Frequently Asked Questions

Wagepay is a payday loan service designed to give you access to your wage early, before your next payday, when you need it.

We’re revolutionizing the payday loan experience with a faster, more digital application process and lower fees. If you live in one of our eligible provinces, you can apply for a loan against your upcoming pay, all without needing to involve your employer.

Wagepay is a licensed payday lender in British Columbia, Ontario, and Alberta.

To access our services, download our app from the Apple App Store or Google Play Store. If you only have a computer, you can also use our web portal on our website. Wagepay is 100% online, so we don’t have any physical stores.

To create an account, and then apply for your first payday loan, you will need the following information:

• Your personal details, such as your full name and date of birth

• Your email address

• Your mobile number

• Your Social Insurance Number

• Your residential address

• Your basic income and expense information

• To connect your bank feed

Yes. Security is one of our top priorities at Wagepay, and we follow industry best practices to keep your data safe.

• Transactions are protected with 256-bit Secure Socket Layer (SSL) encryption.

• Our website is certified with a Web Server Certificate.

• When you connect your bank feed, we only have read-only access to your transaction history. We can’t move money out of your bank account or make any changes to it.

• Your account can be protected with multi-factor authentication, which you can enable from your account settings.

• We have anti-bot protections in place to help keep your account secure.

• Your Wagepay data is stored in Canadian data centres, hosted with Amazon Web Services (Canada Central, in Quebec).

If you’d like to know more about how we handle your data, please see our Privacy Policy on our website.

You may be eligible for a payday loan if you meet the following minimum requirements:

• You must be at least 18 years old.

• You must live and work in Canada, in one of our currently supported provinces: British Columbia, Ontario, or Alberta.

• You must be employed and receive a regular, consistent income of at least $400 per week.

• You must have at least 60 days of bank statement history for us to review.

• You must leave enough of your income in your account each pay cycle to be able to repay a loan.

• You must have a generally good banking history, which we assess using your Bank Score.

If you receive government benefits, you can still apply, as long as you’re also being paid a regular income and meet the other requirements above.

Please be aware these are the minimum requirements to be eligible, and all loans are still subject to assessment. We’re continuing to expand into more provinces over time.

To apply for a payday loan, follow the instructions below in the app or web portal.

1. From the home screen, select ‘Apply’ (or ‘Continue’ if you’ve already started an application).

2. Follow the prompts to complete your application.

If you’re new to Wagepay, you’ll need to complete the account creation process first.

Please be aware all loans are subject to assessment.

To apply, we need to see a regular income of at least $400 per week being paid from your employer into your bank account. Depending on how often you’re paid, that works out to roughly:

• $400 per week, or

• $800 every two weeks (bi-weekly), or

• around $1,600 per month.

Please be aware we can only assess one bank account, so if your income is split across more than one account, only the income going into your connected account can be counted.

When you create your account, you’ll be given a loan limit estimate, the maximum amount you can take out at any one time. For new customers, this is up to 25% of your pay; returning customers with a good repayment history may be offered more, to a maximum of $1,500. Your exact amount is confirmed each time you make a loan application.

Please note you can only have one loan open at a time, and the minimum amount you can withdraw per loan is $100.

We may increase your loan amount, at our discretion, when you reapply from time to time and when you’ve demonstrated you can manage your finances well.

Please note your loan amount is not permanent, so please continue the good work and practise sound financial management.

Most customers complete the account creation process in about 3 minutes.

Applying for your first payday loan is a separate step, since it also requires connecting a usable bank feed, so this can take a little longer. A usable bank feed is needed for every loan application, not just your first. If we already have recent bank feed data for you, your loan application can be assessed almost instantly; if we need to refresh your bank feed, this may take a few extra minutes depending on your bank.

You can only have one loan open at a time. Please be aware there is a minimum loan amount of $100.

Yes. You can pay off your loan early using either of the options below.

• Interac e-Transfer: send a manual e-Transfer to accounts@wagepay.ai, using your Userid as your reference.

• Pre-Authorized Debit (PAD): by contacting our support team to arrange an early payment.

There are no additional fees or penalties for paying off your loan early. If you’re repaying manually via Interac e-Transfer, we’d strongly recommend against making a payment within 24-48 hours of your scheduled repayment date, to avoid the risk of a double payment. You can check your repayment details at any time in your in-app statement.

Yes. You can cancel your payday loan within 2 full business days of taking it out.

