To save you time, we've collected the most often asked questions and compiled their answers here!
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Why can’t I get a payday loan for less than 3 days in Ontario?
We are a non-profit seeking donations, do you have a sponsorship program?
How do I know that you are a legitimate business and/or a legal payday lender?
Can I borrow until 2 paydays from now?
How much can I borrow on a reloan?
Will I Need To Submit My Banking?
How does your process work?
How Much Can I Borrow?
Your payment has come out of my account and my last loan is paid off. How do I apply for another one?
How do I reloan?
I applied but was told that I do not qualify at this time. Can I re-apply later?
What do I need to qualify for a loan ?
How much will it cost me to take a loan for $___?
If I apply for a loan today how soon will I get the cash?
How do I apply for a loan with you ?You can apply for a payday loan with us safely and easily on our website!
How much do I need to be making a month in order to qualify for a payday loan?
Can I qualify for a loan if I am unemployed but receiving Disability, Employment Insurance, etc?
Do you offer Ontario payday loans?
Do we accept all banks for lending with us?
Can I qualify for a loan if I have a pension?
Do you offer Saskatchewan payday loans?
How much can i receive on Government assistance income source?
Unfortunately, my payment has bounced. What now?
Do you offer Alberta payday loans?
Q.
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Q.
Why can’t I get a payday loan for less than 3 days in Ontario?
A: In Ontario, payday lenders must provide borrowers with a 2-day cancellation period after signing a payday loan agreement. During this time, customers can cancel the loan without penalty.
Because of these regulations, lenders cannot process pre-authorized debit payments while the cancellation period is still active. In addition, Ontario payday loan rules do not allow lenders to “skip” a scheduled payday repayment date.
To remain compliant with Ontario regulations and ensure that payments are not sent for processing during the cancellation period, payday loans must have a minimum loan term of at least 3 days.
As a result, if your next pay date is 2 days away or less, we may need to wait until your following pay date before issuing a new payday loan.
Q.
We are a non-profit seeking donations, do you have a sponsorship program?
A: Yes, please take a look at our community involvement program information. You can also fill out our donations page.
Q.
How do I know that you are a legitimate business and/or a legal payday lender?
A: Since November 1st, 2009, all payday lenders in British Columbia must be licensed by Consumer Protection BC.MyCanadaPayday is 100% Canadian owned and operated by Westrock Financial Ltd. Our Consumer Protection BC payday lending license number is 52546, our Alberta payday lending license number is 342618, our Ontario payday lending license number is 4721539, our Saskatchewan license number is 511325 , our Manitoba license number is 67816 , and our Nova Scotia license number is 241843061.
We also serve on the board at the Canadian CFA.
You can check our A rating at the Better Business Bureau.
Q.
Can I borrow until 2 paydays from now?
A: If you live in BC, Alberta, Saskatchewan, Manitoba or Nova Scotia that is no problem! Once you're finished your application and submitted your banking information, just e-mail or call us and we can set that up for you. * Loans may not exceed 60 days in length.
If you live in Ontario, we are unable to extend this courtesy due to provincial regulations. However, you may contact us after your loan has been issued and we can reschedule your payment for you.
Q.
How much can I borrow on a reloan?
A: For returning customers (reloans), higher loan amounts may be available based on a review of banking transactions and payment history. Please note that increased loan amounts are not guaranteed, as all applications are assessed individually to ensure responsible lending practices.
Q.
Will I Need To Submit My Banking?
A: It depends on your province:
Q.
How does your process work?
A: We pride ourselves on the ease of our process, which can be completed online and using your phone! There is no faxing visiting a store, or signing paperwork required... and if you're fast, it takes less than 30 minutes! Once your loan is approved, we will send you your loan by Interac email transfer if you are from BC, Alberta, Saskatchewan, Manitoba, Ontario or Nova Scotia. Returning reloan customers can have their money in as little as 5 minutes!
Here is the complete list of steps, in order:
For Desktop or Laptop Users:
For Mobile and Tablet Users:
3 . After we receive your banking history, we will start the review process. If we need more information, we will usually contact you by telephone first, then by email.
8. On your next payday, we will automatically take a payment for the amount of the loan plus the borrowing fee, as specified in your Loan Agreement.
A: For first-time borrowers, loan amounts typically range from $100 to $400, depending on several factors such as bank statement activity and income level.
