A payday loan is a short-term loan that is used to cover a person’s expenses until his or her next paycheck. They can also be called paycheck advances, payday advances or cash advances. Usually, these are unsecured loans for a few hundred dollars. They are both regulated by private institutions and lenders, as well as banks. If you’re unsure about getting a payday loan, this article will give you an overview of what payday loans are, and a basic idea of how they work.

Who Can Borrow?
To be eligible for a payday loan, the most basic requirements are to possess Canadian citizenship and to be over the age of 18. In terms of payment, your salary must be directly deposited into a Canadian bank account and should be more than $1,000 on the paycheque. It’s also important to know that you can only borrow about 40 per cent of your paycheque. The term for a payday loan is usually between 14 days and 30 days. This usually depends on how much you borrow.