To cancel, repay the full amount you borrowed (the principal) before your cancellation period ends. Repaying in full is what completes your cancellation, and your cancellation deadline is shown in the app or web portal.

For example, if you take out your loan at 2pm on a Monday, your cancellation period would run until 11:59:59pm on Wednesday. If you take out your loan on a weekend or public holiday, your cancellation period will instead run for the next 2 business days.

There’s no fixed waiting period. Once we’ve received and confirmed your repayment, you can submit a new payday loan application straight away. As with any loan, please make sure it’s the right financial decision for your circumstances before applying, and be aware we’ll do a quick check before each loan to make sure it’s suitable for you.

Please note how quickly your repayment is confirmed on our end depends on your bank’s processing times.

Your Bank Score is a proprietary score calculated by Wagepay that reflects your banking history and repayment behaviour, and helps us assess how much you may be eligible to borrow.

Your Bank Score takes into account factors such as your income consistency, how you manage your bank account, and your repayment history with Wagepay if you’re an existing customer. It’s updated frequently, so it can change as your circumstances change.

Please note your Bank Score is separate from your credit score with credit bureaus like Equifax or TransUnion, and it isn’t affected by credit checks.

No. At Wagepay, we do not do credit checks with Equifax or TransUnion as part of our sign-up or payday loan process. We complete our assessment using your bank account transaction history instead. Being declined for a loan does not affect your credit score with either credit bureau.

No. We do not contact your employer about your account in any way, shape, or form.

Most customers won’t need to provide paper identification documents, since we’re able to identify you electronically. We use Plaid to help verify your identity. As part of this, we’ll generally need your driver’s licence number when you create your account.

If we’re unable to identify you electronically, we may ask you to provide the following before you can take out your first loan:

• A photo of yourself holding up your government ID, such as a passport or driver’s licence.

• Your most recent bank statement to verify account ownership.

Please ensure your name, address, and date of birth are clearly visible in your documents, and our team will do their best to assist you.

Once you’ve accepted your loan, we release your funds to your bank account using Interac e-Transfer, so most customers receive their funds in real time. Occasionally, there may be a short delay of up to around 12 hours if there’s an issue with Interac or our payment processor.

Generally, we only deposit your loan into the bank account where your wages are paid. This helps keep your account secure and ensures funds go to you.

For a small number of customers (around 1-2%) whose banks don’t accept direct Interac deposits into a bank account, we may instead send your funds to the email address linked to your Interac account. To avoid any delays, please make sure you register with Wagepay using the primary email address associated with your Interac account.

If your pay has recently moved to a different bank account, you’ll need to update your bank feed the next time you refresh your loan limit estimate.

If you haven’t received your SMS security code, there are a few things you should try:

• Check that your phone has service.

• Check you’ve entered the correct phone number (if you’re creating a new account).

• Check your Unknown Senders (iPhone) or Spam/Blocked/Unread (Android) folder in your Messages app. If our message is there, tap ‘Not Junk’ (iPhone) or ‘Not Spam’/’Mark as Known’ (Android) so future messages land in your inbox.

• Check you haven’t blocked our mobile number in your phone’s settings.

• Add our number to your contacts to help prevent future messages from being filtered.

• Restart your phone and reopen the Wagepay app or web portal.

If you’re still having issues, we’d recommend trying again a little later and contacting our customer support team for further assistance.

All payday loan applications go through our assessment process, and there are some situations where an application can be declined. Some common reasons include:

• Not enough bank account history

• Insufficient or inconsistent income

• Pre-Authorized Debit (PAD) or repayment history concerns

• Affordability

• Low Bank Score

Your Bank Score is updated frequently, so if you’ve been declined, you can reapply after 7 days and we’ll reassess your loan limit estimate. Being declined for a loan doesn’t affect your credit score with Equifax or TransUnion.

We need to see at least 60 days of bank statement history to properly assess your application. If your account doesn’t have enough history yet, this may be why your application wasn’t approved this time.

Please note you can reapply after 7 days, once more history is available for us to review.

We look for a consistent income of at least $400 per week from an employer when assessing your application. This could include:

• Your pay date, amount, or employer recently changing

• Your income stopping

• Your income falling below $400 per week on average

• Only receiving government benefits without an accompanying wage

Please note you can reapply after 7 days.

We look at your recent repayment history as part of our assessment. This could include:

• Missed payments

• Pre-Authorized Debit (PAD) dishonours

• A loan in arrears

Please note you can reapply after 7 days.

