How much does a payday loan cost in Ontario?
Straight answers: $14 per $100, what that means as an APR, your right to cancel, why rollovers aren't allowed and the NSF fee.
Maximum Allowable Cost per $100 Borrowed: $14.00
Our cost per $100 borrowed: $14.00
Example: Your $500 loan for 14 days
Amount Advanced $500.00 · Total Cost of Borrowing $70.00 (365% APR) · Total You Repay $570.00
This poster is required under the Payday Loans Act, 2008
Loansville Inc. · Lender · Ontario payday lender licence #4741249 · Licence expires March 16, 2027 · Address on licence: 157 Bridge Street, Unit B, Carleton Place, ON K7C 2V6
The short answer
- $14 per $100 borrowed (the Ontario maximum).
- $500 for 14 days costs $70, a 365% APR. You repay $570.
- Cancel within 2 business days without penalty.
- No rollovers. NSF fee: $20.
How much does a payday loan cost in Ontario?
The most a payday loan can cost in Ontario is $14 for every $100 you borrow. Loansville charges $14 per $100.
What does a $500 payday loan cost?
A $500 payday loan for 14 days costs $70. You repay $570 in total. That works out to a 365% APR.
| You borrow | Cost of borrowing | You repay |
|---|---|---|
| Every $100 | $14 | — |
| $500 for 14 days | $70 (365% APR) | $570 |
Why is the APR 365%?
APR (annual percentage rate) shows the cost of borrowing as if you borrowed for a full year. Paying $70 to borrow $500 for 14 days works out to a 365% APR. Ontario requires lenders to show the APR so you can compare loans.
Can I cancel a payday loan in Ontario?
Yes. You can cancel within 2 business days of signing, without penalty and without giving a reason. You return the money you were advanced.
Are payday loan rollovers allowed in Ontario?
No. Rollovers aren't allowed. A lender can't give you a new payday loan to pay off an existing one, so plan to repay in full on your due date.
What is the NSF fee?
If a payment is returned unpaid (NSF), Loansville charges a $20 fee. Your own bank may also charge you a separate fee.
Is the cost the same everywhere in Ontario?
Yes. The $14 per $100 cap is set by Ontario law, so it's the same in every Ontario city and town, online or in a store.
Does applying guarantee approval?
No. Most applications get an automated decision, and submitting an application does not guarantee approval.
How much can I borrow?
From $100 to $1,500. First-time borrowers can borrow up to $500.
Is a payday loan the right choice?
Payday loans are an expensive way to borrow, so they're best kept for short-term emergencies. Compare other options in our alternatives guide, and see our guide to your rights in Ontario.
Questions? Email [email protected] anytime, we respond 24/7.
Sources: Government of Ontario, Payday loan: your rights; Payday Loans Act, 2008. General information, not legal advice.