Online Payday Loans in Ontario

Get up to $1,500 in only 15 minutes with our online payday loans in Ontario. My Canada Payday is the number one online lender in Ontario.  We're also Canadian owned and operated with offices in Ontario, British Columbia and Nova Scotia.

If you need cash right now, and waiting for your next payroll isn't an option, what can you do?  Here are a few options:

• Look into making use of a post-dated cheque
• You may speak to your boss about for an early paycheque
• Talk to the bank to apply for some credit
• You could consider asking friends and family (Sometimes the cheapest option).
• You can clear out an RRSP and suffer a considerable fee

These options may not be suitable for your unique situation though, which can be a problem. Quick cash is generally something that is harder to find.

Instead, stop stressing.  There is another option. Because we're an online lender, you can get a loan with My Canada Payday no matter what part of Ontario you live in.  We are online so if you want a payday loan in Toronto we can help, just like we can if you need a loan in Thunder Bay. Just as long as you are employed, you qualify for a loan with us.  The entire process of filling out the application form should take less than five minutes.  The whole application and approval process should take less than 30 minutes.

This means quick instant cash when it is needed and no stressing over where you’re going to get it from.

Our Simple Process

Tired of spending hours gathering paperwork, filling out forms, and standing in line to talk to a loan officer—only to wait weeks for a decision on your loan? We hear you. Getting a loan shouldn’t have to take up your entire day, and it shouldn’t be stressful. That’s why we made it as simple as possible! Here’s how the process of getting a payday loan in Canada works:

• Fill out an application online
  Our applications are 100 percent online, so you can apply for a loan whenever you want—whether it’s 2 PM or 2 AM. So as long as you have a steady internet connection (and 15–30 minutes to spare), you can apply for a loan. Fill it out while you are waiting in line at the grocery store, eating dinner, or relaxing on your couch during commercial breaks.
  
  
• Get fast approval
  Let’s face it: our lives are hectic and stressful enough without having to sit around and wait for loan approval. If you’re tight on cash and have deadlines coming up, it can be nerve-wrecking not to know if you’ll have the money you need—and no one wants to spend a week in that grey area. That’s why we make borrowing funds as seamless as possible. Our fast approval process means you will get an approval decision on the same day you apply, often in 30 minutes or less! Although we approve most people, it is not guaranteed for all.
  
  
• Speedy loan disbursement through secure EMT bank transfers
  The great thing about dealing with us is that once you’re approved, you’ll get access to your funds as soon as possible. Your loan will hit your bank account within minutes! EMT bank transfers allow for quick, secure transfers, keeping your money (and your financial health) safe every step of the way.
  
  
• Automatic payments on your paycheque schedule
  Payday loans are designed to be paid back on your next paycheque—but what if you want to wait until two paycheques from now? With My Canada Payday, you can choose your repayment terms! We know that everyone’s paycheque schedule is different, which is why we give our borrowers maximum flexibility in their repayment terms.
  
  

How to Qualify

Qualifying for a payday loan is easier than you think with My Canada Payday. We believe that eligibility shouldn’t mean having a perfect credit score, thousands of dollars in the bank, or a spotless borrowing history.

We pride ourselves on keeping it simple, straightforward, and easy for our borrowers.

These are our requirements for getting a cash advance:

• Be at least 19 years old

The minimum age requirement is 19—so as long as you can prove that you are 19 years old, you are eligible to fill out an application.

• Have six months of banking history

During the application process, you will be asked to show at least 180 days of banking history. In some cases, we might also ask for a copy of a voided cheque, recent paystubs, a utility bill (or another proof of address), or a direct deposit authorization form. Keep in mind that your application will be reviewed on an individual basis, so you may not need to send any additional documents at all—it all depends on your unique financial situation.

• Have proof of steady employment

As long as you are employed, and are receiving regular direct deposits from that job—you can apply for a payday loan with My Canada Payday. We also are able to count other kinds of regularly scheduled income towards the qualification requirements, such as pension income, ODSP income, child tax (CCB) income and many others.

