Payday loan questions, answered

$14 per $100 borrowed in any province with a designated payday regime, in force since January 1, 2025. On a $500 loan, that's $70.

$1,500, but provinces also link the limit to your net pay, so many people are offered less.

Usually until your next payday, up to a maximum of 62 days.

Yes. Every designated province has a cooling-off period, often two business days, in which you can cancel and repay only the amount you borrowed.

Contact the lender before the due date. A bounced payment can cost up to $20 from the lender plus your bank's NSF fee, and unpaid balances may collect default interest under provincial limits. Lenders in most provinces can't roll your loan into a new one.

Many lenders accept regular government income such as Employment Insurance, CPP, a pension or disability benefits, as long as it's deposited to your bank account.

Some lenders accept self-employed applicants who can show regular deposits. Expect a closer look at your bank history.

Quebec caps consumer credit at 35% a year and doesn't have a federally designated payday regime, so the payday model isn't viable there.

The territories haven't been designated either, so the federal 35% APR cap applies and licensed payday lending isn't available.

No. We're a free referral service. The lender we connect you with makes the decision and holds your loan.

A legitimate one won't. If someone asks for money before funding your loan, it's a scam. Report it to the Canadian Anti-Fraud Centre.

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