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Payday loans in Canada cost $14 for every $100 borrowed, reaching annual percentage rates (APRs) in the triple digits.
A payday loan APR represents the yearly cost of borrowing. It often reaches nearly 300%–400%+ because high, short-term fees accumulate drastically over a full year.
Here’s how the cost of payday loans compares to those of cash advance apps, personal loans and credit card cash advances, for a $250 loan.
| Payday loan | Credit card cash advance (23% APR + 5% fee) | Cash advance app (free 3-day delivery) | Cash advance app (instant) | |
|---|---|---|---|---|
| Loan amount | $250 | $250 | $250 | $250 |
| Loan term | 30 days | 30 days | 30 days | 30 days |
| Fee | $35 | $4.73 + $12.50 = $17.23 | $0 | $11.99/mo (cancel before the 2nd month) |
| Total loan cost | $285 | $267.23 | $250 | $261.99 |
| APR | 170.33% | 83.8% | 0% | 58.3% |
As we can see in this table, payday loans have the highest yearly cost of borrowing.
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