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Installment Loans

If you’re new to the world of loans, you might be wondering what an installment loan and how they differ from online payday loans. Installment loans are easily explained, and we offer them at My Canada Payday.

How An Installment Loan Works

If your lender gives you an installment loan, they’ll lend you a set amount of money, clearly spell out your loan terms such as how long you will have to pay, and give you a set monthly payment to make.

Even if you weren’t quite sure what an installment loan was, you might have used one before. Your car payment or your mortgage payment are both installment loans.

Why Installment Loans Are a Good Option

It can be hard planning your finances when you don’t know how much to budget for an item. Installment loans take the guesswork out of what you must repay each month. Their predictability helps you budget better. You’ll know exactly how much to pay back on the due date you’re given each month.

My Canada Payday’s Installment Loans

My Canada Payday offers installment loans in BC, Ontario, Alberta and Nova Scotia. We lend up to $1,500.

In Alberta, all loans are done as installment loans, and they are split over three pay periods. If you think you’ll need three pay periods to pay off your debt, you can have that option in any other province as well if you request it.

Application Process

We pride ourselves on our simplicity at My Canada Payday. If it’s a hassle, we don’t want any part of it. We don’t want to make you jump through any hoops at a time when you’re already under the financial stress of having to seek out an installment loan. For that reason, our application process couldn’t be simpler.

Here is what you’ll do to get a loan with us. You’ll fill out a quick online form. It should take you about five or ten minutes. So you could even do it during the commercial breaks as you’re watching television one night. That’s how easy we make this.

You’ll just need to input some basic information about yourself. From there, we’ll handle the approval process.

Prerequisites to Getting an Installment Loan

My Canada Payday likes to say yes – we love granting approval to our customers. But there are things you can do to improve your chances of us saying yes.

At this time, we don’t offer installment loans to freelancers for the simple fact that we need to see a dependable, steady income stream from a regular job. For that same reason, we won’t lend to you if you’re unemployed.

If you are retired and have a pension, you’re eligible. And if you have a job where you can show proof of regular pay, you meet our requirements.

Other than that, all you need is access to a computer so you can fill out your application online, check your email for approval, and agree to our terms. If you’d rather, you can call one of our customer service representatives to take down your application information. You’ll never have to fax us or go to a brick-and-mortar location.

What Steps Do I Need to Take to Get an Installment Loan?

What Steps Do I Need to Take to Get an Installment Loan?

The Application Process

This isn’t rocket science, so we don’t treat it like it is. We like easy and simple as much as anyone else, so that’s how we set up our application form. Take a few minutes to fill it out and submit it. That’s really all there is to it. We’ll do the rest.

The Approval Process

We’re not going to call you and ask you a million questions just as you’re sitting down to have dinner. In fact, we won’t call you at all. We’ll send you an email minutes after you apply, letting you know whether you’ve been approved.

Sending the Money

After you get your approval notice, you need to agree to our terms and conditions before we can release the installment loan. Until you do that, we won’t be able to send you the money. As soon as you do, we’ll send your money through Interac e-Transfer. You’ll have it in about five minutes.

Do You Have Some Questions For Us?

Here are answers to some of the questions you might have.

Q: Are We a Legitimate Business?

Don’t worry, we’re not offended that you’re wondering that. You’re smart to be cautious because there are a lot of shady companies out there. In this day and age, you have to do your homework to make sure you’re not being bamboozled.

My Canada Payday is 100 percent legitimate. We’re a fully licensed online payday lender. Thanks to the Consumer Protection BC requiring every payday lender in British Columbia to be licensed, we have the license numbers to prove it.

Q: Why Use Us?

That’s a good question. Quite simply, because we rock! We’re fast in all the right ways. Our application process doesn’t take long. Our approval process is generally completed within minutes. And, after you’re approved, you can get your money as soon as five minutes after agreeing to our terms and conditions.

And if our speed doesn’t convince you we’re the right company to do business with, maybe our TrustPilot rating will. We’ve earned an impressive 9.0 out of 10 after 718 reviews. Our customers clearly like working with us, and the feeling is mutual. That’s why we have so many repeat customers.

Q: What If I Have Bad Credit?

Credit scores are useful tools to have. They can show how responsible people have been with their finances in the past. What they can’t do is show how responsible someone will be in the future. So, My Canada Payday doesn’t like to write anyone off just because they’ve made mistakes in their past.

We offer installment loans to people with less than perfect credit. That includes those with bad credit. We can do that because of our proprietary scoring system. It looks at every piece of the puzzle – the ones traditional banks don’t like to delve into.

If you have bad credit, apply anyway. You might be surprised at what we can do for you.

Licensing Information

BC Payday Loan License # 52546
Ontario Payday Loan License # 4721539
Alberta Payday Loan License #342618
Nova Scotia License # 211843061
Saskatchewan License # 100055
Manitoba License # 67816

Interest Rates

Online payday Loans are high cost loans. Loan amounts are subject to net pay and other qualification requirements.
Ontario: We charge $15 per $100 borrowed. On a $500 loan for 14 days, the total cost of borrowing is $75, with a total amount owing of $575 and an APR of 391.07%.
British Columbia and Alberta: We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total amount owing of $345 and an APR of 391.07%.
Manitoba and Saskatchewan: We charge $17 per $100 borrowed. On a $300 loan for 12 days, the total cost of borrowing is $51, with a total amount owing of $351 and an APR of 517%.
Nova Scotia: We charge $19 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $57, with a total amount owing of $357 and an APR of 495.36%.