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.
Two short-term borrowing tools, two very different use cases.
A line of credit is almost always cheaper than a payday loan if you can qualify for one. The catch — and it's a real one — is that lines of credit have meaningful approval requirements and a multi-day-to-multi-week setup process. Payday loans are designed for situations where you need money today and can't wait.
Use the table below to figure out which one fits your specific situation.
| Payday Loan | Line of Credit | |
|---|---|---|
| Typical interest cost | $15 per $100 borrowed (provincial cap) | 8% – 22% APR (varies by lender, credit profile) |
| Approval time | Minutes | Days to weeks |
| Funding time | Minutes (Interac e-Transfer) | Same-day after setup is complete |
| Credit requirements | Income-based; bad credit OK | Good-to-excellent credit usually required |
| Loan amount | $300 – $1,500 | $5,000 – $50,000+ |
| Repayment term | By next pay date (or short installments) | Revolving — minimum payment monthly |
| Reusable | No (apply each time) | Yes (draw and repay anytime) |
| Effect on credit if used responsibly | Modest positive | Builds credit history meaningfully |
Let's say you need $500 for a car repair, today. You'll repay in 14 days when you get paid.
The LOC is dramatically cheaper — if you can qualify and have one set up. If you don't, the practical question becomes: is the $73 difference worth weeks of waiting and a possible decline?
For a recurring or planned need, that math says "set up the LOC." For an emergency today with no LOC available, the payday loan is the only realistic option.
If you're a regular borrower, the goal is to graduate to lower-cost credit:
If you have available credit, that's often the cheapest option for a true emergency. Cash advances on credit cards are more expensive than purchases (typically 19–23% APR with no grace period), but still cheaper than a payday loan.
Most major banks require good credit (~650+). Some credit unions and online lenders offer LOCs to borrowers with weaker credit, often at higher rates. If you have poor credit, a secured LOC (backed by a deposit) is sometimes available.
One or two payday loans repaid on time generally don't materially harm a credit profile. Repeated payday-loan use, late payments, or defaults will hurt your future credit applications.
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 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.