Magical Credit Blog

E-transfer payday loans are short-term loans sent directly to your bank account using Interac e-Transfer. In many cases, the money shows up the same day it’s approved. That speed is the appeal. The downside is cost. Payday loans are still one of the most expensive ways to borrow in Canada, and they tend to work only as a short stopgap, not as an ongoing solution.

Payday loan APRs often appear shockingly high, sometimes over 300% or 400%. The number is mathematically correct, but it describes something most borrowers never experience. Payday loans are priced as a short, flat fee, usually expressed as a dollar amount per $100 borrowed. When that short-term fee is stretched across an entire year, the APR explodes. To compare payday loans properly, the focus should be on actual dollars repaid and time borrowed, not the annualized headline alone.

“Christmas payday loans” (also searched as payday Christmas loans and payday loans for Christmas) are just payday loans taken during the holidays — fast money, short timeline, and a high cost if you can’t repay in one shot. In Canada, many provinces are now aligned on a maximum cost of borrowing of $14 per $100 under the updated legal framework in effect from January 1, 2025, but even at that cap, payday loans remain one of the most expensive ways to borrow.

A consumer proposal is a formal, legally binding offer to settle unsecured debts for less than you owe, with fixed monthly payments spread across a period you can realistically afford. It’s one of the most powerful debt-relief tools available to Canadians, but it’s also a major financial decision that affects your credit, your budget, and your future borrowing options. Before committing, it's important to understand how proposals work, what they cost, and when they’re actually worth it.

You’re short on cash. It happens — a car repair, a medical bill, a stretch between paycheques. You type quick loan Canada into Google and two phrases jump out: microloans and payday loans. They sound similar, but they’re not twins. One is a steady set of steps up. The other, a fast ladder that can wobble if you’re not careful. Let’s look at how each works.

A tax refund isn’t “free money.” It’s your money coming home. That said, when a lump sum lands in your account, it’s tempting to celebrate first and think later. Let’s flip that. Give the dollars a job before they arrive, and you’ll feel the win twice — now, and in six months when a nasty surprise would’ve knocked you off balance but didn’t.

Minimum wage is the lowest hourly pay most employers are allowed to offer. Canada doesn’t use one national number — each province and territory sets its own rate. There’s also a federal rate for federally regulated jobs (banks, airlines, interprovincial transport). If both could apply, the higher one wins.