Simon borrows $200 using his government benefit
Simon lives in Ontario and currently receives $1,228 per month in government disability income. He applies for an ODSP payday loan on November 3 and is approved to borrow $200. He must repay it on his next Ontario disability payment on November 30.
Feature | Details |
---|---|
Loan amount | $200 |
Cost of loan | $15 per $100 borrowed = $30 (202.78% APR) |
Loan term | 27 days |
Payment amount | One full payment of $230 |
Simon’s total loan cost is $230, which means he’ll have $998 left on November 30 once he repays his payday loan.
Before you sign a contract with a lender, make sure you’ll have money in your bank account to repay your loan and you’ll have enough left to cover your expenses until your next payday. Otherwise, you may find yourself needing another payday loan.