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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 70.6% | $425 |
| Instalment, $1,500 and above | 29.4% | $5,963 |
The fee is capped at $17 per $100 borrowed: $85 on a $500 loan over two weeks, repaid in one payment on your next payday.
High-cost credit grantor licences exist provincially. The regulator is the Consumer Protection Office.
A payday loan fits a genuine one-off gap with a repayment your next pay can absorb. If the gap repeats every month, the product that fits is not a payday loan.
Manitoba caps payday loans at 30% of your net pay, the strictest limit in Canada, calculated by a set formula from your most recent month's net income. A borrower taking home $2,000 a month can be advanced roughly $600 at most. The same borrower in Ontario could get up to 50%. It is the law, not the lender being cautious.
48 hours from receiving the money, no penalty and no reason required. The lender must give you a cancellation form with the loan. Return the principal within the window and you owe nothing.
From your net income in the most recent month you were paid: the regulation converts it to a bi-weekly figure (monthly net times 12, divided by 26) and allows 30% of that. Lenders must do this calculation, which is why they ask for a full month of income history rather than a single pay stub.
