Understanding Payday Loans

Understanding payday loans, short term loans, and personal finance options

In today’s economy, it’s hardly surprising that Canadians find themselves turning to Lendee forshort-term loans from time to time. In an ideal scenario, we’d all have sufficient savings to draw from when we hit a financial hurdle, but sometimes you need access toonline payday loans to make ends meet. We make this process as simple, easy, and secure as possible.

Lendee is a payday loan provider that offers short-term solution to cash flow shortages. For the long-term, we recommend you visit your financial institution and ask to speak with an advisor who can help you manage any existing debt, create a rainy day fund, plan for your retirement, and more. If surviving from paycheck to paycheck or managing your debt load is a serious struggle, you may also want to consider meeting with a credit counsellor.

To support – not replace – the advice of a professional, we’ve compiled some helpful resources below. Come back often as this page is always evolving to serve you better.


Understanding payday loans.

Payday loans should help lower financial stress, not add to it. Before applying for a cash advance, ensure you’re dealing with a licensed and reputable lender. Visit the Canadian Consumer Finance Association website to learn more about the industry, find a trusted lender, and learn about consumer protection in your province.

 Cost of consumer credit.

The cost of consumer credit law can get confusing. Simply put, the total cost of credit is the difference between what the borrower receives when they borrow money to purchase an item (value received) and the amount they actually have to pay back (value given). For example, if you borrowed $10,000 to buy a car from a credit grantor and you ended up paying back $12,500 ($2,000 interest and $500 service fees), then the total cost of credit would be $2,500. This is the true amount that you would pay to purchase the item on credit, rather then if you had paid cash.


Whether you’re paying off debt, saving for a house, or planning for retirement, budgeting is key to achieving your financial goals. The Financial Consumer Agency of Canada has created a budget worksheet that you can download and revisit as your financial situation changes.


Credit Counselling Canada gives you access to some powerful online tools, including a savings goal calculator, an emergency savings calculator, and more.

 Credit counselling.

Credit Counselling Canada provides confidential counselling by phone or in-person. There’s also the
Credit Counselling Society
, which offers free, live support online or by phone.

  Credit reports.

Want to know how you look to prospective lenders? For a fee, Equifax and TransUnion will provide you with your credit score. For more information on how to improve your credit score, review this guide from the Financial Consumer Agency of Canada.

 Debt collection.

If debt collectors are after you, don’t bury your head in the sand. Empower yourself to handle the situation responsibly. Conscoumer Protection BC offers valuable tips on dealing with debt collectors, including insights into your legal rights

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