Slide to choose your amount and term. We'll show the maximum legal fee, your total repayment, and the equivalent annual rate — all based on Canada's federal rules. No commitment, no credit check.
This is the federal legal maximum (since 1 Jan 2025). Many lenders charge less — your actual rate is set and disclosed by your chosen lender.
Figures show the maximum legal cost under the federal $14-per-$100 cap. The fee is a flat cap, not a daily interest rate — the term changes your due date and the equivalent APR, not the dollar fee. CashPicks is not a lender; your real cost is confirmed in your lender's agreement before you sign.
Payday loans in Canada are priced as a flat fee per $100 borrowed — not like a typical bank interest rate.
Federal law caps the cost of borrowing at $14 for every $100, including all fees and charges combined. That's the most a licensed lender can charge.
The fee doesn't grow each day. Borrowing $300 costs up to $42 whether you repay in 7 days or 62. The term sets your due date, not the fee.
By law, your lender must show the fee, total repayment, and due date in your agreement before you commit to anything.
Payday lending is regulated both federally and by each province. Here are the key rules every borrower should know.
Since 1 January 2025, the federal Criminal Interest Rate Regulations cap payday loan costs at $14 per $100 borrowed, including all fees. Loans signed before that date were capped at $15 per $100.
A payday loan is a small short-term loan of no more than $1,500, and it must be repaid within 62 days. Some provinces set lower limits.
Provinces license lenders and set their own rules — including cooling-off periods, rollover restrictions, and disclosure requirements — on top of the federal cap.
Quebec applies a 35% annual interest cap to consumer credit, which makes typical payday lending impractical there. Most lenders don't operate in Quebec.
Because the term is short, $14 per $100 over 14 days works out to roughly a 365% annual rate. Use the dollar fee, not APR, to judge a short loan's real cost.
The Financial Consumer Agency of Canada recommends confirming a lender is licensed in your province before borrowing. Never pay an upfront fee to get a loan — that's illegal.
Payday loans are a high-cost form of credit. They're best for short-term emergencies, not ongoing expenses. Before borrowing, consider lower-cost options and make sure you can repay on time. If you're struggling with debt, free, non-profit help is available through Credit Counselling Canada.
Real examples at the federal maximum of $14 per $100. Your actual fee may be lower, depending on the lender.
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