Mr. Payday Easy Loans Inc.

Mr. Payday, a licensed direct payday lender in western and central Canada

Mr. Payday Easy Loans Inc. is a payday lender that funds its own loans rather than acting as a broker. The company states that it has operated since 2002 and holds provincial licences in British Columbia (#50031), Alberta (#326997) and Ontario (#4716300). Its activity is concentrated on short-term, small-sum credit requested online and disbursed by Interac e-transfer.

The lender presents itself as an alternative to banks for people who need cash before their next paycheque, and frames its approval model around verifiable income rather than credit history.

Loan amounts, cost and repayment terms

The published rate is $14 per $100 borrowed, equivalent to a 365% APR in the company's own example.

The cost estimator on the site illustrates the calculation with a $300 loan: a $42 fee and a total repayment of $342. A separate example for a $500 loan over 14 days shows a total cost of borrowing of $70, an APR of 391.07% and a total repayment of $570. The company also lists a maximum allowable cost per $100 borrowed of $14.00, matching its own rate.

Repayment is handled automatically: on the due date, usually the borrower's next payday, the full amount is withdrawn from the bank account through Pre-Authorized Debit. The company states that it does not charge fees to extend or roll over a loan.

Application requirements and income sources accepted

Applicants must be at least 19 years old and Canadian residents, hold an active chequing account with direct deposit, provide a working phone number and show a net monthly income of at least $1,200. The lender indicates that it accepts employment income as well as Employment Insurance, CPP, Child Tax Credit, private disability and WCB payments, and that gig workers and freelancers are also eligible.

According to the site, no credit check affecting the credit score is performed; approval is based on income and banking history, and applications are accepted from people with bad credit, a bankruptcy or no credit history at all. The application is paperless, with income verified electronically, and the company states that no pay stubs or utility bills need to be uploaded.

Consumer protections cited by the lender

• A two-business-day cooling-off period allowing cancellation without penalty.
• No rollover fees, which the company presents as a way to avoid debt cycles.
• A cap limiting loans to 50% of the borrower's net pay.
• Disclosure of the cost per $100 borrowed before the loan is taken.

The company also emphasises that, as a direct lender, it does not sell or circulate applicant files to other companies, and that banking and personal data are handled under encryption standards it describes as high.

Provinces and communities served

The licence coverage defines the service area. In British Columbia, the company names Vancouver, Surrey, Burnaby, Victoria and the Interior. In Alberta, it lists Calgary, Edmonton, Red Deer, Lethbridge and Fort McMurray. In Ontario, it cites the Greater Toronto Area, Toronto, Ottawa, Hamilton, London and Northern Ontario.

The lender refers to weekend requests and to bridging the gap until the next paycheque as typical situations among its customers. It also states that more than 1,600 Canadians had given it a high rating on Trustpilot at the time of writing.

Company background

Mr. Payday describes an evolution from a local business built on face-to-face trust to an online lending platform. It positions itself as handling its own compliance and funding decisions, in contrast with lead-generation sites that pass applications to third parties.