$300 Payday Loan in Canada: $42 for Two Weeks, Repaid on Your Next Payday
A $300 payday loan costs $42 in every province that licenses payday lending, whatever the term up to 62 days. Apply in about 15 minutes, confirm your pay with a 60-second read-only bank check, and the money arrives by Interac e-Transfer once a licensed lender signs you.
- $14 per $100: the federal cap
- Decided on income, all credit considered
- 60-second read-only bank check
- Funds by Interac e-Transfer
The short answer
- Cost: a $300 payday loan costs $42 and you repay $342. The fee is the same for 7 days or 62, which is 365% APR on a 14-day term.
- Time: about 15 minutes to apply and verify; the e-Transfer follows inside the lender’s funding hours, often within 30 minutes of signing.
- Who qualifies: adults (18 or 19 by province) with full-time or part-time employment income paid into a Canadian bank account, in the nine provinces that license payday lending.
- Cheaper first: a pay advance from your employer costs $0 and an arranged overdraft about $2.42 for two weeks. Use those before any $300 payday loan.
A $300 payday loan is a short-term loan of $300 that you repay in full on your next payday, priced at the federal cap of $14 per $100 borrowed, so the fee is $42 and the total to repay is $342. Get Payday Loans Canada is a free matching service: we send your application to licensed payday lenders in your province, and the lender shows the cost in dollars before you sign.
We are not a lender. Get Payday Loans Canada is a free matching service that connects you with licensed payday lenders. Borrow only what your next paycheque can repay with room to spare.
Apply for a $300 payday loan: about 2 minutes, decided on income
This is the same form as our apply page: the amount, your pay dates and a 60-second read-only bank check, then a written offer from a licensed lender showing the cost in dollars, capped at $14 per $100 everywhere payday lending is legal. Nothing is pulled hard until you accept, and the cost table below shows the most $300 can cost first.
What is a $300 payday loan?
A $300 payday loan is $300 advanced against your next paycheque by a lender licensed in your province, repaid in one payment on your payday, with the cost capped by federal law at $14 per $100. It covers a phone bill, a tank of gas or a tire.
Three rules define the product: the loan is $1,500 or less, the term is 62 days or less, and the lender holds a payday licence in a province with a payday act, which is every province except Quebec. Inside those lines the lender may charge the $14 per $100 fee; outside them, every loan in Canada falls under the 35% APR criminal rate in section 347 of the Criminal Code. Our guide to where payday loans are legal covers Quebec and the territories.
How much does a $300 payday loan cost?
A $300 payday loan costs $42 in every province where payday lending is licensed, because the federal cap of $14 per $100 is a flat fee, not a daily rate. You repay $342 whether the term is 7 days or 62. What changes with the term is the annual rate that flat fee works out to.
| Days until you repay | Fee on $300 | Total to repay | APR it works out to |
|---|---|---|---|
| 7 days (paid weekly) | $42 | $342 | about 730% |
| 10 days | $42 | $342 | about 511% |
| 14 days (paid every two weeks) | $42 | $342 | about 365% |
| 21 days | $42 | $342 | about 243% |
| 28 days (paid monthly) | $42 | $342 | about 183% |
| 42 days (Alberta minimum term) | $42 | $342 | about 122% |
| 62 days (the legal maximum) | $42 | $342 | about 82% |
The $14 per $100 cap has been federal law since January 1, 2025 and applies in every province except Quebec, which has no payday product. A lender quoting more than $42 on a $300 payday loan is either unlicensed or not offering a payday loan at all. The Financial Consumer Agency of Canada explains the cap; our payday loan cost guide runs the same table for every amount.
Cost calculator: $300 or any amount up to $1,500
Enter the amount, pick your province and set the days until payday. It uses the legal maximum.
Payday loan cost calculator
$14 per $100 in the nine licensing provinces; the 35% APR ceiling in Quebec and the territories.
Estimates only. Your loan agreement states the exact cost, and your province caps it.
How much of your paycheque does $342 take?
