What a Payday Loan Costs in Ontario
One charge, set by regulation, shown in full before you sign anything.
Ontario caps the total cost of borrowing a payday loan at $14 for every $100 you borrow. That is what we charge — and it is the only thing we charge.
| You borrow | Cost of borrowing | You repay | Term | APR |
|---|---|---|---|---|
| $100 | $14.00 | $114.00 | 14 days | 365.00% |
| $300 | $42.00 | $342.00 | 14 days | 365.00% |
| $500 | $70.00 | $570.00 | 14 days | 365.00% |
| $1,000 | $140.00 | $1,140.00 | 14 days | 365.00% |
| $1,500 | $210.00 | $1,710.00 | 14 days | 365.00% |
Cost of borrowing at $14 per $100, on a 14-day term.
What will it cost?
See the full cost before you apply — every figure, up front.
Due on day 14 after you sign, or the day after your next payday if that is later; a due date on a weekend or a holiday moves to the next banking day. Your exact due date, term in days and APR are shown before you sign.
Apply NowIllustration from your figures — not an offer, quote or approval. We may lend less than you ask: at most half of your net pay for one pay period, worked out from your bank transactions.
The APR of each term we offer
The same $14 per $100 over each term we offer, on $500 borrowed. A longer term has a lower APR: the same cost is spread over more days. The term of your loan is at least the term you choose, so the APR of that term is the highest your loan can carry.
| Term | Cost of borrowing | You repay | APR |
|---|---|---|---|
| 7 days | $70.00 | $570.00 | 730.00% |
| 14 days | $70.00 | $570.00 | 365.00% |
| 21 days | $70.00 | $570.00 | 243.33% |
| 30 days | $70.00 | $570.00 | 170.33% |
There are no other fees
Ontario's $14 per $100 is a cap on the total cost of borrowing, not just on interest. Anything extra would breach it.
- No application fee
- No processing or administration fee
- No broker fee
- No fee to receive your funds by e-Transfer
- No penalty for repaying early
- No fee for an extended payment plan
Instant Credit S.E.C is licensed as a payday lender in Ontario under the Payday Loans Act, 2008, licence number 4741682. To verify a licence or make a complaint, contact the Ministry of Public and Business Service Delivery, Consumer Services Operations Division at (416) 326-6203 or CPOLicensing@Ontario.ca.
Questions About Cost
The arithmetic, in plain terms.
Because an APR annualises a two-week charge. $14 on $100 is 14% for 14 days; repeated across a 365-day year that is 365.00%. You do not pay 365.00% — on a $100 loan repaid in two weeks you pay $14. The APR is shown because Ontario requires the cost of a payday loan to be expressed that way, and because it makes the cost comparable to other credit.
Yes. It is the maximum total cost of borrowing permitted in Ontario, in force since 1 January 2025. A lender charging more — or adding a separate fee on top — is breaking the law.
$70. You would repay $570 in a single payment on your next payday. On a 14-day term that is an APR of 365.00%.
You can repay early at no penalty, and you can cancel outright by the end of the second day after you receive the loan and a copy of your agreement, at no cost. The $14 per $100 is a fixed cost of borrowing rather than interest that accrues daily, so repaying a few days early does not reduce it — but cancelling within the two-day window removes it entirely.
Almost certainly not. A payday loan is one of the most expensive forms of credit available, and it is designed for a short gap to your next pay, not for ongoing costs. Before applying, it is worth asking your creditor for more time, checking whether your employer offers a pay advance, or speaking to a non-profit credit counsellor. If you are borrowing to repay another loan, a payday loan will usually make things worse.
See your own numbers
Enter the amount you need and your pay date — the cost, the total and the due date are all shown before you apply.