Are payday loans banned in Quebec?

Technically, no. However, as the maximum annual interest rate on all lending products in Quebec is limited to 35%, traditional payday lenders are effectively unable to operate in the province.

How many payday loans can you have at once?

In most provinces, lenders are not allowed to issue a second payday loan until you have paid off your initial loan.

Can I get a payday loan if I have bad credit?

Yes. Payday loans are usually targeted toward those who have fair or poor credit and don't have many other options for financing. Rather than focusing on your credit score, payday lenders assess your ability to repay the loan.

What is a rollover payday loan?

A rollover loan is when you carry over your existing payday loan debt into a new payday loan. However, rollover loans are prohibited in many provinces.