Compare payday loans

Payday loans Canada

Payday loans in Canada are short loans that you take out with the commitment to pay it back from your next pay cheque. Payday loans have been somewhat controversial over the past few years as the high interest rates charged on them has received additional attention during the recession. Each province is in charge of regulating this growing industry and many of them including BC, Manitoba, Ontario and Saskatchewan, have passed new regulations limiting the maximum amount of interest that can be charged. These payday loans fees range from $17 per $100 borrowed to $31 per $100 borrowed. These fees should include the interest rate and all other charges associated with payday loans.

When you work out the annual interest interest rates associated with all these fees and charges, payday loans in Canada, are a very expensive way to borrow money with annual interest rates all the way up to 8,000%! They are a useful tool if you are short of cash and can be a viable alternative rather than paying an NSF charge on your bank account for example. However, they are definitely not a long term solution to any financial problems and should only be used as necessary.

In order to get a payday loan in Canada you typically need to have a regular income, bank account and permanent address and be 18 years or older.

Compare payday loans in Canada

During our research of payday loans lenders, we found that different lenders have different offerings and the main distinguishing features are:

• Provinces payday loans are offered in
• Interest rates and fees charged in the amount per $100 borrowed
• Length of loan period (ie. many payday loans lenders will lend money for a maximum of 14 to 30 days)

As a result, we thought it would be helpful to compare payday loans lenders in Canada and have included some great payday loans top 10 tips, a payday loans guide and a list of our payday loans lenders to help you with your paydays loans search.

Best of luck and happy payday loans shopping.