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Types of Loans in Canada

Compare loan options across Canadian provinces

⚡

Payday Loans

Provincial regulators (FSRA, BCFSA, etc.)

Short-term loans up to $1,500, due on your next payday. Fee caps vary by province: Ontario $15/100, BC $15/100, Alberta $15/100.

APR
391–442%
Amount
$100 – $1,500
Term
14 days

✅ Pros

  • • Fast approval
  • • No credit check
  • • 2-day cooling-off

⚠️ Cons

  • • Extremely high APR
  • • Provincially regulated fees
  • • Rollover banned
📅

Installment Loans

Provincial + FCAC

Loans repaid in scheduled payments. Better rates than payday loans. Available from licensed lenders across all provinces.

APR
19–46%
Amount
$500 – $15,000
Term
3–36 months

✅ Pros

  • • Fixed payments
  • • Lower APR
  • • Credit building

⚠️ Cons

  • • Income verification
  • • Possible fees
  • • Credit check possible
💳

Personal Loans

FCAC + OSFI

Unsecured loans from banks and credit unions. Best rates for credit scores above 700. Major banks and online lenders compete.

APR
5–20%
Amount
$1,000 – $50,000
Term
12–60 months

✅ Pros

  • • Competitive rates
  • • Flexible terms
  • • No collateral

⚠️ Cons

  • • Good credit required
  • • Slower approval
  • • Bank fees
🏦

Lines of Credit

FCAC + OSFI

Flexible borrowing with a set limit. Pay interest only on amount withdrawn. Available secured (home equity) or unsecured.

APR
5–15%
Amount
$1,000 – $100,000
Term
Revolving

✅ Pros

  • • Pay interest only on used amount
  • • Reusable credit
  • • Lower rates (secured)

⚠️ Cons

  • • Variable interest
  • • Requires qualification
  • • Home equity risk (secured)

FAQ

What is the maximum cost for payday loans in Canada?

Payday loan fees are capped by province. Ontario: $15 per $100 borrowed. British Columbia: $15/$100. Alberta: $15/$100. Saskatchewan: $17/$100. Manitoba: $17/$100. Quebec effectively bans payday loans by capping criminal rate interest.

Is charging over 60% APR illegal in Canada?

Under Section 347 of the Criminal Code, charging over 60% effective annual rate is a criminal offense. However, regulated payday loan products are exempt from this limit under provincial regulations.

Can I get a loan with bad credit in Canada?

Yes — payday loans don't require a credit check. Some installment lenders also serve borrowers with poor credit (below 600), though at higher rates. Always compare total cost of borrowing.

Canadian Financial Authorities: FCAC·FSRA (ON)·AMF (QC)·BCFSA
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