Rates & Fees: Total Transparency | Licensed Direct Lender
At Mr. Payday Easy Loans Inc., we believe you should know exactly what a loan costs before you sign. No hidden fees, no “application charges,” and no surprises. As a provincially licensed Direct Lender, our rates are strictly regulated by the governments of British Columbia, Alberta, and Ontario.
In the online lending world, “hidden costs” are a common trap. Many lead-generation sites (brokers) will charge you a fee just to “find” you a lender, or they will sell your data to non-compliant companies that charge illegal interest rates.
We are different.
We are a Direct Lender: We fund your loan ourselves.
Zero Application Fees: It costs $0.00 to apply.
Regulated Rates: We never charge more than the provincial maximum.
Below is the complete breakdown of our cost of borrowing for every province we serve.
$300 LOAN
Fee: $42, APR 365%
TOTAL: $342
Due in 14 Days (42 in Alberta)
$500 Loan
TOTAL: $570
Due in 14 Days (42 in Alberta)
FULLY LICENSED IN BC, ALBERTA, AND ONTARIO
- 2-Day Cooling-Off Period: Cancel penalty-free within 2 business days.
- No Rollovers: We never charge fees to extend loans, preventing debt cycles.
- 50% Net Pay Rule: Loans are capped at 50% of your net pay for affordability.
Who Can Apply?
At Mr. Payday, we offer fast and convenient loan services and accept various types of income, such as employment income, benefits, and pensions. Apply now and get the financial assistance you need!
- Age: 19+ (BC), 18+ (Alberta/Ontario)
- Income: Employment, EI, CPP, Child Tax (CTC), Private Disability, or WCB
- Min. Income: Net $1,200 / month
- Active Chequing Account (Direct Deposit)
- Working Phone Number
Understanding APR vs. Total Fees
We are legally required to display the Annual Percentage Rate (APR). However, APR is a calculation designed for year-long loans (like mortgages or car loans).
When you see an APR of 365% or 547%, it assumes you would keep re-borrowing the money every two weeks for a whole year.
The Reality: A payday loan is for 2-4 weeks (or 6 weeks in Alberta).
The Math: You pay the one-time fee (e.g., $14 per $100). You do not pay 365% interest on the principal unless you default.
What Happens if I Pay Late?
We strongly encourage responsible borrowing. If you think you might miss a payment, please contact our support team immediately.
NSF Fees: If a payment is returned due to “Non-Sufficient Funds,” your bank may charge you a fee. Mr. Payday may also charge a returned payment fee as permitted by provincial regulation.
Interest on Default: Interest may accrue on the unpaid principal balance at the regulated rate authorized by your province.
Licensed?
Regulated Fees?
No Broker Fees?
Mr. Payday
Other Sites
Mr. Payday
Other Sites
Frequently Asked Questions
Are there any hidden broker fees?
Never. We are a Direct Lender. You deal only with us, and you pay only the regulated fee stated in your contract.
Does applying hurt my credit score?
No. We perform an internal review of your income and banking history. We do not perform a hard credit check that would lower your Equifax or TransUnion score.
Can I pay off my loan early?
Yes! You can pay off your loan at any time without any prepayment penalty. In fact, in BC and Ontario, you have a 2-day “cooling-off period” where you can cancel the loan entirely for free.