{"id":737079,"date":"2018-05-13T20:32:58","date_gmt":"2018-05-14T00:32:58","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=737079"},"modified":"2026-03-05T15:47:51","modified_gmt":"2026-03-05T20:47:51","slug":"payday-loan-regulations-canada","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-regulations-canada","title":{"rendered":"Payday loan regulations in Canada"},"content":{"rendered":"<p>Payday loan regulations in Canada vary between provinces and territories. The rules that determine how much lenders can charge and how much you can borrow depend on where you live. Whether you can take out more than one payday loan at a time also depends on where you live.<\/p><p>As a borrower, it&#8217;s important for you to be aware of the regulations in your province or territory so you can make sure you&#8217;re getting a fair deal. Read on to learn about the legislation that applies to each province.<\/p><h3>Payday loan regulations in Canada<\/h3><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"text-align: center; width: 12%;\" scope=\"col\">Province<\/th><th style=\"text-align: center; width: 12%;\" scope=\"col\">Maximum cost per $100 borrowed<\/th><th style=\"text-align: center; width: 12%;\" scope=\"col\">Maximum loan amount<\/th><th style=\"text-align: center; width: 12%;\" scope=\"col\">Loan term<\/th><th style=\"text-align: center; width: 12%;\" scope=\"col\">Maximum fee for a returned cheque or pre-authorized debit<\/th><th style=\"text-align: center; width: 40%;\" scope=\"col\">Additional information<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>Ontario<\/td><td>$14<\/td><td>$1,500 (up to 50% of your net income)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of two business days to cancel the loan. If you can&#8217;t repay your loan on time, lenders can charge a maximum interest rate of 2.5% per month (non-compounding) on the outstanding amount. Rollover loans are not allowed.<\/td><\/tr><tr><td>British Columbia<\/td><td>$14<\/td><td>$1,500 (up to 50% of your paycheque)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of two business days to cancel the loan. If you can&#8217;t repay your loan on time, the lender can charge additional interest at 30% per annum on the outstanding loan amount. Rollover loans are not allowed.<\/td><\/tr><tr><td>Alberta<\/td><td>$14<\/td><td>$1,500<\/td><td>42 - 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of two business days to cancel the loan. Loans must have a payment schedule with at least 2 installments. Rollover loans are not allowed.<\/td><\/tr><tr><td>Saskatchewan<\/td><td>$14<\/td><td>$1,500 (up to 50% of your take-home pay)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of the next business day to cancel the loan. If you default on a loan, the lender can charge interest on the outstanding amount at a maximum rate of 30% per annum. Rollover loans are not allowed.<\/td><\/tr><tr><td>Manitoba<\/td><td>$14<\/td><td>$1,500 (up to 30% of your net pay)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of 48 hours (excluding Sundays and public holidays) to cancel the loan.<\/td><\/tr><tr><td>Newfoundland and Labrador<\/td><td>$14<\/td><td>$1,500 (up to 50% of your net income)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of two business days to cancel the loan. Rollover loans are not allowed.<\/td><\/tr><tr><td>New Brunswick<\/td><td>$14<\/td><td>$1,500 (up to 30% of your net pay)<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of 48 hours (excluding Sundays and public holidays) to cancel the loan. Rollover loans are not allowed.<\/td><\/tr><tr><td>Nova Scotia<\/td><td>$14<\/td><td>$1,500<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of the next business day to cancel the loan (two days for online payday loans). Lenders can charge you up to 30% annual interest if you fail to repay your loan on time.<\/td><\/tr><tr><td>Prince Edward Island<\/td><td>$14<\/td><td>$1,500<\/td><td>Up to 62 days<\/td><td>$20<\/td><td>There&#8217;s a cooling-off period of two business days to cancel the loan. Rollover loans are not allowed without proof that at least seven days have passed since you paid off the full balance on the initial loan.