Bad Credit

A question that people frequently ask is whether it is possible to get a payday loan with bad credit. At My Canada Payday, we understand that past credit history is only a small part of the picture. Our main concern is whether a loan can be paid back at the next payday and to that end, we focus on what's in your online banking history to determine whether you have a steady income that we can rely on. As a result, we are able to offer bad credit payday loans in Ontario to most applicants with a poor credit history, or even those who have no credit whatsoever.

Delivering Funds

Our loans are sent via Interac e-Transfer, which means they operate around the clock. There's no waiting two business days for an EFT to arrive if you get a weekend loan with us. This is another reason why it's necessary for borrowers to have an online banking account in order to qualify for a loan.

Borrow Responsibly

• Always borrow within your means, no more than you can afford to pay back
• Never borrow money under your name for someone else
• Always make sure to borrow only what you need
• Repay the loan on time, every time you borrow
• Do not take out more than one loan at a time
• Know who you are borrowing from, so you get the best possible loan terms and rates

Cities We Lend In

Why Choose Us

From Ottawa to Toronto (and everywhere between), Canadians love borrowing from My Canada Payday. There are plenty of reasons to love us but here are some of our favourites:

• Lightning fast and 24/7
  Once the application form is filled out, you'll get a contract in minutes. You can accept the contract whenever you want, 24/7 and the funds will be delivered directly to you via Interac e-Transfer. We operate on your schedule and not the other way around.
  
• We’re 100 percent Canadian owned and operated
  As a Canadian-owned company, My Canada Payday is proud to be part of the local Ontario community. From upper management to loan officers to customer service, everyone who works at My Canada Payday is from (yep, you guessed it) Canada. That means you’ll never have to worry about being re-routed overseas when you call or email us; you will always have a friendly Canadian voice on the other end!
  
  
• Our customer service is the best in the industry
  Loan companies aren’t always known for having great customer service—but My Canada Payday is. Our customer support team is among the best in the industry, always at the ready to help borrowers with their most pressing questions. It’s a big reason why we have so many customers that come back time and time again to re-borrow. It's why we have so many five-star reviews!
  
  
• We make it easy
  With My Canada Payday, borrowing money has never been more convenient. From our online application process to our quick approvals and seamless fund transfers, every step of our process is designed to ease the stress of borrowing and help our customers get the loan they need—exactly when they need it!
  

Ready to get started with My Canada Payday?

Go ahead and fill out our simple, online application if you think getting a payday loan is right for you.

If you want to get some more information, give us a call at (604-630-4783) or shoot us an email (getpaid@mycanadapayday.com)

Regulations

Payday loans in Ontario are regulated by Consumer Protection Ontario. To protect consumers, the regulator specifies a number of limitations and requirements for payday lenders to maintain their license in good standing. We summarize the most important parts of the legislation below, but for in-depth information on the rules and regulations, check here.

Interest Rates

Instead of regulating interest on an annual basis, provincial regulations are always set on a per-dollar rate cap. The maximum interest rate payable in Ontario is $15 per $100 borrowed. In other words, a loan with a principal of $500 can have no more than $75 in interest.

Principal

The maximum loan amount is set by the federal government and applies equally in every province. No payday loan can be issued for more than $1,500. Once loans go over $1,500 they are subject to a different regulation (CC347) that caps interest at 60% per annum.

In principle, there's no minimum amount for a payday loan, but we only offer loans between $50 and $1,500.

Overdue Loans

Penalties for not paying a loan off in time are also limited. A dishonourment fee for a returned payment can be no more than $25, and overdue interest is limited to 2.5% per month. This is one good reason to contact your lender if you are unable to make the payment, as rescheduling a payment will not come with a dishonourment fee.

Loan Term

Typically, as the name implies, a payday loan is repaid on the following payday. Part of the federal regulation limits payday loans to a maximum duration of 62 days. In the province of Ontario, there are additional rules that apply if three loans are taken out in any 63-day period. For the third loan, the lender must give the borrower the option to spread their payments out over their next three pay periods, or two periods if paid monthly.

Disclosures

Before taking an application for a loan, the lender must make some specific disclosures including

• Laying out the cost of borrowing in a clear manner, as well as what that means in terms of a sample loan for $500 taken out for 14 days. Additionally, the rates must be displayed in APR format.
• Displaying a poster explaining the difference in rates between borrowing via a payday loan and a credit card
• Displaying the lender's valid license with contact information