My Canada Payday: Overview
My Canada Payday is an online payday lender that has been serving Canadians since 2008. It lends up to $1,500 with no credit check, entirely online, in six provinces.
Once you are approved, the money moves fast. Funds are sent by Interac e-Transfer, and the company says you can have them in as little as 15 minutes. You can apply at any hour, seven days a week including holidays, and if you would rather not fill in a form, you can apply over the phone with an agent.
In Canada it operates under the legal name Westrock Financial Ltd., from Surrey, British Columbia. That is the name to search if you want to look up its licensing yourself, although you will not need to, since every licence number is published on its own site.
Are You The Right Borrower For My Canada Payday?
A payday loan from My Canada Payday could be a good fit for you if:
- You have a small emergency expense. A payday loan is built to cover a short gap when small financial emergencies pop up.
- You can pay it back by your next payday, without needing to borrow again to cover it.
- Bad credit has been limiting your options. Most loans are issued with no credit check, based on your bank account rather than your credit history.
- You need the money right now. Funds go out by e-Transfer, and returning borrowers can be funded in as little as five minutes.
- It is a weekend or a holiday. Applications are accepted and funded seven days a week, which most lenders cannot match.
What They Offer
My Canada Payday offers one product, a payday loan, in six provinces: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia.
Payday Loan
$14 per $100 borrowedA short term loan against your next paycheque, repaid in full on payday. No credit check in most cases, no documents to fax, and the whole process runs online.
Payday Loan Features
- E-Transfer In As Little As 15 Minutes: Once your agreement is signed, your funds go out by Interac e-Transfer. Returning borrowers can be funded in about five minutes.
- Open Seven Days A Week, Including Holidays: You can apply at any hour, and loans are funded on weekends, which most lenders will not do.
- You Can Apply By Phone: If you would rather talk to someone than fill in a form, an agent will take your application over the phone.
- You Can Push Repayment To The Following Payday: Instead of repaying on your next payday, you can ask to repay on the one after, which gives you a longer runway.
- No Prepayment Penalty: If the money comes in sooner than expected, you can clear the loan early without being charged for it.
- Reloans For Returning Borrowers: Once a loan is paid off, you can borrow again, and the amount you qualify for can increase over time if your income has not changed.
What A My Canada Payday Loan Costs
My Canada Payday charges $14 per $100 borrowed in every province it operates in, which is the maximum each one allows.
| Province | You borrow | Cost of borrowing | You repay | Over | APR |
|---|---|---|---|---|---|
| Ontario | $500 | $70 | $570 | 14 days | 365% |
| British Columbia | $300 | $42 | $342 | 14 days | 365% |
| Saskatchewan | $300 | $42 | $342 | 14 days | 365% |
| Nova Scotia | $300 | $42 | $342 | 14 days | 365% |
| Manitoba | $300 | $42 | $342 | 12 days | 425.83% |
| Alberta | $300 | $42 | $342 | Three pay periods | Not published |
My Canada Payday notes that other fees can be added if you miss a payment, so the figures above assume you repay on the agreed date.
Who Qualifies
| Requirement | What My Canada Payday asks for |
|---|---|
| Credit score | No credit check in most cases. Approval is based on your bank account |
| Employment | Employed, and not self employed |
| Income | Regular paycheques |
| Banking history | At least 180 days |
| Loan size | Up to $1,500, and never more than 50% of your paycheque |
| Availability | BC, Alberta, Saskatchewan, Manitoba, Ontario and Nova Scotia |
| How you apply | Online or by phone |
The self employment exclusion is worth noting, since it rules out a group that often has the hardest time borrowing elsewhere. The 50% of your paycheque cap also means the amount you are offered may be well below $1,500.
Documents You May Be Asked For
- Proof of income, such as screenshots from your online banking
- A void cheque, if requested
- Recent pay stubs, if requested
- Proof of address, such as a recent utility bill
- A bank stamped direct deposit authorization form, if requested
How To Apply
The whole process runs online, or by phone if you prefer. There is nothing to fax and no storefront to visit. The application is a single page, and it asks for more than most payday forms do.
Two fields are worth knowing about before you start. You are asked for your Social Insurance Number and your driver’s licence or ID number, which is more identification than most payday lenders ask for. Have both to hand.
You are also asked for three pay dates, your last, your next and the one after that. The third one is what makes the extended repayment option possible, since it lets My Canada Payday set your due date a full pay period further out.
Once you submit, you are emailed a decision. If you are approved, you are sent a link to your loan agreement to read and sign electronically, your funds go out by Interac e-Transfer, and the repayment is withdrawn automatically on the date set in the agreement.
What Is A Reloan?
A reloan is a second loan taken after your first one is fully repaid. If your job and your income have not changed, you can qualify again quickly, and returning borrowers can be funded in as little as five minutes.
The amount you qualify for can grow with each loan, as long as your financial situation stays the same. The ceiling does not move though. You still cannot borrow more than 50% of your paycheque.
