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Loan information by city in Canada

Choose your community for local borrowing information, the provincial rules that apply to you, and links to calculators and guides.

How lending rules are split in Canada

Consumer credit in Canada is regulated at two levels. The federal government sets the criminal rate of interest and the payday loan cost cap through the Criminal Code and the Criminal Interest Rate Regulations. Each province and territory then adds its own consumer protection rules, including borrowing limits, cooling-off periods and rollover restrictions.

That is why the same loan can have different legal limits depending on where you live. The table below summarises the payday loan cost cap for each jurisdiction. All figures come from the Financial Consumer Agency of Canada and the federal Criminal Interest Rate Regulations.

Payday loan cost cap by province and territory
JurisdictionMaximum cost per $100Cooling-off period
Newfoundland and Labrador$142 business days
Prince Edward Island$142 business days
Nova Scotia$14Next business day (2 days for online lenders)
New Brunswick$1448 hours (excluding Sundays and holidays)
QuebecNot permitted10 days
Ontario$142 business days
Manitoba$1448 hours (excluding Sundays and holidays)
Saskatchewan$14Next business day
Alberta$142 business days
British Columbia$142 business days
YukonNo regime (35% APR)—
Northwest TerritoriesNo regime (35% APR)—
NunavutNo regime (35% APR)—

Source: Financial Consumer Agency of Canada and the Criminal Interest Rate Regulations. Retrieved 2026-09-16.

Newfoundland and Labrador

Prince Edward Island

Nova Scotia

New Brunswick

Quebec

Ontario

Manitoba

Saskatchewan

Alberta

British Columbia

Yukon

Northwest Territories

Nunavut

Important legal information

Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.

Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.

Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.

Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.

There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.

Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.

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If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.