What FCAC research adds
FCAC research examines why Canadians use payday loans, how borrowers perceive costs and alternatives, and what financial pressures are associated with use. Earlier national work surveyed 1,500 payday-loan users and documented gaps in cost awareness.
Historical evidence versus current law
Older cost examples remain useful for understanding borrower behavior at the time of the study, but they should not be presented as current maximum fees. AppLoans therefore separates empirical findings from the up-to-date provincial and federal regulatory pages.
What not to infer
A survey of payday-loan users describes users, not the Canadian population as a whole. It also cannot establish that payday borrowing itself caused every financial difficulty reported by respondents.
Where this connects
See the Canada lending hub, payday licensing, criminal rate of interest and Canadian financial well-being evidence.
Primary sources
Understanding Payday Loan Use and Perspectives
Financial Consumer Agency of Canada · Current research page
Canadian research on payday-loan use and borrower perspectives; page also flags that underlying survey data predate the January 2025 federal criminal-rate changes.
Payday loans: Market trends
Financial Consumer Agency of Canada · 2025 page update
FCAC market-trend material on payday-loan usage, costs and consumer awareness; some underlying survey data are historical and should be interpreted in context.