In Manitoba, the maximum allowable charge for a payday loan is 17% of the principal amount of the loan.
$17 per $100
Sample $300 loan for 12 days:
Principal Amount: $300
Total Cost of Credit = $351.00
The Annual Percentage Rate (APR): 517.08%
The total that must be repaid is: $351.00
This information meets the requirements of The Consumer Protection Act {{ $privname }} Inc. - licence 76937