Frequently Asked Questions

Paydaymart.ca is a simple, online and easy-to-use loan comparison website that offers clear, unbiased, and transparent comparisons of loan products like payday loans, bad credit loans, short-term loans, and installment loans.

PaydayMart is 100% free for our customers to use. We make money by earning a small commission from our lenders if a customer applies for a loan through this website (Paydaymart.ca). Don't worry! It won't affect your loan cost.

To be eligible to compare and apply for a loan with PaydayMart, you must be:

• At least 18 years old.
• Canadian citizen or permanent resident and live in an eligible province.
• Steady job or regular income from government benefits or gig work.
• Have a valid Canada bank account with access to online banking with Interac e-Transfer.
• Have a valid mobile phone number, address, and email address.
• Ability to repay the loan on time.

You can check our Application Criteria to find out more.

Suppose you apply for a short-term loan such as a payday loan, then it ranges between $100-$1,500—long-term loans like installment loans offered up to $50,000.

We can't give 100% guaranteed approval until our lenders thoroughly assess your application and loan affordability. We do this to avoid giving you a loan that might be difficult to repay. However, our loan approval rate is high, and approximately 97.98% of applicants easily borrow money from us.

Some most common reasons behind the rejection of a loan include:

• Aren't employed, or your income is too low?
• I already have a loan or recently borrowed one.
• I have too many current debts.
• I had errors in your application.
• I can't afford to repay the loan.
• You don't meet the lender's eligibility requirements.
• The lender can't verify your income - such as if you're paid in cash.

As soon as your loan is approved, our lender will send the funds directly to your bank in under 5 minutes* through e-Transfer. However, the timing of cash appearing in your account may vary and is subject to your bank's policies.

Usually, lenders conduct soft credit checks that won't affect your current credit score and are not shown on your credit file. Your credit score is not the only factor while assessing your loan application; even if you have a bad credit score, you can still get loan approval with us.

Comparing and applying for a loan with PaydayMart won't impact your credit score. Comparing lenders with each other could help you to crack the best loan deal that sorts your financial problem and suits your budget.

• Compare lenders: Research and compare 40+ lenders by filling out a simple online application at PaydayMart to find the best loan deals at favourable interest rates and terms.
• Apply for the loan: Once you find a suitable lender, you can directly apply online. All you need to do is provide your information about your loan amount, personal, banking, and income details.
• Wait for approval: The Lender will review your application and provide an instant decision in minutes. Once your loan is approved, you will receive a loan offer stating loan interest rates, terms and conditions, and repayment details.
• Accept the loan: You can accept or decline the offer; if you accept, the funds will be disbursed to your bank account within a few minutes by online transfer. At PaydayMart, most lenders support Interac e-Transfer® for fast funding within 5 minutes*.

Get more details in our How It Works? section.

Lenders typically ask you to provide personal, banking, and income details. They also require details of your expenditure, including debt-to-income ratio, to ensure your loan affordability.

No, PaydayMart partners with modern lenders that can complete, process, and fund your loan online without needing tons of paperwork and faxing. Check out why you choose the PaydayMart section here for complete details.

Once your loan is approved, the the lender will e-transferred funds directly to your current banking account in minutes.

The shorter answer is yes. PaydayMart processes applications online 24 hours a day, 7 days a week, even on holidays. It means you can apply on weekdays and on weekends with us and once your loan is approved, your lender transfers cash to your bank account the same day.

PaydayMart is a free loan comparison website, and we don't charge any fees to apply with us. However, your lender may charge a fee if you don't repay your loan by the agreed date.

Yes, you can make payments before your loan due date. There are no fees for repaying early. You can save some money on interest by early repayment.

If you can't repay your loan on time, first of all, get in touch with your lender and discuss your current situation to find a possible best way. In most cases, lenders impose a late payment fee and will also record it on your credit file.

At any time, if you are facing any problem or experience difficulty completing your online application, please feel free to contact our Customer Support team at +16143330617 or email support@paydaymart.ca for quick assistance 24/7.

You can view our Terms of Business here and Privacy Policy here. We tried hard to make it clear and easy to read, but if you still have any questions, Contact us here.