What is a Payday Loan?

A payday loan is a temporary advance of money to help you meet your short term financial needs. Typically, the loan is repaid on your next pay day. When a payday loan is obtained through MoneyMart.ca, funds are available either for in-store pickup or deposited electronically into your bank account. Payments are usually withdrawn from your bank account by electronic debit. Be advised that payday loans should not be used as a long term financial solution.

How much can I borrow?

Depending upon income level, province of residence and other underwriting criteria, payday loan amounts range from $120 to $1,500.

How much does it cost?

When you apply for a payday loan, all applicable fees are stated in the loan agreement. Click pricing to learn more about the fees associated with a payday loan.

How do I repay my loan?

When your scheduled payment is due, it is repaid by a pre-authorized electronic withdrawal from your chequing account.

Click here to view all FAQs