Loan FAQs

To be eligible for a payday loan in Canada, you must be at least 18 years old (or 19 in British Columbia, Nova Scotia, and the Northwest Territories) and have a valid government-issued ID, have a chequing account and steady income, show a most recent pay stub (within 30 days), a bank statement showing the last two direct deposits, a voided cheque or pre-authorized debit (PAD) form and a valid photo ID (clear scan or photo).

You may also need to provide proof of address (i.e. address on government identification or from a utility bill).

Payday Boost is a short-term loan/cash advance that allows you to borrow between $100 and $1,500 to be repaid on your next scheduled payday. It's often called a payday loan or cash advance loan.

Even though it’s short-term, repayment is generally expected in one lump sum by your next payday, depending on the province in which you live.

With a payday loan, you can typically borrow between $100 and $1,500, depending on what your province permits.

Payday Boost loan payments are scheduled to match your payday to help you make payments on time.

If there is a problem and you miss a payment, you should review what your agreement mentions about penalties. Penalties vary from province to province and can include late fees, non-sufficient bank funds (NSF) fees and additional interest. Some fees may be charged directly by your bank.

It depends on your situation. If you have unpaid or missed loans, there may be a waiting period before you can apply again.

Payday loans provide quick access to cash, often the cash advance or instant loan is available within 15 minutes. You borrow money and agree to repay the loan, plus a set fee, on your next payday.

Applications can be done quickly online or in-branch across Canada. Funds are usually available as soon as the same day depending on the funding method selected.

Yes. In Canada you can apply for a payday loan online and receive your funds directly into your bank account, often within minutes.*

Poor credit will not impact the approval of your loan. We use risk assessment tools that verify the accuracy of information on your payday loan application and may review your payment history on similar products.

When borrowed responsibly and from a licensed lender, payday loans (cash advances) can be a safe way to cover short-term expenses.

Payday loans (cash advance loans) are available in most provinces across Canada, including Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, and Saskatchewan. Availability may differ in certain provinces and territories, so it’s best to check what options are offered in your area.

While there is no limit on the number of Payday Boosts you can receive, you cannot have more than one at any time.

Payday loans (also known as cash advances or cash advance loans) are meant to bridge your short-term cash needs between paydays.

New customers may be required to upload or email the following documents to establish an account:

• Your most recent pay stub (not older than 30 days) or other proof of income.
• A bank statement that shows the last two direct deposits from your qualifying income source and the bank account number.
• A blank, voided cheque or pre-authorized debit form.
• A copy of a valid government-issued ID (colour scan or photo). Note: photo identification cards cannot be faxed.

Additional documentation may also be required.

An installment loan is a loan that provides a lump sum up front and is repaid over a set term through scheduled, fixed payments.

It is typically used for larger purchases or to consolidate debts, and can be unsecured or secured depending on the lender and the borrower’s profile. An installment loan is also commonly referred to as a personal loan or term loan.

With an installment loan, amounts typically start at $500 and can go up to $25,000, depending on provincial rules and the borrower's profile.

• Loan amounts range from $500 to $25,000.
• Repayments are made in scheduled installments that can be weekly, bi-weekly, monthly, or bi-monthly, and are aligned with the borrower’s payday schedule.
• The repayment period spans from 6 to 84 months, depending on the loan amount.
• Payments can be automatically deducted from the borrower’s bank account to avoid missed payments.
• There is no penalty for paying off the loan early.
• Eligibility requirements include being at least 18 years old (or 19 in BC, NB, NL, NS, NT and the QC), having a valid ID, a chequing account, and a steady source of verifiable income.
  

Yes - you can pay off your installment loan anytime without penalties.

No! You can pay off your installment loan early, and there are no prepayment penalties. You may repay at any time penalty-free.

If you miss a payment on your personal loan, your agreement will outline any penalties, which can include late fees, additional interest, or NSF fees. Some fees may be applied by your bank.

No, checking your eligibility for a personal loan with our loan calculator won’t affect your credit score. A full application requires a credit check, which may temporarily lower your score by a few points.

You can only have one active installment loan with Money Mart at a time. If you need more funds, you may qualify to refinance your existing loan.