Frequently Asked Questions

To save you time, we've collected the most often asked questions and compiled their answers here!

General Questions:

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 pay you by Interac email transfer (for returning customers) or EFT Direct Deposit (for first time loaners or those whose bank does not support Interac Email transfer) if you are from BC, Alberta, Saskatchewan or Nova Scotia. Returning reloan customers can have their money in as little as 30 minutes, while first time customers will see the funds the next business day. In Ontario, your loans will be issued via Interac Email Money Transfer only. Here is the complete list of steps, in order:

BC, Alberta, Saskatchewan or Nova Scotia Customers

  1. You fill out the application form completely on our web site, by pressing the Apply now! button.
  2. Our system will send you an automated e-mail with further instructions and a personalized download link for the Inverite Screencap Application.
  3. You download and install the Inverite Screencap Application. This program allows you to securely upload to us screenshots of your web banking.
  4. You log into your web banking using the Inverite Screencap Application and bring up 60 days of banking history. You press the Capture button in the application and it will send us a screen capture.
  5. If required, you can send us more screenshots by pressing Capture a second or more times. (For instance, if your web banking only shows one month of account history at a time).
  6. Once you upload some web banking screenshots, we will automatically start the review process. If we need more information we will usually try and contact you by telephone, then e-mail.
  7. We will let you know in an e-mail whether your application is accepted or denied.
  8. If accepted, you will be given a link to download your Loan Agreement contract!
  9. You click the download link in your e-mail and download the contract.
  10. You read the contract it in full, and then agree to it by telephoning our automated agreement system, keying in your contract number, and saying your name and that you agree over the phone.
  11. New customers: We schedule an EFT payment (a Direct Deposit) directly into your bank account. This payment will be processed the following business day, with the money in your account by lunchtime.
  12. Reloan customers: As long as your banking information has not changed, you are eligible for an Interac E-mail transfer, which will get you money in about 30 minutes once your loan has been approved and activated on our side.
  13. 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 contract.

Ontario Customers

  1. You fill out the application form completely on our web site, by pressing the Apply now! button.
  2. You will be asked to verify your identity and banking information with Decision Logic, a very secure verification company.
  3. We will let you know in an e-mail whether your application is accepted or denied.
  4. If accepted, you will be given a link to download your Loan Agreement contract!
  5. You click the download link in your e-mail and download the contract.
  6. You read the contract it in full, and then agree to it by telephoning our automated agreement system, keying in your contract number, and saying your name and that you agree over the phone.
  7. Funds Delivery: Your funds will be sent immmediately via Interac E-mail transfer.
  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 contract.

Q: How do I reloan?

A: Short answer: As soon as our payment shows in your on-line banking, send us another screen capture of your web banking. It's that quick! See Reloans, Below

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 screen captures of your web-banking using our MyCanadaPayday application. We require a complete 60 days of banking history. Occasionally, we will also require a fax of a void cheque, recent paystubs, a recent utility bill or other proof of address, or a bank stamped 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: Can I qualify for a loan if I am unemployed but receiving Disability, Employment Insurance, a Pension, etc?

A: Sorry, but not at this time. You must be actively employed and working.

Q: Do you offer Alberta payday loans?

A: Yes, we offer payday loans in Alberta. Our lending license number is 342618.

Q: Do you offer Saskatchewan payday loans?

A: Yes, we offer payday loans in Saskatchewan. Our lending license number is 100055.

Q: I am having trouble entering my birthdate, or other dates, on your form. How do I enter a date?

A: Dates on our form are entered in this format: YYYY-MM-DD. So for example, March 1st, 1981 would be entered as: 1981-03-01.
Christmas day 1975 would be: 1975-12-25.

Q: I do not have any paper cheques. Where do I find the correct banking information?

