What is the maximum a lender can charge?
$14 per $100 borrowed, in every province with a payday-loan regime, since January 1, 2025. That figure must include all fees — the lender cannot add a separate application, e-Transfer or “broker” charge on top.
What will I repay?
| You borrow | Maximum fee | You repay | Annual rate, 14-day term |
|---|---|---|---|
| $100 | $14 | $114 | 365% |
| $300 | $42 | $342 | 365% |
| $500 | $70 | $570 | 365% |
| $1,000 | $140 | $1,140 | 365% |
| $1,500 | $210 | $1,710 | 365% |
Why is the annual rate so high when the fee looks small?
The fee is charged for a very short time. $14 on $100 for 14 days is 1% a day; multiply by 365 days and you reach 365%. A longer term lowers the annual figure — the same fee over 30 days works out to about 170% — but the dollars you pay are the same. Try your own numbers in the cost calculator.
What extra charges are possible?
- Dishonoured payment
- A one-time fee from the lender if your debit or cheque bounces, plus whatever your bank charges for NSF.
- Default interest
- Provinces limit the interest a lender can charge on an overdue balance. Ontario, for example, caps it at 2.5% a month.
- Charges that are not allowed
- Rollover fees, renewal fees and fees for loading the loan onto a card where a province prohibits them.
How can I keep the cost down?
- Borrow the smallest amount that solves the problem — the fee scales with every $100.
- Use the cancellation period if your situation changes.
- Repay on time to avoid NSF and default charges.
- Compare against alternatives before you sign.
Quick answers
Is $14 per $100 the price everywhere?
It is the legal maximum, not a fixed price. A lender may charge less, though most charge the maximum.
Does repaying early reduce the fee?
Usually not; the fee is set per $100 borrowed, not per day. Check your agreement, and remember the cancellation period lets you return the money at no cost.