Who regulates payday loans in Ontario?

The Financial Services Regulatory Authority of Ontario (FSRA) licenses payday lenders under the Payday Loans Act, 2008. Ontario borrowers get a two-business-day cancellation window, a 50%-of-net-pay borrowing limit, and mandatory extended payment plans on a third loan within 63 days.

How are payday loans different in Alberta?

Under An Act to End Predatory Lending, Alberta payday loans must run at least 42 days and be repayable in instalments rather than one lump sum. Service Alberta licenses and investigates lenders.

Can I get a payday loan in Quebec?

Effectively no. Quebec never created a payday-loan exemption from the criminal interest rate, so lenders must price under 35% APR — which the payday model cannot do. Quebec residents should consider credit unions or personal lines of credit.

Home / Provinces

Payday Loan Rules by Province — 2026

The price cap is federal, but everything else about your protection is provincial: who licenses the lender, how long you have to cancel, and what happens if you can't repay. Find your province below.

Direct answer

Are payday loans regulated provincially or federally in Canada? Both. Federal law sets the price ceiling ($14 per $100 since Jan 1, 2025) and the criminal interest rate (35% APR). Each province then licenses lenders, sets cooling-off periods and borrowing limits, and enforces the rules — Ontario through FSRA, Alberta through Service Alberta, and BC through Consumer Protection BC. Quebec has no payday exemption, so the product effectively doesn't exist there.

◆ Ontario

Regulated under the Payday Loans Act, 2008. Every storefront and website lending to Ontarians needs an FSRA licence — searchable in FSRA's public registry before you apply.

Regulator: Financial Services Regulatory Authority of Ontario (FSRA)
Cancellation window: 2 business days, no reason needed, no penalty
Borrowing limit: Max 50% of your net pay per loan
Key protection: Third loan within 63 days → lender must offer an extended payment plan in instalments
Collections limits: Max 3 contacts per week; no contacting your family, friends, or employer for pressure

◆ Alberta

Governed by An Act to End Predatory Lending — the country's most structurally distinct regime. Alberta payday loans behave like short instalment loans by law.

Regulator: Service Alberta and Red Tape Reduction (Consumer Investigations Unit)
Cancellation window: 2 business days
Term structure: Minimum 42-day term, repayable in at least two instalments — no single-payday balloon
Key protection: Lenders must let you repay early at no charge and can't solicit you for additional borrowing

◆ British Columbia

Licensed and enforced by Consumer Protection BC under the Business Practices and Consumer Protection Act. BC publishes lender licence status online.

Regulator: Consumer Protection BC
Cancellation window: Until the end of the next business day
Borrowing limit: Max 50% of net pay; one loan at a time per lender
Key protection: Only one dishonoured-payment fee (max $20) per agreement; no charge to cash the lender's cheque

The rest of the country at a glance

Region	Regulator	Cost cap	Notes for borrowers
Manitoba	Consumer Protection Office	$14 / $100	Cancellation within 48 hours; strict limits on replacement loans
Saskatchewan	Financial and Consumer Affairs Authority (FCAA)	$14 / $100	Next-business-day cancellation; 50% of net pay limit
Nova Scotia	Service Nova Scotia (UARB sets terms)	$14 / $100	Next-business-day cancellation; default interest capped
New Brunswick	FCNB	$14 / $100	Licensing searchable at FCNB; 48-hour cancellation
Newfoundland & Labrador	Digital Government and Service NL	$14 / $100	Adopted payday regulation in 2019; standard protections apply
Prince Edward Island	Consumer Services (Justice & Public Safety)	$14 / $100	Licensing regime in force; verify lender registration
Quebec	Office de la protection du consommateur	n/a	No payday exemption — lenders must price under 35% APR, so payday products aren't offered
Territories (YT, NT, NU)	Federal framework	$14 / $100	No territory-specific payday statutes; federal criminal-rate rules govern

One habit that protects you everywhere

Before signing with any online lender, spend sixty seconds confirming their licence in your province's public registry — FSRA's for Ontario, Consumer Protection BC's for BC, Service Alberta's for Alberta. Unlicensed online lenders are where illegal rates, fake fees, and abusive collections live. Licence numbers must be displayed on the lender's website and printed in your agreement.