MyCanadaPayday.com

You can get ‪#‎payday‬ loans for up to $1500 in as little as 15 minutes!
My Canada Payday is in the business of getting you your fast ‪#‎cash‬ advance now!
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100% Canadian owned and operated - Payday Loans

MyCanadaPayday is 100% Canadian owned and operated. We pride ourselves on the ease of our process, which can be completed online and using your phone! Apply Now

We don’t believe that #payday lending should be stressful. We have streamlined the lending process.
Apply Now >

My Canada Payday - How Does Our Process Work.

We pride ourselves on the ease of our process, which can be completed online and using your phone!

There is no faxing, visiting a store, or signing paperwork required... and if you're fast, it takes less than 30 minutes!

Once your loan is approved, we will pay you by Interac email transfer (for returning customers) or EFT Direct Deposit (for first time loaners or those whose bank does not support Interac Email transfer) if you are from BC, Saskatchewan or Nova Scotia. Returning reloan customers can have their money in as little as 30 minutes, while first time customers will see the funds the next business day. In Ontario, your loans will be issued via Interac Email Money Transfer only. Here is the complete list of steps, in order:

BC, Saskatchewan or Nova Scotia Customers

1. You fill out the application form completely on our web site, by pressing the Apply now! button.
2. Our system will send you an automated e-mail with further instructions and a personalized download link for the MyCanadaPayday Application.
3. You download and install the MyCanadaPayday Application. This program allows you to securely upload to us screenshots of your web banking.
4. You log into your web banking using the MyCanadaPayday Application and bring up 60 days of banking history. You press theCapture button in the application and it will send us a screen capture.
5. If required, you can send us more screenshots by pressing Capture a second or more times. (For instance, if your web banking only shows one month of account history at a time).
6. Once you upload some web banking screenshots, we will automatically start the review process. If we need more information we will usually try and contact you by telephone, then e-mail.
7. We will let you know in an e-mail whether your application is accepted or denied.
8. If accepted, you will be given a link to download your Loan Agreement contract!
9. You click the download link in your e-mail and download the contract.
10. You read the contract it in full, and then agree to it by telephoning our automated agreement system, keying in your contract number, and saying your name and that you agree over the phone.
11. New customers: We schedule an EFT payment (a Direct Deposit) directly into your bank account. This payment will be processed the following business day, with the money in your account by lunchtime.
12. Reloan customers: As long as your banking information has not changed, you are eligible for an Interac E-mail transfer, which will get you money in about 30 minutes once your loan has been approved and activated on our side.
13. On your next payday, we will automatically take a payment for the amount of the loan plus the borrowing fee, as specified in your Loan Agreement contract.

Ontario Customers

1. You fill out the application form completely on our web site, by pressing the Apply now! button.
2. You will be asked to verify your identity and banking information with Decision Logic, a very secure verification company.
3. We will let you know in an e-mail whether your application is accepted or denied.
4. If accepted, you will be given a link to download your Loan Agreement contract!
5. You click the download link in your e-mail and download the contract.
6. You read the contract it in full, and then agree to it by telephoning our automated agreement system, keying in your contract number, and saying your name and that you agree over the phone.
7. Funds Delivery: Your funds will be sent immmediately via Interac E-mail transfer.
8. On your next payday, we will automatically take a payment for the amount of the loan plus the borrowing fee, as specified in your Loan Agreement contract.

#DidYouKnow - We are a fully licensed #Payday Lender in BC, Nova Scotia, Saskatchewan and Ontario. Apply Now >

We Lend Across Canada - You can have money in your account in as little as 15 minutes, without even leaving your computer. #payday #loan Apply Now >

About My Canada Payday

Background

We are a locally owned and operated Canadian business, and a fully licensed Payday Lender in British Columbia, Nova Scotia, Saskatchewan and Ontario. We also provide cheque cashing services in our Surrey location.

 

Streamlining the Lending Process

We understand the sense of urgency our customers feel when applying for a payday loan. That’s why My Canada Payday has streamlined the lending process, by eliminating the storefront location typical to payday lending and allowing the whole borrowing process to happen online. My Canada Payday customers don’t have to waste their time commuting, standing in line, and waiting for paperwork to be filed, but rather can submit a loan application online, with approvals in as little as 30 minutes. Other lenders can take hours or even days to process and approve applications. For returning customers, we offer payout by Interac Email transfer, allowing you to get paid within minutes of when you applied.

Putting our customers first

At My Canada Payday, we don’t believe that payday lending should be stressful. if you have any questions or concerns, or would like us to walk you through our application process over the phone, our knowledgeable and helpful customer service representatives are standing by to assist you. simply call us at 604-630-4783 or drop us an email at getpaid@mycanadapayday.com. we’re happy to make your satisfaction our utmost priority.

Franchise Opportunities

MyCanadaPayday is currently offering store front franchise opportunities to the right individuals. If you are a self funded and savvy business person looking to expand into the exciting world of payday loans and cheque cashing, please contact our Franchise department at franchise@mycanadapayday.com and we will be happy to field your questions, and accept your application for a Franchise.

