Payday loans Canada cannot be transferred to another person majorly because these loans are granted based on your credit score and your list of available sources of income. These require your signature and your promise to pay back as collateral. Defaulting on a personal loan causes a serious injury to your credit score. After the final payment date, a loan default will appear on your credit report for seven years. You can include a set-off clause in a personal loan contract to prevent long repayment periods. Maximizing the availability of a Payday loan calculator will assist you in determining what your monthly repayment would be and the total interest of the loan amount.