Payday Loans in Canada Resources

Payday Loan Calculator

How much interest are you paying on your Cash Advance or Payday Loan?

APR is the Annual Percentage Rate or a loan. It represents all fees to calculate your total interest.

Payday Loan Amount:$
Loan Fees:$
Loan Length in Days:  
Actual APR:286.8%

How much does this Payday Loan Cost

  • This payday loan has an APR of 286.8%.
  • As a comparison, mortgages are below 5% in most cases.
  • With this APR of 286.8%, a loan of $1500 for a full year would cost $4290 in addition to the $1500 borrowed.

Payday Lenders violate various usury laws by charging fees in lieu of traditional interest.

Did you know?

The maximum APR legal in Canada is 60%! It is a criminal offence to charge more than 60% per year.