Navigating payday loans

A payday loan is a small, short-term loan. Typically, payday loans are paid back when the borrower receives a paycheque (usually within two weeks). The regulations, fees and rates charged on this type of loan can vary depending on where you live. Use this tool to find out more about what a payday loan will cost you in the end and to explore other types of financing.

Learn more about payday lending

The rules for payday lending may change based on where you live. Consult this table to learn more about the rules that apply to payday lending fees and penalties.

For more detailed information about payday lending you may need to consult provincial or territorial resources. Don’t know where to start? Use this tool to find the information you need.

Other options to payday lending

If you are considering applying for a payday loan, keep in mind that there may be other options available to you.

Alternatives could include:

Other options may include:

  • Approach family or friends
  • Extra hours at your job
  • Cash out any accumulated vacation pay
  • Take on a second job

In addition, the Office of the Superintendent of Bankruptcy has put together some key facts and helpful information on their new Factors of borrowing page. Learn how you, as a potential borrower, can use credit as an effective tool.

Moreover, if you truly find that you have explored all options that are available to you, negotiate with creditors to manage your debt and reach an agreement that feels comfortable.