Free cost estimator
Payday Loan Calculator Canada
See what a payday loan could cost before you apply. Choose an amount, your province and a repayment term to estimate the borrowing cost, total repayment, equivalent APR and due date.
Estimate Your Payday Loan Cost
Results update instantly as you change the inputs.
Regulated provinces: the maximum borrowing cost is $14 for every $100 borrowed, whatever the term (up to 62 days).
Estimated total repayment
$570.00
- Borrowing cost
- $70.00
- Cost per $100
- $14.00
- Equivalent APR
- 365%
- Due date (est.)
- —
Estimates use the maximum cost allowed by provincial payday-loan rules ($14 per $100) or, in Quebec, the 35% annual rate cap. Your actual cost, term and due date are set by your lender's loan agreement. EMT Cash is a referral service, not a direct lender.
HOW IT'S CALCULATED
How Payday Loan Costs Are Worked Out in Canada
In provinces that regulate payday lending, the cost of a payday loan is capped as a flat amount for every $100 you borrow. The current maximum is $14 per $100, and it includes interest and fees.
Because the cost is a flat amount, it does not grow with the number of days. A $500 loan costs up to $70 whether you repay it in 7 days or 62 days. The shorter the term, though, the higher the equivalent annual percentage rate (APR).
Quebec does not license payday lenders the same way. Credit there is limited to a 35% annual interest rate, so the calculator works out the cost from that annual rate and the number of days in your term.
The Formula
Cost = amount × $14 ÷ $100
Total repayment = amount + cost
APR = cost ÷ amount × 365 ÷ days
Why the APR Looks High
$14 per $100 over 14 days works out to about 365% APR. Payday loans are a high-cost form of credit, so use them only for short-term needs you can repay on time.
PROVINCIAL LIMITS
Payday Loan Cost Limits by Province
The maximum a lender can charge depends on where you live. These are the limits the calculator uses.
| Province | Maximum Cost | Cost on $500 (14 days) | Total Repayment |
|---|---|---|---|
| Ontario | $14 per $100 | $70 | $570 |
| British Columbia | $14 per $100 | $70 | $570 |
| Alberta | $14 per $100 | $70 | $570 |
| Saskatchewan | $14 per $100 | $70 | $570 |
| Manitoba | $14 per $100 | $70 | $570 |
| New Brunswick | $14 per $100 | $70 | $570 |
| Nova Scotia | $14 per $100 | $70 | $570 |
| Prince Edward Island | $14 per $100 | $70 | $570 |
| Newfoundland & Labrador | $14 per $100 | $70 | $570 |
| Quebec | 35% annual rate | $6.71 | $506.71 |
Figures are illustrations based on the maximum limits. Rules can change, so check your provincial consumer protection office and read your loan agreement before you accept an offer.
BEFORE YOU BORROW
How to Use Your Estimate
A calculator result is a starting point. Use it to plan, then compare it with the offer a lender gives you.
Borrow Only What You Need
Every extra $100 adds up to $14 to your cost. Choose the smallest amount that covers the expense.
Check the Due Date
Make sure the full repayment fits your next pay cheque. A missed payment can bring extra fees from the lender or your bank.
Compare With Your Agreement
Your lender must show the total cost and repayment amount before you sign. If it is higher than your estimate, ask why.
Common Questions
Payday Loan Calculator Questions
Quick answers about how payday loan costs work in Canada.
In provinces with the $14 per $100 limit, a $500 payday loan can cost up to $70, for a total repayment of $570.
Not in regulated provinces. The maximum cost is a flat $14 per $100 for terms up to 62 days. In Quebec, the cost is based on a 35% annual rate, so a longer term costs more.
At $14 per $100 over 14 days, the equivalent APR is about 365%. Over 62 days it drops to about 82%, because the same cost is spread over more time.
No. The result is an estimate based on the maximum provincial limits. Your lender's loan agreement shows your actual cost, repayment amount and due date.
Payday loans in Canada are generally limited to $1,500. The amount a lender offers depends on your income, your province and the lender's own rules.
Ready to See Your
Real Loan Options?
Your estimate shows the maximum cost. Apply online to see whether a participating lender has an offer for you, then review the exact cost before you accept.