A: If you do not have any paper cheques, you will need to visit your bank and ask them for a Pre Authorized Debit Form (PAD). The teller will be able to print one of these out for you. It looks like a printout of a void cheque. Use this printout just as you would a normal cheque to type in your Institution, Transit, and Account numbers. See the picture at the bottom of the application form for further instructions. Do not just type the transit and account number out of your web banking! The numbers shown here are usually not the same as the numbers on your PAD/cheques. If you type in what you see on your screen, it may cause up to a 3 business day delay in getting your money! If you are confused by what to type, please call us first!

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. If you are one of these people, and it is your first loan from us, you can expect your money to arrive the next business day. If you are a returning customer back for a reloan, you are eligible to get paid by Interac Email transfer, meaning you will have your money the same day, in about 30 minutes from when we do final approval of your loan.

Q: How much will it cost me to take a loan for $___?

A: In Nova Scotia, we charge 22% of the Principal, so for each $100 you borrow the fee is $22. For example, a $300 loan means you are paying us back $366 on your next payday.

A: In Saskatchewan, we charge 23% of the Principal, so for each $100 you borrow the fee is $23. For example, a $300 loan means you are paying us back $369 on your next payday.

A: In BC, we charge 17% of the Principal, so for each $100 you borrow the fee is $17. For example, a $300 loan means you are paying us back $351 on your next payday.

A: In Alberta, we charge 15% of the Principal, so for each $100 you borrow the fee is $15. For example, a $300 loan means you are paying us back $345 on your next payday.

A: In Ontario; we charge 18% of the Principal, so for each $100 you borrow the fee is $18. For example, A $300 loan means you are paying us back $354 on your next payday.

Q: Can I borrow until 2 paydays from now?

A: No problem! Once you're finished your application and screen captures, just e-mail or call us and we can set that up for you. * Loans may not exceed 60 days in length.

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, then please use the MyCanadaPayday application to capture an up-to-date 60 day history of your web banking. There is no need for you to fill out another complete application. A customer service rep will be happy to update your file and re-submit your old application for review. Please remember that we can only process one aplication per 30 days.

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 100055 and our Nova Scotia license number is 161843061.

Q: What are your hours?

A: We are open from Mon - Fri 8:00am - 8:00pm; Weekends & Holidays 09:00am - 5:00pm

Q: I got halfway through the application but was unable to get it finished. How do I carry on where I left off?

A: This depends on how far you got:
If you did not finish filling out the first application form, you will have to start over. Your web browser should remember most of the things you typed into each field though, if you hit the down arrow key on each field.

If you filled out the application form but did not download and install the screen capture program yet, you should check your e-mail and find one from us titled "MyCanadaPayday - Your loan is ready!". This e-mail contains a link to download the Bank Capture application, as well as instructions on what to do.

Reloans

Q: Your payment has come out of my account and my last loan is paid off. How do I apply for another one?

A: To apply for a reloan, simply take a new screen capture of your web banking. We will need to see a complete history back to the start of your last loan (or 60 days). 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.

Q: My loan was paid back today. When can I apply for a reloan?

You can apply as soon as your online bank statement shows our payment coming out of your bank account. For detailed instructions, see our reloan guide.

Q: How much can I borrow on a reloan?

If this is your second loan for us, and your employment / paycheque situation has not changed, then you will be eligible for a loan of the same amount again.

Starting with your third loan, you will be eligible to borrow a little more each time. Give us a call or an e-mail to discuss an increase. However, it is our policy to lend you no more than 50% of your total take home paycheque.

Rescheduling Payments and Missed Payments

Q: I need to move my repayment date! What do I do?

A: Please give us a call at 604-630-4783 or Toll Free at 877-730-8406, or e-mail us and let us know the details and a good time to call you back. Our usual policy is not to extend repayment dates any futher than one more paycheque.

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 probaby result in extra NSF charges for you (which can be as high as $60 per failed payment). 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.

Other Stuff

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.

Q: Do you use any kind of software for staff scheduling?

A: Yes, we use Fresh Shifts for our staff scheduling software. We can't recommend it highly enough.

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