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Who is My Canada Payday?

If you need fast cash for a pressing financial expense or are having trouble getting approved for a loan through traditional avenues due to poor credit, an alternative lender might be the way to go. My Canada Payday is an online lender that can help you get access to quick cash without having to meet all the stringent requirements that are typical with the average lender. Learn everything you need to know about a My Canada Payday loan.

Who Is My Canada Payday?

My Canada Payday is an online payday lender that does not require you to go to a storefront or provide any documents by fax. Applicants can complete the entire loan process from the loan application to the funding online using a computer or mobile device. They provide quick approvals and you can receive the funds within minutes. Customer service is also available during business hours to help guide applicants, but loans can be applied for 24/7. 

What Does My Canada Payday Offer?

My Canada Payday offers short-term payday loans with flexible eligibility criteria. Payday loans are short-term, unsecured loans for smaller loan amounts compared to conventional personal loans, and funds are typically provided within minutes after approval.

These loans must be fully repaid in one lump sum by the applicant’s next payday, rather than repaid in installments. Interest rates associated with payday loans are usually very high in exchange for easy approval and quick access to borrowed funds. 

Currently, My Canada Payday offers loans to applicants in the following provinces: 

  • British Columbia
  • Alberta
  • Saskatchewan
  • Manitoba
  • Ontario
  • Nova Scotia

Benefits Of My Canada Payday Loan

Taking out a loan with My Canada Payday comes with a number of perks, including the following;

  • Convenience. You can apply for a loan online from wherever you are within a few short minutes on the My Canada Payday website. There’s no need to physically visit the lender to apply, verify your identity, or get access to your funds. 
  • Bad credit accepted. If your credit score isn’t high enough to qualify for a traditional loan, you may have better luck with My Canada Payday, as bad credit scores are accepted.
  • Licensed. My Canada Payday is licensed in Ontario, British Columbia, Alberta, Nova Scotia, Manitoba and Saskatchewan. They are also a member of the Canadian Consumer Finance Association (CCFA).
  • No collateral needed. Payday loans are unsecured, so there’s no need to come up with an asset of value to back the loan with My Canada Payday.  
  • No prepayment penalty. If you are able to come up with the money needed to repay the loan before it’s due, you won’t be subject to a prepayment penalty fee. 
  • Extend repayment option. You may have the option to extend your repayment date to 2 paydays from the original borrowing date. 

Cost Of A My Canada Payday Loan

The cost to take out a loan with My Canada Payday depends on where you live. The table below illustrates the maximum a lender can charge you on your payday loan. However, do bear in mind that other fees can be added to the cost of your loan if you miss your payment

ProvinceCost Per $100
British Columbia$15
Nova Scotia$19

Learn more about the payday loan laws in your province.

How To Apply For A My Canada Payday Loan

Applying for a loan with My Canada Payday loan is easy. Just follow these simple steps:

  1. Apply Online – The first step involves going to the My Canada Payday homepage and clicing the “Apply Now” button. You’ll be directed to a new page where you’ll have to input some information. To complete your application, you’ll need to provide the following information:
    • Name
    • Date of birth
    • Home address
    • Email address
    • Phone number
    • Social insurance number (SIN)
    • Employment information
    • Information about your last and upcoming payday
    • Loan amount requested
  2. Wait For Approval – After you agree to the terms and conditions and submit your application, you’ll receive an email confirmation shortly on whether your loan is approved or denied. 
  3. Loan Approval – If you’re approved, you’ll receive your download link to your loan agreement. You’ll need to read and accept it by signing it electronically. 
  4. Receive Funds – Once your agreement is signed, you simply need to wait for your funds to be deposited into your account via Interac e-Transfer.
  5. Repayment – My Canada Payday will withdraw your repayment — which includes your loan amount plus interest — from your bank account on the date stipulated in your agreement. 

Who Is Eligible For A My Canada Payday Loan?

To be eligible for a loan from My Canada Payday, you must meet the following criteria:

  • Be employed (not self-employed) 
  • Receive regular paychecks
  • Have at least 180 days of banking history

You’ll also need to supply certain documentation, including the following:

  • Proof of income, such as screenshots of your accounts from online banking
  • Void cheque (if requested) 
  • Recent pay stubs (if requested) 
  • Proof of address, such as a recent utility bill 
  • Bank-stamped direct deposit authorization form (if requested) 

What Are Reloans?

You may request a ‘reloan’, which is a subsequent loan after you’ve fully repaid your previous loan. If nothing has changed in terms of your employment and income payments, you can quickly qualify for a second loan with My Canada Payday. For subsequent loans, you may qualify for a higher loan amount each time, as long as your financial situation remains the same. 

Reloan borrowers can get access to funds from subsequent loans in as little as 5 minutes. Keep in mind that you cannot borrow any more than 50% of your entire paycheck.

My Canada Payday Loan FAQs

Can I get a payday loan on the weekend with My Canada Payday?

With My Canada Payday funds, you can apply for a payday loan any day of the week, including on weekends thanks to its online application platform.

Does My Canada Payday offer Interac e-Transfer funding?

Yes, you can get your funds in as little as 15 minutes after approval through an Interac e-Transfer deposit.

Can I increase the amount of money I borrow?

Yes, once you pay off your current loan, you can qualify for a larger loan on your third loan and any loan going forward, as long as your financial situation remains unchanged. However, you cannot borrow any more than 50% of your paycheque.

Services & Products

My Canada Payday Offered Services

Payday Loan

Loan Range
Up to $1,500
Interest Rate
15% - 19%
Terms (Months)
14 days
Funding Time
As quick as 30 minutes
Funding Method
Direct deposit
Repayment Options
Automatic debit
  • Age of majority in your province
  • Steady employment
  • Paid via direct deposit/ cheque
Requirements & Documents
  • Last 60 days of bank statements
  • Recent pay stubs
  • Void cheque/ pre-authorized debit form
  • Proof of address


Reviews & Rating

Reviews From Experts

Sean Cooper avatar on Loans Canada

Let’s start with the good. My Canada Payday is easy to contact (the toll-free number and email are clearly visible on the website), it has a decent page of FAQs that clearly outlines its fees and it has some decent third party reviews. In terms of areas of improvement, the website looks dated and is clunky, My Canada Payday isn’t very active on social media and it doesn’t have a blog or educational content. Related

Application simplicity


User experience

Information and transparency


Written by: Sean Cooper
Posted on July 24, 2019

See what others have to say about My Canada Payday

This loan company is very fast and efficient. Customer service is great, always helpful. Such an easy process. Related

Very fast on renewal….easy to navigate……on approval funds E-transfered very quickly….and can call and talk to a real person.

Very fast approval and e-transfer deposit within 5 minutes for returning customers. You can pay off your loan at any time you want, no questions asked

Quick, to the point and no hassle. Great service when you need a quick loan. Related

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