Question 1

Are no refusal payday loans guaranteed in Canada?

Accepted Answer

No. There is no such thing as a truly guaranteed payday loan in Canada. The term 'no refusal' is a marketing phrase that usually means higher approval rates based on income rather than credit score.

Question 2

Do payday loans affect your credit score?

Accepted Answer

Most payday lenders do not report on-time payments to credit bureaus. However, missed payments, collections amd legal action may negatively impact your credit.

Question 3

Why are payday loans so expensive in Canada?

Accepted Answer

Payday loans charge fees per $100 borrowed instead of traditional interest. When converted to an annual rate, these fees can exceed 300% APR, making payday loans one of the most expensive borrowing options.

Question 4

Are payday loans legal in every Canadian province?",

Accepted Answer

Payday loans are regulated at the provincial level. Most provinces allow them with fee caps, while Quebec does not permit traditional payday loans and limits interest to 35% APR.

Question 5

What happens if you cannot repay a payday loan on time?

Accepted Answer

If repayment fails, borrowers may face NSF fees, bank overdraft charges, and additional penalties. Repeated borrowing or rollovers can significantly increase the total cost."

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