Payday loan questions, answered without the sales pitch

No. Public Cash Services is an independent information and comparison website. We do not lend money, approve applications or set loan terms. We list licensed lenders and can pass a personal-loan request to a lending partner with your consent.

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Up to $14 for every $100 you borrow, with all fees included, in every province that regulates payday loans. A $500 loan costs up to $70. Over a two-week term that is roughly 365% as an annual rate.

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$1,500. Several provinces lower that further based on income: Ontario, British Columbia and Newfoundland and Labrador limit a loan to 50% of your net pay, and Manitoba and New Brunswick to 30%.

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Choose your province or city on our locations page to see lenders that serve your area, including online lenders licensed in your province. Check each lender’s licence on the provincial registry before applying.

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Look for the legal business name and licence number on the lender’s website, then search it on your provincial regulator’s public registry. If you cannot find an active licence, do not borrow from that lender.

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It depends on the lender. Some run a credit check, some use other information such as income and banking history, and policies change. No one can promise that a check will not happen. Each lender profile here quotes the lender’s stated policy.

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Some lenders consider applicants with low credit scores because they focus on income. Approval is always the lender’s decision and is never guaranteed.

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Timing is set by the lender and your bank. Many lenders state that funds are sent the same day once an application is approved, often by e-Transfer. Applications made at night, on weekends or on holidays can take longer.

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Yes. Every regulated province gives you a short cooling-off period — two business days in Ontario, British Columbia and Alberta — to cancel by returning the money. You pay no fee and need no reason.

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Contact the lender before the due date. If the payment is returned, the lender can charge a one-time fee and your bank may charge an NSF fee. The lender may add limited default interest and can send the debt to collections. It cannot roll the loan over for another fee.

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No. Rollovers are prohibited. A lender cannot extend your loan for an added fee or give you a new loan to pay off the old one. Some provinces require lenders to offer an extended payment plan to repeat borrowers.

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Yes, when the lender is licensed in the province where you live. The same cost cap and borrower rights apply online as in a store.

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Not in the usual form. Quebec limits the annual rate lenders can charge to a level that makes standard payday loans unworkable, so the product is essentially not offered there. Personal loans are available from lenders holding a Quebec permit.

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Generally: proof you are the age of majority in your province, a Canadian address, a regular source of income, an active chequing account and a phone number or email. Lenders set their own requirements.

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Usually not while it is in good standing, because many payday lenders do not report to credit bureaus. An unpaid loan sent to a collection agency can appear on your credit report and lower your score.

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A payday loan is up to $1,500, due within 62 days, at up to $14 per $100. A personal or installment loan is usually larger, repaid over months or years in fixed payments, and capped at 35% APR.

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You answer a few questions about the personal loan you want, your contact details, housing and income. With your consent, we send those answers securely to our lending partner and take you to their form, already filled in, to review and submit. We never ask for your SIN, banking passwords or ID images.

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No. The site is free for visitors. We may be paid by lenders or lending partners when you visit their sites or send a request, and paid placements are labelled.

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First the lender, in writing. If that does not resolve it, contact the regulator in your province — for example Service Alberta, Consumer Protection Ontario or Consumer Protection BC. Our Borrower Help page lists each one.

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Asking the biller for more time, a credit union small loan, an overdraft or line of credit, a pay advance from your employer, provincial emergency assistance, and free non-profit credit counselling. Each of these normally costs far less than $14 per $100.

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After you are approved and sign the agreement online, the lender sends the money by Interac e-Transfer to your email or phone number. With Autodeposit on, it lands in your account without a security question. Repayment is normally taken by pre-authorized debit on the due date.

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Fast decisions are real: many online lenders answer within minutes. Guaranteed approval is not. Every licensed lender has to review your income and bank account first, and can say no.

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Some online lenders accept applications and send e-Transfers around the clock; others only process on business days. Check the lender’s stated hours, and remember your own bank can delay a deposit.

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