Payday loans are short term 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 due to their high interest rates. Each province is in charge of regulating this growing industry and many governments, including BC, Manitoba, Ontario and Saskatchewan, have passed new regulations limiting the maximum amount of interest that can be charged on a payday loan. Loan fees range from $17 to $31 per $100 borrowed. In order to get a payday loan in Canada you typically need to have a regular income, bank account, permanent address and be 18 years or older. For more information please refer to our payday loans guide.

When you look at the annualized interest rate charged on payday loans in Canada, you will quickly realize that this is a very expensive way to borrow money - annual interest rates can reach 8,000%! Payday loans can be a useful way to secure money quickly if you are short on cash and don't want to incur an NSF charge on your bank account. However, this type of loan is not a long term solution to any financial problems and should only be used as necessary. Take a look at our payday loans top 10 tips for help with your payday loan search.