As part of our assessment, we look at your income, spending, and other financial commitments. On this occasion, we weren’t able to fit a suitable repayment within your budget.

Please note you can reapply after 7 days.

Your Bank Score is calculated from your bank account history, including your transaction types, income, spending patterns, and other financial commitments. On this occasion, your Bank Score was lower than what’s required for approval.

Please note you can reapply after 7 days.

There are occasions where an application can be declined, even if you’ve been approved before. For each application, we refresh your Bank Score and reassess a range of factors, including your recent income, account activity, and overall financial position, to make sure a new loan is suitable.

Your score is updated frequently, so if you’ve been declined this time, you can refresh your limit estimate and reapply after 7 days.

If you’ve been declined this time, you can refresh your loan limit estimate and reapply after 7 days.

When you reapply, please make sure you’ve updated your bank feed so we can see your wage payments going into your new account. We generally need to see at least two consistent wage payments, and at least 60 days of bank statement history, for the new account before reassessing.

Please note each application is assessed individually, so meeting these conditions doesn’t guarantee a specific outcome.

We use digital bank feeds, provided by Flinks and Plaid, to access a read-only copy of your bank transactions, which lets us provide our services quickly. Read-only means we can see your transactions but can’t move money or make any changes to your account. Flinks is a Canadian company, based in Montreal and owned by National Bank of Canada. You can read more about how Flinks and Plaid handle your data in their privacy policies: Flinks Privacy Policy and Plaid Privacy Policy.

To assess your application, we use a secure, read-only digital bank feed rather than documents you upload yourself. Connecting your bank feed lets us verify your income and banking activity directly and give you a decision quickly, so it’s a required step for every loan application. Uploaded statements, screenshots, or paystubs can’t be used in its place.

Some banks may not appear in our list of supported financial institutions. If your bank doesn’t show up on the list, we’re currently unable to offer our services for that account. We’re continuously working with our bank feed provider to expand the list of supported banks over time.

Our bank feed connection process usually takes around 3 to 4 minutes, though it can occasionally take a little longer. If you’ve been waiting for more than 6 minutes, please close and restart the Wagepay app or web portal, then try again about half an hour later.

If you’re still having issues, please contact our customer support team for further assistance.

If your bank feed connection is showing an error, there are a few things you can try:

• Check that you’re using the correct username and password for your online banking portal. For some banks, this means using your password rather than your PIN.

• Log into your bank’s official website directly, to make sure your bank isn’t having issues and your access hasn’t been temporarily blocked.

• Check whether there are any new terms and conditions or other messages that need to be accepted in your bank’s official banking portal, as this can affect your bank feed connection.

• Close and restart the Wagepay app or web portal.

• Wait half an hour and try again later.

If you’re still having issues after working through the above, please contact our customer support team for further assistance.

Your bank feed is automatically refreshed each time your loan limit estimate is reviewed, so there’s usually nothing you need to do.

If you’ve switched to a new bank account, you can update your bank feed the next time you refresh your limit estimate. There’s currently no way to manually refresh your bank feed outside of this.

You should connect the bank account that your employment wages are paid into. That’s the account we need to see your income going into, so please make sure you select the right one.

To be eligible for a payday loan, you’ll need to be receiving a minimum income of $400 per week into that account. Please note this is a minimum requirement, and all payday loans are subject to our verification and approval process.

No. We currently only support one Wagepay account being linked to a particular bank feed at a time. So if you and your partner share a joint account, only one of you can use that account with Wagepay.

If you’d each like your own Wagepay account, the other partner would need to connect a separate bank account that their own income is paid into.

Your repayment date is the date shown in your contract. Typically, we try to align this with your next payday, but if your payday falls very close to the date you take out your loan, we may, at our discretion, schedule your repayment for the following payday instead.

Please be aware that you should confirm the repayment date in your contract falls on or after your next payday before you sign it.

Yes. There are two self-service options in the app or web portal you can use to change your repayment date:

• Postpone: push your repayment back by up to 14 days.

• Split: divide your repayment into two, with the second part due up to 14 days later.

Please note the exact dates available within these windows depend on factors like your pay cycle and upcoming public holidays, so not every date may be available to choose. Each option can only be used once per loan, so you’ll need to contact our support team for any additional moved payments. These options may also not be available if your loan is already in arrears, if you’ve already made a partial payment towards it, or in other circumstances as determined by Wagepay.

If your loan’s repayment is already split into installments by default, you won’t be able to use these self-service features. Please contact our customer support team instead.

To postpone your repayment date, follow the instructions below in the app or web portal.