<\/td><\/tr><\/tbody><\/table><h3>How are payday loans regulated in Canada?<\/h3><p><a href=\"https:\/\/www.finder.com\/ca\/payday-loans\">Payday loans<\/a> in Canada are regulated at the provincial level. As a result, factors such as how much you can borrow, how long you have to repay the loan and how much it will cost vary around the country.<\/p><p>The Criminal Code of Canada sets the maximum rate of annual interest for most lending products at 35% APR. However, as per section 347.1 of the code, payday loans are exempt from this rule in the following situations:<\/p><ul><li>They&#8217;re for amounts of $1,500 or less and loan terms of 62 days or less<\/li><li>They&#8217;re offered by a licensed or specially authorized lender<\/li><li>The province has consumer protection laws in place to protect payday loan borrowers<\/li><\/ul><p>Check out the table above to find out what regulations apply in your province.<\/p><p>Different rules apply in Quebec and the territories.<\/p><h3>How much will a payday loan cost?<\/h3><p>A maximum cost of $14 for every $100 borrowed may not seem like all that much, but it is. Thanks to their short loan terms, payday loans have extremely high annual percentage rates (APRs) and are a very expensive way to borrow money. Let&#8217;s take a look at how much it would cost to pay back a $500 loan based on the regulations where you live.<\/p><table class=\"luna-table luna-table--responsiveList\"><thead class=\"luna-table__header\"><tr><th style=\"text-align: left; width: 20%;\" scope=\"col\">Province<\/th><th style=\"text-align: left; width: 16%;\" scope=\"col\">Maximum cost per $100 borrowed<\/th><th style=\"text-align: left; width: 16%;\" scope=\"col\">Loan amount<\/th><th style=\"text-align: left; width: 16%;\" scope=\"col\">Loan term<\/th><th style=\"text-align: left; width: 16%;\" scope=\"col\">Total cost<\/th><th style=\"text-align: left; width: 16%;\" scope=\"col\">APR<\/th><\/tr><\/thead><tbody class=\"luna-table__body\"><tr><td>All provinces except Quebec<\/td><td>$14<\/td><td>$500<\/td><td>14 days<\/td><td>$570<\/td><td>365%<\/td><\/tr><\/tbody><\/table><h3>Payday loan regulations in Quebec<\/h3><p>Payday lenders in Quebec are governed by much stricter regulations than elsewhere in the country. The maximum annual interest rate on all loans in Quebec is 35.00% \u2013 a far cry from the 300% \u2013plus APRs commonly found on payday loans in other provinces \u2013 which makes payday loans an unprofitable prospect for lenders. As a result, these loans are far less common in Quebec than in other provinces.<\/p><p>Borrowers also have a cooling-off period of 10 days if they wish to cancel a loan. Find out more in our guide to <a href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loans-quebec\">payday loans in Quebec<\/a>.<\/p><h3>Do payday lenders need to be licensed?<\/h3><p>Yes. Payday lenders typically need to be licensed in the province(s) in which they operate. To make sure you&#8217;re dealing with a legitimate lender, it&#8217;s essential to check whether they hold a valid payday lending licence in your province.<\/p><p>To find out whether a lender is licensed, contact your local consumer affairs office \u2013 many offer searchable online databases where you can find lender licensing details. Regulations also commonly stipulate that the lender must prominently display their licence, both in-store as well as on their website.<\/p><h3>Payday loan regulations and debt collection<\/h3><p>Payday loan laws in most provinces also outline what a lender is allowed to do when trying to collect loan payments from borrowers. These regulations determine when and how often a lender can contact you and how they must act when doing so. They also outline whether the lender can sue you for any outstanding debt or garnish your wages if you default on the loan.<\/p><p>For example, under Alberta&#8217;s regulations, a payday lender is allowed to contact you between 7am and 10pm. They can also contact your employer to confirm your employment status and contact a spouse, relative, friend or neighbour to confirm your residential address.