FAQs

What is a Payday Loan?

Payday Loan or Cash Advance is the easier way to get a small loan which is given to a person until her/his next paycheck.

What are the eligibility requirements?

To qualify for a Payday Loan Account, you must meet the following criteria:

• A current job or benefits for at least 90 days
• Be 18 or older
• A citizen or permanent resident of Canada
• Net income of at least $700/month
• A valid bank account in your name
• Current home and work phone numbers and a valid email address
• Current Bank Account Open for 90 Days or more
  
• Direct deposit into your bank account
• Internet online banking access

Unfortunately we do not lend to applicants who are seasonally or otherwise temporarily employed.

Regardless of the above requirements, the final decision on all applications is subject to the discretion of Mycashcow.

If you meet these requirements, you will be asked to verify your application using one of the following options:

Option 1: Online - No Faxing Required

If you are paid by direct deposit and you have online banking setup with your bank, you can verify your application online using our Bank Statement.

How do I Apply?

You can submit your application online (click here to apply online) .

How Much money can I Borrow?

We extend loans of between $100 and $1000. The maximum you can borrow is based on your net income and other employment information. On your first loan, there is a limit of $250 ($150 for Child Tax benefits). If you qualify for more than this amount then you can borrow additional funds once you have successfully repaid your first loan. We like to build buisness relationships with our clients before we gradually raise the amount we're prepared to lend.

How fast can I get my money?

Option 1: E-Mail Money Transfer (for existing customers only)

You can now have your payday loan in your bank account within 1-2 hours of being approved.

To qualify for E-Mail Money Transfer you will need an e-mail address and a bank account with online banking setup from one of the Major Canadian Banks.

Option 2: Direct Deposit

If you don't meet the requirements for E-Mail Money Transfer then we will issue your funds directly into your bank account via Direct Deposit.

If your account is opened by 10:00am Pacific time or 1:00pm Eastern time we can often have your loan in your account that day, depending on what bank you use. If you miss these cut-off times, your loan will be in your account the next banking day.

What if I have a poor credit?

We don't ask for your credit history. We look at your recent bank statements and previous payday loan history.

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