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.
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.
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:
Taking out a loan with My Canada Payday comes with a number of perks, including the following;
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.
| Province | Cost Per $100 |
| British Columbia | $15 |
| Alberta | $15 |
| Saskatchewan | $17 |
| Manitoba | $17 |
| Ontario | $15 |
| Nova Scotia | $19 |
Learn more about the payday loan laws in your province.
Applying for a loan with My Canada Payday loan is easy. Just follow these simple steps:
To be eligible for a loan from My Canada Payday, you must meet the following criteria:
You’ll also need to supply certain documentation, including the following:
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 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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