Loan cost comparison Canada

This statistic presents a comparison of costs of selected 300 Canadian Dollar loans taken for 14 days in Canada as of spring 2016. It was found that the cost of payday loan would amount to 63 CAD, compared to only 5.81 CAD when using a line of credit.

Comparison of costs of selected 300 CAD loans taken for 14 days in Canada as of spring 2016 (in Canadian dollars)

Characteristic	Cost in Canadian dollars
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Release date

October 2016

More information

Region

Canada

Survey time period

spring of 2016

Number of respondents

1,500 respondents

Age group

18 years and older

Special properties

payday loan users

Supplementary notes

The source adds the following information: "Costs shown are for illustration only and are based on these assumptions: payday loan costs $21 per $100; line of credit includes a $5 administration fee plus seven percent annual interest; overdraft protection includes a $5 fee plus 19 percent annual interest; credit-card cash advance includes a $5 fee plus 21 percent annual interest." Adapted from Statistics Canada, Payday loans: Market Trends, page 5, spring of 2016. This does not constitute an endorsement by Statistics Canada of this product.

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