Payday loan calculator

Updated 2026-10-29 · We are not a lender. Free referral service.

Enter an amount and a term to see the maximum a lender can legally charge. Choose “payday loan” if you are in a designated province such as Ontario, BC, Nova Scotia or Manitoba. Choose “35% APR” for Québec and for loans outside the payday exemption.

How to read the result

• Maximum cost: all interest and fees combined.
• Total to repay: amount plus cost.
• APR: the annualized rate, useful to compare with a credit card or line of credit.

Formulas

Payday mode: cost = amount × 0.14 (valid only for $1,500 or less and 62 days or less); APR = cost ÷ amount × 365 ÷ days. APR mode: cost = amount × 0.35 × days ÷ 365.

Worked examples

• $500 for 14 days, payday loan: $70 cost, $570 total, ~365% APR.
• $1,000 for 45 days, payday loan: $140 cost, $1,140 total, ~114% APR.
• $500 for 30 days at 35% APR: $14.38 cost, $514.38 total.

Version française : Calculateur de coût de prêt.

Step by step: checking a real offer

1. Enter the amount you’ll actually receive.
2. Enter the number of days to the due date (or last payment).
3. Pick the regime that matches your province and loan type.
4. Compare the calculator’s maximum with your agreement’s total cost (total payments minus amount received).
5. If your agreement costs more, don’t sign; ask the lender to explain or contact your provincial regulator.

Why APR matters even for short loans

A $70 fee sounds small, but it’s the price of using $500 for two weeks. APR lets you compare it with a credit card or line of credit on equal terms. A card at 20% would charge about $3.84 for the same 14 days, a line of credit at 10% about $1.92.

Limits of this tool

• It doesn’t include NSF or default fees, which only apply if a payment fails.
• It doesn’t apply lower provincial caps or income-based loan limits.
• It is not a substitute for the disclosure in your agreement.

Three practical cases

Case 1: a compliant payday loan

Ontario, $400 for 14 days, $456 repaid. Cost $56 = $14 per $100: at the legal maximum.

Case 2: an overcharge

BC, $500 for 14 days, $580 repaid. Cost $80 = $16 per $100: above the $14 federal cap. Don’t sign; report it to Consumer Protection BC.

Case 3: an instalment loan with an add-on

$800 at “29%” plus a $60 membership fee over 90 days. Fees count as cost: $800 × 29% × 90 ÷ 365 = $57.21, plus $60 = $117.21. The 35% APR maximum for 90 days is $69.04, so the offer exceeds the limit.

Using the result to decide

Compare the total to repay with what will be left in your account on the due date after rent and essentials. If the answer is “not enough,” borrow less, choose a cheaper alternative, or speak with a credit counsellor.

Quick reference: legal maximums

Payday figures apply only in designated provinces; provinces may set lower caps.

How to compare two offers

Run both offers through the calculator using the same amount, then compare three numbers: total repaid, APR and the size of each payment. The lowest total is usually best, but only if the payments fit your budget. A slightly more expensive loan with payments aligned to your pay dates can be safer than a cheaper loan that risks a returned payment. Write the numbers side by side before you choose, and keep a copy of the agreement you sign.

If either offer exceeds the maximum shown here, set it aside and report it to your provincial regulator.