My Canada Payday loan review
Do you need access to quick cash? Get same-day approval for financing with this trusted payday lender.
You can borrow up to $1,500 or 50% of your paycheque (whichever is less) with My Canada Payday.
$100 - $1,500
Up to 62 days
Varies by Province
Sometimes life throws you a curveball and you need to turn to a payday loan to make ends meet. With My Canada Payday, borrowers can seek out payday loans of up to $1,500 and receive their funding within minutes. Here’s a look at some of the product’s highlights:
- Think of a My Canada Payday Payday Loan if you’re looking for a quick injection of cash that you can apply for completely online.
- Pick something else if you need more than $1,500, which is the maximum allowance you can borrow according to provincial payday loan regulations. Payday loans also have shorter terms of Up to 62 days at most, so if you need more time to repay your loan, this isn’t the option for you.
- Keep in mind that My Canada Payday Payday Loans aren’t available across Canada. The online payday lender only services B.C., Ontario, Alberta, Nova Scotia, Saskatchewan and Manitoba.
If you’re shopping for a payday loan, and convenience and speed take precedence, My Canada Payday may be a solid choice. You can apply completely online from the comfort of your home, sign off on your loan digitally and receive your funds within minutes. My Canada Payday says it funds loans 24/7 with staff available during business hours throughout the week.
Whether you’re opting to apply for a payday loan via an online lender or at a physical store, always be wary before you take on this type of debt. Ultimately, payday loans are a bandaid solution with incredibly steep interest rates and tight terms that make your loan so much more expensive and difficult to pay back in the long run. Borrowers need to be careful that payday loans don’t lead them into a cycle of debt that’s hard to break out of. Make sure you have an exit strategy for how you’ll repay this loan.
What is a My Canada Payday loan?My Canada Payday provides payday loans of up to $1,500 per loan following provincial payday loan regulations. Borrowers can take out payday loans for up to that amount or 50% of their paycheque (30% in Manitoba), whichever is less. The catch with payday loans is that you’ll need to repay whatever money you borrow by your next payday or Up to 62 days at the longest. The borrowing fee is regulated by your province and is $15 to $19 for every $100 borrowed.
⚠️ Warning: Be cautious with payday loansPayday 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 alternatives instead of a payday loan:
- 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
Maximum borrowing costs per provinceAlways 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||$17 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
What are the benefits of a My Canada Payday loan?
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 Payday Loan:
- Easy application. It takes less than 5 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.
- Fast approval. You should get your money through an INTERAC e-Transfer deposit 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 2 paydays away from the date you borrow, 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:
- Incredibly 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. It’s between $15 and $19 for every $100 you borrow, depending on the province you live in.
- Low maximum borrowing amount. You can only borrow up to $1,500 or 50% of your paycheque, whichever is less.
- Self-employment does not qualify. You’ll need to have full-time or part-time employment.
- 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 Ontario, Alberta, B.C., Saskatchewan, Manitoba and Nova Scotia.
- No in-person interaction in all provinces. My Canada Payday only has offices in B.C., Ontario, Alberta and Nova Scotia.
- Late fee. If you do not repay your loan by the due date, you may be charged late fees.
Is it safe to apply for a My Canada Payday loan?
It’s safe to apply for a My Canada Payday Payday Loan. The 100% Canadian-owned company, established in 2010 and operated by Westrock Financial Ltd., is licensed in every province it operates in, and prominently lists its payday lending licence numbers on its website. Westrock Financial Ltd. has a Better Business Bureau rating of 5 out of 5 stars.My Canada Payday is also a member of the Canadian Consumer Finance Association (CCFA).
It has storefronts in B.C., Ontario, Alberta and Nova Scotia, as well as a call centre staffed out of Surrey, British Columbia.
Am I eligible?
To be eligible for a My Canada Payday Payday Loan, you need to:
- Be a Canadian resident.
- Meet the minimum age requirement, which varies from province to province.
- Be employed with a steady income 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. You can also provide pay stubs.
- Have a valid home address, phone number and email address. You can provide proof via a void cheque, a recent utility bill or other proof of address.
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:
- Head to the My Canada Payday homepage to start your application. Click on “Apply Now” and select your province from the drop down menu.
- 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.
- 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 sign electronically.
- Once you’ve signed off on your loan, My Canada Payday will send your funds within minutes via INTERAC e-Transfer.
- 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 in person if you have any questions.
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 can provide proof of address via a void cheque, a recent utility bill or other official mail.
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 at an in-person location.