These are short-term loans of up to 62 days. Starting in February, the maximum cost for borrowing will be capped at 17 per cent of the loan amount. Right now the cap is 23 per cent. As well, the fee charged for a dishonoured cheque or payment, referred to as a non-sufficient funds fee, drops from $50 to $25 and can only be charged once per loan no matter how many dishonoured payments are encountered. The new rules go into effect February 15th.