What is a payday loan?

A payday loan is a short-term loan intended to cover urgent expenses until your next paycheque. Costs and rules can vary by province.

When do you repay a payday loan?

Payday loans are typically due on your next payday or within a short repayment window. The repayment date is disclosed by the lender.

What should you check before borrowing?

Always review the full repayment amount, fees, repayment date, and the lender’s terms. Consider alternatives if repayment could strain your budget.

How Payday Loans Work in Canada

Payday loans can help cover urgent expenses, but they’re short-term and should be used carefully. This guide explains the process step-by-step, what lenders may require, and what to check before borrowing.

1️⃣

Step 1: Choose your province

Rules and costs can vary by province. Start by reviewing guidance in your region so expectations are clear.

Browse provinces →

2️⃣

Step 2: Submit basic details

A lender may request details like income, pay frequency, and banking information to confirm eligibility.

3️⃣

Step 3: Review the loan offer

Always review the total repayment amount, fees, and the repayment date before accepting an offer.

See rates & fees →

4️⃣

Step 4: Repay on time

Payday loans are typically due on your next payday. Plan ahead so repayment doesn’t disrupt essential expenses.

Borrowing tip: If you’re unsure about repayment, consider alternatives first. Explore alternatives →

Payday loans

Short-term borrowing designed for urgent expenses.

Learn more →

Installment loans

Longer repayment over multiple payments.

Explore installment loans →

Alternatives

Budgeting, credit union options, or payment plans.

Explore alternatives →

Ready to continue?

If you’re confident about repayment and want to proceed, you can start the application flow below.

Apply Online →