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| Segment | Share | Average request |
|---|---|---|
| Everyday, under $1,500 | 63.3% | $483 |
| Instalment, $1,500 and above | 36.7% | $6,241 |
The fee is capped at $14 per $100 borrowed: $70 on a $500 loan over two weeks, repaid in one payment on your next payday. A payday loan in Ontario carries a two business day cooling-off period at no cost. Almost nobody knows it exists, and it is the cheapest exit from a loan you regret.
Ontario has no separate high-cost credit licensing band; the federal 35% cap does the work. The regulator is Consumer Protection Ontario.
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.
$42 in fees, the $14 per $100 maximum. You repay $342 in total on your next payday. Every licensed Ontario lender charges at this cap, so comparing on price is pointless; compare on funding speed and repayment flexibility instead.
If you take three loans from the same lender within 63 days, the lender must offer you an extended payment plan: your balance splits into equal instalments across multiple pay periods, you can prepay without penalty, and you can exit the plan at any time. It is the province's built-in exit ramp from repeat borrowing, and lenders cannot refuse it.
The lesser of $1,500 or 50% of your net pay for the period. A lender who sees $1,800 in net pay on your statement can advance at most $900, which is why two applicants with the same request can be approved for different amounts.