Repaying $342 takes 28.5% of a $1,200 net paycheque and 17.1% of a $2,000 one, and the loan itself must sit inside your province’s limit on how much of your pay a payday loan may take: 50% of net pay in British Columbia, Ontario, Saskatchewan and Newfoundland and Labrador, 30% in Manitoba and New Brunswick. That limit, not your credit score, decides whether $300 is approved.
| Your net paycheque | $342 repayment as a share of it | $300 loan as a share of net pay | Where the cap is 50% | Where the cap is 30% |
|---|---|---|---|---|
| $700 | 48.9% | 42.9% | Allowed | Over the limit |
| $900 | 38.0% | 33.3% | Allowed | Over the limit |
| $1,200 | 28.5% | 25.0% | Allowed | Allowed |
| $1,500 | 22.8% | 20.0% | Allowed | Allowed |
| $2,000 | 17.1% | 15.0% | Allowed | Allowed |
If $342 out of one paycheque leaves you short on rent, you will borrow again two weeks later and pay a second $42. In Alberta, Nova Scotia and Prince Edward Island the act sets no percentage; the lender runs its own affordability test.
How do you get a $300 payday loan in 15 minutes?
You get a $300 payday loan by filling in one short form, confirming your pay deposits through a 60-second read-only bank check, reading the lender’s cost disclosure and e-signing. Through Get Payday Loans Canada the sequence takes about 15 minutes of your time on a business day.
- Fill in the form (about 5 minutes): choose $300, then add your province, employer, pay dates and your bank. The form on this page is the same one as our apply page.
- Get matched (a few minutes): we pass your file to lenders licensed in your province that write $300. No hard pull happens at this step.
- Verify with IBV (about 60 seconds): the lender sends a secure read-only link to your online banking that confirms your pay deposits. It reads; it cannot move money.
- Read the disclosure (2 to 3 minutes): the fee in dollars, the APR, the due date and the cancellation window, on the first page of the agreement by law.
- E-sign and get paid: the lender sends the $300 by Interac e-Transfer, often within 30 minutes, inside its funding hours.
Who qualifies for a $300 payday loan?
You qualify for a $300 payday loan if you are the age of majority in your province, have full-time or part-time employment income paid into a Canadian bank account, and live in one of the nine provinces that license payday lending. The lender reads your deposits, not your score.
- Age: 18 in Alberta, Manitoba, Ontario, Prince Edward Island and Saskatchewan; 19 in British Columbia, New Brunswick, Nova Scotia and Newfoundland and Labrador.
- Income: steady full-time or part-time employment pay, deposited to your account; lenders look for the last two or three deposits on regular dates.
- Bank account: an active Canadian chequing account with online banking, for the IBV check and the e-Transfer.
- Room in your pay: $300 inside your province’s share-of-pay limit and the lender’s own affordability test.
Two things decline a $300 payday loan more often than credit: a payday loan already open with another lender, and a returned payment in the last 90 days of your statement.
When does the $300 land in your account?
The $300 lands by Interac e-Transfer after you e-sign, usually within 30 minutes of the lender sending it, and the lender sends it inside its funding hours.
Sign on a weekday morning and the money is normally there before lunch; sign late in the evening and it follows the next funding run. Our guide to payday loans on weekends shows the typical arrival hour by hour, and our e-Transfer payday loans page explains Auto Deposit.
What does your province change for a $300 payday loan?
The $42 fee is the same everywhere, but your province sets how long you have to cancel for free, how much of your pay the loan may take, and what happens on a second or third loan. These rules bind every lender licensed in that province, online or at a counter.
