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Borrow smart

Responsible borrowing.

A short loan can help in a pinch. This page explains how to borrow safely and what the rules in Canada protect.

Last updated: October 15, 2026

On this page
  1. Our commitment
  2. Know the limits in Canada
  3. Is a loan right for you?
  4. Check what you can afford
  5. Read before you sign
  6. Warning signs of a scam
  7. If you are struggling to repay
  8. Free help and information

The short version

  • Borrow only what you can repay on time
  • Payday loans: up to $1,500, up to 62 days, at most $14 per $100
  • Other loans can't go above 35% APR
  • Free help is available if you are struggling

1. Our commitment

Fast Easy wants you to borrow only when it makes sense for you. We explain costs and rules plainly, and we never pressure you to accept an offer.

2. Know the limits in Canada

  • Payday loans can be up to $1,500, for up to 62 days.
  • Since January 1, 2025, a payday loan can cost at most $14 per $100 borrowed.
  • Other loans can’t charge more than 35% APR, the federal criminal interest rate.
  • Provinces license payday lenders and many add rules, such as banning rollovers or a second payday loan while one is open.
  • In many provinces you can cancel a payday loan within two business days at no cost.

3. Is a loan right for you?

Ask yourself:

  • Is this cost urgent, or can it wait?
  • Have I tried a payment plan, an employer advance or help from family?
  • Can I repay the full amount on time without borrowing again?

If the answer to the last question is no, a loan may make things harder.

4. Check what you can afford

Before you apply, list your income and your fixed costs for the next month: rent, food, transport, bills and other debts.

The repayment should fit in what is left, with some room for surprises. If it doesn’t, borrow less or look at other options.

5. Read before you sign

  • Check the amount, the total cost, the APR and every due date.
  • Ask what happens if a payment is late or bounces.
  • Never pay a fee up front to get a loan.
  • Keep a copy of your agreement.

6. Warning signs of a scam

  • You are asked for a fee before receiving the money.
  • Someone promises approval without checking anything.
  • You are asked for your online banking password or a one-time code.
  • The lender has no licence in your province.

Report scams to the Canadian Anti-Fraud Centre.

7. If you are struggling to repay

Contact your lender before the due date. Many will discuss a new payment date or plan.

Avoid taking a new loan to repay an old one. If debts are piling up, a non-profit credit counsellor can help you make a plan, often for free.

8. Free help and information

Questions about this page? Email hello@fasteasy.ca or use our contact form.

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