A payday loan is high-cost, short-term borrowing. Before you apply, check the total repayment amount, payment dates and effect on your household budget. Preparing your information is useful, but it does not guarantee approval.
This checklist will help you identify the questions to answer before starting an application.
Check the rules and availability in your province
Begin with the payday loan rules that apply where you live. Review the relevant provincial guide and confirm that the lender is authorized to provide the loan.
Legal information and company service availability are different questions. Check the applicable Mr. Payday provincial service page before continuing.
For further background, the Financial Consumer Agency of Canada provides consumer information about payday loans.
Know the total amount you would repay
Write down the amount you would receive, the borrowing fee and the total amount you would repay.
Use the Mr. Payday rates and fees information to understand the disclosed product costs. Confirm the final figures in the agreement offered to you. Ask for an explanation if any amount is unclear.
Check the payment dates against your budget
Knowing when money arrives is only part of the decision. You also need to know what must be paid from it.
For each scheduled payment date, list your expected income and essential expenses. Include housing, food, utilities, transportation and other required payments.
Can I make this loan payment and still cover those expenses?
If repayment depends on taking another loan, pause and reconsider. Our guide to payday loan repayment schedules explains what to check before accepting an agreement.
Prepare your information securely
Review the documents to prepare for a payday loan application. Confirm the lender’s current requirements rather than assuming every lender accepts the same documents.
If electronic verification is requested, understand how instant bank verification works and read the Mr. Payday privacy policy.
Before uploading documents, check that you are using the intended website. Stop and contact the company if an unexpected message asks you to send sensitive information through an unfamiliar channel.
Read the agreement before accepting an offer
An application and an accepted loan agreement are different stages.
Before accepting an offer, identify the amount received, borrowing costs, payment amounts, due dates and collection method. Review cancellation information and the provisions explaining payment problems.
Our guide to reading a loan agreement provides a practical checklist. You can also review payday loan borrower rights.
Keep a copy of any agreement you accept.
Consider another way to handle the expense
Ask whether the expense can wait, whether the biller can offer a payment arrangement, or whether a different source of support would fit your circumstances better.
Explore alternatives to payday loans before choosing high-cost borrowing.
If an existing loan payment is already becoming difficult, start with help for missed payday loan payments.
Ready to start an application?
Before continuing, make sure you understand the costs, have considered repayment alongside essential expenses, and have checked the relevant requirements.
Start your Mr. Payday loan application ↗The application is submitted on mrpayday.com. Submitting an application does not guarantee approval. Review any offer and agreement before accepting a loan.