A payday loan is a short-term loan that you promise to pay back from your next pay cheque. Payday loans are a very expensive way to borrow money. They are offered by privately owned payday loan companies and by most cheque-cashing outlets, and are not regulated by the government.

Learn more about payday loans, how they work and what they really cost compared to other short-term loan solutions in our The Cost of Payday Loans publication.

FCAC publications related to payday loans The Cost of Payday Loans