian law say about payday loans?

The law on payday loans varies from province to province. My Canada Payday offers medical emergency loans to residents of Alberta, Manitoba, Ontario, Nova Scotia, Saskatchewan and British Columbia, and holds valid licenses to issue payday loans in all four of these provinces in accordance with provincial law. In all three of these provinces, the amount of interest that can be charged on online personal loans in Canada is capped by law in order to protect borrowers. Payday loans are not currently available in New Brunswick, Quebec or Newfoundland. Maximum interest rates are summarized below:

Province Maximum Interest

British Columbia15%
Nova Scotia17%


A rollover is when a payday loan is not paid on time and the lender automatically renews the loan by rolling the interest from the previous loan into the principal of a new loan. This practise is prohibited in most parts of Canada, with the exception of Manitoba where rollovers are permitted at a lower rate of interest. Generally speaking, a reputable lender wouldn't engage in this practice even if it is permitted -- My Canada Payday does not do rollover loans, even in Manitoba.

How can I get a payday loan from My Canada Payday?

My Canada Payday has storefronts in Surrey, British Columbia and Dartmouth, Nova Scotia. Alternatively, customers can apply online using a simple form. By applying online, customers can have money in their account within 15 minutes without even leaving their homes.