Where My Canada Payday Is Licensed
My Canada Payday publishes a payday lending licence number for every province it operates in. Each licence is held by Westrock Financial Ltd.
Payday lending is licensed province by province, and the licence is specific to payday lending rather than to consumer lending generally.
Note
My Canada Payday runs its own scam alert page. Fake lenders use real companies’ names to collect fees or banking details from people who think they are dealing with a licensed business. If anyone contacts you claiming to be My Canada Payday and asks for an upfront fee, treat it as a scam.
Payday Loan Alternatives
Before you apply, it is worth spending a few minutes on the options below. Every one of them costs you less than $14 per $100 over two weeks, and two of them cost nothing at all. Some will not be open to you, and that is fine, but you will not know until you ask.
Ask Your Employer For A Payroll Advance
This is the one people forget, and it is usually free. Plenty of employers will advance you part of a paycheque you have already earned, with no fee attached. It is your own money, just paid to you a couple of weeks early. Speak to whoever handles payroll where you work, and ask what their policy is. The worst you will hear is no.
Ask The Biller For More Time
If you are borrowing to cover a bill, start with the company sending it. Utilities, landlords and phone providers very often have hardship arrangements or payment plans that they do not advertise anywhere. A phone call costs you nothing, and people are frequently surprised by how willing a biller is to move a due date rather than lose the payment altogether.
An Installment Loan From An Alternative Lender
If you need longer than one pay period to clear this, an installment loan is worth looking at. Ordinary consumer lending is capped at 35% APR under federal law, while payday lending is exempt from that cap. Borrow $300 over the same two weeks at 35% APR and it costs you roughly $4, against $42 here. You will need to pass a credit check, so this one depends on where your credit sits.
Overdraft On Your Chequing Account
If your bank will approve it, overdraft protection usually runs about $5 a month plus around 21% interest on what you actually use. For a small shortfall that you clear in a few days, that works out far cheaper than a payday loan.
What Customers Say
Accredited with the Better Business Bureau since November 2016, at the top of its rating scale.
Profile claimed since December 2015. Reviewers most often mention how quickly the money arrives.
Westrock Financial Ltd. has been operating since January 2008.
My Canada Payday Pros
- Bad Credit Is Usually Fine: Most loans are issued with no credit check at all. Approval is based on your bank account, so a low score does not rule you out.
- The Money Arrives Fast: Funds go out by Interac e-Transfer in as little as 15 minutes, and returning borrowers can be funded in about five.
- Open Every Day, Including Holidays: You can apply and be funded on a Sunday, which most lenders cannot do.
- You Can Apply By Phone: If forms are not your thing, an agent will walk you through the application.
- An A+ From The Better Business Bureau: Accredited since 2016, which is rare in this category and worth weighing.
- Every Licence Number Published: All six are listed on their own site, and the Nova Scotia licence appears in the provincial register.
- You Can Delay Repayment To The Following Payday: Useful if your next paycheque is already spoken for.
- Long Established: Operating since January 2008, which is 18 years.
My Canada Payday Cons
- 365% APR, And Higher In Manitoba: This is the most expensive way to borrow legally in Canada. In Manitoba the published example works out to 425.83%.
- Self Employed Borrowers Are Not Eligible: You need to be employed, which rules out contractors, freelancers and gig workers.
- You Need Six Months Of Banking History: If your account is newer than 180 days, you will not qualify.
- Your SIN Is Required: Not every payday lender asks for it.
- You Can Only Borrow Half Your Paycheque: The $1,500 ceiling is the maximum, not the norm, and most people will be offered considerably less.
- Six Provinces Only: No service in Quebec, New Brunswick, Prince Edward Island, Newfoundland and Labrador, or the territories.
- Missing A Payment Costs More: My Canada Payday notes that additional fees apply if your payment does not go through.
When My Canada Payday Makes Sense
Tick all five and a payday loan is a defensible choice. If any are missing, it is worth pausing before you apply.
My Canada Payday vs Mr. Payday vs Credit Club
Comparing My Canada Payday, Mr. Payday and Credit Club on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  My Canada Payday Payday Loan Learn more |  Mr. Payday Payday Loan Learn more |  Credit Club Short Term Loan Learn more |
|---|---|---|---|
| Loan amount | Up to $1,500 | $100 – $1,500 | $100 – $1,500 |
| Interest rate | $14 per $100 | $14 per $100 | $14 per $100 |
| Term | Next payday, or the one after | 14 – 31 days | Up to 62 days |
| Available in | AB, BC, MB, NS, ON, SK | AB, BC, ON | BC, NS, ON |
| Funding time | As little as 15 minutes | Within 24 hours | 1 business day |
| Funding method | Interac e-Transfer | Interac e-Transfer | Direct deposit |
| Repayment | Automatic debit | Automatic debit | Automatic debit |
| Eligibility |
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| Requirements & documents |
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| Not listed |
Figures are as listed by each lender and can change. Check the lender's site before you apply.
