Loan FAQs: Eligibility, Funding and Repayment

No. We are a referral service and lead generation website. We are not a lender, loan broker or financial institution and do not issue loans or make lending decisions. Any loan agreement is with the provider issuing the loan.

No. The provider assesses the request against its requirements and applicable rules. It may ask for further information, offer a different amount or decline the application.

Review the agreement before accepting. Submitting a request is separate from accepting a loan. Ask the provider about any step that is unclear and check when a binding agreement is formed.

No. The provider sets its offer subject to applicable law. Review the actual agreement for rates, fees, the total repayment and payment dates.

Read our Terms & Conditions and Privacy Policy before submitting information. An external application service or lender may also have separate terms and privacy notices.

Requirements depend on the platform, provider, product and location. Providers may consider age, residency, income, banking information and current financial commitments. Start with our eligibility overview and confirm the specific requirements before proceeding.

Ask the provider about the minimum for the actual product. There is no universal threshold stated here. The accepted income source, payment frequency and evidence required may also differ.

Some providers may consider pension, benefits or self-employment income. Confirm acceptance of the particular source and whether additional income is required. Having regular deposits does not guarantee approval.

Some providers may consider CPP retirement pension or disability income. Confirm which benefit is accepted and what records verify it. Our CPP payday loan page explains related considerations.

Some lenders may consider ODSP income, but their requirements vary. Borrowed money may affect income support depending on its purpose and applicable exemptions. Confirm benefit treatment with the ODSP caseworker before accepting funds. See our ODSP loan page.

Some providers may consider CCB, while others require an additional income source. Ask about the actual criteria. Repayment should leave enough for children's needs and ordinary household costs. Our child benefit loan page covers the related topic.

Do not assume so. Product availability, provider coverage and lending rules vary by location. Confirm that the actual provider serves the applicant's province or territory.

Some providers may consider applicants with past credit difficulties. Approval and terms depend on their assessment. Explore our bad credit instalment loan page for related information.

Ask the provider whether its process involves a hard inquiry, a soft inquiry or no credit bureau inquiry. Confirm whether the checks change between an initial assessment and final approval.

No. Income, identity and banking checks may still be required. A product without a credit bureau inquiry does not remove the provider's eligibility assessment.

No. These search phrases do not establish a personal approval decision. Requirements still apply. Our instant no-refusal loan page explains what to confirm before applying.

A provider may request identification, address information, income records, banking verification and details of existing commitments. Ask which records are sufficient before sending them. Our faxless payday loan page discusses electronic application processes.

Not necessarily. Providers may use different criteria, but another request can also be declined. Check whether missing or inaccurate information affected the earlier assessment and understand any credit checks before submitting further requests.

A payday loan is a short-term, high-cost borrowing product. A personal instalment loan spreads repayment across an agreed schedule. Confirm the actual product because the costs, terms and applicable rules can differ. Read our long-term loan options page for the related comparison.

The amount depends on the product, income, provider assessment and applicable limits. FCAC describes payday loans as borrowing of up to $1,500 with terms of up to 62 days. An advertised maximum does not establish the amount or term available to every applicant.

FCAC lists a maximum borrowing cost of $14 for each $100 advanced in provinces with payday loan regulations. Other locations have different applicable rules. At an illustrative $14-per-$100 charge, a $300 advance costs $42, making total repayment $342 if repaid on time without additional default-related costs. Check the actual agreement.

No. Compare the number of payments, total repayment, fees and conditions. A smaller payment over a longer term can cost more overall.

The FCAC payday loan guide explains short-term borrowing considerations and recommends checking lender licensing through the relevant consumer authority.

Timing depends on the provider, information supplied and checks required. An automated acknowledgement or preliminary result may not be final approval. Ask what remains outstanding for the actual request.

Some providers may offer that method. Confirm availability, recipient details and expected release time. Our e-Transfer short-term loan page discusses related funding questions.

No. Review, agreement acceptance, verification and release hours can affect the timeline. Check the available bank balance before making spending commitments.

No. An online form may remain available while provider reviews and funding operate on another schedule. Confirm overnight processing separately.

It depends on the provider's hours and requirements. Our weekend payday loan page covers timing considerations. Form access alone does not confirm weekend release of funds.

Contact the provider to confirm whether funds were sent, the method used and recipient details. If a transfer has been released, check with the financial institution about delivery. Avoid assuming that another borrowing request is needed because a notification has not arrived.

Do not assume so. Compare the agreement's actual due dates with the expected paycheque, pension or benefit deposit. Confirm the payment method and account withdrawal arrangements before accepting.

Ask the provider about extra payments, payoff calculations and any applicable charge. Use the agreement and an actual payoff figure rather than estimating the remaining balance from the payment calendar.

Do not assume an extension is permitted. FCAC states that most provinces prohibit rolling over a payday loan by postponing the deadline and charging a new fee. Ask the lender about lawful repayment arrangements under the applicable rules.

Costs and consequences depend on the agreement and applicable rules. Contact the lender promptly, ask about arrangements and obtain any agreed changes in writing. Do not assume a request for help automatically changes the due date.

Do not assume so. Ask whether the provider reports repayments to a Canadian credit bureau. The effect depends on reporting, payment history and the wider credit record.

Review reliable income against essentials and existing debts. Ask about bill-payment arrangements or lower-cost options. Reputable credit counselling may help assess recurring debt pressure before another repayment is added.