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Payday Loan Rates & Fees in Canada — The 2026 Numbers
Every figure on this page comes from federal regulation or provincial consumer law. If a lender's quote doesn't match these ceilings, walk away and report them.
What is the maximum payday loan fee in Canada? $14 per $100 borrowed — a nationwide federal cap under the Criminal Interest Rate Regulations, in force since January 1, 2025. On a 14-day term that equals an APR of roughly 365%. The maximum loan is $1,500; the maximum term in most provinces is 62 days.
The full cost table, $100 to $1,500
One flat fee. No compounding, no daily interest, no origination charge, no application charge. This is the legal maximum — some lenders price below it.
| You borrow | Max fee ($14/$100) | You repay | APR equiv. (14 days) |
|---|---|---|---|
| $100 | $14.00 | $114.00 | 365% |
| $300 | $42.00 | $342.00 | 365% |
| $500 | $70.00 | $570.00 | 365% |
| $800 | $112.00 | $912.00 | 365% |
| $1,000 | $140.00 | $1,140.00 | 365% |
| $1,500 | $210.00 | $1,710.00 | 365% |
Default & dishonoured-payment fees
If your repayment bounces, provinces cap what the lender can add. Ontario limits default interest to 2.5% per month (not compounded) and NSF-related charges to one fee of at most $25. Similar ceilings apply elsewhere — the point is that default costs are regulated too, and a lender inventing extra "penalty" line items is breaking the rules.
Fees that are illegal to charge you
- Any fee before the loan is advanced ("insurance", "processing", "release" fees) — this is the signature of an advance-fee scam
- A charge for repaying early — prepayment is free in every regulated province
- A rollover fee — rollovers themselves are prohibited
- A fee for receiving your loan by e-Transfer or direct deposit
Why the price is the same coast to coast
Until 2025, each province set its own cap — Ontario, BC and Alberta at $15 per $100, Manitoba and Saskatchewan at $17, Nova Scotia at $19. The federal Criminal Interest Rate Regulations replaced that patchwork on January 1, 2025: to keep their exemption from the criminal interest rate (now 35% APR), payday lenders everywhere must price at or under $14 per $100.
The provinces still matter — they license lenders, set cancellation windows, cap default fees, and run enforcement. That's covered on our provincial rules page. But the headline price is now national, which makes rate-shopping between payday lenders largely pointless and makes comparing against other products the smart move.