Lender
Rating by Finanso®
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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.

Apply For My Canada Payday

Advertiser Disclosure

My Canada Payday offers payday loans to Canadian residents facing short-term financial needs. With loan amounts of up to $1,500, borrowers can access funds quickly and conveniently through an easy online application process. The loans are designed to provide immediate relief, with funds typically disbursed within minutes upon approval. My Canada Payday's high acceptance rates and flexible repayment options cater to individuals from diverse financial backgrounds, making it a viable option for those with less-than-perfect credit histories. However, borrowers should carefully consider the associated fees and short repayment terms to ensure responsible borrowing practices.

How to apply for a My Canada Payday loan

  1. Go to the Website. Navigate to the official website of My Canada Payday using your preferred web browser.

  2. Click "Apply Now". Locate and click on the "Apply Now" button prominently displayed on the homepage or designated section of the website.

  3. Choose Your Province. Select the province where you reside from the options provided. This ensures that you are applying for a loan within the jurisdiction where My Canada Payday operates.

  4. Enter Your Email. Input your email address into the designated field. This allows My Canada Payday to communicate with you regarding your loan application and any subsequent updates.

  5. Enter Your Personal Information. Provide your personal details, including your full name, date of birth, Social Insurance Number (SIN), and any other requested information. Ensuring accuracy is essential for the application process.

  6. Employment Information. Enter relevant employment details, such as your employment status (e.g., full-time, part-time), how you are paid (e.g., direct deposit, cheque), and any additional employment-related information as requested.

  7. Specify Loan Amount. Indicate the amount you wish to borrow from My Canada Payday. Be sure to consider your financial needs and repayment capabilities when determining the loan amount.

  8. Agree to Terms and Conditions. Review the terms and conditions of the loan agreement provided by My Canada Payday. Once you have read and understood the terms, check the box or click the button to indicate your agreement.

  9. Click "Apply". After completing all required fields and agreeing to the terms and conditions, finalize your loan application by clicking the "Apply" button. This submits your application to My Canada Payday for review and processing.

Conditions

  1. Loan Amount. Borrowers can access payday loans of up to $1,500 through My Canada Payday. The specific amount approved for each applicant may vary based on factors such as income, creditworthiness, and provincial regulations.

  2. Loan Term. The repayment term for payday loans provided by My Canada Payday extends up to 62 days. Borrowers have this duration to repay the borrowed funds in full, including any applicable fees and interest.

  3. Interest Rates. My Canada Payday charges interest rates ranging from $15 to $17 per $100 borrowed, depending on the province of residence. These rates may vary slightly based on regional regulations and lending practices.

Requirements

  1. Be a Canadian Resident. Applicants must be Canadian residents to qualify for a payday loan from My Canada Payday. This ensures compliance with Canadian regulations governing payday lending.

  2. Be the Age of Majority in Your Province. To be eligible for a loan, applicants must be of the legal age of majority in their respective province or territory. This requirement ensures that borrowers have the legal capacity to enter into loan agreements.

  3. Receive a Steady Income. Applicants must demonstrate a steady income of at least $1,000 per month, received via direct deposit or cheque. Proof of income is typically required, which may involve providing screen captures of web-banking showing 180 days of banking history.

  4. Have a Valid Home Address, Phone Number, and Email Address. Valid contact information, including a home address, phone number, and email address, is required for the loan application process. This ensures that My Canada Payday can communicate with applicants regarding their loan status and other relevant information.

Reasons for rejection

  1. Insufficient Income. Your income may not meet the minimum requirements set by My Canada Payday, such as earning at least $1,000 per month.

  2. Incomplete or Inaccurate Information. Providing inaccurate or incomplete personal and financial information on your loan application can lead to denial.

  3. Unstable Employment. If you cannot demonstrate stable employment or a reliable source of income, My Canada Payday may deny your loan application.

  4. Outstanding Payday Loans. Having existing payday loans or a history of defaulting on previous loans may result in denial of your application.

  5. Bankruptcy or Insolvency. If you have a history of bankruptcy or insolvency, My Canada Payday may consider you ineligible for a loan due to heightened risk.

Additional resources

Sources

FAQ

How long does it take to get approved by My Canada Payday?

Approval by My Canada Payday typically occurs quickly, often within minutes of submitting the loan application.

How quickly funds can be received?

Funds from My Canada Payday can be received promptly, usually within minutes of loan approval, via Interac Email Transfer.

How trustworthy is My Canada Payday?

My Canada Payday is considered trustworthy, being a licensed payday lender in the provinces it operates in and a member of reputable industry associations like the Canadian Consumer Finance Association (CCFA).

Does My Canada Payday verify income?

Yes, My Canada Payday verifies income as part of the loan application process, often requiring proof of income such as recent pay stubs or bank statements.

Does My Canada Payday hurt your credit score?

No, applying for a loan with My Canada Payday does not directly impact your credit score. However, if you fail to repay the loan according to the agreed terms, it may be reported to credit bureaus, potentially affecting your credit score negatively.

Financial products
My Canada Payday
Payday Loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$100 - $1,500
Rate
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Effective interest rate on the product

up to 1.42% per day
Term
i

Loan term for the financial product

up to 60 days
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Rating by Finanso®
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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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Rating by Finanso®
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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.

Recommended FinScore™
0
300
650
1000
500.00 – 1500.00 C$
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