Will a weekend payday loan affect my credit score?

No, weekend payday loans don't affect your credit score in Canada. Payday loan lenders don't report your payment history to major credit bureaus. The only way your score could go down is if you don't make your repayments. If this happens, then the lender will likely report the missed payments to the credit bureaus and your credit score will go down.

What is the maximum amount I can borrow with weekend payday loans?

You can borrow up to $1,500, but some provinces limit the amount to a percentage of your income. In Ontario, for example, you can only borrow up to 50% of your net income.

What eligibility criteria do I have to meet to apply for a weekend payday loan?

You should be the age of majority in your province or territory, which is usually 18 years old, have a steady source of income and have the ability to repay the amount borrowed. You will also need to be a Canadian citizen or permanent resident. Each lender will have a range of income requirements and other lenders may require you to be employed.

If I'm unemployed, can I still get a weekend payday loan in Canada?

You may still be eligible for a weekend payday loan if you're unemployed as long as you have some form of income that proves you can repay the loan. Payday loan lenders are less interested in your credit history and employment and are more interested in your ability to pay back what you borrow. Acceptable forms of income could include government unemployment benefits, welfare payments, self-employment income and investment income. Learn more about unemployment loans.

Why haven't I been transferred my payday loan funds?

There are a number of reasons your weekend payday loan hasn't been deposited into your bank account yet. This could be due to your bank, the lender you applied with or the fact that you haven't been approved. Check with the company you applied with first before seeking another loan.

Can I get weekend payday loans in Canada without a credit check?

Yes, some lenders of payday loans and cash advances do not require any credit checks.

Leanne Escobal, Publisher at Finder

Leanne Escobal

Publisher

Leanne Escobal is a publisher at Finder with more than 12 years of experience in financial products and services, with a focus on content strategy and marketing. She has completed the Canadian Securities Course (CSC®) as well as the Personal Lending and Mortgages course through the Canadian Securities Institute. Leanne holds a Bachelor of Arts (Honours) in English literature and creative writing from Western University.

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