We don’t believe that #payday lending should be stressful. We have streamlined the lending process.
Apply Now >

Dealing With Debt

Getting into debt is much easier than getting out, and sometimes getting your finances back into the black can seem like an insurmountable task. Luckily, debt isn’t a death sentence. There are concrete steps you can take to turn your finances around, and services that can help you to take them.

Budgeting

Really, everyone should have a budget, and budgeting is especially important if you’re going further into debt. Comparing your income to your expenditure will give you a better idea of the magnitude of the task ahead of you, and categorising your spending will help you to identify the areas that can be cut back. Remember to include debt repayments in your expenditure, and try to make them a priority. Burying your head in the sand will only make the problem worse as debts continue to pile up. When dealing with debt, be proactive.

Building a solid budget should be your very first step in trying to reduce your indebtedness, because it won’t damage your finances and will continue to be useful even once all of your debts are repayed. With that said, though, budgeting may not be a complete solution to your debt problems. If you’re already deep into debt, repayments may be high enough that you can’t budget around them without unreasonable cuts in expenditure elsewhere. You can cut out spending money and live frugally, but you’ll still need food to eat and a place to sleep.

Negotiate and Revise

Debt repayments are negotiable. If your debt repayment schedule becomes unmanageable, contact your creditors and ask them to revise it. Making lower payments over a longer period of time might give you the breathing room you need in order to avoid running further into debt. It will also make it much easier to fix your budget. It might come as a surprise, but creditors are usually willing to make at least some accommodations. After all, if you default, they get nothing, whereas if you revise your schedule it just takes them longer to get their money back. In any case, the worst they can do is say no. While this is less likely to work, you can also offer a debt settlement: a one-time payment for part of your debt’s value that will write off your debt entirely. Working with a credit counselling service is more likely to be successful than calling up your creditors yourself, but they might be willing to negotiate if they think that the alternative is not getting their money back at all.

Alternatively, you can alter your payment schedule by applying for a debt consolidation loan. A bank or other financial institution will pay off your debts for you, and then treat that repayment as a loan to you on which you will pay interest. If you have several different creditors, keeping track of each individual repayment schedule can be very difficult. Debt consolidation turns all of that into one big loan, and it can cut your interest rates significantly as well. However, if your credit rating has already been damaged by your debt, you may not be able to make use of this option. Once again, though, the worst that they can do is say no, so ask around and see what different banks are willing to offer you.

Seek Professional Help

Credit counselling services are available all over Canada. Organisations like Credit Counselling Canada and the Credit Counselling Society offer free advice and personalised counselling services to people trying to manage their debt. Dealing with debt is complex and there are many different ways to reduce your indebtedness or consolidate your debts, so expert, tailored advice is invaluable. To talk to a credit counsellor, go through one of the websites linked, look up a local credit counselling body such as the Ontario Association of Credit Counselling Services, or ask for a referral at any member store of the Canadian Payday Loan Association. As with budgeting, be proactive. If you are struggling with debt, don’t wait until it gets worse. Seek professional help immediately.

MyCanadaPayday is 100% Canadian owned and operated. We pride ourselves on the ease of our process, which can be completed online and using your phone! Apply Now - http://ow.ly/MOUKI 

Timeline of Payday Loans in Canada

The payday loan industry in Canada is in constant flux, and it can be difficult to keep track of the changes. My Canada Payday maintains this resource page for anyone interested in the history of payday loans in Canada.

