The four steps to an online payday loan
Apply online
Choose your amount, from $100 to $1,500, and fill in one short form with your contact details, income and pay schedule. It takes about five minutes and doesn't affect your credit score.
Verify your identity and income
Take a photo of your government ID and connect your bank through secure, read-only verification. If you'd rather not connect your bank, many lenders accept uploaded bank statements.
Review your offer
A licensed lender in your province reviews your application. If approved, you'll see the loan amount, total cost in dollars, APR and due date. You're free to accept or decline.
Sign and get paid
E-sign your agreement and the lender sends your money by Interac e-Transfer, often within a few hours on business days.
After you receive your loan
Your repayment is set up as a pre-authorized debit on the due date in your agreement, usually your next payday. You'll repay the amount you borrowed plus the cost of borrowing in a single payment, except in Alberta, where the law requires instalments over 42 to 62 days. Make sure the money will be in your account that day.
You can repay early without a penalty. If your pay date changes, tell your lender as soon as possible so they can adjust the withdrawal date.
Your right to cancel
Every province with a payday loan law gives you a short window to change your mind after signing. In Ontario, Alberta and British Columbia, for example, it's two business days. You return the money you borrowed and pay no cost of borrowing. Your agreement explains how to cancel in your province.
If you can't repay on time
- Contact your lender before the due date. Most would rather arrange a plan than deal with a returned payment.
- Ask about an extended payment plan. Some provinces require lenders to offer one. In Ontario, you're entitled to one if you take out three payday loans within 63 days.
- Don't take a new payday loan to pay off the old one. Several provinces prohibit rollovers for this reason.
- Get free advice from a non-profit credit counselling agency.