About Canada Payday Loans

Are you faced with an emergency expense and considering a payday loan? Are you searching for a payday lender and trying to decide which lender best meets your needs? Or maybe you’re just looking for "how it works" information about payday loans in Canada. Cash Money has answers to your questions, and information about other considerations when choosing a lender and applying for a payday loan.

We have created an educational guide on payday loans so that you can make an informed decision if and when you decide to apply for a payday loan. To get started, select a topic.

What are Payday Loans?

Let’s say you take your car in for a regular oil change and the service technician tells you that you need new brake pads. That is an additional $300 that you were not expecting. You’ve already had to pay for an emergency medical expense this month, and don’t have the money to cover this expense until pay day. A payday loan could be an option, which would allow you to borrow money from your next paycheque. You get cash, and you don’t have to risk your brakes going out on you.

A payday loan is a type of cash loan that provides a small sum of money that is scheduled to be repaid when a borrower receives their following paycheque. It is a short-term loan that has also been known as a cash advance or payday advance.

Typically, payday loans:

  • Range from $50 - $1,500
  • Are paid back on your next pay day
  • Carry a flat fee for the amount you borrow

How Do I Know If a Payday Loan Is Right for Me?

If you are faced with an expected expense and need to borrow money you should consider all of your options. So what are your options? We’ve outlined several, so that you can determine what best fits your need and financial situation.

When to Consider a Payday Loan

Here are a few examples of when a payday loan may be a good solution:

  • Avoid bounced cheques and overdraft or late fees
  • Pay for daily essentials (such as groceries, utilities, mortgage/rent, etc.)
  • Unexpected auto and home repairs
  • Other emergency expenses

When to Avoid a Payday Loan

Here are a few examples of when a payday loan may not be a good solution:

  • When you need a large amount of money
  • When you need an extended amount of time to pay back the money you borrow
  • When you need to borrow money time and time again
  • Non-essential purchases (such as buying the latest and greatest TV, taking a vacation, or buying holiday gifts)

Ready to Get Started?

Apply for a payday loan online now and receive a lending decision in minutes.

Not sure if a payday loan is right for you?

Select a topic to learn more.