2013	Zaplo expands to Canada Vivus, which offers online payday loans in Latvia, Lithuania, Finland, Sweden, Denmark, Poland, UK, Spain, Russia, and Georgia, expands their operations to Canada under the new name Zaplo.
2012	Nova Scotia reviews payday loan regulations After a review of the state of payday loans in Nova Scotia, an amendment came into effect on May 1, 2012 reducing the maximum interest rate to 25% and allowing online payday lenders to operate. Storefront lenders were required to provide funds in cash, in direct response to the Cash Store Financial's controversial policy on using debit cards. Read more
	Wonga expands to Canada Wonga, already famous in the UK for their payday loans, expands to Canada.
2011	Ontario updates regulations Ontario Regulations 98/09 becomes effective on September 1, 2011, enhancing the previous regulations and adding specific limits on the amount of interest charged and a number of other consumer protection rules.
	Saskatchewan regulates payday loans As of September 29, 2011 regulations governing payday loans in Saskatchewan went into effect. Interest rates were capped at 23% of the principal. Read more
2010	My Canada Payday begins offering payday loans My Canada Payday starts offering payday loans in addition to its existing financial products.
	Newfoundland announces that payday loans will not be permitted On June 16, 2010 the province of Newfoundland announced that it would not be regulating payday loans, thereby effectively making them illegal as payday loans would not be granted an exemption under CC section 347.1. Official announcement
	Redleaf expands to Canada Redleaf Loans, which lends under the name Blizzard in the US, expands to Canada in 2010.
	Alberta regulates payday loans As of February 2, 2010 regulations governing payday loans in Alberta went into effect. Interest rates were capped at 23% of the principal. Read more
2009	Dollars Direct founded
	Nova Scotia regulates payday loans As of June 11, 2009 regulations governing payday loans in Nova Scotia went into effect, however only storefront lenders were permitted to operate. Interest rates were capped at 31% of the principal. Read more
	Ontario regulates payday loans As of December 15, 2009 regulations governing payday loans in Ontario went into effect. Interest rates were capped at 21% of the principal. Read more
	British Columbia regulates payday loans As of November 1, 2009 regulations governing payday loans in British Columbia went into effect. Interest rates were capped at 23% of the principal, and overdue interest rates were capped at 30% APR up to a maximum of 7% of the principal. Read More
2008	New Brunswick begins regulating payday loans New Brunswick passed an act laying out the legal framework of a regulatory regime, but has not yet decided on the interest rates or licensed any lenders.
2007	Canadian Criminal Code Section 347.1 introduced Section 347.1 of the Criminal Code, allowing provinces to regulate payday loans, came into effect on May 3, 2007. While the specifics of interest rates and other charges are left to the provinces, it is generally agreed that there will be a limit imposed on interest and that rollovers will be prohibited. Quebec has provincial laws limiting interest to 35% APR, well below the federal usury rates, and is not expected to allow payday loans. Read more
2004	Canada Payday Loan Association formed Largely in response to the results of class action lawsuits, a number of the major payday lenders formed the CPLA to create a coordinated effort to lobby the government to regulate and thus legalize the payday loan industry.
2003	Class action lawsuit against Money Mart On December 23, 2003 Money Mart faces $515 million class action lawsuit in Ontario over violations of section 347 of the Criminal Code of Canada. This case eventually leads to the regulation of the payday loan industry.
2002	Moneytree founded Bob and Nadena Thompson founded Moneytree in 2002.
2001	Cash Store Financial founded
1999	310 Loan founded
1990	Instaloans is founded
1982	Money Mart founded

A Guide to Payday Loans

What is a payday loan?

A payday loan is a short-term, unsecured loan for a small sum of money, typically only offered to people in stable employment, and intended for one-off, unexpected costs. Life doesn’t always go the way we plan, and bills sometimes need to be paid before payday. A short-term cash advance can make the difference between paying that bill in full and bouncing a cheque. The average payday loan in Canada is around $280, borrowed for an average period of ten days. Typically, a payday loan is paid back with interest on the borrower’s next payday, hence the name. With My Canada Payday, loans are normally due on your next payday, but customers can borrow for up to 60 days by calling or e-mailing to make arrangements to pay on their next-but-one payday once their loan application is complete. Loans of up to $1500 are available.

Who uses payday loans?

Ordinary people looking for financial flexibility and convenience. A 2007 report commissioned by the Canadian Payday Loan Association found that the typical payday loan borrower is 40 years old, employed full-time, and earning an average income. Around two million Canadians will take out a payday loan every year, so you probably know someone who has used payday loan services.

Are payday loans safe?

As with any kind of borrowing, you should use payday loans responsibly. Payday loans should be used to cover occasional or unexpected costs, not to prolong unsustainable spending. Borrowing is not a substitute for a good budget. The Canadian Payday Loan Association offers free financial education materials. When you apply for your payday loan, make sure to read the terms and conditions. Make sure also that you will have enough money in your nominated bank account to repay the loan, plus interest, on the due date. As with any loan, failure to pay it off on the due date will incur further costs. If you cannot pay in full on the due date, contact us so that we can work out an alternative repayment schedule. My Canada Payday helps customers to manage their debt by not allowing them to take out a second loan until the original loan has been paid in full. If you have ongoing financial problems, the CPLA also provides a list of national and provincial credit counselling services. Depending on your circumstances there may be other options more appropriate than a payday loan, such as an overdraft or debt consolidation.

What does Canadian law say about payday loans?

The law on payday loans varies from province to province. My Canada Payday offers payday loans to residents of Ontario, Nova Scotia, Saskatchewan and British Columbia, and holds valid licenses to issue payday loans in all four of these provinces in accordance with provincial law. In all three of these provinces, the amount of interest that can be charged on a payday loan is capped by law in order to protect borrowers. Nova Scotia and Prince Edward Island limit the interest payable on the initial sum to 25%, British Columbia, Saskatchewan and Alberta limit interest to 23%, Ontario limits it to 21%, and Manitoba imposes a limit of 17%. Payday loans are not currently available in New Brunswick, Quebec or Newfoundland.

How can I get a payday loan from My Canada Payday?>

My Canada Payday has storefronts in Surrey, British Columbia and Dartmouth, Nova Scotia. Alternatively, customers can apply online using a simple form. By applying online, customers can have money in their account within 15 minutes without even leaving their homes.