FAQs

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

General Questions:

Q. How do I apply for a loan with you ?

A: You can apply for a payday loan with us safely and easily on our website!

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:

BC, Manitoba, Ontario or Nova Scotia 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 Inverite Verification, 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 typing your Electronic Signature to sign the loan.
  7. Funds Delivery: Your funds will be sent immediately 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.

Alberta or Saskatchewan 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 180 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 by typing your Electronic Signature to sign the loan.
  11. As long as your banking information been verified, you are eligible for an Interac E-mail transfer, which will get you money in about 5 minutes once your loan has been approved and activated on our side.
  12. 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 the Inverite application. We require a complete 180 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, Child Tax Benefits, etc?

A: We will accept applications from Full time Employed, Part Time Employed, Disability, Pensioners and Child Tax Benefits.

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. Do you offer Manitoba payday loans?

A: Yes, we offer payday loans in Manitoba. Our lending license number is 67816.

Q. Do you offer Ontario payday loans?

A: Yes, we offer payday loans in Ontario. Our lending license number is 4721539.

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. Your funds will be immediately sent by Interac Email Transfer when you accept your loan.

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 $19. For example, a $300 loan means you are paying us back $357.

A: In Manitoba; for each $100 you borrow the fee is $17. For example, a $300 loan means you are paying us back $351.

A: In Saskatchewan; for each $100 you borrow the fee is $17. For example, a $300 loan means you are paying us back $351.

A: In BC; for each $100 you borrow the fee is $15. For example, a $300 loan means you are paying us back $345.

A: In Alberta; for each $100 you borrow the fee is $15. For example, a $300 loan means you are paying us back $345.

A: In Ontario; for each $100 you borrow the fee is $15. For example, A $300 loan means you are paying us back $345.

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 screen captures, 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. 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 Inverite application to capture an up-to-date 180 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 application 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 , our Manitoba license number is 67816 , and our Nova Scotia license number is 211843061.

We also serve on the board at the Canadian CFA.

You can check our A rating at the Better Business Bureau.

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.

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 180 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?

A: 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?

A: 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.

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 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. 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. 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.