Payday Loans
Overview
A short term loan designed to meet unexpected expenses or financial emergencies in between paydays.
What to expect
Our friendly staff will help you get your loan in as little as 15 minutes.
What to bring
If you’re 18 or older, all you need is:
- A bank statement
- Proof of income
- 1 Government issued photo ID and one other supporting piece
- Confirmation of address
What you need to know about Payday Loans.
What is a Payday Loan?
- Payday Loans are unsecured short term loans averaging approximately $300 for a period of 1 to 18 days, up to a maximum of 50% net pay
- A cheque or direct debit authorization, in the amount of the principal, interest and fees, is provided by the customer for repayment.
- Payday Loans are a high cost form of borrowing.
- Payday Loans should be used to help meet unexpected expenses or financial emergencies in between paydays.
Cash advance requirements*:
- Source of income
- 1 Government issued photo ID and one other supporting piece
- Proof of active bank account
- Confirmation of address
- Direct Debit Authorization Form
*Additional documentation may be necessary. Some restrictions may apply.
What are the fees?
The Cash Store will charge you a brokerage fee for locating a lender that fits your needs. These rates vary with the type of loan and the individual credit criteria but typically are approximately 30% of the total amount of the loan.
All loans are financed by a third party lender and they will charge you an interest rate based on the loan amount, type and credit risk. The interest rate of your loan is disclosed in your loan agreement with the Lender. This interest rate will not be any higher than 48% per annum which equates to approximately $0.13 per day per $100.00 borrowed.