Payday Loan Rates
When you are taking a Payday Loan, its very important to understand that its a short-term loan intended to address short-term emergency financial needs. Its NOT a long term loan like other types of loans. Unlike the other types of loans, this Payday Cash Loan will be slightly higher in terms of borrowing cost.
Based on the Payday Loan Act, 2008, in Canada, an individual cannot obtain 2 Payday Loans at the same time. Also, the APR may vary based on the Province from where the borrower is applying for a Payday Loan. However, APR will not exceed 599.64%.
For every $100 borrowed, 23% interest on the principle is calculated as fee. Hence, the maximum fee that is added will be $23 for 14 day borrow period. Totally you will re-pay $123 for borrowing $100. However, this fee may reduce based on the Province from where you are applying.
$200 borrowed – $46 FEE – Total Payable $246
$300 borrowed – $69 FEE – Total Payable $369
You can borrow up to $1500 (based on your eligibility).