<\/p><p>However, the lender must not do the following:<\/p><ul><li>Make any unauthorized withdrawals from your bank account<\/li><li>Use threatening, profane, intimidating or forceful language<\/li><li>Discuss your debt with anyone other than you (except a guarantor of the debt or someone you have nominated as your representative)<\/li><li>Call you, your family members or your employer so often that it represents harassment<\/li><\/ul><p>There are other prohibited collection practices to be aware of, so read up on payday loan rights where you live.<\/p><h3>Other features of payday loan regulations<\/h3><p>While payday loan regulations vary between provinces, they also outline several other rules payday lenders must follow. These include the following:<\/p><ul><li><strong>Information lenders must provide to borrowers.<\/strong> Provincial regulations stipulate that a lender must provide you with clear information about a loan before you sign a loan contract. The info they must provide includes the loan amount and term, the repayment date, all fees and charges that apply and the total cost of the loan.<\/li><li><strong>Restrictions on wage assignment.<\/strong> In many provinces, a lender is not allowed to request a wage assignment or automatic deduction from your next pay to repay your loan.<\/li><li><strong>Signage requirements.<\/strong> Regardless of whether they offer loans in-store or online, payday lenders in many provinces must display clear signage that shows the rates and fees of payday loans.<\/li><\/ul><h3>How to find out about payday loan regulations where you live<\/h3><p>If you want to know more about the payday loan laws in your province or territory, or if you want to make a complaint about a lender, contact your local consumer protection office.<\/p><div class=\"u-grid\"><div class=\"u-grid__col u-1\/2@s\"><p><strong>Alberta<\/strong><br \/><a href=\"https:\/\/www.alberta.ca\/service-alberta.aspx\" target=\"_blank\" rel=\"noopener\">Service Alberta<\/a><br \/>Toll-free phone: 1\u2011877\u2011427\u20114088<br \/>Email: service.alberta@gov.ab.ca<\/p><p><strong>British Columbia<\/strong><br \/><a href=\"https:\/\/www.consumerprotectionbc.ca\/\" target=\"_blank\" rel=\"noopener\">Consumer Protection BC<\/a><br \/>Toll-free phone: 1\u2011888\u2011564\u20119963<br \/>Email: info@consumerprotectionbc.ca<\/p><p><strong>Manitoba<\/strong><br \/><a href=\"https:\/\/www.gov.mb.ca\/consumerinfo\/\" target=\"_blank\" rel=\"noopener\">Consumer Protection Office<\/a><br \/>Toll-free phone: 1\u2011800\u2011782\u20110067<br \/>Email: consumers@gov.mb.ca<\/p><p><strong>New Brunswick<\/strong><br \/><a href=\"https:\/\/fcnb.ca\/en\" target=\"_blank\" rel=\"noopener\">Financial and Consumer Services Commission<\/a><br \/>Toll-free phone: 1\u2011866\u2011933\u20112222<br \/>Email: info@fcnb.ca<\/p><p><strong>Newfoundland and Labrador<\/strong><br \/><a href=\"https:\/\/www.gov.nl.ca\/dgsnl\/consumer\/consumer-affairs\/\" target=\"_blank\" rel=\"noopener\">Digital Government and Service NL<\/a><br \/>Toll-free phone: 1\u2011877\u2011968\u20112600<br \/>Email: consumeraffairsaccount@gov.nl.ca<\/p><p><strong>Northwest Territories<\/strong><br \/><a href=\"https:\/\/www.maca.gov.nt.ca\/en\/services\/consumer-affairs\" target=\"_blank\" rel=\"noopener\">Consumer Affairs<\/a><br \/>Phone: 867\u2011767\u20119161 ext 21022<br \/>Email: consumer_affairs@gov.nt.ca<\/p><p><strong>Nova Scotia<\/strong><br \/><a href=\"https:\/\/beta.novascotia.ca\/programs-and-services\/consumer-protection\" target=\"_blank\" rel=\"noopener\">Service Nova Scotia and Internal Services<\/a><br \/>Toll-free phone: 1\u2011800\u2011670\u20114357<br \/>Email: askus@novascotia.ca<\/p><\/div><div class=\"u-grid__col u-1\/2@s\"><p><strong>Nunavut<\/strong><br \/><a href=\"https:\/\/www.gov.nu.ca\/community-and-government-services\/information\/consumer-affairs\" target=\"_blank\" rel=\"noopener\">Consumer Affairs<\/a><br \/>Toll-free phone: 1\u2011866\u2011223\u20118139<br \/>Email: consumerprotection@gov.nu.ca<\/p><p><strong>Ontario<\/strong><br \/><a