Welcome to Canada Payday Review. Our aim is to give you an authoritative source for information on payday laws and lenders throughout Canada. To that end, we have summarized all the relevant laws and listed all the major lenders for each of the provinces of Canada, as well as the territories.
What is a payday loan?
The legal definition of a payday loan in Canada is a loan of up to $1500 for a term of 62 days or less. In practice, with the exception of Alberta, the term will typically only be until the borrower’s next payday. British Columbia and Ontario also have rules that require loans to be split across three pay periods under some circumstances. Also, most lenders won’t extend more than about $300 in credit to a first-time borrower, and most provinces have additional limits based on the borrower’s earnings. A common limit is 50% of the average of the borrower’s last two paycheques, although Manitoba limits to only 30%.
Tell me more!
We have lots of information, but every province has its own set of laws which make each area extremely different. For details, pick your province or territory:
- British Columbia Payday Loans
- Alberta Payday Loans
- Saskatchewan Payday Loans
- Manitoba Payday Loans
- Ontario Payday Loans
- Quebec Payday Loans
- New Brunswick Payday Loans
- Newfoundland Payday Loans
- Prince Edward Island Payday Loans
- Nova Scotia Payday Loans
- Yukon Payday Loans
- Northwest Territories Payday Loans
- Nunavut Payday Loans
or read about payday loans in Canada in general.