Our Charges
See what 365 Day Loans charges, how lender costs are set and what to check in a loan agreement before you accept an offer.
Interest, fees and terms are set by the lender and provincial rules.
- No applicant fee
- Costs shown in your agreement
- Works on your phone
- No applicant feeFor using this website
- Lender-set costsShown in the agreement
- Secure siteHTTPS connection
- Quick requestShort online form
Our Charges
Knowing what a loan costs is part of deciding whether to borrow. This page explains what 365 Day Loans charges, how lenders set their costs and what to check before accepting an offer.
365 Day Loans does not charge applicants a fee to use this website or submit a request. Interest, fees and other charges are set by the lender and shown in its loan agreement.
365 Day Loans helps connect consumers with lenders and financial service providers. We do not issue loans or make lending decisions. Available products, amounts, costs and funding times depend on the provider.
Review our eligibility requirements before submitting a request and compare any agreement before accepting.
What 365 Day Loans Charges
There is no charge to applicants for using this website, completing the request form or being connected with a lender.
A request for payment before loan funds are released should be verified independently. Ask what the payment is for and whether it appears in the written agreement.
Who Sets the Cost of a Loan
The lender sets the interest rate, fees and repayment schedule. These differ by provider, product, loan amount and location.
If an offer is made, the loan agreement explains the amount received, the total to repay and each payment date. Read it before accepting.
Provincial and territorial rules may limit some borrowing costs. Confirm the rules that apply to the applicant's location.
Charges You May See on a Loan Agreement
The names used differ between lenders. Check each of these before accepting.
| Charge | What it covers | What to confirm |
|---|---|---|
| Interest or borrowing charge | The cost of borrowing the amount advanced. | Is it shown as a rate, an APR or a dollar amount? |
| Administration or origination fee | A charge for setting up the loan. | Is it deducted from the amount received or paid separately? |
| Missed or late payment charge | A cost that may apply when a payment is not made on time. | When does it apply and how much is it? |
| Returned payment charge | A cost that may apply when a payment is returned by the bank. | Who charges it and how much is it? |
| Optional extras | Insurance or other additions offered with the loan. | Is each one optional, and what does it add to the total? |
| Early repayment | A charge, if any, for paying off the loan early. | Is there a payoff charge, and how is the payoff amount calculated? |
Payday Loan Borrowing Costs in Canada
FCAC describes payday loans as borrowing of up to $1,500 with terms of up to 62 days. Actual amounts and repayment periods depend on the provider's assessment and applicable rules.
In provinces with payday loan regulations, FCAC lists a maximum borrowing cost of $14 for each $100 advanced. Other provinces and territories have different applicable rules. Confirm those applying to the applicant's location.
The following calculations illustrate a $14-per-$100 charge. They are examples, not offers from 365 Day Loans.
| Example amount advanced | Example borrowing charge | Example total repayment |
|---|---|---|
| $200 | $28 | $228 |
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $1,000 | $140 | $1,140 |
These figures assume repayment on time and exclude default-related costs. Read the actual agreement for the full amount due, due date and payment method.
Read the FCAC payday loan guide for independent information.
Instalment Loan Cost Example
Instalment loans are repaid in scheduled payments, and the total cost depends on the rate, fees and term. The example below is illustrative and is not an offer.
| Example item | Representative example |
|---|---|
| Loan amount | $1,500 |
| Repayment term | 12 months (365 days) |
| APR | 29.9% |
| Monthly payment | $146.12 |
| Total amount repayable | $1,753.44 |
| Total interest cost | $253.44 |
| Loan term range | 6 months to 36 months |
| APR range | 19.9% to 35.00% |
Actual offers depend on the lender's assessment. Compare the APR, separate fees and total repayment of each offer.
Read the FCAC personal loan guide for independent information.
What to Check Before Accepting a Loan
Use this list when comparing offers:
- The amount you will actually receive.
- The interest rate and APR.
- Every fee and when it is charged.
- The total amount to repay.
- The number of payments and each due date.
- What happens if a payment is missed.
- Whether early repayment is allowed and whether it costs anything.
If any charge is unclear, ask the lender to explain it in writing before accepting.
Costs of Missed or Late Payments
Missing a payment can add charges under the agreement. Check when they apply before accepting.
If repayment becomes difficult, contact the lender promptly to discuss available arrangements and costs. Obtain any agreed change in writing rather than assuming a request for help changes the deadline.
If shortfalls recur, seek reputable debt advice before adding another loan.
Frequently Asked Questions
Does 365 Day Loans charge a fee?
No. 365 Day Loans does not charge applicants a fee to use this website or submit a request. Lenders set their own interest, fees and charges.
Who decides how much a loan costs?
The lender. The agreement shows the rate, fees, total repayment and due dates.
Where can I see the total cost of a loan?
In the lender's written agreement. Check the amount received, APR, separate fees and the full repayment before accepting.
Is the cost the same with every lender?
No. Costs depend on the provider, product, amount, term and location. Compare offers using the full cost, not only the payment amount.
What if a charge is not in my agreement?
Ask the lender to explain it in writing before paying. Verify the business and the charge independently.
Can I repay early?
Check the agreement for early repayment rules and any payoff charge, and ask the lender to confirm in writing.
Review the Full Cost Before You Accept
Compare the amount received, total repayment, fees and due dates for each offer. A lower payment is not always a lower cost.
Visit 365 Day Loans to explore loan information, or review eligibility requirements before submitting a request. Our FAQs answer related questions.