| Province | Licensed by | Limit on the loan | Time to cancel free | Repeat-loan rule |
|---|---|---|---|---|
| Alberta | Service Alberta | $1,500, repaid over 42 to 62 days | Two business days | No second loan while one is open |
| British Columbia | Consumer Protection BC | 50% of net pay | Two business days | Third loan in 62 days: repay over three pay periods |
| Manitoba | Consumer Protection Office | 30% of net pay | 48 hours, not counting Sundays and holidays | No second loan while one is open |
| New Brunswick | Financial and Consumer Services Commission | 30% of net pay | 48 hours | No new loan from a lender you already owe |
| Newfoundland and Labrador | Digital Government and Service NL | 50% of net pay | 48 hours | Third loan in 62 days: instalment plan |
| Nova Scotia | Service Nova Scotia (permit) | $1,500, 62 days or less | 48 hours online; next business day in a store | No new loan from a lender you already owe |
| Ontario | Registrar, Payday Loans Act, 2008 | 50% of net income | Two business days | Third loan in 63 days: extended payment plan |
| Prince Edward Island | Registrar, Payday Loans Act | $1,500, 62 days or less | End of the second business day | Seven days must pass after repaying before a new loan |
| Saskatchewan | Financial and Consumer Affairs Authority | 50% of take-home pay | End of the next business day | One loan at a time |
Quebec has no payday product: a $300 loan there is priced under the 35% APR ceiling by a permit-holding lender. Yukon, the Northwest Territories and Nunavut have no payday act, so the federal ceiling applies there too. Ontario’s rules are on the province’s payday loan rights page, British Columbia’s at Consumer Protection BC, and every regulator’s link is on our home page.
Can you get a $300 payday loan with bad credit?
Yes. A $300 payday loan is decided on your pay deposits, which the lender reads through IBV, so a score in the 500s does not stop the application on its own. What the lender reads is whether your pay lands on regular dates, whether any payment bounced in the last 90 days, and whether another payday loan is already being debited. Our page on payday loans for bad credit goes through each factor and what to do after a decline.
One payment on payday, or instalments?
Most $300 payday loans are repaid in one pre-authorized debit of $342 on your next payday. Alberta requires every payday loan to run 42 to 62 days in instalments, and Ontario, British Columbia and Newfoundland and Labrador give you an instalment plan on a third loan inside 62 or 63 days.
| How you repay $300 at $14 per $100 | Each payment | Total fee | Where it applies |
|---|---|---|---|
| One payment on the next payday | $342 | $42 | The standard loan in eight provinces |
| Three payments over 42 days (paid every two weeks) | $114 | $42 | Alberta, every loan |
| Extended plan over three pay periods | $114 | $42 | BC and NL on a third loan in 62 days; Ontario on a third loan in 63 days |
The fee does not change. Instalments cost the same $42; they only split it across paycheques. That is why borrowing a second $300 to repay the first is the one thing to avoid: the fee doubles to $84 and the loan is still $300.
What happens if you cannot repay $342 on payday?
If the debit bounces, the lender may add a returned-payment fee, which the federal payday rules cap at $20, and your bank charges its own NSF fee, capped at $10 since March 12, 2026. The lender cannot charge a fresh $14 per $100 to push the date back; rollovers of that kind are banned in most provinces.
Call the lender before the due date, not after: licensed lenders can move the date or split the payment, and in Ontario, British Columbia and Newfoundland and Labrador the extended plan is a right on a third loan. If a debt has gone to collections, our payday loan debt help page lists the free options in every province.
What costs less than a $300 payday loan?
Almost every other way to get $300 costs less than $42 for two weeks. A $300 payday loan makes sense when none of the routes below is open to you and the gap is one paycheque long.
| Route to $300 | Cost over two weeks | The catch |
|---|---|---|
| Employer pay advance | $0 | Only if your employer offers it |
| Arranged overdraft at 21% a year | about $2.42 | Must already be set up; add any monthly fee |
| Credit card cash advance at 22.99% a year | about $2.65 plus the advance fee | Needs cash room on the card |
| Instalment loan at the 35% APR ceiling | about $4.03 | Usually a longer term and a larger minimum |
| $300 payday loan at $14 per $100 | $42 | Same $42 for any term up to 62 days |
Overdraft and card rates are common examples, not a promise; check your own account. If you have an overdraft or a card with room, use it. If you do not, the $300 payday loan is the route that pays today, at a cost known in advance.
A worked example: $300, paid every two weeks
On Wednesday, October 14, 2026 your car needs a $300 repair before it passes inspection. You are paid every two weeks, next on Friday, October 23. You apply at 9 am, finish the IBV check in a minute, read the disclosure and sign by 9:20, and the e-Transfer lands before 10.
