What to have ready
You need four things before you start: a Canadian chequing account that your pay is deposited into, your employer's name and your pay schedule, a working mobile number and email, and government photo identification for the lender to match your name. Scarborough applicants on shift work should know the date of their next deposit, because the repayment date is set from it.
| Item | Why the lender needs it |
|---|---|
| Chequing account with employment deposits | Income verification and the e-transfer destination |
| Employer and pay cycle | Sizes the loan to about 50% of a net cheque and sets the due date |
| Mobile and email | Verification codes, the agreement, and the e-transfer notice |
| Photo identification | Name match and age of majority (18 in Ontario) |
Step 1: the application form
The apply button on any page of this site takes you to the application platform we work with. The form asks for your name, address, employment, income and banking details and takes about five minutes. Nothing on this site collects that information; it goes to the platform and then to the lenders on it. Applying is free and does not put a hard inquiry on your credit file.
Open the applicationStep 2: income verification
Most lenders confirm income through instant bank verification: you log in to your online banking through a secure read only connection, the lender sees your recent deposits, and the connection closes. It takes about a minute and does not give anyone access to move money. If you would rather not connect your bank, most lenders accept pay stubs and bank statements instead, but that route usually adds a business day.
Step 3: the lender match and the offer
The platform sends your application to licensed lenders whose rules your income and province fit. A lender that wants your business sends an offer that states the amount, the fee or rate, the total you repay and the date. For a payday loan in Ontario the fee cannot exceed $14 per $100 borrowed, so a $300 offer must show $42 in fees and $342 to repay. Compare that line against our cost table before you sign.
Some applicants get more than one offer. Take the cheapest one that covers the amount you actually need, not the largest one on the screen.
Step 4: e-signature and funding
You sign the agreement electronically and the lender sends the money by Interac e-transfer. With autodeposit switched on in your banking app the money lands within minutes of the lender sending it; without autodeposit you accept the transfer from the email or text. Business hours funding is common. Evenings and weekends depend on the lender, and no lender funds at 3 a.m. The e-transfer page has the timing table.
How long the whole thing takes
| Stage | Typical time |
|---|---|
| Form | About 5 minutes |
| Bank verification | About 1 minute (documents: up to a business day) |
| Lender review and offer | Minutes during business hours |
| E-signature | A few minutes |
| E-transfer arrival | Minutes with autodeposit, longer if you accept by email |
If no lender makes an offer
A decline is usually about income or the account, not the credit score. The common reasons are no regular employment deposit in the account, an account opened in the last few months, a run of NSF charges, or an open payday loan with another lender, which Ontario law does not allow to be stacked. Fix the one that applies, wait a pay cycle, and apply again. The bad credit page covers what lenders read on a thin or damaged file.
Your rights after you sign
Under Ontario's Payday Loans Act, 2008 you can cancel a payday loan within two business days at no cost by returning the principal. Rollovers are banned, and a third loan within 63 days entitles you to an extended payment plan. If a lender breaks those rules, Consumer Protection Ontario takes the complaint. The about page explains how this site earns its fee and why that fee never comes from you.