Frequently Asked QuestionsPaydayKing is Canada's leading online payday lender.
- be over 18 years old
- be employed fulltime for at least 3 months
- take home more than $700 per month after taxes
- have a bank account
- get paid by direct deposit
You can borrow from $100 up to $1,000 depending on your personal circumstances. Typically speaking, first time clients will only be approved to a maximum of $150. Once you have developed a positive track record with us, the amounts you will be able to borrow on subsequent loans will increase. If you are approved before 2:00 PM EST, Monday through Friday, your loan funds will be electronically deposited into your account before 6:00 PM EST. On weekends and for repeat customers we will, at our discretion, send Email Money Transfers or EMTs. EMTs are typically received by a client within 20 minutes of our sending them.Can I get a Payday Loan? If you are over 18 years of age, are employed full time, and have direct deposit of your pay, you are likely a good candidate for qualification. Please note we do not provide Loans to residents of Alberta, BC, Manitoba, Saskatchewan How much does it cost? Payday King provides short term loans only. Loans you receive from us should NOT be considered as a long term solution for financial difficulties which may require professional credit counseling. The Annual Percentage Rate (APR) on a 14 day loan is 546%.
- Our simple online form only requires the following information:
- Your date of birth
- Your contact telephone numbers and email
- Your work and pay details
- Your bank account details
- That it is you taking out the loan
- That you are employed full time and are / will be able to repay your loan
- That we electronically deposit the loan funds to your account and no-one else’s account
- That you can realistically repay your loan
- Your bank account details
When and how will I receive my loan? If you are approved before 2:00 PM EST, Monday through Friday, your loan funds will be electronically deposited into your account before 6:00 PM EST. On weekends and for repeat customers we will, at our discretion, send Email Money Transfers or EMTs. EMTs are typically received by a client within 20 minutes of our sending them. Can I have two payday loans at the same time? Yes, if you have a good history with us. For the first time customers, however, we typically allow only one loan. Prior payday loans have to be repaid before another can be offered. Please remember that we are a responsible loan provider and want to ensure that you will be able to repay what you borrow. What is EMT or Email Money Transfer? Interac Email Money Transfers are a simple, convenient, and secure way to send and receive money directly from one bank account to another. All you need is access to online banking through a participating financial institution, and you can send money to anyone with an email address and a bank account in Canada — without sharing any personal or financial information. It's a great alternative to cheques and cash. To learn more about Email Money Transfer click here.
- Don’t borrow money you don’t think you can pay back.
- Talk to us and we will help as much as possible.
Our charges are spelled out in your loan agreement and there are no hidden extras - so you know how much you will repay at all times.
Most of all, we will not lend you money we do not believe you can pay back.
We follow guidelines to protect you and your personal information. We provide you with understandable legal agreements.
We work to "Know Your Customer" guidelines, meaning we will not advance a loan until we have taken reasonable steps to confirm your identity.
We will not take title to any customers's asset(s) as security for repayment of any payday loan.
We will not garnish the wages of any customer in the case of non payment of any payday loan.
We will collect past due accounts in a fair, lawful and professional manner. We will not threaten criminal action or use other forms of intimidation or harassment to collect outstanding amounts.
We allow our customers the right to rescind a payday loan at no cost to our customers on or before the close of the business day after which the loan agreement is signed.
- We make every effort to respond diligently to all complaints that our customers may have.
We comply with all the laws and regulations applicable in the jurisdictions in which we provide payday loans.
Although we do everything we can to be a responsible loan provider, you know your circumstances better than anyone else. So, before you apply, ask yourself:
- Will a payday loan really help me?
- Will I definitely be able to pay it back in full?
- Do I have longer term financial problems?
- Do I need a long term solution?
If this withdrawal is again returned to Payday King for any reason, Payday King will turn over your delinquent account to a third party collection agency. NO interest would accrue from the most recent non-payment date going forward. For clarity, NO interest accrues as of the date the delinquent account is turned over to a third party collection agency.
Payday King has agreements with third party collections agencies, authorizing them to collect on delinquent accounts. Accounts may be settled for less than the amount actually owing, at the discretion of the collection agency. What is your Renewal Policy? Pursuant to relevant payday loan statutes and regulations, Payday King does not offer refinances, rollovers or extensions to its payday loans in any jurisdictions that prohibit refinances, rollovers, or extensions Are you Compliant with Regulations? Payday King complies with all Applicable Laws in all jurisdictions in which it provides loans and as dictated by the Payday Loans Act, 2008.
- Telephone: 1-877-606-KING (1-877-606-5464)
- Email: Service@PaydayKing.ca
- Make it easy for you to tell us about your complaint
- Give your complaint the attention it deserves
- Resolve your complaint as quickly as possible
- Make sure you are satisfied with how your complaint was resolved
- By Telephone - 1-877-606-KING (1-877-606-5464)
- By Email - Service@PaydayKing.ca
- Why we have not yet resolved your complaint
- Who is dealing with your complaint
- When we will contact you again