Payday Loan Calculator Ontario
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Reviewed by Calculator Editorial Team
Payday loans in Ontario can be a quick financial solution, but they come with high costs. Use this calculator to estimate your total repayment amount, including fees and interest, before applying for a loan.
How to Use This Calculator
Enter the loan amount you need, the term of the loan in days, and the interest rate (typically 20-30% in Ontario). The calculator will show you the total amount you'll need to repay, including fees.
Note: Ontario's payday loan regulations limit the maximum loan amount to $1,500 and the maximum interest rate to 30%.
Understanding the Results
The calculator provides three key figures:
- Total Repayment Amount: The complete amount you'll owe when the loan is due.
- Interest Amount: The cost of borrowing the money.
- Daily Cost: The average daily cost of the loan.
How Payday Loans Work in Ontario
Payday loans are short-term, high-interest loans that are typically due on your next payday. In Ontario, these loans are heavily regulated to protect consumers.
Key Regulations
- Maximum loan amount: $1,500
- Maximum interest rate: 30%
- Maximum term: 62 days
- No more than 4 loans in a 12-month period
Common Fees
In addition to interest, payday lenders in Ontario may charge:
- Application fees (typically $20-$50)
- Late payment fees
- Renewal fees if you roll over the loan
Example Calculation
Let's say you need a $500 payday loan with a 25% interest rate for 30 days:
This means you'll need to repay $510.85 when the loan is due in 30 days.
Comparison of Ontario Payday Loan Terms
Here's how different loan amounts and terms affect your total repayment:
| Loan Amount | Term (Days) | Interest Rate | Total Repayment |
|---|---|---|---|
| $500 | 14 | 25% | $505.43 |
| $500 | 30 | 25% | $510.85 |
| $1,000 | 30 | 30% | $1,027.39 |
| $1,500 | 62 | 30% | $1,578.95 |
Frequently Asked Questions
What is the maximum amount I can borrow with a payday loan in Ontario?
The maximum loan amount in Ontario is $1,500. This limit is set by provincial regulations to protect consumers from excessive debt.
How much interest can I expect to pay on a payday loan in Ontario?
The maximum interest rate is 30%, but lenders typically charge between 20-30%. The actual rate depends on your credit history and the lender's policies.
Can I renew a payday loan in Ontario?
Yes, but you must repay the original loan before taking out a new one. The regulations limit how many times you can renew a loan.
What happens if I can't repay my payday loan on time?
Lenders may charge late fees and you could be reported to credit bureaus. Some lenders may also offer payment plans or loan extensions.