1. Navigate to the ‘Advance’ section.

2. Select the payday loan you want to update from ‘Advance History’.

3. Select ‘Change repayment plan’.

4. Select ‘Postpone your repayment’.

5. Choose the new date you want the payment to come out, then select ‘Apply’.

Please note this is only available once per loan, so you’ll need to contact our support team for any additional moved payments. This option may also not be available if your loan is already in arrears, if you’ve already made a partial payment towards it, or in other circumstances as determined by Wagepay.

If your loan’s repayment is already split into installments by default, you won’t be able to use this self-service postpone feature. Please contact our customer support team instead.

To split your repayment into two, follow the instructions below in the app or web portal.

1. Navigate to the ‘Advance’ section.

2. Select the payday loan you want to update from ‘Advance History’.

3. Select ‘Change repayment plan’.

4. Select ‘Split your repayment’.

5. Select ‘Apply’.

Please note this is only available once per loan, so you’ll need to contact our support team for any additional moved payments. This option may also not be available if your loan is already in arrears, if you’ve already made a partial payment towards it, or in other circumstances as determined by Wagepay.

If your loan’s repayment is already split into installments by default, you won’t be able to use this self-service split feature. Please contact our customer support team instead.

The dates available to postpone or split your repayment are based on a number of factors, including your pay cycle, the maximum repayment window for your loan, and upcoming public holidays, so the exact date you’d like may not always be available.

If the available dates aren’t suitable for your situation, please contact our customer support team for further assistance.

Wagepay offers a few ways to repay your loan:

• Pre-Authorized Debit (PAD): your repayment is automatically debited from your nominated bank account.

• Interac e-Transfer: you can make a manual payment to accounts@wagepay.ai, using your Userid as your reference.

Please note PAD is our standard repayment method, used automatically on your repayment date unless you arrange an alternative.

A Pre-Authorized Debit (PAD), also known as a Direct Debit, is an automatic payment that we take from your nominated bank account on your scheduled repayment date, so you don’t need to do anything yourself to repay your loan. A PAD typically takes around 4 business days to clear.

To update your Pre-Authorized Debit (PAD) bank account, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Payment Details’.

3. Select ‘Change payment details’ under ‘Your direct debit account’.

4. Select ‘Continue’ if your new account is already part of your linked bank feed, or select ‘Connect to a new bank feed’ if it isn’t, then follow the prompts to link your new account.

Please note that if a PAD is already processing when you make the update, your newly nominated account will only be used from the next PAD onwards. Only your own bank account can be used.

If you miss a payment, your account will go into arrears. We don’t charge any missed payment or NSF fees, but you’ll need to make up the missed payment as soon as you can to get back on track. We may reattempt your payment using your Pre-Authorized Debit (PAD) or your saved card, but we’d recommend making an Interac e-Transfer repayment yourself as soon as possible rather than waiting, to avoid any delays.

If your account remains in arrears for an extended period, our collections process may begin. We understand things don’t always go to plan. If you’re experiencing financial difficulty, please contact our customer support team as early as possible so we can talk through the options available to you.

If you’re experiencing financial hardship, using the postpone or split feature may be able to give you some quick breathing room, even if you haven’t used either feature on this loan yet.

If you need more support than this, please contact our customer support team, and they’ll discuss your situation with you directly. To help us assist you more quickly, it’s worth including a few details when you get in touch:

• A brief summary of your current situation.

• Any specific request you have, such as a new repayment date or an adjustment to your repayments.

• Any supporting documentation you’re able to provide.

How quickly you can take out another loan depends on your repayment method. Interac e-Transfer repayments are typically allocated within 12 hours. If you have a Pre-Authorized Debit (PAD) in progress, we may need it to return a final status first, which can take up to 4 business days. Once your repayment has been applied and you receive a confirmation email from us, you’ll be able to request another loan.

When you repay by Interac e-Transfer, please include your Userid as your reference so we can match your payment to your account. You’ll find your Userid on your Account Statement in the app or web portal.

Once you’ve sent your payment, please allow time for it to reach us and be applied. We typically allocate Interac e-Transfer repayments within 12 hours. If you also have a Pre-Authorized Debit (PAD) in progress, we may need it to return a final status first, which can take up to 4 business days. Once we’ve received and confirmed your payment, we’ll send you a confirmation email.

