Cash Money Payday Loan
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Payday loans may be expensive but can help cover unexpected short-term expenses in between paycheques. Here’s where you can get payday loans in Ontario, how much you can borrow, fees you can expect to pay and how to tell the difference between legitimate payday lenders and scammers.
We’ll also show you alternative loan options and financial assistance programs available in Ontario to help you get some extra cash and stay on top of your finances.
Popular payday loan providers in Ontario include MyCanadaPayday.com, Cash 4 You, iCash and Cash Money. Check out our reviews of each to learn more about loan options, eligibility requirements, what to watch out for and more.
Payday lenders in Ontario are allowed to charge up to $15 for every $100 borrowed, which is one of the lowest rates in Canada. If you take out a 14-day payday loan, the chart below shows you the maximum you can be charged.
|Paycheque||Max loan||Max charge||Cost of interest||Repayment Amount||APR (%)|
|$1,000||$500||$15 per $100||$75||$575||391.07%|
Since many providers require that you borrow a payday loan for at least 7 days, the maximum APR you’ll face (with a 7 day payday loan) is 782.14% – no matter the amount you borrow (up to the maximum of $1,500 of course). Let’s take a look at how the APR can change depending on how long you borrow a payday loan for.
|Amount borrowed||Cost of loan||Total repayment amount||7 day loan APR||14 day loan APR||30 day loan APR|
Other forms of financing can be much cheaper than a payday loan. The table below shows the fees you will pay for a payday loan versus a credit card.
|Loan Amount (over 2 weeks)||Payday loan fee||Credit card fee (23%)|
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
|Province||Maximum allowable cost of borrowing|
|Alberta||$15 per $100 borrowed|
|British Columbia||$15 per $100 borrowed|
|Manitoba||$17 per $100 borrowed|
|New Brunswick||$15 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Nova Scotia||$19 per $100 borrowed|
|Ontario||$15 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
|Saskatchewan||$17 per $100 borrowed|
Typically, payday loan providers don’t perform a hard credit check. But they may perform a soft credit check, which pulls up basic information on your history or borrowing and repaying funds and doesn’t hurt your credit score. Often, you’ll be able to qualify for a loan even if your credit score isn’t up to snuff.
No-credit-check loans often come with higher fees and interest rates but can be tempting if you have a bad or poor credit rating.
Long-term loans – which are used to pay for large purchases like a car, home or vacation – usually require a credit check. So, if you come across a lender offering some form of term loans or installment loan, and no credit check is required, this may be a signal that the lender is unlicensed or operating unethically. For your own security, it makes more sense to look for long-term lenders that at least perform a soft pull on your credit.
Yes. It is legal to get a payday loan in Ontario, however the federal Consumer Financial Protection Action Plan contains regulations that prevent lenders from taking advantage of borrowers. Additionally, every province has its own rules on how much you can borrow with a payday loan and the maximum fees that lenders can charge. In Ontario, these rules are outlined in the Payday Loans Act (2018). Regulations include:
The easiest way to make sure a lender is legit is to check their credentials with Consumer Protection Ontario. Look for the following signs to make sure you’re working with a reputable business.
Borrowing online can be a lot more convenient than visiting a payday lender in person. But it also comes with a higher chance of borrowing from an unlicensed lender. Consumer Protection Ontario warns borrowers against the following risks of borrowing from an unlicensed lender:
Unlicensed lenders can operate out of the province or even outside of Canada, making it difficult to be prosecuted by Ontario authorities. That’s why it’s so important to make sure your lender is licensed to operate in Ontario before you borrow.
Check out sites like Trustpilot, the Better Business Bureau and Consumer Protection Ontario to read customer reviews and find out about complaints and legal actions (if any) against lenders you’re interest in.
If you want to file a complaint against a lender, you can send it a preliminary letter of complaint. If the lender fails to respond, you can contact Consumer Protection Ontario, who will act on your behalf to contact the lender.
If Consumer Protection Ontario finds that your lender violated provincial law, it could take legal action against the business. This includes revoking its license, slapping it with a penalty and even filing a civil action to get a settlement for customers if the lender is facing numerous complaints.
There are 4 ways to file a complaint with Consumer Protection Ontario: Fill out an online form, email firstname.lastname@example.org, fax 416-326-8665 or send your complaint by mail. Visit this page on the Consumer Protection Ontario website to learn more.
If you’re not sure you want to take out a payday loan, you have other options. Here are some programs and lenders you might want to check out.
Ontario has some programs that can help lower the costs of everyday expenses for some residents and newcomers who are struggling to make ends meet.
Some credit unions and local banks offer less expensive small-dollar financing amounts with longer repayment terms. You could also look into credit builder loans, which come in small amounts and can help you improve your credit score by reporting every on-time repayment you make to credit bureaus. You also typically have more time to pay it off.
If you’re struggling with your personal finances, you might want to consider enrolling in a credit counselling program. These programs can help you make a budget and manage your debts for the long-term.
If you’re looking for a quick and easy solution to deal with a short-term financial problem, then a payday loan might be just the ticket. If you don’t think that you can pay back your loan on time, look into other alternatives like borrowing through a line of credit from your local bank or taking out a cash advance from your credit card.
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