Short answer: In Ontario, a payday loan can cost no more than $14 for every $100 borrowed, all fees included. With AppleTree Cash, a $500 loan costs $70, so you repay $570. On a 62-day loan, that works out to an APR of 82.42%.
Payday Loan Cost Table for Ontario and Saskatchewan
Both Ontario and Saskatchewan cap the cost of borrowing at $14 per $100. Here's exactly what you'd repay with AppleTree Cash:
| Amount borrowed | Cost of borrowing | Total you repay |
|---|---|---|
| $100 | $14.00 | $114.00 |
| $200 | $28.00 | $228.00 |
| $300 | $42.00 | $342.00 |
| $500 | $70.00 | $570.00 |
| $750 | $105.00 | $855.00 |
| $1,000 | $140.00 | $1,140.00 |
| $1,500 | $210.00 | $1,710.00 |
Amounts shown are for a 62-day loan. The cost of borrowing is set per $100, so it doesn't change with the length of the term.
What Is the APR on a Payday Loan?
AppleTree Cash loans have an APR of 82.42% on a 62-day loan.
| Loan term | Cost per $100 | APR |
|---|---|---|
| 62 days (AppleTree Cash) | $14.00 | 82.42% |
Formula: APR = (cost per $100 ÷ 100) × (365 ÷ days in the term) × 100. For a 62-day loan: 14 ÷ 100 × 365 ÷ 62 × 100 = 82.42%.
How Much Can I Borrow?
Ontario law says a lender can't lend you more than 50% of your net pay per loan. AppleTree Cash lends $100 to $1,500 depending on your income. To qualify, you need at least $400 in income per pay, from either employment or government benefits like CPP, OAS, ODSP, Ontario Works, or the Canada Child Benefit. See the full requirements.
Are There Any Other Fees?
No. The $14 per $100 covers everything. Ontario doesn't allow lenders to sell insurance or other add-ons with a payday loan. If a payment is dishonoured, AppleTree Cash charges a single $20 NSF fee, and any balance still owing after default accrues interest at 30% per year, non-compounding. Your bank may also charge its own NSF fee. If you miss a payment, or know you will, contact us before or after the due date to set up a payment arrangement. Rollovers, refinancing, and extensions aren't allowed under provincial law.
Can I Repay Early or Cancel?
Repay early: Yes. You can pay off your loan in full at any time with no penalty. Email service@appletreecash.com to arrange it.
Cancel: You can cancel within 2 business days of signing with no penalty. You just return the amount you borrowed.
Frequently Asked Questions
How much does a payday loan cost in Ontario?
In Ontario, a payday loan can cost no more than $14 for every $100 you borrow, and that includes all fees. A $500 loan from AppleTree Cash costs $70, so you repay $570.
What is the APR on an AppleTree Cash payday loan?
On a 62-day AppleTree Cash loan, the cost is $14 per $100 borrowed, which works out to an APR of 82.42%.
How much can I borrow with a payday loan in Ontario?
Ontario law says a lender can't lend you more than 50% of your net pay per loan. AppleTree Cash lends between $100 and $1,500, depending on your income.
Can I pay off a payday loan early in Ontario?
Yes. Ontario law lets you repay a payday loan in full at any time with no prepayment penalty.
What happens if my payday loan payment bounces?
AppleTree Cash charges a single $20 NSF fee for each dishonoured payment. Any balance still owing after default accrues interest at 30% per year, non-compounding, until it's paid in full. Your bank may also charge its own NSF fee.
Can I cancel a payday loan after signing?
Yes. In Ontario you can cancel a payday loan within 2 business days of signing with no penalty. You just return the amount you borrowed.
Sources
- Ontario.ca: Payday loan, your rights
- O. Reg. 98/09 under the Payday Loans Act, 2008
- Payday Loans Act, 2008
- FCAA Saskatchewan: Borrowing from a payday lender
This page is general information, not legal or financial advice. Your exact cost, term, and repayment date are shown in your loan agreement before you sign.