Our responsible lending commitments
- We only work with lenders licensed in your province.
- We show the maximum cost of borrowing on every page and in our calculator.
- We never charge you a fee to apply or to receive a loan.
- We won't encourage you to borrow more than you asked for.
- We don't promote rollovers or new loans to pay off old ones.
- We point you to free, independent help when a payday loan isn't the right fit.
Ask yourself before you borrow
- Is this a one-time emergency, or a regular bill I'll face again next month?
- Will my next paycheque cover the full repayment and my essential bills?
- Do I already have a payday loan outstanding?
- Have I checked cheaper options, like my bank, credit union or employer?
- Do I understand the total cost in dollars and the due date?
If you answered "no" or "not sure" to any of these, take a moment with our financial education guides first.
Your rights as a payday loan borrower
- Cost cap: no more than $14 per $100 borrowed, including all fees.
- Clear disclosure: a written agreement showing the amount, total cost, APR and due date.
- Cancellation: a short period after signing to cancel without paying the cost of borrowing, for example two business days in Ontario, Alberta and BC.
- Early repayment: the right to repay early without a penalty.
- Limited fees: a dishonoured payment fee of no more than $20.
- No forced extras: lenders can't require insurance or charge upfront fees.
- Extended payment plans in provinces that require them, such as Ontario after three loans in 63 days.
If you're struggling to repay
You're not alone, and there are free options:
- Talk to your lender first. Ask about an extended payment plan before your due date.
- Non-profit credit counselling. Agencies that are members of Credit Counselling Canada offer free budget reviews and can set up debt management plans.
- Licensed insolvency trustees can explain consumer proposals and other legal options if your debt has become unmanageable. First consultations are free.
- Your provincial regulator can help if you believe a lender broke the rules. See the provinces page.