$500 Payday Loan in Canada: $70 Fee, and What Your Paycheque Must Carry
A $500 payday loan costs $70 in every province that licenses payday lending, and the $570 comes out of your next paycheque in one debit. Apply in about 15 minutes, confirm your pay with a 60-second read-only bank check, and a licensed lender sends the money by Interac e-Transfer once you sign.
- $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 $500 payday loan costs $70 and you repay $570. The fee is the same for 7 days or 62; on a 14-day term it works out to 365% APR.
- What it takes: a net paycheque of at least $1,000 where the limit is 50% of net pay (BC, Ontario, Saskatchewan, Newfoundland and Labrador) and at least $1,667 where it is 30% (Manitoba, New Brunswick).
- Time: about 15 minutes to apply and verify; the e-Transfer follows inside the lender’s funding hours, often within 30 minutes of signing.
- Cheaper first: an employer pay advance costs $0 and an arranged overdraft about $4.03 for two weeks on $500. Use those before any $500 payday loan.
A $500 payday loan is a short-term loan of $500 repaid in full on your next payday, priced at the federal cap of $14 per $100 borrowed, so the fee is $70 and the total to repay is $570. 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 $500 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 $500 can cost first.
What is a $500 payday loan?
A $500 payday loan is $500 advanced against your next paycheque by a lender licensed in your province, repaid in one debit of $570 on your payday, with the cost capped by federal law at $14 per $100. It is the amount most borrowers ask for when a car repair, a deposit or a bill lands before the cheque does.
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. Outside those lines, 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 $500 payday loan cost, from $500 to $1,500?
A $500 payday loan costs $70 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 $570 whether the term is 7 days or 62; on a 14-day term that is about 365% APR. The same flat fee runs up the ladder to $1,500, and each rung needs a bigger net paycheque to clear the province’s share-of-pay limit.
| Amount | Fee at $14 per $100 | Total to repay | Net paycheque needed where the limit is 50% | Net paycheque needed where the limit is 30% |
|---|---|---|---|---|
| $500 | $70 | $570 | $1,000 | $1,667 |
| $600 | $84 | $684 | $1,200 | $2,000 |
| $750 | $105 | $855 | $1,500 | $2,500 |
| $800 | $112 | $912 | $1,600 | $2,667 |
| $1,000 | $140 | $1,140 | $2,000 | $3,334 |
| $1,500 (the legal maximum) | $210 | $1,710 | $3,000 | $5,000 |
The 50% limit applies in BC, Ontario, Saskatchewan and Newfoundland and Labrador; the 30% limit in Manitoba and New Brunswick; Alberta, Nova Scotia and PEI leave it to the lender’s affordability test. The Financial Consumer Agency of Canada explains the $14 cap, in force since January 1, 2025; our payday loan cost guide runs it at every amount.
Cost calculator: $500 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.
What does the $570 debit leave from your paycheque?
The $570 debit takes 57% of a $1,000 net paycheque and 28.5% of a $2,000 one. Before approving, the lender reads your deposits and checks the $500 loan against your province’s share-of-pay limit. The table shows what is left after the debit and whether $500 clears each limit.
| Your net paycheque | Left after the $570 debit | $500 loan as a share of net pay | Where the limit is 50% | Where the limit is 30% |
|---|---|---|---|---|
| $1,000 | $430 | 50.0% | Allowed, at the line | Over the limit |
| $1,200 | $630 | 41.7% | Allowed | Over the limit |
| $1,500 | $930 | 33.3% | Allowed | Over the limit |
| $1,700 | $1,130 | 29.4% | Allowed | Allowed |
| $2,000 | $1,430 | 25.0% | Allowed | Allowed |
If $430 or $630 has to cover rent and groceries until the following payday, you will be back for a second $500 payday loan two weeks later and pay a second $70.
Should you repay $570 in one payment or in instalments?
Most $500 payday loans are repaid in one pre-authorized debit of $570 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. The fee is $70 either way; instalments only split it across paycheques.
| How you repay $500 at $14 per $100 | Each payment | Total fee | Where it applies |
|---|---|---|---|
| One payment on the next payday | $570 | $70 | The standard loan in eight provinces |
| Three payments over 42 days (paid every two weeks) | $190 | $70 | Alberta, every loan |
| Extended plan over three pay periods | $190 | $70 | BC and NL on a third loan in 62 days; Ontario on a third loan in 63 days |
The one thing to avoid in every province is borrowing a second $500 to repay the first: the fee doubles to $140 and the loan is still $500.
What does borrowing $500 every payday cost over a year?
Borrowing $500 every two weeks costs $1,820 in fees over a year, and at the end of it you still owe $500. That is the cycle the paycheque test is meant to stop, and the reason a $500 payday loan should be a one-paycheque bridge, not a monthly habit.
| $500 borrowed every payday | Fees paid | Still owed at the end |
|---|---|---|
| Once | $70 | $0 after the $570 debit |
| Six loans in a row (12 weeks) | $420 | $500 |
| Thirteen loans in a row (half a year) | $910 | $500 |
| Twenty-six loans in a row (a year) | $1,820 | $500 |
For comparison, a $500 instalment loan priced at the 35% APR ceiling costs about $52 in interest over six months and about $100 over a year, and it is paid off at the end.
How do you get a $500 payday loan in 15 minutes?
You get a $500 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, about 15 minutes of your time on a business day.
- Fill in the form (about 5 minutes): choose $500, 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 $500. 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 $70 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 $500 by Interac e-Transfer, often within 30 minutes, inside its funding hours.
Who qualifies for a $500 payday loan?
