Flexible Repayment Terms
The minimum repayment term for any borrowed amount is 90 days, with a maximum of 210 days. The term can be extended, and clients can repay at any time, potentially benefiting from fee discounts.
Need cash fast? Payday Hero offers an online application for short-term personal loans. Apply today and get a decision in minutes.
Funds are sent by Interac e-transfer once approved. Your exact APR, total cost of credit, and repayment schedule are disclosed in your loan agreement before you sign.
Select your required amount. Amounts approved are between $100 and $1500 each.
Your personal information will be verified as soon as it’s submitted. If your application is not approved, rest assured that all your data will be securely erased from our systems permanently.
Our goal is to respond to you within 24 hours on weekdays and within 48 hours on weekends.
Discover the benefits of fast, secure, and easy loans with flexible repayment options.
Loans up to $1,500 are available to help you with your financial needs.
Benefit from receiving your loan disbursement by Interac E-Transfer.
Full day coverage, 24/7, for all your needs. We're here to help you with any questions you may have.
With thousands of applicants across Canada, we've learned how to make the process as easy as possible.
Depending on your financial situation, you can repay your loan in 1-10 installments.
Download our website app to get started. Save the site to your home screen for easy access.
Understand Your Payday Loan: Terms, Rates, and Repayment
The minimum repayment term for any borrowed amount is 90 days, with a maximum of 210 days. The term can be extended, and clients can repay at any time, potentially benefiting from fee discounts.
Your exact APR, all mandatory fees, and total cost of credit are itemized in your loan agreement before you sign, as required by federal and provincial cost-of-borrowing rules.
Repayment schedules vary by loan amount and term. See our Loan Options for representative payment schedules. Your exact APR, total cost of credit, and itemized fees are disclosed in your loan agreement before you sign.
Provincial caps, what $15 per $100 means in dollars, and how to read your agreement.
In most Canadian provinces — including Ontario, British Columbia, Alberta, Manitoba, Saskatchewan, Nova Scotia, New Brunswick, PEI, and Newfoundland & Labrador — provincial regulators cap the maximum cost of a payday loan at $15 per $100 borrowed.
So a $300 payday loan typically costs $45 in fees. A $1,000 loan costs $150. These are the maximums set by law — your individual lender's actual fee may be at or below the cap.
| Loan amount | Max fee | Total payable |
|---|---|---|
| $100 | $15 | $115 |
| $300 | $45 | $345 |
| $500 | $75 | $575 |
| $750 | $112.50 | $862.50 |
| $1,000 | $150 | $1,150 |
| $1,500 | $225 | $1,725 |
Above shows the maximum fee at $15 per $100. Quebec uses a different model (interest-rate cap rather than per-$100 fee). Always confirm cost with your specific loan agreement.
Lenders are required to disclose an Annual Percentage Rate (APR) on every loan, including short-term ones. The APR formula annualizes your cost — it asks "if you paid this fee every two weeks for a year, what would the rate be?"
For a 14-day payday loan at $15 per $100 borrowed, the APR works out to roughly 391%. That number is technically correct under federal disclosure rules, but it doesn't reflect what you actually pay. You're not paying $15 per $100 every 14 days for a year — you're paying it once, on a single short-term loan.
The number that matters for your real-world budget is the total cost of credit: the dollars you'll pay back on top of what you borrowed. That's the number every loan agreement is required to itemize.
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 per-$100 fee is higher than for a bank line of credit. Provincial regulators set the max to balance access with consumer protection.
It's the cap in most provinces but Quebec uses a different framework (interest-rate cap rather than per-$100 fee). Always confirm with your specific lender and province.
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.
Licensed Canadian payday lenders are required by provincial law to disclose every fee in your loan agreement before you sign. Hidden fees are illegal — if you discover one, contact your provincial regulator (FSRA in Ontario, Consumer Protection BC in BC).
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 apply if your payment fails, but lenders cannot roll your payday loan into a new payday loan in most provinces.
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 is a fast, hassle-free option designed for Canadians to access funds directly through the internet. The entire process—from application to approval—takes place online, making it a simple way to secure funds.
It's simple! Complete a quick application form online, receive a decision in minutes, and once approved, the funds are deposited straight into your bank account. Typically, you can have the money in less than an hour.
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.
Once your loan is approved, the funds are deposited directly into your bank account, often within an hour. We aim to offer a fast, convenient solution for your financial needs.
Applying is simple. Just fill out the application form on our website, and we'll guide you through the process from start to finish.