Frequently Asked Questions
Clear answers to common questions about payday loans and other borrowing options.
What is a payday loan?
A payday loan is generally a short-term, high-cost loan. Terms and rules vary by province.
Can payday loans be available online?
Some payday lenders operate online. Consumers should confirm that the provider is licensed where required.
What are e-transfer payday loans?
This phrase generally refers to a payday-loan process where funds may be delivered using an electronic transfer. Availability depends on the actual provider and banking process.
Are e-transfer payday loans available 24/7?
Do not assume 24/7 processing. Provider hours, verification, banking systems and provincial requirements can affect timing.
Are instant payday loans guaranteed?
No. “Instant approval” should not be interpreted as a guarantee. Approval depends on the applicable provider and eligibility assessment.
Can I get a bad credit loan?
Some products may consider applicants with less-than-perfect credit, but approval is never guaranteed and requirements vary.
How much does a payday loan cost?
Costs vary by province and product. Review the complete cost-of-borrowing disclosure before accepting a loan.
Does CIVC guarantee approval?
No. CIVC should not promise approval, a specific rate or a specific funding time.
How quickly can funds arrive?
Funding time varies based on provider processes, verification, banking systems and other factors.
Should I borrow to repay another payday loan?
Repeated borrowing can increase financial pressure. Consider alternatives and assess whether you can repay before taking on additional debt.