Compare Loans Across Canada

A payday loan in Canada is a short-term, small-dollar loan (up to $1,500) that must be repaid by your next payday, typically within 62 days. These loans are regulated at both the federal level by the FCAC and at the provincial level by bodies like FSRA (Ontario), AMF (Quebec), and BCFSA (British Columbia). Fees and APR caps vary significantly by province.

In most Canadian provinces, the maximum payday loan amount is $1,500. However, actual amounts depend on your income, province of residence, and the specific lender. Some installment loan providers offer up to $15,000 for longer-term products.

APR varies dramatically by province. Quebec has the lowest cap at 35% APR (effectively banning traditional payday loans), while provinces like Ontario charge up to $15 per $100 borrowed (approximately 391% APR). Newfoundland & Labrador allows up to $21 per $100 (approximately 546% APR). Always check your province-specific rates on Credizen.

Payday loans are legal in all provinces, but Quebec effectively prohibits traditional payday loans with its 35% APR cap. Each province sets its own rules regarding maximum fees, cooling-off periods, and borrower protections. All lenders must be licensed in every province where they operate.

Requirements typically include: being at least 18 years old (19 in BC, NB, NS, NL, NT, YT, NU), having a valid Canadian bank account, proof of regular income (employment, benefits, or pension), a Canadian address, and valid government-issued photo ID. Most lenders do not require a traditional credit check.

Many Canadian payday lenders offer approval within 15 minutes of completing your application. Once approved, funds are typically deposited within 24 hours via Interac e-Transfer or direct deposit. Some lenders offer same-day funding for applications submitted before noon.

Alternatives include: credit union personal loans (often at much lower rates), bank overdraft protection, payment plans with creditors, provincial emergency assistance programs, credit counselling through Credit Counselling Canada, and employer salary advance programs. In Quebec, credit unions and banks are the primary short-term lending options.

Credizen uses a transparent 6-criteria scoring methodology: APR/fees (30% weight), approval speed (25%), fee transparency (20%), customer reviews (15%), eligibility criteria (5%), and licensing compliance (5%). We independently rate every lender — no lender can pay for a higher ranking. Our data is updated quarterly.