Repayment terms
Your exact repayment term, due dates and payment amounts are shown in your loan agreement before you sign.
Payday Hero offers an online application for short-term personal loans. Each application is reviewed, approval is not guaranteed, and processing times vary.
Funds are sent by Interac e-transfer once approved and the agreement is accepted. Transfer timing depends on the review, business hours and your bank. Review the complete cost and repayment schedule before signing.
Select your required amount. Amounts approved are between $100 and $1500 each.
The information you submit is used to verify and review your application. Whether or not an application is approved, personal information is handled and retained as described in our Privacy Policy, including applicable legal and regulatory requirements.
Our goal is to respond to you within 24 hours on weekdays and within 48 hours on weekends.
Apply online and review your complete loan offer before deciding whether to accept it.
Payday Hero offers short-term personal instalment loans from $300 to $1,500. Applications are subject to review, and submitting an application does not guarantee approval or a particular loan amount.
Review every disclosure carefully and do not accept a loan unless its payments fit your budget.
The amount offered depends on your eligibility and application review.
Approved funds are delivered by Interac e-Transfer after the required agreement and verification steps. Timing varies.
Online applications are accepted at any time. Review and funding times vary.
Every application is reviewed. Approval and the requested loan amount are not guaranteed.
Your agreement shows the exact term, payment dates and payment amounts before you sign.
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Understand your personal instalment loan terms, costs and repayment schedule.
Your exact repayment term, due dates and payment amounts are shown in your loan agreement before you sign.
Review the APR, interest, all mandatory fees, total cost of borrowing and total amount repayable before accepting an offer.
Compare the complete repayment schedule and cost disclosure with your budget. Applying does not require you to accept an offer.
How to identify every cost and payment before accepting an offer.
A short-term loan's cost depends on the amount, term, payment schedule, interest and any mandatory fees included in the offer.
Your individual loan agreement is the authoritative source for the actual APR, cost of borrowing, total amount repayable and payment schedule. Review those figures before signing.
Do not rely on a generic example when evaluating an offer. Compare the figures in your individual agreement:
| Agreement field | What it tells you |
|---|---|
| Principal | The amount of credit provided to you |
| APR | The annualized cost used to compare credit offers |
| Mandatory fees | Charges required to obtain the credit |
| Total cost of borrowing | The dollar cost above the principal |
| Total amount repayable | The complete amount you must repay |
| Payment schedule | Every payment amount and due date |
Ask for clarification before signing if these figures do not reconcile or if a mandatory charge is unclear.
The Annual Percentage Rate (APR) annualizes the cost of your loan so that loans of different sizes and terms can be compared on the same basis. It's the figure your loan agreement is required to disclose under federal Cost of Borrowing Regulations.
APR is only one part of the decision. Also compare the total cost of borrowing, total amount repayable, payment amounts and payment dates in the agreement.
Reputable lenders disclose all of these in your loan agreement before you sign — never sign a loan agreement that doesn't itemize them.
Every Canadian payday loan agreement is required to clearly disclose:
If a lender is reluctant to give you the agreement before you sign, walk away. That's a strong sign of an unlicensed or predatory operation.
Short-term lenders take on higher per-loan risk, do verification work for every loan, and extend credit to people who can't access bank loans — all at small loan amounts. Those costs are spread across each loan, which is why the cost of credit on a small short-term loan is higher than for a bank line of credit. Federal regulation sets the ceiling.
The individual agreement shows the APR, interest, mandatory fees, payment schedule, total cost of borrowing and total amount repayable before you decide whether to sign.
Often yes — credit unions, employer advances, family loans, lines of credit, and community lending programs typically cost less. The trade-off is usually time-to-funding and approval requirements.
Canadian lenders are required to disclose every fee in your loan agreement before you sign, in accordance with the federal Cost of Borrowing Regulations. Hidden fees are illegal — if you discover one, contact your consumer-protection regulator.
Contact your lender immediately — most will work with you on a payment plan, especially if you reach out before the due date. NSF fees and late fees may apply if your payment fails. Your loan agreement sets out what happens in the event of late or missed payments.
This guide is general information, not financial or legal advice. Your specific loan agreement governs your costs and obligations. Always read it before signing.
Testimonials
I just wanted to say that I'm very happy with borrowing from Payday Hero. They're easy to work with and are flexible with their payment terms.
An online loan can be applied for through the internet without visiting a branch. The application is reviewed against eligibility and underwriting criteria, and approval is not guaranteed.
Complete the application online and provide the information needed for review. If approved and you accept the agreement, funds are sent by Interac e-Transfer. Review and transfer times vary, and approval is not guaranteed.
Our online loans offer more flexibility and better terms compared to payday loans. Instead of high fees and short repayment periods, we provide longer, more manageable repayment options tailored to your needs.
Eligibility is based primarily on your income, bank history, and age (you must be at least 18 years old). A soft or hard credit check may be performed as part of underwriting; it will be disclosed before you sign.
Your exact APR, all mandatory fees, and total cost of credit are itemized in your loan agreement before you sign. We disclose this in accordance with the federal Cost of Borrowing (Banks) Regulations and applicable provincial consumer credit law.
If you use online banking, no extra documents are needed. Otherwise, you’ll need to submit a pay stub, void cheque, recent bank statements, and a government-issued ID.
No, we are completely transparent about all fees. You'll know all the costs upfront, including any interest and brokerage fees, before you agree to anything.
Yes! You can repay the loan early without any penalties. In fact, we offer fee discounts for early repayment to help lower the total cost of borrowing.
After an approved applicant accepts the loan agreement, funds are sent by Interac e-Transfer. Delivery depends on review completion, business hours and the receiving bank, so no specific funding time is guaranteed.
Applying is simple. Just fill out the application form on our website, and we'll guide you through the process from start to finish.