For returning customers (reloans), higher loan amounts may be available based on a review of banking transactions and payment history. Please note that increased loan amounts are not guaranteed, as all applications are assessed individually to ensure responsible lending practices.
A: To apply for a reloan, simply click 'Already A Customer - Reloan Now' and follow the instructions to apply for a new loan. We will see your submission and get back to you, usually within 30 minutes if we are open. If you wish to borrow less or more than last time, send us an e-mail to getpaid@mycanadapayday.com or use the contact us form on the web site and let us know how much you'd like to borrow. We will update your application and contact you.
A: Short answer: As soon as our payment shows in your on-line banking, please resubmit your banking information. It's that quick! See Reloans, Below
Q.
I applied but was told that I do not qualify at this time. Can I re-apply later?
A: If your situation changes and you believe you might re-qualify, please resubmit your banking information with an up-to-date 180-day history. There is no need to fill out another complete application. A customer service representative will be happy to update your file and re-submit your old application for review. Please remember that we can only process one application per 30 days.
Q.
What do I need to qualify for a loan ?
A: To qualify with us, you need to be employed (not self-employed) at a job that is local to you, and you must be paid regularly. You must be paid by Direct Deposit or cheque. You will need to provide proof of your income by submitting your banking information. We require a complete 180 days of banking history. Occasionally, we may also request a void cheque, recent paystubs, a recent utility bill or other proof of address, or a direct deposit authorization form. Once we have the information we need, we evaluate each loan application individually. You will be informed by e-mail whether you qualify, usually on the same day as your application.
Q.
How much will it cost me to take a loan for $___?
A: A: In Nova Scotia; for each $100 you borrow the fee is $14. For example, a $300 loan means you are paying us back $342.
A: In Manitoba; for each $100 you borrow the fee is $14. For example, a $300 loan means you are paying us back $342.
A: In Saskatchewan; for each $100 you borrow the fee is $14. For example, a $300 loan means you are paying us back $342.
A: In BC; for each $100 you borrow the fee is $14. For example, a $300 loan means you are paying us back $342.
A: In Alberta; for each $100 you borrow the fee is $14. For example, a $300 loan means you are paying us back $342.
A: In Ontario; for each $100 you borrow the fee is $14. For example, A $500 loan means you are paying us back $570.
Q.
If I apply for a loan today how soon will I get the cash?
A: Many people complete the entire application process in just a few hours. Your funds will be immediately sent by Interac Email Transfer when you accept your loan.
Q.
How do I apply for a loan with you ?You can apply for a payday loan with us safely and easily on our website!
A: You can apply for a payday loan with us safely and easily on our website!
Q.
How much do I need to be making a month in order to qualify for a payday loan?
A: All applicants must earn a minimum of $1000 a month off of your primary source of income.
Q.
Can I qualify for a loan if I am unemployed but receiving Disability, Employment Insurance, etc?
A: We will accept applications from Full time Employed, Part Time Employed, Disability, Pensioners and Child Tax Benefits.
Q.
Do you offer Ontario payday loans?
A: Yes, we offer payday loans in Ontario. Our lending license number is 4721539.
Q.
Do we accept all banks for lending with us?
A: We currently accept most major and non major banks , however we do exclude banks such as KOHO, Pre-authorized cedit card banks. as well as DC bank currently. If there is a bank not shown in the list when searching, you may feel free to contact us either by telephone, live chat, email, or contact form on our site.
Q.
Can I qualify for a loan if I have a pension?
A: Yes, My Canada Payday does offer loans to pensioners. This includes private pensions and CPP.
Q.
Do you offer Saskatchewan payday loans?
A: Yes, we offer payday loans in Saskatchewan. Our lending license number is 511325.
Q.
How much can i receive on Government assistance income source?
A: We offer a Maximum of $100 for your first 3 loans with our company. After your third loan with us, we then can increase your approvals based off our systems and your income.
Q.
Unfortunately, my payment has bounced. What now?
A: If your payment has bounced, you will start receiving e-mails from us asking you to get in touch with us. Even if these have not arrived yet and you notice the bounced payment in your web banking, you should call us right away. Failure to contact us in a timely fashion will probably result in a NSF charge for you as well as penalty interest. Once we talk to you we can adjust our system not to attempt a payment until an agreed upon date when the money will be in your account.
Q.
Do you offer Alberta payday loans?
A: Yes, we offer payday loans in Alberta. Our lending license number is 342618.