Mr. PayDay Review

payday loans Canada

Mr. PayDay is a loan institution that offers payday loan services to borrowers. A payday loan is a short-term unsecured loan paid within the next salary. Mr. Payday’s reviews can help make decisions on whether to use the loan or not.

If you want to try some other lender for pay day loan, you can apply now fast and easy with North’n’Loans.

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How Does Mr. Payday Work?

To get the loan, you’ll need to apply for the loan online. To do this, go to the official website of Mr Payday loan, which is at mrpayday.ca, and click on the ‘Apply’ button. Once the homepage is displayed, click on the ‘Reload’ button and enter the login info required.

Once you enter your login credentials you’ll be directed to another page with all the credentials you entered. If any information is incorrect, you can always update your profile. To submit the application, click on the ‘Make new application’ at the bottom.

Select the loan amount you need and the method you’ll like to be used for depositing your funds. Submit the application after completion.

Are Mr. Payday Loans Applied Online Only?

No. You can take Vancouver pay day loans online or go to the physical store. Mr. Payday lender has the opportunity to visit the store where you can physically borrow the loan. Visit the Vancouver Store located at 3421 Kingsway St. The address is Vancouver, BC VSR SL3.

From there you’ll be guided on how the application process is done.

What Requirements Are Needed During Loan Applications?

The borrower should:

  • Be 19 years or above;
  • Have an active bank account;
  • Be hired for 8 weeks and above;
  • Have some minimum currency in the bank account;
  • Be receiving a monthly wage of $1600;
  • Have a working telephone line where the lenders can reach out.
  • The Mr. Payday loan can also be granted to borrowers receiving CPP (Canadian Pension Plan), EI (Unemployment Benefits), CTC (Cost to Company), or any other Non-Governmental Disability benefits.
  • For those paid on commissions, Mr. Payday’s loan inc. can be granted after proof of a steady income is deposited in their bank account.

What Documents Are Needed During the Application?

easy applicationYour recent paystub

easy applicationYour bank balance and statement with the last 60 days transactions

easy applicationTwo different forms of national ID with one displaying your photo ID

easy applicationAny utility bill such as a telephone bill in your ID name

Does Mr. Payday’s Loan Require Collateral?

You don’t have to worry about the issue of collateral since Mr. Payday does not need collateral during the application. All the requirements have been mentioned above.

But if you still want to learn more about other lenders, you can check Cash Max Review.

How Long Does the Approval Time Take?

Since the application is done online, the approval process is short. Once you have been approved, the loan will be deposited into your account in about 30 minutes.

For the physical stores, once the loan is approved you will get the loan instantly either in cash or let it be deposited in your account.

Is Mr Payday Legit?

To check if a loan lender is legit, you first check if it is registered by the state and if the site it uses is secure.


Mr. Payday is licensed by the state and has been operating since 2002. The long period shows that it can be trusted. Their site is also secure since they use Socket Layer Technology (SSL) to protect users’ personal information.


The site also has an ‘S’ in the HTTPS which shows that it is encrypted hence safe to use.

payday loans Vancouver

What Is the Amount That One Can Borrow?

The loans offered range from $100 to $1,500. But this doesn’t necessarily mean that you can just state the amount you need and be granted.

The amount to be borrowed depends on your net income. That is, the amount you are eligible to borrow will be calculated from your monthly income.

Does Credit History Affect the Loan Approval?

Whether you have bad credit or not, you are still eligible to apply for the no credit check loans. Just remember that failure to pay the loan or late payments will lower your credit score.

How Should One Pay Back the Loan?

Before even starting the loan application, you’ll be issued with the company’s privacy policy. This policy states the regulations the company follows and what to expect from it.

One of the policies followed is that during loan repayment, money will be automatically withdrawn from the user’s bank account when the due date is reached. This due date is always communicated after the approval process is over.

What Happens In case of User Defaults on the Loan?

The measures the company takes in case of default are also stated in the privacy policy. Mr. Payday follows the legal guidelines available.


For instance, the borrower can be passed over to a collection agency. Remember this action will also lower your credit score.


You can also be taken to a civil court and judgment be passed against you making it mandatory to repay the loan plus other fees incurred. However, you will not be jailed for failing to pay the loan.

How Much Interest Rates Are Charged?

The APR charged depends on the province you are located in. Mostly the APR will fall up to 59%.

An average payday loan cost in Ontario is $15 per each $100, which is 547,5% year APR.

Benefits of Taking Mr. Payday Loan

  • The application process can be done online saving the time for visiting the physical store.
  • The application process is minimized and simple.
  • The approval procedure takes less than 30 minutes.
  • No collateral is obligatory during application.
  • No credit checks are performed during the application hence people with bad credit can also apply.
  • The business is licensed and the official website is secure.
  • The lender also considers people receiving EI, CTC, private pension, and other non-governmental disability benefits.

What Are the Shortfalls of Mr. Payday’s Lender?

  • The loan charges very high interest making the loan expensive.
  • The loan amount is limited to the level of your income. Also, you cannot borrow an amount exceeding $1,500.
  • The lender has only one physical store in Vancouver.
  • Self-employed borrowers cannot access the loan.
  • The loan can lower your credit score in case of defaults or late payments.

Mr Payday reviews as a great place to borrow a payday loan. But be careful about the interests and short repayment process.

North’n’LoansUpdated November 19, 2022

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