My Canada Payday review: 24/7 payday lender
- Interest Rate
- Varies by province
- Loan Amount
- $100 - $1,500
- Loan Term
- Up to 62 days
- Turnaround Time
- Funds will be sent in as little as 15 minutes via Interac e-Transfer
- Serviced Provinces
- AB, BC, MB, NS, ON, SK
My Canada Payday is a licensed payday lender that offers loans in six Canadian provinces. You can apply completely online 24/7, get approved within minutes, and get your loan amount via e-Transfer also within minutes. Bad credit is accepted, and you can repay your loan early without penalty. However, payday loans are very expensive and have short repayment terms, so consider all other options before deciding if this is the right type of loan for you.
Best for: People who want fast loan approval and funding 24/7.
Get money within minutes
Apply online 24/7
Bad credit accepted
Short repayment terms
Not available in all provinces
What is My Canada Payday?
My Canada Payday is an online payday lender that offers payday loans in Alberta, BC, Manitoba, Nova Scotia, Ontario and Saskatchewan. The loan application process is completely online, and My Canada Payday approves and funds loans 24/7.
You can borrow up to $1,500 and access your loan amount within minutes, with funds sent out via Interac e-Transfer. My Canada Payday may also allow you to extend your repayment date to your next-but-one payday, giving you extra time to pay back what you borrow.
Is My Canada Payday legit?
My Canada Payday is a 100% Canadian-owned company, established in 2010 and operated by Westrock Financial Ltd. It is licensed in every province it operates in, and prominently lists its payday lending licence numbers on its website.
Its licence numbers are:
- BC: 52546
- Alberta: 342618
- Ontario: 4721539
- Saskatchewan: 100055
- Manitoba: 67816
- Nova Scotia: 231843061
As of July 20, 2023
Westrock Financial Ltd. is Better Business Bureau (BBB) accredited with an A+ rating. My Canada Payday is also a member of the Canadian Consumer Finance Association (CCFA).
My Canada Payday loan features
|Loan amount||Up to $1,500|
|Loan term||Up to 62 days|
|Serviced provinces||Alberta, BC, Manitoba, Nova Scotia, Ontario and Saskatchewan|
|Repayments||Make 1 to 3 payments depending on your province|
|Fees||If you default on your loan, you may be charged NSF fees and penalty interest|
|Basic eligibility requirements||Minimum income of $1,000 per month|
|Types of income it accepts||Full-time and part-time employment, disability, pensions and child tax benefits|
What we like about My Canada Payday loans
Payday loans are useful when you need an emergency injection of cash. Here’s a look at some of the key features of a My Canada Payday loan:
- Easy application. It takes less than five minutes to apply for a payday loan on the My Canada Payday website. You also won’t need to visit a physical location or storefront to verify your identity or receive your money.
- Anyone can apply. Whether you have bad credit or no credit history at all, My Canada Payday encourages everyone who is interested to apply for a loan.
- 24/7 approvals and funding. You can apply, get approved and get funded 24 hours a day.
- Fast approval. You should get your money through an e-Transfer within minutes after being approved for your loan.
- Unsecured loans. You won’t have to secure your loan against any assets like your home or vehicle.
- No fee for early repayment. There’s no fee to repay your loan early if you come into additional funds before your payment due date.
- Extended repayment. You may be able to extend your repayment date to your next-but-one payday instead of on your next payday.
What to watch out for
Payday loans come with major red flags, from steep fees to short repayment terms. Here’s what to be cautious about before signing up for a loan from My Canada Payday:
- Very high fees. The biggest drawback of a My Canada Payday loan, and payday loans as a whole, is the fees you’ll incur to borrow money. These fees are between $14 to $17 for every $100 borrowed, depending on the province you live in.
- Short repayment terms. The maximum term of a payday loan is 62 days, so you only have a very short period of time to pay back what you borrow.
- Low maximum borrowing amount. You can only borrow up to $1,500 or 50% of your paycheque (30% in Manitoba), whichever is less.
- Self-employment does not qualify. My Canada Payday does not accept self-employment income.
- Automatic withdrawals. Your payments will be taken automatically from your bank account, which means you have to budget accordingly to avoid late charges.
- Only available in some provinces. My Canada Payday only services Alberta, BC, Manitoba, Nova Scotia, Ontario and Saskatchewan.
- Late fee. If you do not repay your loan by the due date, you may be charged an NSF fee as well as penalty interest.
