The payday loan where you see the whole bill first.
Borrow $100 to $1,500 online and get funded by Interac e-Transfer — with the total cost of borrowing printed in plain dollars before you sign anything. One flat fee, capped by federal law at $14 per $100. No surprises on payday.
Cost of Borrowing
Maximum permitted under the Criminal Interest Rate Regulations, in force since January 1, 2025. Your lender's agreement will show the identical figures before you sign. Illustration only — not an offer of credit.
What is an online payday loan in Canada? It is a short-term loan of $100–$1,500, applied for entirely online, repaid in full on (or matched to) your next payday, and priced as one flat fee — capped by federal law at $14 per $100 borrowed since January 1, 2025. Lenders must hold a licence in your province, and funds are usually delivered by Interac e-Transfer the same day.
Built around one idea: total price transparency
Most payday loan websites hide the math until the last screen. We put it on the first one. Here is exactly what borrowing costs, what the law guarantees you, and where a payday loan is — and isn't — the right tool.
One flat fee, capped by law
No compounding interest, no daily accrual. You pay a single borrowing fee of at most $14 per $100. Borrow $400, repay at most $456. The cap is federal, so it's the same ceiling from Victoria to St. John's.
Full rate table →Your provincial rights
Every province licenses payday lenders and gives you a cancellation window — one to two business days to return the money and owe nothing. Rollovers are banned; a lender can't stack a new loan on an unpaid one.
Rules in your province →Funded by e-Transfer
Applications run online in about five minutes. Once you review and sign the agreement, licensed lenders send funds by Interac e-Transfer — commonly within the hour, including evenings, weekends, and holidays.
How e-Transfer funding works →From application to e-Transfer in four steps
The process is deliberately short — and every step happens on your screen, not in a branch.
Complete the online form
Tell us your province, income source, and banking details through an encrypted form. Works on any phone or computer — nothing to print, scan, or fax.
≈ 5 minutesGet an income-based decision
A licensed lender reviews your income and recent bank activity — not your credit score. No hard inquiry touches your Equifax or TransUnion file.
Minutes, most hours of the dayRead your cost disclosure
Your agreement states the amount, the flat fee, the APR equivalent, and the due date — in dollars, on one page. You're free to walk away at no cost.
Take your timeReceive your e-Transfer
Sign electronically and the money moves to your bank by Interac e-Transfer. With autodeposit on, it lands without you touching anything.
Often under 1 hourWho qualifies?
The bar is income stability, not a credit score. If you can check these boxes, you can apply.
- 18+ (19+ in some provinces) and a Canadian resident
- Steady monthly income — employment, self-employment, CPP, EI, disability, or pension all count
- An active Canadian bank account that can receive Interac e-Transfer
- A working mobile number and email address
- Past credit problems — low score, collections, a discharged bankruptcy — do not automatically disqualify you
Honesty first
No licensed lender can promise "guaranteed approval" — that claim is a red flag under Canadian consumer law. What we can say: decisions are based on your income today, most complete applications are approved, and applying will never damage your credit score.Is a payday loan the right tool?
A payday loan is an emergency bridge — a burst pipe, a prescription, keeping the power on. At an APR equivalent near 365%, it is the wrong tool for ongoing bills or paying off other debt.
Before you borrow, price the alternatives: a credit card cash advance, bank overdraft, or a small line of credit usually costs less. If those doors are closed and the expense can't wait, a payday loan from a licensed lender — used once and repaid on time — is a legal, predictable option.
Read our responsible borrowing guide →What $300 for 14 days actually costs
The Financial Consumer Agency of Canada urges borrowers to compare before signing. Here's that comparison, in dollars.
| Borrowing option | Typical pricing | Cost on $300 / 14 days | Notes |
|---|---|---|---|
| Payday loan (legal max) | $14 per $100 | $42.00 | Flat fee; ~365% APR equivalent; repaid in one payment |
| Credit card cash advance | ~23% + $5 fee | ≈ $7.65 | Interest starts immediately; needs available credit |
| Bank overdraft protection | ~21% + $5 fee | ≈ $7.40 | Must be set up in advance with your bank |
| Personal line of credit | ~8–12% APR | ≈ $1.15 | Cheapest option, but requires prior approval |
Figures are illustrative and rounded; based on the comparison framework published by the Financial Consumer Agency of Canada. If a cheaper option is available to you, use it.
Choose the loan page that matches your situation
E-Transfer Payday Loans
Round-the-clock automated funding by Interac e-Transfer, with autodeposit tips to shave off the last few minutes. Ideal when the timing is the emergency.
E-Transfer details →No Credit Check Payday Loans
Income-based approval with no hard bureau inquiry. What "no credit check" legally means, what lenders actually verify, and why your score stays untouched.
No-credit-check details →Payday Loans by Province
Ontario, Alberta, and BC each add their own borrower protections on top of the federal cap — cancellation windows, income limits, repayment plans. Know yours.
Provincial rules →Quick answers
Short, sourced, and current for 2026. The full FAQ covers thirty more.
How much does a payday loan cost in Canada in 2026?
At most $14 for every $100 you borrow — a federal ceiling in force since January 1, 2025. A $300 loan costs up to $42; you repay $342 on the due date. A lender quoting more on a new agreement is operating illegally: report them to your provincial regulator.
Will applying hurt my credit score?
No. Licensed payday lenders assess income and banking activity, not your bureau file, so no hard inquiry is recorded. Repaying on time won't build your score either — payday lenders generally don't report to Equifax or TransUnion. An unpaid loan sent to collections, however, can be reported and will hurt.
Can I cancel after I've signed?
Yes. Every regulated province gives you a cooling-off window — two business days in Ontario and Alberta, until the end of the next business day in BC — to return the principal and cancel at zero cost, no reason required. The deadline and method must be printed in your agreement.
Is a payday loan available in Quebec?
Effectively no. Quebec never created a payday-loan exemption, so lenders there must price under the general criminal-rate cap of 35% APR — which the payday model can't do. Quebec residents should look at credit unions, Desjardins solidarity products, or a personal line of credit instead.
Ready when you are — with the price on page one.
Five-minute application, income-based decision, full cost disclosure before you sign, and e-Transfer funding from a lender licensed in your province.