How Does It Work?

Getting a payday loan couldn't be simpler.
All you have to is fill out a one page form and you are ready to get some money deposited into your account.

Prefer Telephone?

Our customer service agents are happy to help you apply for your loan. It only takes a few minutes to be approved and your money can be in your account in just half an hour. We work hard to approve everyone and pride ourselves on approving almost everyone for a cash advance! We are certain that you will find us to be the best lender in all of Canada.
Vancouver: 604-630-4783
Halifax: 902-332-3579
Toronto: 289-472-5204
Toll Free: 877-730-8406

Prefer to visit a Store?

No Problem! If you'd like to come down to our storefront and do your application in person, have a look at our Store Locations Page

We'll be happy to help you out! Apply Now >

Why Choose Us?

Our rates are highly competitive!

Most lenders demand that you repay your loan immediately on your next payday. Do you need your cash for a little bit longer? You can request your next-but- one pay date to repay, and save lots of cash..

We don't believe in hassles.

Nobody likes red tape, so we keep it simple. We aren't going to ask you a hundred questions about what you want the money for, and our signup form is only one short page. Also, no fax is required for applying for the loan.

It couldn't be faster.

Why drive all the way to a storefront? You can have money in your account in as little as 15 minutes, without even leaving your computer. Did we mention that no fax is necessary either?

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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.

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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 Contact Us >

Credit Scores

Your credit score is a representation of your creditworthiness, based on your financial history. When a bank wants to know whether they should lend you money (and how much they should charge you in interest rates), they look at your credit score to determine how risky it would be to lend you money. The riskier you look, the less you can borrow, and the more interest you pay on the money they lend you. It isn’t just banks, either. People like your landlord and your cellphone provider can look at your credit score to determine the services that they will offer to you. Having a good credit score will make your life easier and cheaper in all sorts of ways. Regularly checking your credit report can also alert you to signs of fraud, like credit cards or loans in your name that you didn’t apply for.

Accessing and Understanding Your Credit Score

To order your credit report and score, contact one of the credit reporting agencies operating in Canada. There are two main reporting agencies, TransUnion and Equifax. You can order your credit report and score online, by telephone, mail, or fax, or in person. Note that, if you want to access your credit report online or if you want to see your credit score, you’ll need to pay, with online access being the most expensive. In Canada, you’re also entitled to unlimited free credit reports, so long as you apply in writing for a printed copy to be mailed to you. Forms are available on the TransUnion and Equifax websites. Note that these free reports will not include your credit score, just your written credit report. 

If you paid for your credit score and report, you’ll be able to see your numerical credit score. This is a number between 300 and 900, where 900 is the best possible score. The average Canadian has a credit score in the mid-700s. Your credit report will contain information about your borrowing history, including things like whether you pay your bills on time and how much you owe. This is the real meat of the report. Financial institutions will look at this far more closely than your numerical credit score, because it tells them more about what they can expect. It’s also a great way of finding out where you can improve, because even without your credit score, you’ll be able to read your report and pick out the sections that would make people worry about lending money to you. The Financial Consumer Agency of Canada provides a very informative guide to understanding your credit report.

Improve Your Credit Score

Improving your credit score isn’t necessarily easy, but it is simple. The faster you pay your debts, the better your credit score will be. Late payments, or payments of less money than required, will severely damage your credit, especially if any debts go to collections. Try to pay all bills in full before their due date. If that isn’t possible, pay at least the minimum required before the due date. Utility bills might not be included in your credit report, but those companies can still report late payments to reporting agencies. Credit cards also have a big impact on your credit score. Make sure that you never exceed your credit limit, and if possible, don’t even get close to it. For more individualized solutions, read your credit report, and review it regularly to see if your solutions are working and watch your score improve.

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