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Payday loans in Ontario: rules, costs and licensed lenders

In Ontario, a payday loan can't cost more than $14 per $100, can't exceed half of your net pay, and can be cancelled within two business days at no cost. Lenders must be licensed by the province, and rollovers are banned.

Last reviewed November 7, 2026

Max cost
$14 per $100
Max loan
$1,500
Max term
62 days
Cancel within
2 business days
Regulator
Ministry of Public and Business Service Delivery and Procurement (Consumer Protection Ontario)

Payday loan rules are set by each province and can change. Figures on this page were last checked on November 7, 2026 against Ministry of Public and Business Service Delivery and Procurement (Consumer Protection Ontario). Always confirm with the lender’s contract and your regulator.

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$500
Most a payday loan can cost
$70
You’d pay back
$570

Based on the $14 per $100 legal maximum. Lenders can charge less, never more.

About 3 minutes. Koke is not a lender; we may be paid when you apply. No SIN or banking login asked.

What are my rights with an Ontario payday loan?

Ontario’s Payday Loans Act gives borrowers some of the clearest protections in Canada. The most useful one is the cooling-off period: you can cancel within two business days of signing, without giving a reason and without paying the fee. You just return the money.

The province also limits each loan to 50% of your net pay, bans rollovers, and requires lenders to show the total cost and the annual percentage rate before you sign.

What happens if I borrow three times in 63 days?

On your third loan within 63 days, an Ontario lender has to offer you an extended payment plan, so you can repay over several pay periods instead of all at once. If you’re at that point, it’s also worth calling a non-profit credit counsellor.

What if I can’t repay on time?

The lender can charge interest on the overdue amount of up to 2.5% a month, not compounded, and a one-time fee of up to $20 if a payment bounces. It can’t contact you more than three times a week about the debt, and it can’t contact your family, friends, neighbours or employer about it.

How do I check an Ontario lender?

Every payday lender, online or storefront, needs a licence from the Ministry of Public and Business Service Delivery and Procurement. You can search the province’s licence registry, and Consumer Protection Ontario takes complaints.

What are the payday loan rules?

Payday loan rules in Ontario
Maximum cost of borrowing$14 per $100 borrowed, all fees included
Maximum loan$1,500
Maximum term62 days
Loan size limit50% of your net pay
Cancellation (cooling-off)2 business days
Dishonoured payment feeUp to $20
Interest after default2.5% per month, non-compounding
RegulatorMinistry of Public and Business Service Delivery and Procurement (Consumer Protection Ontario)

Source: Ministry of Public and Business Service Delivery and Procurement (Consumer Protection Ontario). Last reviewed November 7, 2026. Check a lender’s licence.

Which lenders are licensed here?

Cash Money

5.0/5

Cost per $100
$14.00
Borrow up to
$1,500
Funding
Next business day
Apply
Online and in-store

Licence verified AB, BC, MB, NB, NL, NS, ON, SK

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Applications go through our partner Loans Canada, which may match you with this or other lenders. Koke may be paid for referrals. Lenders decide approval, cost and terms.

Cost per $100
$14.00
Borrow up to
$1,500
Funding
Same day
Apply
Online and in-store

Licensed per lender AB, BC, MB, NS, ON, SK Confirm with regulator

Apply now Read review

Applications go through our partner Loans Canada, which may match you with this or other lenders. Koke may be paid for referrals. Lenders decide approval, cost and terms.

Cost per $100
$14.00
Borrow up to
$1,500
Funding
Same day
Apply
Online and in-store

Licensed per lender AB, BC, NS, ON Confirm with regulator

Apply now Read review

Applications go through our partner Loans Canada, which may match you with this or other lenders. Koke may be paid for referrals. Lenders decide approval, cost and terms.

Cost per $100
$14.00
Borrow up to
$1,500
Funding
Same day
Apply
Online and in-store

Licensed per lender AB, BC, MB, NB, NL, NS, ON, SK Confirm with regulator

Apply now Read review

Applications go through our partner Loans Canada, which may match you with this or other lenders. Koke may be paid for referrals. Lenders decide approval, cost and terms.

Payday loans by city

What will it cost?

Pre-filled with your province’s legal maximum. Lower it if your lender charges less.

Fee
—
Total to repay
—
Due date
—
Annual rate (APR)
—

Same amount on a credit card cash advance (assuming 22.99% APR plus a $5 fee): —

Payday loans are one of the most expensive ways to borrow. These figures are estimates. Your lender’s contract shows the real cost and must follow your province’s rules.

Results are estimates for illustration only. Your actual cost, due date and terms are in your loan agreement.

Compare licensed lenders in Ontario See cheaper options first

Common questions

How long do I have to cancel a payday loan in Ontario?

Two business days after you sign. You return the money and pay nothing else, and you don't need to give a reason.

Can an Ontario lender roll my loan over?

No. Ontario bans rollovers, and a lender can't give you a new loan to pay off one you already have with it.

What does an Ontario lender have to show me before I sign?

The amount borrowed, the total cost of borrowing in dollars, the annual percentage rate and the due date. If you don't see them, don't sign.

Ready to apply from Ontario?

One application, about three minutes. Our matching partner shows you the offer that fits your answers, from a lender that works in Ontario. Read the cost before you sign.

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Sources

Update log

  • — Page published; rules checked against the provincial regulator.