Tool
Payday loan calculator: the cash cost, to the dollar
A payday loan in Canada costs up to $14 for every $100 borrowed. On $500 for 14 days the fee is $70, you repay $570, and the cost equals about 365% as an annual rate. Change the province, amount, term or fee below to estimate your own loan.
Last reviewed by the Public Cash Services editorial team
Estimated cost Ontario
- You borrow
- $500.00
- Total fee
- $70.00
- Due date
- —
- Annual rate for this term
- 365%
- You repay
- $570.00
Payday loans are expensive short-term credit. Results are estimates only. Your lender’s agreement shows the actual cost, dates and fees.
Compare licensed lendersHow is the cost worked out?
- Total fee
- Loan amount ÷ 100 × cost per $100.
- Total repayment
- Loan amount + total fee.
- Annual rate for the term
- (Total fee ÷ loan amount) × (365 ÷ term in days) × 100.
- Due date
- Today plus the term you entered. Your lender sets the real date around your payday.
What does the calculator leave out?
Fees for a returned payment, default interest on an overdue balance and your own bank’s NSF charge. It also cannot tell you whether a lender will approve you.