Tools
Payday loan true-cost calculator
A payday loan costs far more than it looks. See the true cost and APR in seconds.
Total fees
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Total to repay
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Real annual percentage rate (APR)
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Scaled across a full year, these fees are equivalent to this rate. It is one of the most expensive kinds of credit there is.
Comparison: a personal loan
For the same amount and term, a personal loan at 30% APR would cost only about— in interest instead. Consider a cheaper option before you borrow.
Estimates are illustrative only — real terms vary by lender.
Frequently asked questions
Why is a payday loan’s APR so high?+
Fees that look small over 14 days — say $15 per $100 borrowed — work out to an annual percentage rate (APR) in the hundreds of percent once you scale them across a full year. That is why payday loans are among the most expensive forms of credit.
Are the maximum fees the same across Canada?+
No. Each province sets its own cap on the fee per $100 borrowed. The cap commonly falls between $14 and $17 per $100 depending on the province. Always check the rules where you live.
What are the alternatives to a payday loan?+
A line of credit, a small personal loan, a credit-card cash advance, or even a payment arrangement with a creditor are almost always far cheaper. Comparing a reasonable personal loan before you borrow can save you hundreds of dollars.
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