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Payday Loans: What You Should Know

A payday loan gives you instant access to the money you want to pay back on your next regular payday. Like many Canadians in your situation, you may be able to acquire money quickly with an emergency loan. This is an option not available with traditional banking institutions.

Making a budget might be challenging at times. When your money changes and your bills fluctuate, it doesn’t matter how hard you try to budget and prepare, sometimes the two just don’t add up. It can be tense when situations like these arise. You must come up with a remedy if you don’t have a sizable reserve in your bank accounts to fill up the gaps.

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You're not alone

Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

Orillia Huntsville Peterborough Toronto Brampton Kitchener Mississauga Hamilton Belleville Kingston Cornwall Oshawa Ajax St. Catharines London Sarnia Windsor Sault Ste. Marie Elliot Lake Sudbury North Bay Timmins Thunder Bay Ottawa

Canada Payday Loans

What is a payday loan?

An extremely expensive way to acquire money is through a payday loan, which is a short-term loan with a significant cost. The maximum loan amount is $1,500 and your subsequent paycheck must be used to repay the loan.

You have 62 days in the following provinces to pay it back:

  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Ontario

You will incur higher fees and interest if you can’t repay it on time.

The purpose of payday loans is to fill a temporary or short-term liquidity gap up to your next paycheck. Do not use them for recurring expenses like housing, food, or utilities. Your financial situation could worsen if you use them in this manner.

What is the process for payday loans?

The following documentation such as your permanent address, evidence of income, and information about your bank account is required when applying for a payday loan

For the payday loan company to be able to take money immediately out of your bank account, you must set up a pre-authorized withdrawal or provide them with a pre-authorized cheque for the whole loan amount plus costs.

A lender has to give you a document outlining the terms of your payday loan before you sign it. These terms include the total cost of the loan, the interest rate, the fees, and the due date. Your lender will either offer you cash, direct deposit the funds into your account, or demand you to utilize a prepaid card. 

You are required to return the borrowed funds to the physical location or online lending service, depending on which you use, together with any associated charges. Use of online payday lenders outside of Canada is not advised due to the high risk involved.

How much payday loan cost?

The maximum fees that a payday lender may charge are regulated by law in the majority of Canadian provinces. Compared to other forms of obtaining money, payday loans are quite pricey. This is due to the high fees you pay, which can be as high as 500 to 600 percent in interest rates, and the possibility of additional fees if your cheque or pre-authorized debit transaction is unsuccessful. Due to these large fees, your loan may be more difficult to repay, adding to your financial strain.

You should be aware that payday lenders are only permitted to charge up to 17% of the amount you borrow if you feel the need to borrow money from one. It might cost you $34 if you took out a $200 loan for two weeks. The annual rate is substantially higher than what a bank or credit union would charge.

Be quite certain that you can repay the loan on time before taking out one. Your financial condition can deteriorate if you don’t and your debt could continue to increase, costing you a lot of money in the long run.

What occurs if you are unable to repay your payday loan on time?

Payday loans are expensive, so there are inevitable repercussions to be aware of if you are unable to make your loan repayments on time. Depending on your province of residency, these consequences could include:

  • You may be charged if there are insufficient funds in your account
  • There can also be ongoing charges if your situation doesn’t change
  • Calls from your payday lender to your job, friends, or family to recover the money owed to you
  • They might hire or engage with a collection agency
  • They could file a lawsuit against you
  • They could take your belongings or property
  • Obtain a court order to garnish your wages

What are Canada’s top alternatives to payday loans?

Make sure you can pay back the loan on time and cover your usual costs before taking a payday loan. Before choosing to obtain a payday loan, you ought to your options. The top Canadian alternatives to payday loans are listed below:

  • Get a longer deadline for paying payments to the persons or companies you owe money to
  • Borrow a specific quantity of money using personal loans
  • Obtain a cash advance using a credit card
  • A line of credit enables you to withdraw money whenever you need to, up to a predetermined credit limit
  • Requesting a wage advance from your employer
  • Taking out a short-term loan from relatives or close friends
  • Check to see whether you can use your vacation time for money



Cashing a Government of Canada cheque is permitted

Any bank, including federal unions, and any recognized foreign bank must allow you to cash your Government of Canada check for free (banks).

Your Government of Canada cheque can be cashed at any branch of a bank in Canada that has tellers and provides dispersed cash services. Even if you are not a client of that bank, you may still do.

Think carefully about the long-term effects of taking out a payday loan if you are already struggling to make ends meet due to your inability to pay off debts. It might be simple to fall into a debt trap if you are unable to make your payday loan installments on time. It is essential to seek debt relief as soon as you believe you might need it because of this.

Our Clients 5-Star Reviews

Jennifer Chenier
Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
Katherina Preston
Katherina Preston
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.

Top 5 Key Benefits of our Ontario Debt Relief Program:

To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.

Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!

Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.

We will help you compare
the options and savings of all formal debt relief programs available to you.


No contact details required to find out if you qualify

Frequently Asked Questions

A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.

Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.

No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.

The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.


This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.

If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.

After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.

A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score. 

National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

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