Frequently Asked Questions

To be eligible for a Payday Shop loan, you must be:

• Age should be 18 years or above,
• Be a Canadian citizen or resident of any province like Ontario,
• Should receive income to repay the loan on time. We accept social assistance income like Child tax, Canada Pension, or EI,
• Must have access to an online Canadian bank account with active Interac e-Transfer®,
• Have an active and valid mobile phone number and email address and,
• We consider applicants with bad credit.

We offer short-term payday loans from $100 to $5,000. You may qualify for more money, but it depends on your financial situation and your lender’s decision.

• Apply for pre-approval: Apply online and get a loan offer in minutes without impacting your credit score!
• We’ll review your application: Sit tight as we review your loan or finance request and contact you via phone or email.
• Receive your pre-approval offer: Review your loan offer, accept it, and you’ll get an approval outcome.
• Funds transfer in minutes: Once approved, we’ll INTERAC e-Transfer® the money to your bank account immediately, even on weekends.

• Valid phone number
• Proof of income with employer’s name, address and phone number or government benefits or investment income
• Net and gross income amounts
• Bank account information (chequing account, routing and institution numbers)

Once your loan is approved, funds are directly deposited into your bank account via Interac e-Transfer within 5 minutes*.

You are free to cancel your loan application anytime during the ongoing process.

Payday Shop practices responsible lending. We offer e-transfer payday loans of small amounts, so most of our lenders skip traditional credit checks. However, we assess the loan application based on your borrower’s ability to repay and may conduct soft credit checks that wouldn’t harm your credit score.

You may qualify for an e-transfer loan, even with your bad credit rating. However, ensure you have enough income to repay your loan on the agreed date; otherwise, it could negatively impact your credit score.

Once your first loan is fully repaid, you can reapply or apply for a new loan anytime soon. In the case of payday loans, you can apply for more than two, but make sure you can afford repayments.

No, Payday Shop supports a 100% online application process, and we accept electronic signatures; plus, the whole process is paperless, so you don’t need to indulge in physical activity.

Once your loan is approved, you will receive an SMS and email confirming your loan status.

Once your loan is approved, we will transfer your requested funds to your bank account. We support Interac e-Transfer®, which generally provides funds within 2-5 minutes*. For non-e-transfer banks, the funds might be available within 24 hours.

We offer same-day approval e-transfer loans on weekends and even on holidays. We are available 24 hours and 7 days a week (Saturday and Sunday).

Your repayments are directly debited from your mentioned bank account once your next paycheck arrives.

If you feel that you are not able to make repayments of your loan on time, please contact your lender as soon as possible to find a better solution.

Payday Shop doesn’t charge any fees or charges.

You are welcome to contact us directly via email, phone, or mail. Visit our Contact Us page to learn more.

Please check our Privacy Policy and Terms and Conditions or directly contact us for fair, independent complaint resolution at:

• Tel: (905) 455-2274
• Email: admin@paydayshop.ca
• Address: Payday Shop, 7700 Hurontario St, Brampton, ON L6Y 4M3