Offer
PaydayExpert (Payday / Cash Advance)
Available: CA
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Calculator
Payday Loan Cost Calculator
Apply the federal payday lending cap to see the maximum a licensed payday loan may cost, and compare that against the same amount borrowed as an instalment loan.
Enter your figures above to see the result.
Assumptions
Fixed rate for the whole term; no fees, insurance or taxes unless a field says otherwise. Results are estimates, not offers.
See what you qualify for
You have the numbers. The next step is an actual offer from a licensed lender or partner.
How this calculator works
Federal payday lending regulations cap the cost of borrowing at $14 per $100 advanced where a province operates a licensed payday lending regime. Some provinces set a lower cap under their own legislation, so the binding limit is the lower of the two in your province.
The comparison against an instalment loan is annualised, because that is the only honest way to compare a two-week product with a multi-year one. A cost that looks modest across fourteen days becomes very large when expressed as an annual rate — which is precisely why the federal Criminal Code sets a general criminal rate of interest at 35% per year and carves payday lending out specifically.
Quebec does not license payday lending, so the product is effectively prohibited there.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
loanwolf.ca is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
What this result means
The figures above are arithmetic, not an offer. A lender's actual rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. The lowest rates are only available to the most qualified applicants.
loanwolf.ca is not a lender. We do not make credit decisions or set rates. If you want to see what a lender would offer, you can choose your loan type.
About payday loans
Payday Loans
Short-term, high-cost credit of up to $1,500 for 62 days or less. Federal law caps the cost of borrowing at $14 per $100 advanced.
Cash Advance Loans
A cash advance against your next paycheque or credit line. Fast, but among the most expensive ways to borrow in Canada.
Emergency Loans
Short-term financing for an unexpected bill. Urgency is exactly when borrowers pay the most, so compare before signing.
Frequently asked questions
What is the maximum a payday loan can cost in Canada?
Where a province licenses payday lending, federal regulation caps the cost at $14 per $100 advanced, and some provinces set a lower cap. The lower figure applies.
Why do payday loans show such a high annual rate?
Because the fee is charged over a very short term. Annualising a two-week fee produces a very large number. The federal Criminal Code sets the general criminal rate of interest at 35% per year and treats licensed payday lending as a specific exception.
Are payday loans available in Quebec?
No. Quebec does not operate a licensed payday lending regime, which effectively prohibits the model in the province.
Is this calculator free to use?
Yes. Every calculator on loanwolf.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette