• What are the company policies with respect to loans

Implications of late payment

In the event that any pre-authorized payment returns to us as unpaid your account will be assessed with an NSF fee. If a payment is made late by a consumer, the consumer may be subject to additional interest charges as per contractual agreement.

Implications of non-payment

We reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action. Information regarding your delinquency or defaults on your account may be reported to a third party consumer reporting agency.

 

Disclosure of fees including the annual percentage rate (APR)

Please click here to use our loan calculator for disclosure of fees including the annual percentage rate (APR). Prior to Mr. Payday issuing a loan to a consumer, the consumer will have to read and sign a contracts that discloses the total amount of fees and the annual percentage rate (APR). For the purposes of Ontario Payday Loan Regulations APR does not apply to the loans processed in the Province Ontario.

Disclosure of renewal policy

We do not allow renewals, however you can apply for another loan right away once your outstanding loan is paid in full.

Legitimate contact information/physical address

The company address is located on the Contact Us page and is provided below:

 

Mr. Payday Easy Loans Inc.
3421 Kingsway
Vancouver, BC V5R 5L3
Tel: (604) 435-2274 Fax: (604) 435-2271
Toll Free Phone: 1-877-432-2274
Toll Free Fax: 1-866-435-2271

 

Compliance with other federal or provincial regulations related to payday loans

The company complies with all applicable federal and provincial laws and regulations.

 

  • What is an EASY CASH ADVANCE?

An EASY CASH ADVANCE is a short-term loan for times when you need extra cash before your next payday.

  • I filled out an application online; how long will it take to know if I’m approved?

If we receive your online application within business hours, we can usually let you know within an hour. In cases where we ask for additional information, we can let you know within 30 minutes of our office having received this information (again, if we receive it within business hours).

  • How long does it take to get money after my online application has been approved?

If you use the services of the major banks, you will be able to get your money within a few hours. However, if you use the services of smaller banks or credit unions, it could take up to 2 business days for you to get your money.

  • Do you allow rollovers?

Although we don’t allow rollovers, you can get your next loan the same day your previous loan is due.

  • What is the maximum amount of money I can borrow online?

Our first-time online customers can borrow up to $300.00. Subsequently, you can request that your credit limit be increased. The maximum that we can lend is $1500.

  • Is collateral required?

No. The fact that you are currently employed is considered your collateral.

  • How long does it take to get an EASY CASH ADVANCE in your office?

The approval process usually takes 20-40 minutes, and you normally get your money right away.

  • What if I have a poor credit history?

Bad Credit? No Credit? No Problem! Mr. Payday does not care about your credit history. If you meet the following requirements you are qualified for a payday loan: you are employed full time, making over $1000 every month, have your pay directly deposited into your bank account, have less than 3 NSFs in the last 60 days and have no delinquent payday loans.

  • What if I am in bankruptcy?

We cannot lend to customers who are currently in bankruptcy, but any discharged bankruptcies are of no concern.

  • What if I find out later that I will not have the funds to honour my cheque?

Call us immediately. A “bounced cheque” could cost you substantial “NSF” fees by your bank and can also damage your credit rating. While your obligation to repay is not waived, we will attempt to assist you.

  • What are the benefits if I repay the EASY CASH ADVANCE on time?

Customers with a good repayment record receive our VIP services, which include expedited servicing and discounted rates.

  • What happens if I don’t follow through and repay my EASY CASH ADVANCE?

We would not stay in business if our customers did not honour their agreements. We do reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action.

  • How much money can I borrow?

We extend advances of between $100 and $1500. The maximum you can borrow is calculated based on your net income and can be as high as 50% of your net pay. We give you cash or make instant deposits to your bank account.

  • For how long are advances extended?

Advances are extended for up to 15 days, or until the customer’s next payday.

  • Will I be approved for a cash advance?

Most people are approved for a cash advance; however, you may be denied if you fall under one or more of the following categories:

  • Employment

If you are currently unemployed, or if you have been employed at your current job for 2 months or less, your cash advance application may not be approved.

  • Banking History

Your advance application may not be approved if you do not have a chequing account; if you have a newly opened chequing account; if you have multiple NSF charges in your chequing account, or if you have multiple outstanding payday loans.

  • Income and Proof of Residence

Your cash advance application may not be approved if your net monthly income is less than $1000.00, or if you are unable to show proof of residence. The best proof of residence is your utility bill, hydro bill, phone bill, etc., but if you do not have one of these or it’s not in your name, give us a call; you may have some other satisfactory proof of residence.

  • I receive social assistance payments as my income; can I still get a loan?

Unfortunately we do not lend to people who are on social assistance, worker’s compensation or disability. We also do not lend to people who are self-employed or paid by commission.

  • How much will a cash advance cost me?

Our fees are very competitive! Please use our loan calculator.

  • Is my loan confidential?

Absolutely. Your EASY CASH ADVANCE is completely confidential.

  • Can I request another advance when I already have one advance outstanding?

You can only have one advance outstanding with Mr. Payday. As soon as your previous balance is paid, you can request an additional advance.

  • What if I have more questions?

Don’t hesitate to call us at 604-435-2274 or toll-free at 1-877-432-2274

 

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