Table of contents
Know your rights before you borrow
Payday lending is regulated provincially. The exact requirements depend on where you live, but a legitimate lender should clearly identify itself, disclose the borrowing cost and give you an agreement that explains the payment obligations.
- Transparent cost: review the dollar cost and total repayment before accepting.
- Written agreement: retain a copy of your payday-loan agreement and disclosures.
- No misleading upfront fee: be cautious if someone asks you to pay money in advance just to “unlock” a loan.
- Privacy: understand what information is collected, why it is needed and who receives it.
- Respectful collection practices: provincial law controls how debts may be collected and how borrowers may be contacted.
Province-specific rules
British Columbia
Maximum charges are currently 14% of principal. BC also provides a statutory cancellation right after the first advance.
BC details →Alberta
The current maximum fee is $14 per $100. Alberta defines a payday loan as $1,500 or less and up to 62 days.
Alberta details →Ontario
The current maximum cost is $14 per $100. Ontario provides a two-business-day cancellation period, subject to the Act and remote-loan rules.
Ontario details →Privacy and electronic verification
Online lenders may use electronic methods to verify identity, income or banking information. Read the consent and privacy disclosures before authorizing access. Do not send online-banking passwords by email or text to someone claiming they need them manually.
If you need help or want to make a complaint
Contact Mr. Payday first if you have a question about an application or agreement. If you believe a provincial rule has been breached, you can contact the consumer-protection authority in your province.
Consumer Protection BC · Alberta Consumer Protection · Consumer Protection Ontario