Straight answers about payday loans in Canada, how our service works, and what to expect when you borrow. If your question isn't here, contact us.
Payday loan basics
A payday loan is a short-term loan of up to $1,500 that you repay in a single payment, usually on your next payday. In Canada, the term can be no longer than 62 days. Alberta is the exception to the single payment: loans there run 42 to 62 days and are repaid in instalments on your paydays.
Yes, in the nine provinces that have payday loan laws: Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador. Payday loans are not offered in Quebec or the territories.
No. Options Credit connects you with independent, provincially licensed payday lenders. The lender you are matched with makes the lending decision and sets the terms of your loan.
Applying and approval
You need to be the age of majority in your province, have regular income for at least three months, an active Canadian bank account, a valid government photo ID, an email address and a phone number.
No. Applying through Options Credit does not place a hard inquiry on your credit report. Some lenders may run a soft check, which does not affect your score.
Some lenders accept regular government income such as CPP, OAS or disability benefits. Others require employment income. Acceptance depends on the lender and your province.
No. No licensed lender can guarantee approval. Lenders assess your income and banking activity to make sure you can repay the loan.
Costs and fees
The legal maximum is $14 per $100 borrowed, including all fees. A $500 loan costs at most $70, for a total repayment of $570.
No. Applying through Options Credit is free. Your only cost is the cost of borrowing set out in your lender's agreement.
Your lender can charge a dishonoured payment fee of up to $20, and your bank may charge its own insufficient funds fee. Contact your lender before the due date if you think a payment will not go through.
Repaying your loan
Repayment is usually a pre-authorized debit from your bank account on the due date in your agreement, typically your next payday. In Alberta, you repay in instalments on each payday over 42 to 62 days.
Yes. Every province with a payday loan law gives you a short cancellation period after signing, for example two business days in Ontario, Alberta and British Columbia. You return the money you borrowed and pay no cost of borrowing.
Contact your lender before the due date. Many lenders offer extended payment plans, and in some provinces, such as Ontario, you are entitled to one if you take out several loans within a short period.
Privacy and security
Yes. Our site uses 256-bit SSL encryption, bank verification is read-only, and we handle personal information in line with Canada's federal privacy law, PIPEDA.
Only the licensed lenders you are matched with and the service providers who help us process your application, such as identity and bank verification providers. We never sell your personal information. See our privacy policy for details.