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FAQ

1. How do I qualify for a payday loan?

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Answer: To qualify for a payday loan, you must be 18 years of age or older, have a regular source of income, have an active bank account, and a valid email address and phone number.

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2. What are the fees associated with a payday loan?

 

Answer: Our fee is $15 per every $100 borrowed. This means you pay $15 for every $100 you borrow. For example: You borrow $300 then your interest is $45. Your total payback on your payday is $345.. If you are late with your payment, or your payment returns NSF, you may be subject to a $25 late fee.

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3. How much money can I borrow with a payday loan?

 

Answer: The amount you can borrow with a payday loan ranges from $100 to $1,500.

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4. How long does it take to get a payday loan?

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Answer: If your loan application is complete when you submit it, it generally takes as little as 15 minutes to get a payday loan.

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5. How do I repay a payday loan?

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Answer: Typically, your payday loan is repaid in one lump sum on your next payday. Some loans may qualify to repay their loans in 3 instalment. We offer both Interac e-Transfer and pre-authorized debit as payment options

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6. What happens if I default on a payday loan?

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Answer: If you default on your payday loan, you may face extra fees. We may pursue collection actions, such as wage garnishment, property liens, and more.

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7. What are the consequences of not paying a payday loan?

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Answer: Not paying your payday loan can have serious consequences, including late fees and penalties, negative credit reports, and potential legal action.

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8. Are payday loans legal in Ontario?

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Answer: Yes. Payday loans are legal in Ontario. We are licensed by the Ministry of Public and Business Service Delivery of Ontario.

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9. Can I get a payday loan with bad credit?

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Answer: Yes, you may be able to get approved for a payday loan with bad credit. We do not perform a credit check.

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10. Are payday loans safe?

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Answer: Payday loans can be safe if you borrow from a reputable lender like us and pay back the loan on time. However, if you do not repay the loan, you may face serious financial consequences and legal action.

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Address

499 Preston Street
Ottawa ON, K1S 4N7

Email

info@mypaydaywallet.ca

Phone

(888) 620-0014

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© 2023 by Prisma Capital Inc. All rights reserved.

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Ontario Residents: The cost of borrowing at My Payday Wallet in Ontario is $15 per each hundred advanced. On a $500 payday loan for 14 days, the cost of borrowing is $75 with a total payback amount of $575 and an APR of 391.07%. The maximum allowable cost of borrowing under payday loan agreements in Ontario is $15 per each $100 advanced. All loan amounts are subject to net pay and other qualification requirements. Rates are subject to change at any time without notice. For a $1500 payday loan for 14 days, the cost of borrowing is $15.00 for each $100.00 advanced with a total payback amount of $1725.00. My Payday Wallet encourages responsible borrowing. An Ontario Payday Loan of 14-days incurs an APR of 391.07%. Payments made after the loan maturity date may result in additional fees and interest at 35% per annum. If your account becomes severely delinquent, it may be turned over to our internal Legal Department or external 3rd party collection agency which could impact your credit score. In accordance with government regulations your loan must be paid in full by the due date and may not be extended, refinanced or rolled over.

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