Payday loan
A small, very short-term, very high-cost loan, regulated at the provincial level, best considered only as a last resort.
A payday loan advances a small amount that you usually repay on your next payday. Its fees are very high once expressed on an annual basis, making it one of the most expensive forms of credit available.
Each province sets its own rules, including a cap on the fees a lender may charge. Because of the cost, it is wiser to explore other options, such as a line of credit or an advance from your employer, before turning to one; see our micro-loan and fast-loan guide for the real costs and alternatives.