href=\"https:\/\/www.ontario.ca\/page\/consumer-protection-ontario\" target=\"_blank\" rel=\"noopener\">Consumer Protection Ontario<\/a><br \/>Toll-free phone: 1\u2011800\u2011889\u20119768<br \/>Email: consumer@ontario.ca<\/p><p><strong>Prince Edward Island<\/strong><br \/><a href=\"https:\/\/www.princeedwardisland.ca\/en\/topic\/consumer-services\" target=\"_blank\" rel=\"noopener\">Consumer Services<\/a><br \/>Toll-free phone: 1\u2011800\u2011658\u20111799<br \/>Email: ccs@gov.pe.ca<\/p><p><strong>Quebec<\/strong><br \/><a href=\"https:\/\/www.opc.gouv.qc.ca\/\" target=\"_blank\" rel=\"noopener\">Office de la protection du consommateur<\/a><br \/>Toll-free phone: 1\u2011888\u2011672\u20112556<\/p><p><strong>Saskatchewan<\/strong><br \/>Consumer Protection Division<br \/><a href=\"https:\/\/fcaa.gov.sk.ca\/\" target=\"_blank\" rel=\"noopener\">Financial and Consumer Affairs Authority of Saskatchewan<\/a><br \/>Toll-free phone: 1\u2011877\u2011880\u20115550<br \/>Email: consumerprotection@gov.sk.ca<\/p><p><strong>Yukon<\/strong><br \/>Consumer Services<br \/>Toll-free phone: 1\u2011800\u2011661\u20110408 ext 5111<br \/>Email: consumer@gov.yk.ca<\/div><\/div><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Are payday loans banned in Quebec?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Technically, no. However, as the maximum annual interest rate on all lending products in Quebec is limited to 35%, traditional payday lenders are effectively unable to operate in the province.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How many payday loans can you have at once?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>In most provinces, lenders are not allowed to issue a second payday loan until you have paid off your initial loan.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Can I get a payday loan if I have bad credit?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes. Payday loans are usually targeted toward those who <a href=\"https:\/\/www.finder.com\/ca\/credit-score\">have fair or poor credit<\/a> and don't have many other options for financing. Rather than focusing on your credit score, payday lenders assess your ability to repay the loan.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">What is a rollover payday loan?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>A rollover loan is when you carry over your existing payday loan debt into a new payday loan. However, rollover loans are prohibited in many provinces.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<div id=\"sources\" style=\"position: relative;\"><h3 style=\"position: absolute; width: 1px; height: 1px; padding: 0; margin: -1px; overflow: hidden; clip: rect(0,0,0,0); white-space: nowrap; border: 0;\">Sources<\/h3>\n<div id=\"lazy0000000004\"><\/div>\n<script type=\"application\/json\" id=\"lazyloaded-assets-json-lazy0000000004\" class=\"lazyloaded-assets-json\">{\"critical-scripts\":[],\"scripts\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.de087a0da9824e407767.js\"],\"styles\":[\"https:\\\/\\\/www.finder.com\\\/parent-theme\\\/shortcodes\\\/article-source\\\/prod\\\/article-source.87684078d471e76125dd.css\"]}<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Read our guide to payday loan regulations in your province or territory.<\/p>\n","protected":false},"author":516,"featured_media":782621,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[5506],"tags":[],"asset_tag":[],"class_list":["post-737079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-payday-loans"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Payday Loan Regulations in Canada | Finder Canada<\/title>\n<meta name=\"description\" content=\"Thinking of taking out a payday loan? Make sure you understand your rights and the payday loan regulations where you live first.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.finder.com\/ca\/payday-loans\/payday-loan-regulations-canada\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payday loan regulations in Canada\" \/>\n<meta property=\"og:description\" content=\"Thinking of taking out a payday loan? 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