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Questions & Answers

Have Questions? Don’t hesitate to give us a call!

604-435-2274 or toll-free at 1-877-432-2274

How can I send you my bank statement?
We have a completely faxless application process. Once you submit your loans application, you will receive a link to verify your banking information electronically. If you are having difficulties using the link or you have not received the link, please five us a call.

What is an Payday Loan/Cash Advance?
A Payday Loan/Cash Advance is a short-term loan for times when you need extra cash before your next payday.

I filled out an application online; how long will it take to know if I’m approved?
If we receive your online application within business hours, we can usually let you know within an hour. In cases where we ask for additional information, we can let you know within 30 minutes of our office having received this information (again, if we receive it within business hours).

How long does it take to get money after my online application has been approved?
We are using the convenience and speed of Interac e-Transfers to transfer funds. Once your loan has been approved, you should receive the Interac e-Transfers withing an hour after the approval.

Do you allow rollovers?
Although we don’t allow rollovers, you can get your next loan the same day your previous loan is due (once your previous loan has been paid).

What is the maximum amount of money I can borrow online?
Our first-time online customers can borrow up to $500.00. Subsequently, you can request that your credit limit be increased up to 50% of your net paycheque to a maximum of $1,500.

Is collateral required?
No, collateral is required to get a loan from Mr. Payday.

How long does it take to get a Payday Loan/Cash Advance in your office?
The approval process usually takes around 20 minutes, and you normally get your money right away.

What if I have a poor credit history?
Bad Credit? No Credit? No Problem! Mr. Payday does not care about your credit history. If you meet the following requirements you are qualified for a payday loan: you are employed full time, making over $1000 every month, have your pay directly deposited into your bank account, have less than 3 NSFs in the last 60 days and have no delinquent payday loans.

What if I am in bankruptcy?
We cannot lend to customers who are currently in bankruptcy, but any discharged bankruptcies are of no concern.

What if I find out later that I will not have the funds in my bank account to honour my payment?
Call us immediately. A “returned pre-authorized payment” could cost you substantial “NSF” fees by your bank and can also damage your credit standing. While your obligation to repay is not waived, we will attempt to assist you.

What happens if I don’t follow through on paying back my Payday Loan/Cash Advance?
We would not stay in business if our customers did not honour their agreements. We do reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action.

How much money can I borrow?
We extend advances of between $100 and $1500. The maximum you can borrow is calculated based on your net income and can be as high as 50% of your net pay. We give you cash or transfer funds via Interac e-Transfers.

For how long are Payday Loans/Cash Advances extended?
Advances are extended for up to 31 days, or until the customer’s next payday, whichever comes first.

Will I be approved for a cash advance?
Most people are approved for a payday loan/cash advance; however, you may be denied if you fall under one or more of the following categories:

If you are currently unemployed, or if you have been employed at your current job for 2 months or less, your payday loan/cash advance application may not be approved.

Banking History
Your payday loan/cash advance application may not be approved if you do not have a chequing account; if you have a newly opened chequing account; if you have multiple NSF charges in your chequing account, or if you have multiple outstanding payday loans in excess of your paycheque.

Income and Proof of Residence
Your cash advance application may not be approved if your net monthly income is less than $1,200.00, or if you are unable to show proof of residence. The best proof of residence is your utility bill, hydro bill, phone bill, etc., but if you do not have one of these or it’s not in your name, give us a call; you may have some other satisfactory proof of residence.

I receive social assistance payments as my income; can I still get a loan?
Unfortunately we do not lend to people who are on social assistance, worker’s compensation or disability. People who are self-employed or paid by commission will be considers for a loan in circumstances where we can see a steady source of income that is deposited into their bank account.

How much will a payday loan/cash advance cost me?
The fees range between $15 to $17 per every $100 borrowed.

Is my loan confidential?
Absolutely. Your payday loan/cash advance is completely confidential.

Can I request another payday loan/cash advance when I already have one advance outstanding?
You can only have one payday loan/cash advance outstanding with Mr. Payday. As soon as your previous balance is paid, you can request another payday loan/cash advance.

What if I have more questions?
Don’t hesitate to call us at 604-435-2274 or toll-free at 1-877-432-2274