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Can you repay your short term loan early?

Learn how you can save on fees if you repay your payday loan early.

If you know you’ll be able to pay off your short term loan early – great! Repaying early can save you money in interest fees and make your budget easier to manage. However, not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on paying it back early.

What to look for when comparing short term loan lenders

If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without facing any additional fees or penalties. If it isn’t immediately apparent when looking over the loan terms and conditions, be sure to contact the lender and ask this question specifically. Always double-check the contract before you sign and agree to the terms.

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Compare short term loan options

Check the websites of any lenders you’re interested in to confirm they operate in your province of residence.

Name Product Min. Loan Amount Max. Loan Amount Serviced Provinces/Territories Turnaround Time Term of Loan
Cash Money Payday Loan
$50
$1,500
Nova Scotia
Ontario
Manitoba
Saskatchewan
British Columbia
Within 2 hours with INTERAC e-Transfer® if approved
12-14 days. Vary by province
Apply for your first $300 payday loan at a $20 borrowing cost (excludes Alberta, Manitoba, New Brunswick or Saskatchewan applicants).

Compare up to 4 providers

What you need to do to repay your loan early

When you’re ready to repay your short term loan ahead of its due date, make sure you do the following:

  • Check your loan contract

Your loan contract will establish any fees or penalties you might have to pay, as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.

  • Contact your lender

The contact information for your lender will be listed on any correspondence, as well as on the lender’s website. You can usually contact lenders by email or phone, and some also offer online chat and in person assistance (if they have physical store locations).

Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled, the more you can save on interest fees.

  • Pay out your loan

Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure your loan account is closed to avoid any extra charges that are added by mistake to the account.

Everything you need to know about payday loans

Are payday loans available in my province or territory?

Payday loans are available in all provinces and territories across Canada. You should be aware that payday loans are regulated by individual provinces, meaning costs and fees can vary. Ensure that any lender you choose abides by the laws of the place you live.

At the time of writing in July 2018, Newfoundland and Labrador, the Yukon, Nunavut and the Northwest Territories do not have legislation regulating payday loans.

Find out how much lenders can charge across Canada

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