You qualify for a $500 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 your net paycheque clears the share-of-pay limit where you live. 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: a net paycheque of at least $1,000 in the 50% provinces and $1,667 in the 30% provinces, with no other payday debit already running.
Two things decline a $500 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. A lender may also offer less than $500 on a first loan; the offer states the figure before you sign.
When does the $500 land in your account?
The $500 lands by Interac e-Transfer after you e-sign, usually within 30 minutes of the lender sending it, inside the lender’s funding hours. Sign on a weekday morning and the money is normally there before lunch. 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 $500 payday loan?
The $70 fee is the same everywhere, but your province sets how much of your pay the loan may take, how long you have to cancel for free, and what happens on a second or third loan.
| Province | Licensed by | Limit on a $500 loan | Time to cancel free | Repeat-loan rule |
|---|---|---|---|---|
| Alberta | Service Alberta | Affordability test; 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: $500 needs a $1,000 net paycheque | Two business days | Third loan in 62 days: repay over three pay periods |
| Manitoba | Consumer Protection Office | 30% of net pay: $500 needs a $1,667 net paycheque | 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: $500 needs a $1,667 net paycheque | 48 hours | No new loan from a lender you already owe |
| Newfoundland and Labrador | Digital Government and Service NL | 50% of net pay: $500 needs a $1,000 net paycheque | 48 hours | Third loan in 62 days: instalment plan |
| Nova Scotia | Service Nova Scotia (permit) | Affordability test; $1,500 and 62 days at most | 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: $500 needs a $1,000 net paycheque | Two business days | Third loan in 63 days: extended payment plan |
| Prince Edward Island | Registrar, Payday Loans Act | Affordability test; $1,500 and 62 days at most | 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: $500 needs a $1,000 net paycheque | End of the next business day | One loan at a time |
Quebec has no payday product: a $500 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 $500 payday loan with bad credit?
Yes. A $500 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 $500 fits inside the share-of-pay limit. Our page on payday loans for bad credit goes through each factor and what to do after a decline.
What happens if you cannot repay $570 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. 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 $500 payday loan?
Almost every other way to get $500 costs less than $70 for two weeks.
| Route to $500 | Cost over two weeks | The catch |
|---|---|---|
| Employer pay advance | $0 | Only if your employer offers it |
| Arranged overdraft at 21% a year | about $4.03 | Must already be set up; add any monthly fee |
| Credit card cash advance at 22.99% a year | about $4.41 plus the advance fee | Needs cash room on the card |
| Instalment loan at the 35% APR ceiling | about $6.71 | Usually a longer term and a larger minimum |
| $500 payday loan at $14 per $100 | $70 | Same $70 for any term up to 62 days |
Overdraft and card rates are common examples, not a promise; check your own account. If none of those routes is open, the $500 payday loan is the one that pays today, at a cost known in advance.
A worked example: $500, paid every two weeks
On Friday, October 16, 2026 your car fails inspection and the shop quotes $500 for the repair. You are paid every two weeks, next on Friday, October 30. 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 14 days. The fee is $70, shown on the agreement as an APR of about 365%, and the debit on October 30 is $570. On a $1,600 net paycheque the $500 loan is 31.3% of net pay: inside Ontario’s 50% limit, but over Manitoba’s 30%, where the same borrower would be offered $480 or less.
Need $600, $750, $800, $1,000 or $1,500 instead of $500?
The same lenders fund every amount up to the $1,500 legal maximum on the same application, and the higher rungs are not separate products: you enter the amount, IBV reads your deposits, and the lender approves the largest amount your paycheque can carry within the provincial limit, which is often less than you asked for. The fee stays at $14 per $100, so $1,000 costs $140 and $1,500 costs $210, and the cost table above shows the net paycheque each rung needs.
The whole repayment usually comes out of one paycheque, so $1,500 plus its $210 fee needs a net pay well above $3,000 with no other loan debits in the account. For $100 to $400, see our $100 payday loan and $300 payday loan pages.
Which $500 offers should you walk away from?
Walk away from any $500 offer that asks for money before the loan arrives, quotes more than $70, promises approval before reading your bank, or asks you to pay by gift card, prepaid card or crypto.
- 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 $70 on $500 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 $500 payday loan cost?
$70, the federal cap of $14 per $100, so you repay $570. 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 much do I have to earn to borrow $500?
A net paycheque of at least $1,000 in BC, Ontario, Saskatchewan and Newfoundland and Labrador, where a payday loan may take 50% of net pay, and at least $1,667 in Manitoba and New Brunswick, where the limit is 30%.
Can I get a $500 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 room under the share-of-pay limit matter more than your score.
Do I need a job to get a $500 payday loan?
You need full-time or part-time employment income deposited to a Canadian bank account. Pay that arrives on regular dates is what gets a $500 payday loan approved.
Can I get $1,000 or $1,500 on the same application?
Yes. Every amount up to $1,500 runs on the same form at $14 per $100: $1,000 costs $140 and $1,500 costs $210. The lender approves the largest amount your paycheque can carry inside the provincial limit.
Can I cancel a $500 payday loan after signing?
Yes. Every licensing province gives you a free cancellation window: two business days in Ontario, BC and Alberta, 48 hours in Manitoba, New Brunswick, Newfoundland and Labrador and Nova Scotia online. Return the $500 and the $70 fee is refunded.
What happens if I miss the $570 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.
Can I get a $500 payday loan in Quebec or the territories?
No. Quebec has no payday product, so a $500 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.
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 $500 payday loan at $14 per $100 for 14 days costs $70 (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.