From "I need cash"to e-Transfer,in four steps
Here's how payday loans work at CashPicks. You apply online in about five minutes, and if a lender approves you, you see your full cost, sign online and get your money by Interac e-Transfer.
How payday loans work, step by step
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1
About 5 minutes
Apply online
First, choose how much you need, from $100 to $1,500, and fill in a short form with your contact, income and banking details. You can also do it on your phone or computer.
- No paperwork to fax or scan
- Repay in up to 62 days
- See your maximum cost as you choose
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2
A few minutes
Verify your income
Next, connect your bank account securely so the lender can confirm your income and recent banking. Also, it's faster than uploading documents, and the lender uses it only to assess your loan request.
- Read-only, encrypted connection
- Income and banking count as well as credit
- Upload documents instead if you prefer
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3
Same day
Review and sign
The lender then reviews your application. If it approves you, your loan agreement shows the amount, the total cost and your due date. Read it, ask about anything that isn't clear, then sign online.
- Total cost shown before you sign
- Never more than $14 per $100 borrowed
- No obligation until you sign
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4
Often the same business day
Get your e-Transfer
Then, once you sign your agreement, the lender sends the money by Interac e-Transfer to the account you applied with. Timing depends on when you sign and on your bank.
- Lands like any other e-Transfer
- Repayment set for your payday
- Track everything in your account
What you'll need to apply
If you have these ready, the application takes about five minutes. However, payday loans aren't available in Quebec, and the Financial Consumer Agency of Canada explains how payday loans work across the country.
Legal age
18 or older in most provinces. 19 or older in BC, NB, NS, NL and the territories.
Steady income
For example, income from a job, a pension or government benefits can count.
Canadian bank account
An active chequing account in your name that can receive e-Transfers.
Government ID
For example, a driver's licence, provincial ID card or passport to confirm who you are.
How payday loans work after the money arrives
After that, repayment happens on the date in your agreement, usually your next payday. You'll usually get a reminder before it's due.
However, if something changes and repaying on time looks hard, get in touch before the due date to ask about your options under your province's rules.
01How long does the whole process take?
First, the application takes about five minutes. Often the review, signing and e-Transfer all happen on the same business day, but timing depends on when you apply and on your bank.
02Is my credit checked?
Generally, credit is one part of the review, alongside your income and banking history. A low score doesn't automatically rule you out, although no lender can guarantee approval.
03What does connecting my bank share?
In short, a read-only view of your recent deposits and account activity, used to confirm your income. Therefore, nobody can use it to move money.
04Can I change my mind after I sign?
Yes. In fact, provincial rules give you a cooling-off period to cancel a payday loan after signing, usually two business days. However, the exact period depends on your province, and your agreement explains how to cancel.
Ready to see how payday loans work for you?
It takes about five minutes, and besides, checking doesn't commit you to anything.