Installment loans in your province
The loan is the same everywhere: $300 to $3,000, paid back over 90 to 120 days at a typical 22% to 32% APR. The rules that protect you depend on where you live.
What's different from one province to the next
| Province | The rule to know |
|---|---|
| British Columbia | Above 32% APR, a loan is high-cost credit, and only lenders and brokers licensed by Consumer Protection BC can offer it. |
| Saskatchewan | The APR and total cost must be disclosed before you sign, and you can repay early with no penalty. |
| Manitoba | High-cost rules cover loans of $5,000 or less. Lenders need a licence, and you have 48 hours to cancel. |
| Ontario | The federal 35% cap and disclosure rules apply, plus detailed protections for payday loans. |
| Quebec | Every lender needs a permit from the OPC. There are no payday loans, and high-cost credit adds an affordability check. |
| New Brunswick | Early repayment is penalty-free. A 2024 law will license high-cost lenders once it comes into force. |
| Nova Scotia | Lenders other than banks and credit unions need a permit and must show the cost in dollars and as a rate. |
| Prince Edward Island | The cost must be shown as an APR, and repaying early can't cost you extra. |
One national limit
Since January 1, 2025, the Criminal Code has capped most consumer loans in Canada at a 35% annual percentage rate, and that includes fees. Payday loans are the exception: in provinces that regulate them, they can cost up to $14 for every $100, which is about 365% a year on a two-week loan.
Where Loans514 fits
We're not a lender. Your one application goes to lenders in our network, and the lender that approves you sets the rate, the fees and the schedule. Before you borrow, compare cheaper alternatives to payday loans.
Apply from your province
About five minutes. You only agree to a loan when you sign a lender's contract.