Calculator · See what a payday-style advance costs under the federal $14 per $100 cap, and the annualised equivalent.
Payday loan cost calculator
Enter an amount, the number of days until repayment and the cap that applies where you live to see the charge, the total repayment and the annualised equivalent.
Run the numbers
The federal cap is $14 per $100 advanced where a province licenses payday lending, and a province may set a lower cap. Quebec does not license the product at all. Rollover fees, NSF fees and any other charge are additional and must be disclosed to you.
How this works
Why the annualised figure matters
Short-term credit is priced per $100 advanced rather than as an annual rate. That makes it hard to compare with a personal loan or a line of credit, and it makes a small charge look trivial. Annualising it — converting the charge into what it would cost over a full year at the same rate — is the only honest comparison.
Where the cap comes from
Where a province licenses payday lending, the federal payday lending regulations cap the cost of borrowing at $14 per $100 advanced. A province may set a lower cap, and the lower figure applies. Quebec does not license the product at all.
Costs the cap does not cover
- A fee for a pre-authorized debit that is returned for insufficient funds.
- The cost of a rollover if the loan is extended rather than repaid.
- Any charge for a replacement or reissued payment.
What to price first
Before using short-term credit, price the alternatives: a payment arrangement with the creditor you already owe, a small line of credit, a credit union, or a nonprofit credit counselling service. None is guaranteed, and each is usually cheaper than the cap allows.
Questions
Is the cap always $14 per $100?
No. Fourteen dollars per $100 advanced is the federal maximum where a province licenses payday lending, and a province may set a lower cap. The lower figure applies, so confirm the current cap with the provincial regulator.
What is the annualised equivalent for?
It converts a per-$100 charge over a short term into a yearly figure so the cost can be compared honestly with products that quote an annual rate. It is a comparison device, not a rate you would be charged over a year.
What happens if I cannot repay on the due date?
The lender may offer a rollover, which adds another charge, or present a debit that may be returned for insufficient funds and attract a further fee. Both make the debt more expensive.
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We match, we do not lend. No amount, term or rate is promised on this page — the calculator only models the numbers you entered.
LoanGoose is a loan matching and comparison service, not a lender. We do not make loans, set rates or make credit decisions. We may earn a commission when you click or apply through our links. The lowest rates are only available to the most qualified applicants.
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Lending rules and benchmark rates
The sourced rules these calculators assume.
Sources
- Financial Consumer Agency of Canada — debt and borrowing —
- Payday Lending Regulations, SOR/2024-114 —
- OSFI Guideline B-20 —
Every figure on this page is attributed to the publisher above. Where a value could not be verified against the publisher's own publication, it is left out rather than estimated.