How Long Does it Take to Get a Payday Loan

When you’re low on funds and need quick cash, a payday loan may be one of your fastest options. Nearly 2 million Canadians use payday loans to help them through financially difficult times yearly.

Are you looking for a payday loan? You probably want to know how long it will take so that you can compare it to the other financial options you have in front of you. Besides, knowing when to access the loan is crucial whether you need cash for an unexpected emergency, to sort out car trouble, or for medical treatment.

In this guide, we’ll walk you through the process so you’ll know exactly what to expect and how quickly you can get the funds you need.

How Long Does Applying for a Payday Loan take?

The first step towards the payday loan process involves filling out an application form. This can take less time than you might think. This usually takes at least 15 minutes to complete on average. How long it takes depends heavily on having all the right information and documents ready.

Here’s all the information you need to prepare to get through the process quickly—

Proof of Income

You must prove that you have money coming into your account, assuring the lender that you'll be able to repay the loan when required. Usually, it means handing over your last months or bank statements indicating that payments are regularly deposited from your workplace.

Bank Account Details

Afterward, you'll have to provide your bank details, and the lender will deposit the loan once you’re approved. You must know your bank's routing number and your account number. This information is usually found in a bank statement or can be downloaded from your online banking system.

Government ID

A valid government identification card—such as a driving license, passport, or any other verification document issued by government authorities—will be used to confirm who you are. It must be valid and include a photo.

Social Insurance Number

When applying for these types of loans in Canada, you need to give your social insurance number (SIN). Lenders use it as a quick way to find out about your financial history, like checking your credit score to see if you qualify for a loan.

Contact information

Ensure that communication with the lender is possible. They’ll require your location, email address, and phone number so they can respond to your loan application. They also need to verify that it's you. Ensure all necessary information is filled in correctly to facilitate a smoother process.

How Long Does It Take to Get Approved?

Once you've applied for your short-term loan, it's time to wait. The good news is that you won't have to wait too long. Different lenders have different timelines. Most of them work fast and might get back to you in a matter of hours or by the next business day. Some lenders can even give you an instant approval or rejection if you apply when they're open.

Here are some tips to speed the process along as fast as possible—

Make Sure Your Application is All Correct

Ensure every field of the application is filled out correctly. Any mistakes or omissions can slow things down.

Apply When They Are Open

Try to send your loan application during the lenders’ normal working hours. If you apply early in the day, there's a better chance they’ll get to it quickly, and you can get approval sooner.

Keep Your Bank Account Active

Payday lenders usually aren't too worried about your credit score. As long as you have a source of income. However, a bank account without recent issues like overdrafts can make it more likely they’ll approve your loan sooner.

How Long Does It Take for a Payday Loan to Be Deposited?

Most of the time, lenders get it done by the next working day. Some are even faster, offering to send the money the same day if everything's sorted out early enough. Exactly how long it takes can vary depending on how your bank operates and how the lender works.

Here are some tips to ensure a speedy deposit—

Know Your Bank’s Schedule

Understand when your bank handles incoming money. Some banks stop processing transactions after a certain time, so anything after that gets moved to the next day. Keeping this in mind gives you a clear idea of when you’ll receive your loan.

Stay Within Reach

Keep an eye on your phone after your loan approval. Your lender might need a quick okay before depositing the money into your account. Responding fast can help speed things up.

Apply Earlier in the Week

It's best not to apply for a loan at four o'clock on Friday afternoon if you want it fast. Banks and lenders don't work on weekends, meaning they will only move money around on Monday.

However, even when lenders move quickly and efficiently, it all comes down to your bank at the end of the day. Accepting that there may be delays when dealing with money transfers between banks is crucial.

Check for Holidays

Your lender and financial institution may not process transactions on federal holidays. Applying around these times may delay your deposit, so plan accordingly if you need funds around a holiday.

Strategies to Stay on Track With Repayment

1 . Know What You Owe

Learn more about when you’re supposed to pay right off the bat. The payday loan agreement should include dates, interest fees, and the due amount. Having this information upfront will save you from future surprises.

2 . Plan Your Budget Around the Loan

Once approved, allocate funds according to your budget. Note any other bills and your money coming in. Whether it's regular income or extra side jobs, integrate everything so that nothing falls through.

3 . Set Reminders

Life gets busy, and it's easy to lose track of time. To remember when the loan amount will be recovered, set up reminders on all platforms, set an alarm clock, write it down on calendars, or mark days off until its due date.

Do You Need Payday Loans Fast?

When you need money fast, every second counts. These loans can help you when it's a race against time. If that's what you're looking for, contact My Canada Payday.

Our application process is straightforward. Whether you live in Nova Scotia, Labrador, New Brunswick, Newfoundland, Saskatchewan, or British Columbia, we’ll help you determine your financial needs.

Even if you have bad credit, we'll complete your online application in record time and focus on getting you the cash advance you need without delay. Also, feel free to check out our FAQ section.