⚠️ Warning: Be cautious with payday loansHigh-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. View payday costs and regulations by province here. 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). You may also want to consider payday loan alternatives.
Alternatives to My Canada Payday
Maximum borrowing costs of payday loans per provinceAlways refer to your contract for exact repayment amounts and costs.
|Province||Max. cost of borrowing a $100 payday loan||Cooling off period to cancel loan||Max. penalty for returned cheque or pre-authorized debit|
|Alberta||$15||2 business days||$25|
|British Columbia||$15||2 business days||$20|
|Manitoba||$17||48 hours excluding Sundays and holidays||$20|
|New Brunswick||$15||48 hours excluding Sundays and holidays||$20|
|Newfoundland and Labrador||$14||2 business days||$20|
|Nova Scotia||$17||Next business day (2 days for online loans)||$40 (default penalty)|
|Ontario||$15||2 business days||$25|
|Prince Edward Island||$15||2 business days||N/A|
|Quebec||Limit of 35% AIR||N/A||N/A|
|Saskatchewan||$17||Next business day||$25|
Summary of My Canada Payday reviews
My Canada Payday has an A+ rating from the Better Business Bureau and has generally received good reviews from customers. Positive reviews mention prompt and helpful customer service, fast loan funding and an easy application process. However, those who left negative ratings complained about the amount of information you need to provide to apply, and about having their loan application rejected.
|BBB customer reviews||My Canada Payday reviews not available|
|Trustpilot customer reviews||4 out of 5 stars, based on 865 My Canada Payday reviews|
|Customer reviews verified as of||19 July, 2023|
Am I eligible for a My Canada Payday loan?
To be eligible for a My Canada Payday Payday Loan, you need to:
- Be a Canadian resident.
- Be the age of majority in your province.
- Receive a steady income of at least $1,000 a month that’s paid by direct deposit or cheque. You will need to provide proof of your income by submitting screen captures of your web-banking with 180 days of banking history.
- Have a valid home address, phone number and email address.
What documents do I need to apply?
When you’re applying for a My Canada Payday loan, you’ll need the following:
- Proof of your identity. You can prove your identity with your driver’s licence, passport, health card or citizenship card.
- Proof of income. You will need to provide proof of your income by submitting screen captures of your web-banking showing 180 days of banking history. You can also provide pay stubs or your income tax statement.
- Proof of address. You may also be asked to provide proof of address via a void cheque, a recent utility bill or other official mail.
How do I apply for a My Canada Payday loan?
If you’re ready to apply for a My Canada Payday loan, follow these steps:
1. Visit the website.
Head to the My Canada Payday homepage to start your application. Click on “Apply Now” and select your province from the drop-down menu.
2. Start your loan application.
Provide your email address, full name, date of birth, social insurance number, driver’s licence, home address, home phone number, employment status and income, and details of your last payday and next payday. You’ll also need to list how much you’d like to borrow. Agree to the terms and conditions and click “Apply” to submit your application.
3. Get approved.
Once your application is submitted, My Canada Payday will let you know in an email whether your loan request is accepted or denied. If you’re accepted, you will be given a link to download your loan agreement contract, which you can review and sign electronically.
4. Get your money.
Once you’ve signed off on your loan, My Canada Payday will send your funds within minutes via Interac e-Transfer.
5. Repay your loan.
On your next payday, My Canada Payday will take a payment for the amount of your loan plus the borrowing fee directly from your bank account. Contact My Canada Payday over the phone, email or live chat if you have any questions.
How much will a My Canada Payday loan cost me?
Payday loan regulations vary by province, so the exact cost of your payday loan will vary depending on where you live. For example, if you live in Ontario, lenders can charge you $15 for every $100 you borrow. So if you take out a $500 loan, it will cost you $575 to repay.
I got the My Canada Payday loan. Now what?
With a speedy application process and an even faster turnaround time in transferring over your funds, you need to keep an eye on your due date for your loan repayment, which will creep up on you quickly.
Payday loans are usually repaid by your next payday, so you need to have a concrete plan on how you’ll repay what you’ve borrowed within that small window of time. My Canada Payday will withdraw the cash directly from your bank account, so make sure the funds are there on your due date. If you don’t, you’ll incur even more charges and fees on the cash you’ve borrowed, including non-sufficient funds charges and penalty interest fees.
If you need help, you can contact My Canada Payday via email, over the phone or on live chat.