Charges
When you are accepted for payday loans after you have applied you will be told of the charges on the confirmation and signing page of the lender you have been accepted with, but it works out about $20 for every $100 borrowed.
1 - British Columbia maximum charges permitted for a payday loan: 23% of the principal.
Charge: 23% of the principal.
For a $300 loan for 14 days:
Total cost of borrowing = $69.00.
2 - Ontario maximum allowable cost per $100 borrowed: $21.00
Our cost per $100 borrowed: $21.00
Example: Your $300 loan for 14 days.
Borrow $300.00 Total Cost of Borrowing $63.00 Total you repay $363.00