Small loans in Canada: understand before you borrow

AdvicePayday is an information and referral site. We do not lend money. We publish plain-language guides on small loans in Canada and send interested readers to the Micro Prêt request form, which passes applications to partner lenders. We serve every province and territory except Alberta.

The 30-second version

• Since January 1, 2025, Canada’s criminal interest rate is 35% APR.
• Payday loans of $1,500 or less for 62 days or less are exempt in designated provinces, but their cost is capped at $14 per $100 borrowed.
• Québec is not designated, so the 35% cap applies to every loan there.
• No legitimate lender can guarantee approval.

Our guides

• Payday loans in Canada: 2026 rules
  The $14 per $100 cap explained.
• Loans for bad credit
  Realistic options.
• Instant e-Transfer loans
  What “instant” really means.
• Payday loans in Ontario
• Payday loans in British Columbia
• Payday loans in Nova Scotia
• Payday loans in Manitoba
• Loans on EI, CPP or ODSP
• Payday loan calculator
  See the legal maximum cost.
• Payday loan alternatives
  Cheaper options to try first.

How it works

1. Read the guides and run the calculator.
2. If you decide to go ahead, fill in the free form at micro-pret.ca.
3. Your request may be shared with one or more partner lenders, who alone decide on approval and set the terms.
4. You receive a contract with full cost-of-credit disclosure. You are never obliged to accept.

Partners pay us, never you. See how we earn money.

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