Assessing Eligibility
Here’s what we’ll need for you to be eligible to borrow:
- 19 years old, minimum
- Canadian citizen,Resident of one of the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario or Saskatchewan.
- At least 3 months working for the same employer.
- $800 minimum net monthly income.
- Canadian bank account – must have been open for a minimum of 3 months.
- Valid and current mobile phone, email address and home address.
- No past record of filing for bankruptcy nor intention of doing so in the future.
No Surprise Fees
Our interest fees are transparent and straightforward. They’re a calculated percentage of the amount borrowed. The percentage is regulated by each province’s payday loan legislation. They range from $15 to $23.
| Province |
Interest Fees & Transparency |
Late fee |
| Alberta |
$15 per $100 |
$25 |
| British-Columbia |
$15 per $100 |
$20 |
| Manitoba |
$17 per $100 |
$20 |
| New Brunswick |
$15 per $100 |
$20 |
| Nova-Scotia |
$22 per $100 |
$40 |
| Ontario |
$15 per $100 |
$48 |
| Saskatchewan |
$23 per $100 |
$50 |
When you take a cash advance loan or Flexpay loan with PayDay, you are always in complete control of how much money you will owe and there are no surprises nor hidden fees. Before signing your loan agreement, we will give you a breakdown of all the costs involved in your loan so you will be able to make an informed decision.
Your Money, When You Need It
We’re dedicated to the most hassle-free loan experience possible. Any day of the year, any time of the day, our e-transfer system is ready to send you your funds. Soon as your loan agreement is signed, your money is just 5 minutes away from being in your bank account. Your money, when you need it: that’s our promise.
Loan Management
Want to make early repayments?
Absolutely. In fact, if you can manage it, it’s a great idea. Here are some of the benefits:
- No extra fees! Plus…
- Your trust rating in our system increases
Thinking of increasing your debt with an outstanding loan?
We only allow one loan at a time. This is the responsible choice for both us and you. That’s why we’re so dedicated to helping you make the smart and informed decision about your loan amount and repayment plan.
Loan Repayment
How is my repayment handled?
We make repayment as quick, easy and painless as receiving your loan was. On the contractually stipulated due date, your bank account is automatically debited the outstanding fee. Please be sure to avoid any additional fees by ensuring there’s sufficient funds in your account that day to cover the repayment.
Repayment Plans
For your convenience, two repayment plans are available:
- Cash advance: make a repayment between 7-62 days after you are approved
- Flexpay: make 2 or 3 repayments between 7-62 days after you are approved
Repeat Borrowing
Trust Rating System
With your first loan, you are eligible to borrow as much as $750. Repayment that is consistent with the loan’s terms and conditions, including being on time, increases your rating in our trust system. Repeated good dealings will eventually give you access to loans up to $1,500.
Once you’ve borrowed and repaid one loan with us, subsequent ones are even easier. This is because you’ve gained trust and we have all your relevant info in our system. Payday loans though are short-term loans and not intended for frequent use.
Your financial well-being is important to us. Not only is this why we’re happy to help out with these short-term loans, but it also requires us to be sure we’re taking a responsible lending decision each time we make a loan. So, if your circumstances change, we can’t guarantee the exact same terms for repeat borrowing.
Late Fees
Each province has its own fees for NSF. These are listed below. We strongly encourage you to avoid such fees by ensuring there are sufficient funds in your bank account to cover the pre-authorized debits on the stipulated due dates.
| Province |
NSF |
| Alberta |
$25 |
| British-Columbia |
$20 |
| Manitoba |
$20 |
| New Brunswick |
$20 |
| Nova-Scotia |
$40 |
| Ontario |
$48 |
| Saskatchewan |
$50 |
Collections
Our transparent lending practices allow you to be fully informed of all charges and due dates. We want you to be fully aware of your responsibilities. The amount you owe will always be based upon repayment of the loan and any relevant interest charges. No additional fees will be added.
Interest charges, though, do include surplus fees when a client fails to meet the conditions of their repayment agreement. Failure to meet the conditions of the repayment agreement not only increases fees owned to PayDay, but may also result in a charge from your bank. As of any failure to meet repayment requirements, collection charges apply and will be added to your outstanding balance. Such charges will be continually added until the entire balance has been repaid.
In the event of such failure to meet the repayment agreement, our collection team professionals take over management of the file. They will make every effort to work with you on a revised repayment arrangement. However, failure to resolve the situation will require resort to an external collection agency.
There can be serious consequences for the having your file taken over by an external collection agency. Further fees may result. Your credit rating could be negatively impacted for years to come. Fraud protection agencies may be employed to track your location and ensure full recovery of all outstanding debt and fees. To avoid such outcomes, we strongly urge our clients to ensure they meet their repayment commitments.
PayDay is in the business of helping people out of difficult situations. We understand how things can go unexpectedly bad. It’s of the greatest importance that if something sudden interferes with your ability to meet the terms and conditions of your repayment agreement that you contact us at the very soonest possible moment. This will allow us to work with you to find the least costly solution. Taking out a loan brings you into a legal obligation. So, please, seriously consider whether it is the right choice for you. If you’re unsure of your ability to meet your repayment obligations, an alternate remedy to your financial difficulties will be a better option.
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