The loan runs 9 days. The fee is $42, shown on the agreement as an APR of about 568%, and the debit on October 23 is $342. On a $1,400 net paycheque that is 24.4% of the deposit, and the $300 loan is 21.4% of net pay, inside Ontario’s 50% limit and Manitoba’s 30%. The same $300 on an arranged overdraft for 9 days would have cost about $1.55.
Need $200 or $400 instead of $300?
A $200 or $400 payday loan works the same way on the same application: the lender confirms your deposits through IBV and approves the amount your next paycheque can carry inside your province’s limit. The fee is the flat $14 per $100, so $200 costs $28 ($228 to repay) and $400 costs $56 ($456 to repay). Ask for $400 only when the repayment leaves room after rent. For $100, see our $100 payday loan page; for $500 and up, the $500 payday loan guide covers $600 to $1,500 too.
Which $300 offers should you walk away from?
Walk away from any $300 offer that asks for money before the loan arrives, quotes more than $42, promises approval before reading your bank, or asks you to pay by gift card, prepaid card or crypto. A licensed payday lender takes its fee out of the repayment and prints it on the agreement first.
- A fee up front: “insurance”, “processing” or “release” charged before the money arrives is the most common small-loan scam.
- More than $14 per $100: anything above $42 on $300 is outside the law in every licensing province.
- A yes before any check: every real lender verifies income; an ad that approves everyone is selling something else.
Report anything that feels wrong to the Canadian Anti-Fraud Centre. Get Payday Loans Canada never charges you a fee.
Frequently asked questions
How much does a $300 payday loan cost?
$42, the federal cap of $14 per $100, so you repay $342. The fee is the same for any term up to 62 days; on a 14-day term it works out to about 365% APR.
How long do I have to repay a $300 payday loan?
Until your next payday in most provinces, and never more than 62 days. In Alberta every payday loan is repaid in instalments over 42 to 62 days, which splits the $342 into about three payments of $114.
Can I get a $300 payday loan with bad credit?
Yes, in most cases. The lender decides on your pay deposits through a read-only IBV check, so regular pay and no returned payments in the last 90 days matter more than your score.
Do I need a job to get a $300 payday loan?
You need full-time or part-time employment income deposited to a Canadian bank account. The lender confirms the deposits through IBV, so pay that arrives on regular dates is what gets a $300 payday loan approved.
How much do I have to earn to borrow $300?
Enough that $300 is no more than 50% of one net paycheque in BC, Ontario, Saskatchewan and Newfoundland and Labrador, or 30% in Manitoba and New Brunswick: a net paycheque of at least $600 or $1,000 respectively. Other provinces leave it to the lender’s affordability test.
Can I cancel a $300 payday loan after signing?
Yes. Every licensing province gives you a free cancellation window, two business days in Ontario, BC and Alberta and 48 hours in Manitoba, New Brunswick, Newfoundland and Labrador and Nova Scotia online. Cancel in writing and return the $300; the $42 fee is refunded.
Can I get a $300 payday loan in Quebec or the territories?
No. Quebec has no payday product, so a $300 loan there is priced under the 35% APR ceiling by a permit-holding lender. Yukon, the Northwest Territories and Nunavut have no payday act, so the same 35% ceiling applies.
What happens if I miss the $342 payment?
The lender may add a returned-payment fee capped at $20 and your bank an NSF fee capped at $10. The lender cannot add a new $14 per $100 fee to extend the loan. Call before the due date to move or split the payment.
About Our Editorial Team
Get Payday Loans Canada is a loan-matching service, not a lender or broker, and does not make credit decisions or fund loans. Payday loans are short-term, high-cost credit regulated by each province; the maximum cost of borrowing is $14 per $100 borrowed (federal cap, since January 1, 2025). Example: a $300 payday loan at $14 per $100 for 14 days costs $42 (APR about 365%). Approval depends on the lender’s criteria, including verified employment income. Borrow only what you can repay on your next payday and consider lower-cost alternatives first.