Payday loan FAQs: cost, approval, repayment and your rights

A short-term loan of $100 to $1,500 that you repay, with its fee, from your next paycheque. In the nine provinces with payday laws, it can cost at most $14 per $100 and run no longer than 62 days.

Up to $14 for every $100 borrowed, including all fees. $300 costs at most $42, $500 at most $70, and $1,000 at most $140.

About 365% for a 14-day loan at the maximum fee, and about 730% for a 7-day loan. In Alberta, where loans run at least 42 days, it’s about 122%.

It depends on your province and pay: up to 50% of net pay in Ontario, BC, Saskatchewan and Newfoundland and Labrador, and 30% in Manitoba and New Brunswick. The maximum is $1,500. See rules by province.

Often, yes. Most payday lenders rely on your income and bank history rather than your score. Approval isn’t guaranteed. See what lenders check.

Most don’t run a hard check. Many run a soft check or search payday loan databases, which don’t affect your score.

Some lenders accept regular government benefits such as EI, CPP, OAS or disability support, if they’re deposited to your bank.

The most common reasons are income the lender can’t verify, recent bounced payments, an open payday loan, or asking for more than your limit. See how to improve your odds.

Often the same business day by Interac e-Transfer if you apply in the morning. Late, weekend and holiday applications usually fund the next business day. See the realistic timeline.

No. Most lenders verify your bank online and use e-signatures. See faxless payday loans.

Reputable verification is read-only and encrypted. The lender can’t move money or see your password. Only connect from a lender you’ve checked is licensed.

Usually by pre-authorized debit on your due date, from the account the money went into. In Alberta, repayment is in instalments.

Yes, within your province’s cooling-off period, which is two business days in Ontario, BC and Alberta. Return the money in full, and you owe nothing more.

Call the lender before the due date. Ask about moving the date or an extended payment plan. Missed payments can bring a capped lender fee, interest on the overdue amount and a bank NSF fee.

Only to confirm employment before lending. Lenders can’t contact your employer to collect a debt.

No. We’re a free matching service. Lenders make the decisions and sign the agreements. Lending partners may pay us a fee.

Payday loans aren’t offered there because of the 35% APR limit, but residents can apply for personal loans at or below that rate.

Yes. Amounts from over $1,500 up to $15,000 are matched with personal loan lenders, repaid monthly at no more than 35% APR.

Yes, through our auto financing partner. You’re approved for a monthly payment first, and a dealer then matches a vehicle to it. See car loans for bad credit.