Payday loans in Canada usually cost $14 per $100 in licensed provinces. Borrow $500 and you repay $570. Canadian PayDay Loan is not a lender. The form sends your request to partner lenders. Read their fee before you accept.
Payday loans in Canada are usually capped at $1,500. The legal cap in Ontario is $14 per $100.
What payday loans in Canada cost
Cap used in this table: $14 per $100, the maximum in Ontario and in other provinces that follow the same cap. Your contract must show the exact fee before you sign.
| You borrow | Fee ($14 per $100) | You repay |
|---|---|---|
| $100 | $14 | $114 |
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
On a two-week loan that fee is roughly 365% APR. A line of credit, overdraft, or credit-card cash advance on the same $300 for 14 days costs far less. The Financial Consumer Agency of Canada puts a payday loan at $42 versus under $8 for those other products. Source: Canada.ca official payday loan guide.
Payday loans in Canada: Ontario rules
- Maximum fee: $14 per $100 (Payday Loans Act, 2008)
- Maximum size: 50% of your net pay, and not more than $1,500
- Cancel: two business days, no penalty, no reason required
- Rollovers from the same lender are not allowed
- Lenders must show an Ontario licence number
Licence search: Ontario business licence search. Rights: Your rights on Ontario.ca.
More guides
- Compare licensed lenders
- Cheaper options than a payday loan
- Online loans if your credit is weak
- Same-day e-Transfer options
- Who runs this site
Who this site is
Canadian PayDay Loan (canadianpaydayloan.ca) is a Canadian information and referral site. We do not make loan decisions, hold your money, or set your rate. Read the terms on each partner site before you apply. See Disclosure, Privacy, and Terms.
FAQ
How much does a $500 loan cost in Ontario? $70 in fees at the $14 per $100 cap. Total to repay: $570.
Are you the lender? No. Information site. Paid when a reader goes to a partner.
Do I need good credit? Most payday lenders weigh income and a Canadian bank account more than score. That does not make the loan cheap.
How do I know a lender is legal? In Ontario, look for a licence number and confirm it in the provincial business licence search. Do not send documents to a site that will not show a licence.
Advertising disclosure
canadianpaydayloan.ca is not a lender. It is an information site. Read the terms on each partner site. We are paid for referrals. We do not give financial advice.