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  1. Home
  2. Payday Loans
  3. Borrowing Responsibly

Borrowing Payday Loans Responsibly

So you’re short on cash and you’ve decided that a payday loan is an option for you. If you decide to move forward with a cash advance, the following tips can help you borrow responsibly.

Borrow Only What You Need

The higher amount you borrow, the higher the fees. Just because you're approved for a high dollar amount, you don't have to borrow the full amount. Only borrow the amount you need to get through until pay day. Your payday loan amount - plus fees - will be due on your next pay date, so be sure to account for the following pay cycle accordingly.

Understand the Costs and Terms

Before borrowing a payday loan, make sure you fully understand the loan terms and how much it will cost. If you're considering borrowing from Cash Money, please read our payday loan rates and terms pages first, and ask questions if you need clarification. We want you to completely understand your loan fees and the repayment process before agreeing to your payday loan terms. Once you sign your loan documents, you are responsible for repaying the full amount borrowed plus fees.

Make Sure You Can Pay Back the Loan

Avoid getting caught in a cycle of payday loans by making sure your next paycheque will cover all of your monthly expenses plus your loan amount and fees. If you feel that you cannot repay, consider borrowing a smaller amount or researching other options.

Consider Payday Loan Alternatives

Before taking out a payday loan, consider all other options. Do you have a friend or family member willing to loan you money? Can you temporarily cut an expense out of your budget? Do you have savings in place? A payday loan should only be an option after other resources have been exhausted.

Here are some payday loan alternatives to consider:

  • Borrow from family or friends
  • Build up an emergency cash fund or savings account
  • Negotiate with your creditors by calling and asking them if they can work with you
  • Keep a credit card for emergency expenses only
  • Ask your employer for an advance

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Loan availability and loan amounts vary by location.

Payday Loans are high cost loans. Loan amounts are subject to net pay and other qualification requirements. Promotional rates not available in Alberta, Manitoba, New Brunswick or Saskatchewan. British Columbia Residents: The maximum charges permitted in British Columbia for a Payday Loan is 15% of the principal. We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total payback amount of $345 and an APR of 391.07%. $300 for $20 promotional rate - Under this offer, on a $300 loan for 14 days, the cost of borrowing is $20, with a total payback amount of $320 and an APR of 173.81%. Regular fees apply on subsequent loans and the cost of borrowing at Cash Money in British Columbia is $15 per $100 borrowed. BC Licence #50066. Manitoba Residents: In Manitoba, the maximum allowable charge for a payday loan is 17% of the principal amount of the loan. We charge $17 per each $100 loaned. On a $300 loan for 12 days, the cost of borrowing is $51, the total that must be prepaid is $351 and an APR of 517.08%. To learn more about your rights as a payday loan borrower, contact the Consumers' Protection Office at 945-3800, (800) 782-0067 or at http://www.gov.mb.ca/cca/cpo/. Nova Scotia Residents: The cost of borrowing is $22.00 per $100 on a $300 loan for 14 days (573.57% APR). $300 for $20 promotional rate - Under this offer, the cost of borrowing is $6.67 per $100 on a $300 loan for 14 days (173.81% APR). Ontario Residents: The maximum allowable cost of borrowing per $100 borrowed in Ontario is $15. Our cost per $100 borrowed is $15. On a $500 loan for 14 days, the cost of borrowing is $75, with a total repayment amount of $575 and an APR of 394.07%. $300 for $20 promotional rate - Under this offer, on a $500 loan for 14 days, the cost of borrowing per $100 would be $6.67 on the first $300 borrowed, and then $15 per $100 on the additional $200 borrowed, with a total cost of borrowing of $50, and an APR of 260.71%. Saskatchewan Residents: The maximum allowable cost of borrowing under payday loan agreements in Saskatchewan is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21%.

Online Installment Loans/Lines of Credit: Loan minimum of $500 to a maximum of $10,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are from 6 months to 60 months and are based on the amount lent. Store Installment Loans/Lines of Credit: Loan minimum of $100 to a maximum of $10,000, based on a completed application, net pay and other qualification requirements, and customer verification including a credit check. Installment loan terms are from 6 months to 60 months and are based on the amount lent. Payments are due on scheduled income deposits. Cash Money offers short term personal loans and is not a credit repair service. Annual Interest Rate 46.93%

Lending decisions and funding times subject to system limitations. Opt+ instant funding is only available for existing Opt+ cardholders (sold separately), and is not available to payday loan borrowers in British Columbia.

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