Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.


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About lender

LoansMyPayroll offers a range of financial solutions tailored to the needs of Canadians, particularly in managing payroll expenses and addressing unexpected cash flow challenges. Positioned as a reliable source of short-term financing, LoansMyPayroll provides access to payroll loans, payday loans, and cash advances.

As an online lender, LoansMyPayroll streamlines the application process, allowing borrowers to apply conveniently through its website. Leveraging technology such as Instant Bank Verification (IBV), the platform ensures quick processing and approval, often within hours. This accessibility, coupled with flexible repayment terms and competitive interest rates, positions LoansMyPayroll as a viable option for borrowers seeking short-term financial assistance to navigate cash flow challenges and meet their payroll obligations.



  1. Quick Approval. LoansMyPayroll offers fast approval, typically within hours, allowing borrowers to access funds promptly when needed.

  2. Flexible Loan Options. The platform provides payday loans, tailored to meet different needs.

  3. Online Application. Borrowers can conveniently apply for loans through LoansMyPayroll's website, eliminating the need for lengthy paperwork and streamlining the process.

  4. Same-Day Funding. Upon approval, funds are sent directly to the borrower's bank account via INTERAC e-Transfer, often within the same day, enabling borrowers to address urgent financial needs promptly.

Pros and cons


Competitive Rates. LoansMyPayroll offers competitive interest rates, making their financial solutions accessible and cost-effective.

Flexible Repayment Terms. Borrowers can choose from a range of repayment options, with total payments per loan and minimum/maximum repayment periods designed to suit their cash flow and financial circumstances.

Accessibility Criteria. LoansMyPayroll considers factors such as employment status, job stability, and direct deposit of pay into a Canadian bank account, ensuring accessibility for eligible borrowers.


Additional Fees. In addition to high-interest rates, borrowers may incur additional fees, such as origination fees or late payment fees. These fees can significantly increase the total cost of borrowing and should be carefully considered before taking out a loan.

Risk of Debt Cycle. Because of the high costs associated with payroll loans, there is a risk that borrowers may become trapped in a cycle of debt. Relying on payday loans for regular expenses or using them to cover unexpected expenses without a repayment plan can lead to financial instability.

Limited Loan Amounts. Payroll loans typically offer smaller loan amounts compared to traditional bank loans. While this may be sufficient for covering short-term expenses, it may not provide enough funds for larger financial needs.


Assessing the reliability of LoansMyPayroll poses a challenge due to the scarcity of available reviews and testimonials. While the platform offers quick access to short-term loans and boasts a streamlined application process, the limited feedback from users makes it difficult to gauge its overall reliability accurately. As with any financial service, potential borrowers are encouraged to conduct thorough research, carefully review the terms and conditions, and consider alternative options before entrusting their financial needs to LoansMyPayroll.

How to apply for a LoansMyPayroll loan?

  1. Visit the Website. Start by visiting the LoansMyPayroll website. Once there, navigate to the loan application page.

  2. Fill out the Application Form. On the application page, you'll be prompted to fill out an application form. Provide accurate information about yourself, including your name, address, contact information, employment details, and banking information.

  3. Choose Your Loan Amount. Select the loan amount you wish to borrow. LoansMyPayroll offers loans of up to $2,000, but you can choose a smaller amount if needed.

  4. Instant Bank Verification (IBV). LoansMyPayroll utilizes Instant Bank Verification (IBV) for quick processing. Use this feature to link your bank account securely and verify your income and banking details.

  5. Submit Your Application. Once you've completed the application form and verified your bank account, submit your application for review.

  6. Receive Instant Approval. LoansMyPayroll's automated loan system will process your application instantly. You'll receive an instant approval decision, and the system will determine the amount you've been approved for.

  7. Receive Your Deposit. If your loan is approved, the funds will be sent to you directly via INTERAC e-Transfer. Typically, this process takes around one hour, providing you with quick access to the cash you need.


  • Loan Amount. LoansMyPayroll offers loans ranging from $100 to $2,000, providing borrowers with flexibility based on their financial needs.
  • Quick Approval. Borrowers can expect fast approval within 6 hours of submitting their application, ensuring timely access to funds when needed.
  • Instant Bank Verification (IBV). LoansMyPayroll utilizes IBV for quick processing, allowing borrowers to link their bank accounts securely and verify income and banking details instantly.
  • Flexible Repayment Terms. Borrowers have the option to choose from 3, 6, or 12 total payments per loan, with a minimum repayment period of 60 days and a maximum repayment period of 90 days, providing flexibility in managing repayments.
  • Fast Funding. Upon approval, borrowers can expect to receive their funds within one hour via INTERAC e-Transfer, enabling quick access to cash to cover unexpected expenses.
  • No Credit Check. LoansMyPayroll does not conduct credit verifications before making loan decisions, allowing individuals with less-than-perfect credit scores to still qualify for a loan.


  • Employment. Borrowers must provide proof of full-time employment, including employment details such as employer name, job title, and duration of employment.
  • Bank Account Information. Applicants need to provide accurate banking information for IBV, including bank account number and routing information.
  • Personal Information. Borrowers must provide personal details such as name, address, contact information, and identification to complete the application process.
  • Income Verification. While LoansMyPayroll does not conduct credit checks, borrowers must demonstrate stable income through direct deposit verification.
  • Age Requirement. Applicants must confirm they are at least 18 years old by providing a valid form of identification.
  • Residency. Borrowers must provide proof of Canadian residency, such as a government-issued ID or utility bill in their name.

Ways to receive the money

INTERAC e-Transfer. Upon loan approval, borrowers can opt to receive their funds through INTERAC e-Transfer. This method offers the advantage of speed and convenience, with funds typically arriving within one hour of loan approval. Borrowers receive an email or text notification with instructions on how to deposit the funds directly into their bank account.


