About lender
Mr. Payday, a prominent name in online payday loans in Canada, has been a trusted lender since its establishment in 2002. With a commitment to providing convenient loan services, Mr. Payday has been assisting Canadians in fulfilling their short-term financial needs for over two decades. Offering easy cash advances and quick loan approvals, Mr. Payday ensures that customers can access the funds they require promptly.
Through an online application process that is both simple and secure, Mr. Payday streamlines the borrowing experience for its clientele. Whether individuals seek financial assistance due to unexpected expenses or are simply bridging the gap until their next paycheck, Mr. Payday offers a reliable solution. With a focus on excellent customer service and high approval rates, Mr. Payday stands out as a preferred choice among borrowers seeking fast and efficient loan services in Canada.
Features
- Trusted Lender. Serving Canadians since 2002, Mr. Payday has built a reputation as a reliable and trustworthy lender in the online payday loan industry.
- Fast Approval. With a streamlined online application process, customers can expect quick approvals, often within 30 minutes during business hours.
- Convenient Loan Services. Mr. Payday offers easy cash advances and convenient loan services to help individuals manage short-term financial needs effectively.
- Accepts Various Income Sources. Mr. Payday accepts various types of income, including employment income, benefits, pensions, and more, making it accessible to a wide range of applicants.
- No Faxing Required. Utilizing instant online validation, Mr. Payday eliminates the need for faxing documents, simplifying the loan application process for customers.
Pros and cons
Pros
Cons
Reliability
Mr. Payday's reliability is reflected in its positive reputation among customers, as evidenced by its Trustpilot rating of 4.7 out of 5 stars based on 1,580 reviews. This substantial volume of feedback suggests a significant level of customer satisfaction with Mr. Payday's services. While some customers have reported positive experiences, the reliability of any financial service provider can vary depending on individual circumstances. As with any company, prospective borrowers should conduct thorough research and consider multiple factors before engaging with Mr. Payday or any other lending institution.
How to apply for a Mr. Payday loan?
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Visit the Website. Start by visiting the Mr. Payday website to begin the application process. The website is user-friendly and accessible from any device with an internet connection.
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Complete the Online Application Form. Fill out the simple and secure online application form provided on the website. You'll be asked to provide basic personal information, such as your name, contact details, employment information, and banking details.
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Provide Income Information. Mr. Payday accepts various types of income, including employment income, benefits, and pensions. Be prepared to provide details about your income source and monthly earnings.
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Verify Your Identity. Mr. Payday may use instant online validation to verify your identity and financial information, eliminating the need for faxing documents.
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Review and Submit. Once you've completed the application form, take a moment to review the information you've provided for accuracy. Ensure that all fields are filled out correctly before submitting your application.
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Wait for Approval. After submitting your application, Mr. Payday will review your information and determine your eligibility for a loan. During business hours, approvals typically take about 30 minutes.
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Receive Your Funds. If your loan application is approved, you will receive an email notification, and the funds will be deposited directly into your bank account. In some cases, you may receive the funds within as little as 30 minutes.
Conditions
- Loan Amount. Mr. Payday offers loans ranging from $100 to $1500, depending on the borrower's net income and other factors.
- Repayment Period. The repayment period for Mr. Payday loans typically aligns with the borrower's next payday, with loans being due on or shortly after that date.
- Maximum Allowable Cost. As per regulatory requirements, Mr. Payday discloses the maximum allowable cost per $100 borrowed, which is $15.00. This information is provided to borrowers before they agree to the loan terms.
Requirements
- Age. Borrowers must be at least 19 years old to qualify for a loan with Mr. Payday. Proof of age may be required during the application process.
- Income Source. Mr. Payday accepts various types of income, including employment income, CPP, EI, WCB, CTC, or Non-Government Disability benefits. Borrowers must have a steady source of income to demonstrate their ability to repay the loan.
- Employment History. If employed, borrowers must have been with their current employer for at least two consecutive months. This requirement helps ensure the stability of the borrower's income.
- Active Chequing Account. Borrowers must have an active chequing account in their name. This account will be used for depositing the loan funds and for automatic loan repayment on the agreed-upon date.
- Income Deposited into Bank Account. Borrowers must have their income deposited directly into their bank account. This requirement ensures that Mr. Payday can verify the borrower's income during the application process.
- Minimum Monthly Income. Borrowers must have a minimum monthly income of $1100 from their income sources, as mentioned above. This threshold helps ensure that borrowers can afford the loan repayment.
- Active Phone Number. Borrowers must have an active phone number where they can be reached for communication regarding their loan application.
Ways to receive the money
- Email Money Transfer (e-Transfer). Upon loan approval, you have the option to receive the funds via email money transfer. This method allows for quick and convenient access to the loan amount, typically within 30 minutes of approval. You can easily access the funds by following the instructions provided in the email transfer notification.
- Direct Deposit into Bank Account. Alternatively, you can choose to have the loan amount directly deposited into your bank account. This method ensures that the funds are securely transferred to the borrower's designated account, ready for immediate use. Direct deposit is a reliable and efficient way to receive the loan funds, providing peace of mind to borrowers.
Products
Payday Loans ($100 to $1,500). Mr. Payday easy loan options provide short-term financial assistance to individuals facing unexpected expenses or cash shortages between paychecks. Borrowers can access funds quickly and repay the loan on their next payday, helping them bridge temporary financial gaps.
Reasons you may be denied a Mr. Payday loan
- Insufficient Income. Applicants must meet minimum income requirements to qualify for a loan. If the applicant's income does not meet the specified threshold, their loan application may be denied.
- Inconsistent Employment History. Mr. Payday typically requires applicants to have a stable employment history, with at least two consecutive months of employment with the same employer. Applicants with inconsistent or unstable employment may be denied a loan from Mr. Payday.
- Bank Account Issues. Applicants must have an active chequing account in their name for loan disbursement and repayment purposes. If the applicant's bank account is inactive, closed, or does not meet the required criteria, their loan application may be denied.
- Recent Bankruptcy. Applicants who have filed for bankruptcy within the past year may be ineligible for a Mr. Payday loan. Bankruptcy can significantly impact an individual's creditworthiness and may result in loan denial.
- Outstanding Payday Loans. If an applicant currently has outstanding payday loans or has recently defaulted on a payday loan, their application may be denied. Mr. Payday assesses the applicant's ability to manage additional debt responsibly.
How to repay a Mr. Payday loan
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Review Loan Terms. Start by reviewing the terms and conditions of your loan agreement, including the repayment schedule, loan amount, and any applicable fees or interest rates. Understanding these terms will help you plan for repayment effectively.
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Automatic Repayment. In most cases, Mr. Payday will set up automatic repayment of the loan on the agreed-upon date, typically your next payday. The loan amount, along with any applicable fees or interest, will be automatically withdrawn from your bank account.
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Ensure Sufficient Funds. Before the repayment date, ensure that there are sufficient funds available in your bank account to cover the loan repayment. If the funds are not available, you may incur additional fees or penalties for insufficient funds.
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Early Repayment. If you're able to repay the loan earlier than the scheduled date, you may have the option to do so. Contact Mr. Payday's customer service to inquire about early repayment options and any associated fees or penalties.
Editorial opinion
Important
How to Choose a Lender
- 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.
- 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).
- 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.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- 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.
- 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).
Methodology
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
- Mr. Payday Online Banking
- How to Apply for Mr. Payday Loan
- How to PayOff Mr. Payday Debt
- Mr. Payday Mobile App
- Mr. Payday Customer Reviews
