Loans and borrowing in Quebec

This page covers the rules that apply to borrowers in Quebec and links to the 26 communities we cover in the province.

By Promissory.ca Editorial Team Reviewed against official Canadian sources Last updated: 2026-09-16

Borrowing rules that apply in Quebec

Quebec does not permit payday lending. Instead, the maximum rate of credit is 35% per year under Quebec's Consumer Protection Act, and consumers benefit from a 10-day cancellation period.

The federal criminal rate of interest is 35% APR (reduced from 48% on 1 January 2025).
Cooling-off period to cancel: 10 days.
Loan rollover: Not specified.
Mortgages from federally regulated lenders must qualify under OSFI's stress test — the greater of your contract rate plus 2% or 5.25%.

Source: FCAC — Payday loans — Financial Consumer Agency of Canada. Retrieved 2026-09-16.

Loan categories

Personal Loans — A personal loan gives you a lump sum that you repay with interest over an agreed term, usually in equal…
Instalment Loans — Instalment loans split repayment into multiple fixed payments rather than a single lump sum.
Payday Loans — A payday loan is a short-term loan, typically up to $1,500 and repaid within 62 days.
Bad Credit Loans — Lenders price risk.
Car Loans — Car loans are usually secured by the vehicle, which means the lender can repossess it if you default.
Business Loans — Business lending is underwritten on the strength of the business, not just the owner's personal credit.
Debt Consolidation — Debt consolidation is a strategy, not a single product.
Mortgages — A mortgage is secured against your home.
HELOC & Home Equity — A HELOC is a revolving, secured line of credit registered against your property.
Emergency Loans — Emergency borrowing is defined by speed rather than by product.

What a payday loan costs

What a payday loan costs at the federal cap
Loan amount	Term	Cost per $100	Total cost	Total repayable	Approx. APR
$500	14 days	$14	$70	$570	365%

Illustration using the federal $14 per $100 limit. Source: Financial Consumer Agency of Canada.

Mortgage payment calculator for Quebec

Estimate a monthly mortgage payment for a home in Quebec. Enter your own numbers — the calculator runs in your browser and nothing is sent to a server. Federally regulated lenders must qualify you at the greater of your contract rate plus 2% or 5.25% under OSFI Guideline B-20, so a payment you can afford is not the same as a payment you will qualify for.

Home price ($)

Down payment ($)

Interest rate (%)

Amortization (years)

Estimated monthly payment

—

See the mortgage calculator for Quebec, the mortgage affordability calculator, or the mortgage guide.

Frequently asked questions

What is the maximum cost of a payday loan in Quebec?

Quebec does not permit payday lending. The maximum rate of credit is 35% per year.

What loans are available to residents of Quebec?

Residents can access personal loans, instalment loans, car loans, mortgages and home equity products, and where permitted, short-term credit. Terms and availability depend on the lender and your profile.

Does the federal mortgage stress test apply in Quebec?

Yes. Federally regulated lenders apply the minimum qualifying rate — the greater of your contract rate plus 2% or 5.25% — under OSFI Guideline B-20.

Where can I get free debt help in Quebec?

Non-profit credit counselling services offer low or no-cost budgeting and creditor negotiation. A Licensed Insolvency Trustee can explain consumer proposals and bankruptcy.

Cities in Quebec

Important legal information

Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.

Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.

Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.

Lenders may perform a credit check with one or more credit bureaus, including Equifax and TransUnion. A hard credit inquiry may affect your credit score.

There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.

Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.

We handle personal information in accordance with the Personal Information Protection and Electronic Documents Act (PIPEDA). See our Privacy Policy for how we collect, use and protect your information.

If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.