Estimate your payday loan cost
Know the total before you decide
For a $300 loan at a 14% borrowing cost, the fee is $42 and the estimated total repayment is $342. For a $500 loan, the fee is $70 and the estimated total repayment is $570.
Mr. Payday is a direct lender. Your application is submitted to Mr. Payday rather than sold as a lead to multiple payday-loan companies.
| Loan amount | Borrowing cost at 14% | Estimated total |
|---|---|---|
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
| $1,500 | $210 | $1,710 |
APR and total borrowing cost are not the same thing
APR expresses the cost of credit as an annualized percentage. Because payday loans have short terms, the APR can appear very high. The dollar cost, payment dates and total repayment shown in your agreement are important when deciding whether the loan fits your budget.
Frequently asked questions
Are there application or broker fees?
Mr. Payday does not charge an application fee or send your application to a separate payday-loan broker. The borrowing cost is disclosed before you accept a loan.
Can I repay early?
Repayment and any early-payment rights are governed by your agreement and applicable provincial law. Review the agreement before accepting the loan.
Why is APR so high on a short payday loan?
APR annualizes the borrowing cost over a full year. A payday loan is designed as short-term credit, so annualizing a fee on a term measured in days produces a high APR even when the dollar fee is shown separately.
Official consumer information: BC Payday Loans Regulation · Alberta payday-loan information · Ontario payday-loan rights.