A $600 loan is a larger short-term loan in Canada — in some provinces it approaches or exceeds the maximum a payday lender can advance in a single loan, so borrowers may need to look at instalment loans or other products instead. Where payday lending does cover $600, fees are capped by law. Here’s what it costs, how fast funding can be, and alternatives to consider first.
What does a $600 loan cost?
Where a $600 payday loan is available, the fee cap per $100 borrowed keeps the maximum cost fixed:
| Province | Max fee | Total due |
|---|---|---|
| Ontario | $84 | $684 |
| Manitoba | $102 | $702 |
| New Brunswick | $90 | $690 |
| Prince Edward Island | $84 | $684 |
Other provinces: fee caps vary — confirm the current maximum with your provincial regulator.
Worked example: In Ontario, borrowing $600 costs at most $84 in fees. You’d repay $684 on your next payday.
How fast can you get $600?
Approved $600 loans are typically funded by Interac e-transfer, often within hours on business days. Because this is a larger amount, some lenders take longer to review the application before funding. Evening or weekend applications generally fund the next business day. And as always, an upfront fee demanded before funding is a scam warning sign.
Cheaper alternatives to consider
- Ask the biller for a payment plan or extension — many companies offer them at no cost.
- See if your employer can advance wages you’ve already earned.
- Look at a credit union small loan or instalment loan, which usually cost much less over time.
Frequently asked questions
Can I get a $600 loan with bad credit?
At this amount, some lenders look more closely at your finances, but many payday lenders still skip the hard credit check. Approval usually comes down to provable income, an active bank account, and ID. With a larger loan, it’s even more important to confirm the total repayment fits your budget.
Is a $600 loan available in Quebec?
Effectively no. Quebec caps the cost of borrowing at 35% APR, which makes the payday loan model unworkable there — licensed payday lenders don’t operate in the province. Quebecers should look at the alternatives section above instead.
How fast is e-transfer funding really?
Once approved, Interac e-transfer funding usually arrives within minutes to a few hours, though larger amounts can take up to one business day with some lenders. Applications outside business hours generally process the next business day, and your bank’s posting times may add a delay.
What happens if I can’t repay on time?
Contact the lender before your due date — many provinces require lenders to offer extended repayment plans. With a larger loan like this, defaulting means significant extra fees and interest, and the debt may go to collections and harm your credit. Avoid covering it with another payday loan.
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