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Payday lending is provincially regulated: the fee you can be charged per $100, how much of your pay a lender can advance, and your cancellation window all depend on where you live.
| Province | Fee per $100 | Max advance | Cooling-off |
|---|---|---|---|
| Alberta | $14 | 50% of net pay | 2 business days to cancel |
| British Columbia | $14 | 50% of net pay | Two full business days to cancel |
| Manitoba | $14 | 30% of net pay | 48 hours to cancel |
| New Brunswick | $14 | 30% of net pay | 48 hours to cancel |
| Newfoundland and Labrador | $14 | 50% of net pay | 48-hour cooling-off |
| Nova Scotia | $14 | 50% of net pay | 48 hours to cancel an online loan |
| Ontario | $14 | 50% of net pay | 2 business days to cancel |
| Prince Edward Island | $14 | No net-pay percentage limit; $1,500 maximum applies of net pay | Two business days to cancel |
| Quebec | No payday lending regime; instalment and micro loans operate under the 35% federal cap instead | ||
| Saskatchewan | $14 | 50% of net pay | Cancel by end of next business day |
| Northwest Territories | No payday lending regime | ||
| Nunavut | No payday lending regime | ||
| Yukon | No payday lending regime | ||
$14 per $100 borrowed in every province with a payday regime, a federal maximum in force since 2024. On a $300 loan that is $42 in fees, repaid as $342 on your next payday. Every licensed lender charges at the cap, so comparing on price is pointless; compare on funding speed and repayment flexibility instead.
The fee cap is, but the protections are not. Alberta requires repayment in instalments over at least 42 days rather than a single payment. Manitoba and New Brunswick cap the loan at 30% of your net pay where most provinces allow 50%. Saskatchewan allows only one payday loan at a time. Ontario and Newfoundland require an extended payment plan after repeat borrowing. Quebec has no payday regime at all.
For anything above a few hundred dollars, an instalment loan or line of credit almost always costs less. A $500 payday loan costs $70 in fees for two weeks; the same $500 on a line of credit at 34.99% costs under $7 over the same period. The payday product is faster and easier to qualify for, which is what you are paying for.
Yes, in every province with a regime, though the window differs. Ontario, Alberta and PEI give two business days. BC gives two full business days. Manitoba, New Brunswick, Nova Scotia and Newfoundland give 48 hours. Return the principal and you owe nothing, and no reason is required.
