Loan Calculators
Payday loan cost and APR calculator for Canada.
Enter what you borrow and how many days until you repay. See the fee, the total to pay back and the annual percentage rate, and how it compares with the legal limits. Information only, not legal or financial advice.
Inputs
Result
Enter the loan details.
Not legal advice. Rules differ by province and change over time. Your provincial consumer-protection office can confirm the limits that apply to you.
Worked example
Borrow $300 in Ontario for 14 days at the $14 per $100 cap. The fee is 300 / 100 x 14 = $42, so you repay $342. The simple annual rate is 42 / 300 x 365 / 14 = 3.65, or 365% APR. Compounded as an effective annual rate (the method in the criminal interest rate checker) the figure is far higher, about 2,945%. A fee of $14 per $100 looks small, but it is charged for a very short term.
How the numbers are worked out
APR = fee / amount borrowed x 365 / days to repay. The calculator also shows the effective annual rate from the same engine as the criminal interest rate checker, which assumes the cost compounds over a year. Neither figure means you would pay that much over a year if you repay on time; they let you compare a short loan with a credit card or line of credit on the same scale.
Limits shown here, from the Financial Consumer Agency of Canada: in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island and Saskatchewan the maximum cost of borrowing is $14 for each $100 borrowed, with a one-time $20 fee for a dishonoured cheque, and a payday loan is up to $1,500 with up to 62 days to repay. Elsewhere the maximum cost of borrowing is the criminal interest rate of 35%.
Sources: Financial Consumer Agency of Canada, Payday loans, opened 2026-09-29; Criminal Code of Canada, s. 347, Justice Laws Website. Check the agency page for the current rules before relying on a figure.
FAQ
What is the most a payday lender can charge?
In the nine provinces listed above, $14 for each $100 you borrow. A dishonoured cheque can add a one-time $20 fee. Anywhere else the cap is the 35% criminal rate.
Why is the APR so high?
The fee is charged on a loan that lasts only days or weeks. Annualising a short-term fee multiplies it many times, which is how rates on other credit are quoted.
Is a fee over the cap allowed?
Not in a province with its own payday rules. If the calculator flags your fee as over the cap, contact your provincial consumer-protection office.
Does this recommend a lender or product?
No. It only shows what a loan costs so you can compare it with cheaper options such as an arrangement with your biller, a credit union loan or a line of credit.