Category guide
Payday loans
A payday loan is a small, short-term cash advance repaid on your next payday. They fund fast — but they're the most expensive way to borrow, and every province caps the fee.
What a payday loan covers
A payday loan is a small-dollar, short-term loan — usually a few hundred dollars — that you repay in a lump sum on your next payday, typically within two weeks to 62 days. It's designed for a temporary cash gap, not for long-term borrowing. Only lenders licensed in your province can legally offer one.
What it costs, and the provincial caps
Payday loans are priced as a flat fee per $100 borrowed, not an annual rate — but expressed as an APR it's very high. Each province sets a maximum fee (for example, several provinces cap it around $14–$15 per $100). Rolling a loan over or missing the due date adds fees fast, which is how short-term borrowing becomes a cycle.
How to borrow smart
Borrow only what you can repay in full on the due date, and confirm the lender is licensed in your province before you sign. Read the total cost of borrowing, not just the fee per $100, and check whether an installment or a lower-cost option would serve you better. Use the directory to compare licensed payday lenders near you by rating.