If you’ve already sent your payment but forgot to include your Userid, don’t worry, we may still be able to locate your payment using the payer name or email address included in the e-Transfer. If we’re unable to locate it that way, please email us at support.ca@wagepay.com with a copy of your transfer receipt (showing the date and amount) so we can locate your payment and apply it to your account.

If you repaid manually within 24 hours of your scheduled repayment date, and the automated payment was also processed, we’ll automatically refund any duplicate amount. Please note we need to receive the funds from your bank first before we can issue a refund, which can take anywhere from a few hours to several days, depending on the banking network.

Wagepay charges a flat establishment fee of up to 14% of your loan amount (that’s $14 per $100 borrowed). You can use the repayment calculator on our website to see worked examples of what a loan might cost you.

Depending on your province, this may also be expressed as an APR:

• British Columbia: for a $300 loan over 14 days, the APR is 365%.

• Ontario: for a $500 loan over 14 days, the total cost of borrowing is $70 (total amount owing $570), for an APR of 365%.

• Alberta: loans range from 42-62 days with 2-7 payments, depending on your income frequency; a $100 loan over 62 days has an APR of 82.42%.

Wagepay is licensed as a payday lender in British Columbia (Licence #86410), Ontario (Licence #4741466), and Alberta (Licence #359836).

No. There are no hidden fees for our product, all fees and charges will be clearly shown in your contract before you accept a loan.

No. Wagepay doesn’t charge extra fees for how you choose to repay your loan. This includes:

• No Pre-Authorized Debit (PAD) fees

• No late fees or NSF (non-sufficient funds) fees

• No card processing fees

Please note your own bank may charge their own fees, for example in the case of a PAD or NSF situation on their end, so it’s best to check directly with them.

To log into your account, follow the instructions below in the app or web portal.

1. Select ‘Login with email’ or ‘Login with mobile’.

2. Enter your login details, then select ‘Login’.

If you’re using the mobile app, you may also be able to log in using biometric login (such as fingerprint or face recognition).

Please note that if you have multi-factor authentication enabled on your account, you may also be prompted to enter an additional code sent to you by SMS or email.

To get an account statement, follow the instructions below in the app or web portal.

1. Select ‘Advances’ from the home screen.

2. Select the ‘Statement’ button next to ‘Advance History’.

To update your contact details, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Settings’.

3. Select ‘Change email address’, ‘Associated Mobile’, or ‘Change Postal Address’, depending on what you’d like to update.

4. Follow the prompts to add and verify your new information.

You don’t need to update your income yourself. We automatically review it each time we refresh your loan limit estimate, so it stays up to date based on your recent bank transactions.

To change your password, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Settings’.

3. Select ‘Change password’.

4. Enter your old password.

5. Enter a new password, then select ‘Change Password’.

Please note your new password must be at least 12 characters, and include uppercase letters, lowercase letters, and numbers.

To turn on Login MFA, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Settings’.

3. Turn on the ‘Login MFA’ toggle.

Please note Login MFA (multi-factor authentication) adds an extra step to verify it’s you each time you log in, on top of your password.

To opt out of marketing communications, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Settings’.

3. Turn off the ‘Receive Marketing Info’ toggle.

Please note you’ll still receive important account and transactional messages from us, even with marketing turned off.

To reset your password, follow the instructions below in the app or web portal.

1. Select ‘Forgot Password?’ from the login screen.

2. Enter your email address, then select ‘Send Code’.

3. Check your email for your security code, valid for 30 minutes.

4. Enter your security code, then select ‘Verify’.

5. Enter and confirm your new password to complete the reset.

Please be aware you should keep your new password somewhere safe. If you lose it, you’ll need to reset it again.

To close your account, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Settings’.

3. Select ‘Close Account’ and follow the prompts to confirm.

Please be aware that closing your account is permanent, and we won’t be able to reopen it. You won’t be able to close your account while you have an outstanding balance. You’ll need to fully repay what you owe first.

To contact Wagepay, follow the instructions below in the app or web portal.

1. Go to the ‘My Profile’ section.

2. Select ‘Contact Us’.

For basic inquiries, you can also call Wayne, our AI Assistant, at 1-647-477-8377.

You can also reach us by email at support.ca@wagepay.com, though please be aware responses by email will be slower than contacting us through the app, web portal, or Wayne, since we’ll need to confirm your identity before we can look into your request. We aim to reply within 2 business days.

Yes! You’re welcome to call Wayne, our AI Assistant, at 1-647-477-8377, for basic inquiries or support.

For more specific customer support, you can also contact our support team through the mobile app or web portal, under your profile options.