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    Payday Loans

    What is a payday loan?
    A payday loan is a high-cost, short-term loan of up to $1500, where you promise to pay back the lender when you get your next paycheque or other income. There is generally no need for a credit check, only proof of steady income, proof of address, and bank account details.

    What should I consider before taking a payday loan?
    1. Will I be able to pay this back on time and still cover my regular expenses?
    2. Can I ask people or businesses I owe money to for more time to pay bills?
    3. Are there cheaper options for borrowing money?
    4. How much can I afford to borrow?
    5. What is the total amount that I will pay back, including interest and fees?

    Payday lenders must tell you:
    1. When you must repay the loan;
    2. The total amount you must repay;
    3. What it would cost to borrow $300;
    4. The maximum fees you could be charged.

    The maximum interest rate in Ontario is $15 for every $100 borrowed. This is around 390% APR

    If you have a complaint against a lender, contact Consumer Protection Ontario | 1-800-889-9768 (toll free)

    COST: $15 for every $100 borrowed in Ontario (can amount to an interest rate of over 390% annually)

    Find out more:

    Consumer Protection Ontario  – payday loans information | Settlement.org – payday loans information | Connecting Ottawa – links to legal services | Interior Savings – information about alternatives to payday loans | Causeway – Ottawa-based payday loan alternative