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Mr. Payday Loan review

Get approved for a payday loan and have the money e-Transferred to your bank account in as little as 60 minutes.

Mr. Payday offers payday loans for amounts up to $1,500.

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$100 - $1,500

Loan Amount

Up to 62 days

Loan Term

Varies by province

Interest Rate

Please note: All information about Mr. Payday Loan has been collected independently by Finder and this product is not available through this site.

If you need a small amount of money to tide you over between paycheques, you might want to check out Mr. Payday. This online payday lender offers loans up to $1,500.

You can easily apply for a loan by filling out a quick online application. Just be aware that this type of loan comes with very high fees, so avoid it if you have another way to get the financing you need.

30-second take

  • Think of a Mr. Payday Loan if you need funds fast. Mr. Payday tries to give approval within 30 minutes and funding in another 30 minutes.
  • Pick something else if you reside outside of British Columbia, Alberta or Ontario.
  • Keep in mind that Mr. Payday does not accept social assistance, government disability benefits or self-employment income.

Expert review

Mr. Payday is an online payday loan lender based in Vancouver, BC. It strives to help customers get cash in as little as an hour through a simple online application process. In most cases, there is no need to provide any documents. Once approved, your cash will be deposited into your bank account.

If you have bad credit, no credit or past bankruptcy, you could still get a Mr. Payday Loan. The amount you can borrow is based on your net income. You do not need to be employed because Mr. Payday also accepts income from Canada Pension Plan (CPP), private pension, Employment Insurance (EI), Worker’s Compensation Board benefits (WCB), Canada Child Benefit (CCB) or non-government disability benefits.

That being said, payday loans are extremely expensive and should only be a last resort.

What is a Mr. Payday Loan?

Mr. Payday offers payday loans for amounts up to $1,500, but how much you can borrow depends on your net income.

The borrowing fee for a Mr. Payday Loan is $15 for every $100 borrowed in Alberta, British Columbia and Ontario. Payday loans are typically repaid by your next payday (1 to 4 weeks).

⚠️ Warning: Be cautious with payday loans
Payday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider payday loan alternatives:
  • Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
  • Debt relief companies. There are services to help you reduce your debt payments.
  • Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
  • Side jobs. Sell unwanted items online, sign up for food delivery and more.

Compare other payday loans

1 - 2 of 2
Name Product Loan Amount Loan Term Interest Rate Turnaround Time Serviced Provinces Offer Table description
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Apply for your first $300 payday loan at a $20 cost (excludes SK applicants).
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
iCASH Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with INTERAC e-Transfer
Get up to 20% in cash back once your payday loan is fully repaid. Conditions apply.
24/7 instant approval and e-Transfer funding. Income of at least $800/month required.

Compare up to 4 providers

Maximum borrowing costs per province
Always refer to your contract for exact repayment amounts and costs as they may vary from our results.
Province Maximum allowable cost of borrowing
Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island $15 per $100 borrowed
Manitoba, Saskatchewan & Nova Scotia $17 per $100 borrowed
Newfoundland and Labrador $21 per $100 borrowed
Northwest Territories, Nunavut & the Yukon Up to $60 per $100 borrowed
Quebec Limit of 35% annual interest rate (AIR)

What are the benefits of a Mr. Payday Loan?

You can take advantage of a number of perks when you take out a payday loan with Mr. Payday.

  • Simple application. It’s easy to apply for a payday loan in a couple of minutes.
  • Quick approval. Your application will typically be approved within 30 minutes from the time that you send it in.
  • Mobile app. You can use Mr. Payday‘s handy mobile app, for iOS or Android, to apply for funding quickly and easily.
  • No collateral required. There’s no need to put up any assets (like your house or vehicle) to secure your loan.
  • Bad credit doesn’t matter. You can still apply with bad credit because your credit score won’t factor that much into your loan decision. Past bankruptcies are also OK.
  • Non-employment income is OK. You can use your CPP, private pension, EI, WCB, CCB/CTC or non-government disability benefits to take out a Mr. Payday Loan.

What should I watch out for?

There are a couple of disadvantages you should also keep in mind before you take out a loan with Mr. Payday:

  • Very high fees. You’ll pay very high fees for payday loans in comparison to other forms of credit (such as personal loans and credit cards). The annual percentage rate (APR) for payday loans is in the triple digits.
  • Small amounts. You can only borrow up to a certain percentage of your income with a maximum amount of $1,500.
  • Fast repayment required. You’ll usually only have until your next payday to pay your loan back.
  • Only 1 store location. You can only visit a store in-person if you live in Vancouver.
  • Some types of income are not accepted. You won’t qualify if you’re on social assistance, government disability benefits or self-employment income.
  • Not eligible if you’re currently in bankruptcy. You won’t qualify if your bankruptcy has not been discharged.
  • 2 references required. If you’re applying online, you’ll need to provide 2 references.

Is Mr. Payday legitimate?

Yes. Mr. Payday has been in business since 2002 and has a store location in Vancouver, BC. It is a provincially licensed lender:

  • Alberta: Licence number 326997*
  • BC: Licence number 50031*
  • Ontario: Licence number 4716300*

*As of August 2021

According to Mr. Payday, it uses secure socket layer technology (SSL) to encrypt your personal information when you fill out its application, which means the communication between your browser and its site’s server is secure.

What should I know before I apply?

Eligibility requirements

To apply for a loan from Mr. Payday, you need to meet the following criteria:

  • Be at least 19 years old.
  • Be a Canadian citizen or permanent resident.
  • Have an active chequing account.
  • Have a stable job that you’ve been at for more than 2 months or receive CPP, private pension, EI, WCB, CTC or non-government disability benefits.
  • Have a net income over $1,100 per month.
  • Have an active phone number.

Required documents

Although Mr. Payday says it won’t ask for documents in most cases if you apply online, it does ask for documents if you visit its store location. Prepare the following documents:

  • 2 forms of government ID (1 of them should be a photo ID)
  • A phone bill in your name and mailed to your address or a utility bill
  • Most recent pay stub
  • A bank statement from the account where your paycheque is deposited, showing the last 60 days of transactions
  • A pre-authorized debit form or cheque from the same account

How can I apply for a payday loan with Mr. Payday?

You can apply for a loan a couple of different ways with Mr. Payday.

  • Apply online. You’ll need to provide your name, birthdate, address, email address, phone number, housing situation, income details, Social Insurance Number (SIN) and 2 references.
  • Apply in person. You can apply for a Mr. Payday Loan in person if you live in Vancouver. If you choose to go this route, you’ll get your loan in cash and you may be able to repay your loan in person (or through direct deposit).

    Bottom line

    Mr. Payday offers online payday loans up to $1,500. This service is only available in Alberta, BC and Ontario. These payday loans are a very expensive form of credit, so it could make sense to look into other loan alternatives before you borrow with Mr. Payday.

    Frequently asked questions

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