My Canada Payday Lender Review

My Canada Payday Lender Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated January 5, 2022

If you need fast cash for a pressing financial need or are you 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. 

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
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Benefits Of My Canada Payday

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 My Canada Payday Loans

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 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
  1. 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. 
  1. 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. 
  1. 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.
  1. 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 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. 

Final Thoughts

My Canada Payday may be a good resource if you need extra funds quickly to cover a pressing expense, or if your current credit score makes you ineligible for a loan through traditional loan channels. Just keep in mind that interest rates associated with payday loans are very high, and you’ll need to repay your loan by the time you get your next paycheque.  

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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