Straight answers aboutpayday loans in Canada

You choose an amount, fill in a short online application and connect your bank to confirm your income. If a lender approves you, you review and sign your loan agreement, and then the money goes out by Interac e-Transfer.

No. Applying and using the calculator are free. You only pay the cost of borrowing set out in your agreement, and only if a lender approves you and you choose to sign.

Yes. In every province except Quebec, payday lenders must hold a provincial licence, and every payday loan in Canada is subject to the federal cost cap of $14 per $100. Payday loans aren't available in Quebec.

You can apply. Lenders look at income and banking history as well as credit, so a low score doesn't rule you out on its own. However, lenders review every application, so approval isn't guaranteed.

They can. For example, regular payments such as CPP, EI or ODSP may count toward your income. Still, the repayment needs to fit your budget.

Government-issued photo ID, proof of income and your bank account details. If you connect your bank securely during the application, you usually won't need to upload pay stubs or statements.

Yes. Because you won't have pay stubs, the lender confirms your income through the deposits in your bank account.

The lender sends the money by Interac e-Transfer once it approves you and you sign your agreement. It often arrives the same business day, but timing depends on approval and on your bank.

You can apply online at any time. An application sent on a weekend or statutory holiday may get its review and funding on the next business day.

Yes. You need an active chequing account in your name at a Canadian bank or credit union that can receive e-Transfers. Your repayment also comes from it.

Up to $1,500. Some provinces also limit a payday loan to a share of your net pay, so a lender may offer you less.

No. Your agreement lists the amount, the total cost and the due date before you sign, and the $14 per $100 cap includes every fee. If a lender tries to add charges on top of the cap, treat it as a red flag.

APR shows the cost as if you borrowed for a whole year. So at $14 per $100 over 14 days, that works out to about 365%. For a loan this short, the dollar cost is the easier number to compare, and your agreement shows both.

Get in touch before your due date to ask about your options under your province's rules. A missed payment can mean a returned-payment fee, which provincial rules limit, plus a fee from your bank, and it may affect your credit. Free advice is available from Credit Counselling Canada.

Generally, provinces ban rollovers, where you pay only the fee to push the loan to the next period. If you're struggling, ask about your options before the due date.

Yes. You can repay before your due date without a prepayment penalty. You pay the amount you borrowed plus the cost in your agreement.

Yes, during your province's cooling-off period, which is usually two business days. Your agreement explains how to cancel and what you'd need to return.

Quebec caps the cost of consumer credit at 35% a year. A two-week loan at $14 per $100 is far above that, so lenders don't offer payday loans there.

Provinces set rules on licensing, cooling-off periods, repeat loans, the share of your pay you can borrow and fees for missed payments. In short, the rules of the province you live in apply, and your agreement lists them.

CashPicks uses your details only to process your loan request and to meet legal obligations, and never sells them.

A read-only view of your recent deposits and account activity, used to confirm your income. Nobody can use it to move money.