What is a Payday Loan?
A payday loan is a type of short-term loan of $100 to $1,500 that is typically used to cover unexpected expenses or to bridge the gap between paycheques. It is usually offered by a lender, like My Payday Wallet, that specializes in payday loans and is usually paid back within two weeks. These loans can be helpful if you are in need of quick financial relief.
Quick & Convenient
Borrow Smaller Amounts
Little to No Paperwork Required
Flexible Repayment Terms
No Credit Check Needed to Qualify
Our Process
Apply Online
Apply online quickly and easily. We will assess your bank history and supporting documents to determine the amount of money you are approved to borrow.
Pay Your Loan
When the loan is due, you must pay off the loan amount through either pre-authorized debit or e-Transfer. If the loan is not paid back in full on time, you may be subject to additional fees.
Why Use a Payday Loan?
1. To cover unexpected expenses such as medical bills, car repairs, or home repairs.
2. To cover costs for an emergency trip or special event.
3. To pay off credit card debt or other high-interest debt.
4. To buy needed items such as groceries, household items, or supplies for school.
5. To pay bills and rent on time to avoid late fees and other penalties.
6. To cover short-term cash needs when other loan options are unavailable.
How Does It Work?
To get a payday loan, you typically need to provide us with some basic information, such as your name, address, and bank account information.
You also need to sign a pre-authorized debit form so we can withdraw the loan amount from your account on a specific date.
Once the loan is approved, we will typically deposit the loan amount into your account via e-Transfer. On the due date, we will automatically withdraw the loan amount plus any applicable fees and interest from your bank account. You may also have the option to repay your loan via e-Transfer.
