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.
Download our website app to get started. Save the site to your home screen for easy access.
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.
Two short-term borrowing tools, two very different use cases.
A line of credit may cost less than a short-term loan, but costs and eligibility differ by provider and applicant. Compare current written offers instead of relying on typical rates or processing times.
Use the table below to figure out which one fits your specific situation.
| Payday Loan | Line of Credit | |
|---|---|---|
| Cost | Review APR, fees and total repayable in the offer | Review the current rate, fees and agreement |
| Approval time | Varies by review and verification | Varies by institution and application |
| Funding time | Varies; approved funds sent by Interac e-Transfer | Varies by institution and account status |
| Eligibility | Individual underwriting and ability to repay | Provider-specific income and credit criteria |
| Amount | Depends on the approved offer | Depends on the approved credit limit |
| Repayment | Fixed schedule stated in the agreement | Revolving balance with required payments |
| Reusable | No (apply each time) | Yes (draw and repay anytime) |
| Credit reporting | Ask whether and how the account is reported | Ask the institution about its reporting practices |
Use the same requested amount and repayment horizon when comparing options. For each written offer, record:
Choose only after considering the total dollar cost and whether every payment fits alongside essential expenses.
If you're a regular borrower, the goal is to graduate to lower-cost credit:
Compare the APR, mandatory fees, total cost and repayment terms of every available option. Existing lower-cost credit may be preferable, but its current agreement controls the cost.
Eligibility criteria vary by financial institution and product. Contact the provider to confirm current credit, income, security and other requirements.
Credit effects depend on reporting practices, payment history and the criteria used by future lenders. Ask whether an account is reported and make every payment as agreed.
A line of credit is revolving — you can draw, repay, and re-draw repeatedly. An installment loan is a one-time fixed amount with a fixed repayment schedule.
This guide is general information, not financial advice. Specific loan terms vary by lender and individual situation.
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.