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Mr. Payday review

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Mr. Payday Loan
Varies by province
Loan Amount
$100 - $1,500
Loan Term
Up to 62 days
Turnaround Time
30 minutes to get approved during business hours, and another 30 minutes to get an e-mail transfer once approved
Serviced Provinces
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Our verdict

Same-day payday loans from a lender that has been in business since 2002.

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 of up to $1,500, it's easy to apply online or via an app, and you can get approved and funded in as little as 30 minutes. Just remember that payday loans are extremely expensive, so it's essential to consider all other options before resorting to a payday loan.

Best for: Canadians looking for a fast payday loan online.


  • Established in 2002
  • Get your funds in as little as 30 minutes
  • Easy online or mobile application
  • Wide range of incomes accepted


  • Very expensive
  • Short repayment terms
  • No loans available if you're currently in bankruptcy
  • Not available in all provinces

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Mr. Payday?

Mr. Payday is an online payday loan lender based in Vancouver, BC. It offers loan approval and funding in as little as 30 minutes 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 necessarily need to be employed because Mr. Payday also accepts income from Canada Pension Plan (CPP), Employment Insurance (EI), non-government disability benefits and more.

Is Mr. Payday legit?

Mr. Payday has been in business since 2002 and has a store location in Vancouver, BC. It has hundreds of positive customer reviews online and is a licensed payday lender in BC, Alberta and Ontario. Its licences are displayed on the Mr. Payday website:

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

Mr. Payday loan features

Loan amount$100 – $1,500
Loan termUp to 62 days
Serviced provincesAB, BC, ON
Interest rate
  • $15 for every $100 borrowed in Alberta
  • $15 for every $100 borrowed in BC
  • $15 for every $100 borrowed in Ontario
RepaymentsUsually by your next payday, but loan terms must be at least 42 days in Alberta
FeesIf you default on your loan, you may be charged NSF fees and late fees.
Eligibility requirements
  • Must be 19 years or older
  • If employed, must have been with your current employer for at least 2 months
  • Must have an active chequing account into which your income is deposited
  • Must have monthly income of at least $1,100
  • Must have an active phone number

What we like about Mr. Payday loans

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 in as little as 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.
  • Fast access to funds. Your loan amount is sent out via e-Transfer within 30 minutes of your application being approved, so it’s possible to apply and get funded within an hour.
  • 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 to 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). With fees of $15 for every $100 borrowed, the annual percentage rate (APR) for payday loans is in the triple digits.
  • Fast repayment required. You’ll usually only have until your next payday to pay your loan back. This can make it very difficult to budget for your loan repayment.
  • Not available everywhere. If you don’t live in AB, BC, ON, you’ll need to consider other lenders.
  • 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.
⚠️ Warning: Be cautious with payday loans
High-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.

Compare Mr. Payday to other payday loans

1 - 5 of 5
Name Product Loan Amount Loan Term APR Turnaround Time Serviced Provinces Offer Table description
iCash Payday Loan
$100 - $1,500
7 - 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
24/7 instant approval and e-Transfer funding.
Same day cash up to $1,500 for car payments, rent, mortgage, home & appliance repair, and more. Income of at least $800/month required.
GoDay Payday Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
To apply, you'll need to be a Canadian resident over the age of 18 with a valid email address, phone number and an open bank account with a Canadian bank or credit union.
More Info
Wagepay Wage Advance Loan
$100 - $1,500
Up to 62 days
Varies by province
As little as 2 minutes with Interac e-Transfer
Lower and transparent fees. No late or NSF fees.
Get early access to a portion of your pay. Sign up in less than 3 minutes and receive funds via e-Transfer 24/7.
Money Mart Payday Loan
$120 - $1,500
1 - 62 days
Varies by province
As little as 1 hour after getting approved
To be eligible, you’ll need to be at least 18 years of age with a steady source of income and a chequing account. No credit check required.
More Info
Cash Money Payday Loan
$100 - $1,500
5 - 40 days
Varies by province
As little as 15 minutes with INTERAC e-Transfer
Instant decision and e-Transfer funding. Income of at least $1,000/month required.
More Info
Maximum borrowing costs of payday loans per province
Always 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 $15 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 Mr. Payday reviews

Online customer reviews for Mr. Payday are largely positive. People who left positive reviews commented on factors such as a simple application process, fast loan approval and funding, and friendly customer service. However, those who left negative reviews mentioned issues such as slow approvals and loan applications being denied.

Better Business Bureau accreditedNo
Better Business Bureau ratingA+
Better Business Bureau reviewsMr. Payday reviews not available
Trustpilot reviews4.7 out of 5 stars, based on 1,500 Mr. Payday reviews
Google reviews4.3 out of 5 stars, based on 969 Mr. Payday reviews
Reviews verified as of2 August 2023

Am I eligible for Mr. Payday loans?

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.

What documents do I need to apply?

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:

  • Proof of ID
  • A bank statement for the last 60 days
  • Your paystub
  • A void cheque or a pre-authorized debit form

How do I apply for Mr. Payday loans?

If you want to apply for a Mr. Payday loan online, here’s what you need to do:

  1. Start an application. Visit the Mr. Payday website and click the “Apply Now” link.
  2. Provide your details. Enter your name and your desired loan amount.
  3. Provide your personal information. Next, you’ll need to provide your email address, phone number, date of birth, and details of your income and employment.
  4. Provide your bank account. Enter your bank account details so the lender can verify your income and deposit money into your account.
  5. Get funded. If approved, the loan amount will be sent to your bank account via Interac e-Transfer within an hour.

How much will a Mr. Payday loan cost me?

The maximum cost of a payday loan in the 3 provinces Mr. Payday services is $15 for every $100 borrowed. So if you take out a $500 loan with a 14-day term, it’ll cost you $75 in fees, resulting in a total repayment of $575. That works out to an APR of 391%.

I got a Mr. Payday loan. Now what?

Once you take out a Mr. Payday loan, repayment will usually be due on your next payday. That won’t be the case in Alberta, however, where the minimum payday loan term is 42 days.

On your repayment due date, Mr. Payday will automatically deduct the loan payment directly from your bank account. To avoid NSF and late payment fees, make sure you have sufficient funds in your account in advance of your loan’s due date.

Frequently asked questions

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