Short-Term Loans (up to $2,000). Short-term loans from LoansMyPayroll provide borrowers with flexible financing options to cover unforeseen expenses or emergencies. These loans offer quick approval and can be repaid over a short period, ranging from 3 to 12 total payments per loan.

Reasons you may be denied a LoansMyPayroll loan

  • Insufficient Income. Applicants must demonstrate stable employment and sufficient income to repay the loan. If the applicant's income is deemed inadequate to cover the loan repayment, the application may be denied.
  • Unstable Employment. LoansMyPayroll requires applicants to have stable employment, with the same employer for at least 4-6 months. If an applicant's employment history indicates frequent job changes or instability, it may raise concerns about their ability to repay the loan.
  • Inaccurate Information. Providing false or inaccurate information on the loan application can lead to denial. LoansMyPayroll verifies the information provided by applicants, including employment details and banking information. Any discrepancies or inconsistencies may result in a denial of the application.
  • Unverifiable Bank Account. Applicants must have a valid and verifiable bank account for loan processing and fund disbursement. If the provided bank account information cannot be verified or is invalid, the application may be denied.
  • Outstanding Loans or Defaults. Applicants with a history of defaulting on loans or outstanding debts may be deemed ineligible for a LoansMyPayroll loan. Prior financial delinquencies can indicate a higher risk of default, leading to a denial of the application.
  • Bankruptcy or Insolvency. Individuals who have filed for bankruptcy or are currently insolvent may be ineligible for a LoansMyPayroll loan. Bankruptcy proceedings or insolvency status can significantly impact an applicant's creditworthiness and ability to repay the loan.

How to repay a LoansMyPayroll loan

  1. Review Loan Terms. Start by reviewing the loan agreement and familiarizing yourself with the repayment terms. Take note of the total amount repayable, repayment schedule, and any applicable fees or interest rates.

  2. Payment Options. LoansMyPayroll offers multiple payment options to accommodate borrowers' preferences and ensure timely repayment. Set up automatic withdrawals from your bank account to ensure that payments are made on time. This option offers convenience and eliminates the need to manually initiate payments each month. Alternatively, you can use Interac e-Transfer to send payments directly from your bank account to LoansMyPayroll. This method allows for quick and convenient transfers, typically processed within minutes.

  3. Schedule Payments. Determine the repayment schedule based on the terms outlined in your loan agreement. LoansMyPayroll offers flexible repayment options, allowing borrowers to choose from 3, 6, or 12 total payments per loan, with minimum and maximum repayment periods.

Editorial opinion

In considering LoansMyPayroll, it's important to recognize its role in providing accessible financial solutions to individuals facing short-term cash flow challenges. The platform's quick approval process, flexible repayment terms, and minimal credit checks offer convenience and opportunity to those in need of immediate funds. However, it's crucial for borrowers to exercise caution and fully understand the associated costs, including high-interest rates and potential fees, to avoid falling into a cycle of debt. While LoansMyPayroll serves a valuable purpose for many, borrowers should carefully evaluate their financial circumstances and consider alternative options before committing to a loan.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

  • LoansMyPayroll Customer Reviews



What is LoansMyPayroll?

LoansMyPayroll is an online lending platform that offers short-term loans to individuals in need of immediate financial assistance. Specializing in payroll loans and cash advances, LoansMyPayroll provides borrowers with quick access to funds to cover unexpected expenses or bridge cash flow gaps between pay periods.

The platform streamlines the loan application process, often approving loans within hours and disbursing funds via INTERAC e-Transfer for rapid access. While LoansMyPayroll caters to individuals with various credit backgrounds, it's essential for borrowers to carefully review the terms and conditions before committing to a loan, considering factors such as interest rates and repayment terms.

How quickly the funds can be received?

Funds from LoansMyPayroll loans can be received within hours of loan approval. The platform prides itself on its quick approval process, often making loan decisions within 6 hours of application submission.

Once approved, borrowers can expect to receive their funds via INTERAC e-Transfer within approximately one hour, providing swift access to the cash they need to address their financial needs promptly. This expedited disbursement process ensures that borrowers can efficiently manage unexpected expenses or cash flow challenges without delay.

How do you qualify for LoansMyPayroll?

To qualify for a LoansMyPayroll cash advance, applicants must meet certain eligibility criteria. This includes being employed full-time with a stable job, holding the same position for at least 4-6 months. Additionally, applicants must have their pay directly deposited into their bank account, be at least 18 years old, and be Canadian residents.

While LoansMyPayroll does not conduct credit verifications before making loan decisions, applicants must provide accurate employment and banking information for verification purposes. By meeting these requirements and completing the online application process, borrowers can access the financial assistance they need through LoansMyPayroll in a timely and efficient manner.

How much can you borrow from LoansMyPayroll?

LoansMyPayroll offers borrowers the opportunity to access short-term loans of up to $2000. This loan amount can be utilized to address various financial needs, such as unexpected expenses, cash flow gaps between pay periods, or emergencies.

The maximum loan amount allows borrowers to obtain sufficient funds to manage their immediate financial challenges while still adhering to responsible borrowing practices. However, borrowers should carefully consider their individual financial circumstances and borrow only what is necessary to avoid overextending themselves financially.

Is LoansMyPayroll a legitimate company?

Determining the legitimacy of LoansMyPayroll requires careful examination of various factors. While the platform offers quick access to short-term loans and maintains a user-friendly online interface, the overall legitimacy of the company may be subject to scrutiny due to limited available information and reviews. While LoansMyPayroll asserts its commitment to providing accessible financial solutions to individuals in need, potential borrowers are advised to exercise caution and conduct thorough research before engaging with the platform.

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