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Can You Get A Payday Loan In Ontario?
If you’re in urgent need of cash, you can use a payday loan in Ontario. These short-term loans are typically much easier to qualify for compared to traditional installment loans. However, these loans are much more expensive and come with very short repayment terms, making them difficult to repay.
Which Payday Lenders Are Licensed In Ontario?
Under the Payday Loans Act, payday lenders in Ontario must be licensed to operate in the province. Before you apply for a payday loan, make sure the lender you work with is properly licensed. You can check whether a lender is licensed by visiting the Ontario.ca website or by calling the Ministry of Public and Business Service Delivery at 416-326-6203 or toll-free at 1-800-889-9768.
Here are a few licensed payday lenders in Ontario listed on the provincial government website to help you begin your search:
Licensed Payday Lenders
| Lender | Loan Details | Minimum Income Required |
| Speedy Cash | – Amount: $250 – $1,500 – Cost: $15 per $100 borrowed – Term: By next pay date | N/A |
| Loan Express | – Amount: Up to $1,500 – Cost: $15 per $100 borrowed – Term: Up to 62 days | N/A |
| iCash | – Amount: Up to $1,500 – Cost: Varies by province – Term: Up to 62 days | $800/month |
| Mr. Payday | – Amount: $100 to $1,500 – Cost: $15 per $100 borrowed – Term: Up to 62 days | $1,100/month |
| Focus Cash Loans | – Amount: Up to $1,500 – Cost: $15 per $100 borrowed – Term: By your next payday | $1,200/month |
| Cash Cowboy | – Amount: Up to $1,500 – Cost: $15 per $100 borrowed – Term: On your next payday | N/A |
| Cash Money | – Amount: Up to $1,500 – Cost: $15 per $100 borrowed – Term: On your next payday | N/A |
| Money Mart | – Amount: $120 – $1,500 – Cost: $15 per $100 borrowed – Term: Up to 62 days | N/A |
| Ca$h 4 You | – Amount: $120 – $1,500 – Cost: $15 per $100 borrowed – Term: On your next payday | $250 per net pay |
| Pay2day | – Amount: Up to $1,500 – Cost: $15 per $100 borrowed – Term: On your next payday | N/A |
Where Can I Find A Payday Lender Near Me (In Person)?
Payday lenders tend to offer online applications. But if you prefer to deal with lenders face-to-face, then you’ll want to choose a lender that has a physical storefront.
Here are a few payday lenders that have brick-and-mortar locations in Ontario:
- Speedy Cash – 620 Victoria Ave. E. Unit 222, Thunder Bay, ON P7C 1A9
- Loan Express – 400 Carlingview Dr., Toronto, ON M9W 5X9
- iCash – 372 Bertha St. Suite 102, Hawkesbury, ON K6A 2A8
- Mr.Payday – 2 Bloor St W #700, Toronto, ON M4W 3R1
- Focus Cash Loans – 1 Yonge St Suite 1801, Toronto, ON M5E 1W7
- Cash Cowboy – 100 King St. W Suite #5700, Toronto, ON M5X 1C7
- Cash Money – 644 Yonge St, Toronto, ON M4Y 1Z8
- Money Mart – 147 Durham St. S, Sudbury, ON P3E 3M9
- Cash 4 You – 597 Wyandotte St. E, Windsor, ON N9A 3J1
- Pay2Day – 622 Yonge Street Floor Main, Toronto, ON M4Y 1Z8
Pay2day
Pay2day has 32 locations in Canada, including some in Ontario. You can apply for a short-term loan of up to $1,500 either online or in person. Customer service representatives are available 24/7.
- Loan amounts: Up to $1,500
- Cost: $15 per $100 borrowed
- Loan term: On your next payday
- Minimum income required: N/A
- Income type accepted: Employment and EI
Cash Cowboy
Cash Cowboy is a licensed payday lender serving residents of Ontario and BC. You can apply online or in person for small loans up to $1,500. Applying takes only a minute, and you can get funded in as little as two hours.
- Loan amounts: Up to $1,500
- Cost: $15 per $100 borrowed
- Loan term: On your next payday
- Minimum income required: N/A
- Income type accepted: Employment
Cash 4 You
Cash 4 You has over 100 stores across Canada, including several across Ontario. You can borrow up to $1,500 as a payday loan and obtain your funds either through an e-transfer or in cash at a physical location.
- Loan amounts: $120 – $1,500
- Cost: $15 per $100 borrowed
- Loan term: On your next payday
- Minimum income required: $250 per net pay
- Income type accepted: Employment
Money Mart
Money Mart has dozens of physical stores across Ontario, making it widely available to Ontario residents. Alternatively, you can apply for a payday loan online to speed up the process. Applying is quick and easy, and borrowed funds of up to $1,500 can be deposited into your account as soon as 24 hours (excluding weekends).
- Loan amounts: $120 – $1,500
- Cost: $15 per $100 borrowed
- Loan term: Up to 62 days
- Minimum income required: N/A
- Income type accepted: Employment
Cash Money
Since 1992, Cash Money has been providing Canadians with short-term financing solutions. You can apply for a payday loan of up to $1,500 either online or in person, and pay back the funds when you get your next paycheque. Apply online or visit one of several physical storefronts across Ontario.
- Loan amounts: Up to $1,500
- Cost: $15 per $100 borrowed
- Loan term: On your next payday
- Minimum income required: N/A
- Income type accepted: Employment
Your Rights As A Payday Loan Borrower In Ontario
As a consumer, you have rights. Businesses, including payday lenders, have rules to follow when it comes to how they treat their customers.
In Ontario, consider the following rules surrounding payday loans:
| Payday Loan Amount | Up to $1,500 (cannot exceed 50% of your net income) |
| Loan Term | Up to 62 days |
| Interest | $15 per $100 borrowed |
| Default Consequences | Maximum rate of 2.5% a month charged on the outstanding principal of a payday loan in default. Max NSF fee: $25 |
| Cooling period | 2 business days |
| Loan Rollover | Not permitted |
How Much Will Your Payday Loan Cost You?
As mentioned, the most a payday lender in Ontario can charge is $15 for every $100 borrowed. To help you understand how much a payday loan could cost you, the following chart outlines various loan amounts and the total cost of borrowing after a two-week repayment term:
| Amount Borrowed | Cost Of Borrowing |
| $100 | $15 |
| $200 | $30 |
| $300 | $45 |
| $400 | $60 |
| $500 | $75 |
| $1,000 | $150 |
| $1,500 | $225 |
The Pros and Cons of Using Payday Loans
Payday loans might not be 100% bad for you. In fact, there are some rare instances where they may be useful, such as a serious expense that requires immediate action, or you’ve exhausted all your other options like credit cards. However, be sure that you’re 100% certain that your next paycheck will be large enough to cover the entire cost of your payday loan.
Additional pros and cons of using payday loans exist. Take a look at the following list to see if payday loans are the right option for you.
Pros:
- No credit inquiry will be made. Even if you have terrible credit, all you need for approval is proof of your address, steady income, and chequing account. No credit checks are required.
- Same day approval. For the most part, payday loans can be applied for and received within a few hours when you go to an in-store location. If you apply online, your approval might take one or two days.
Cons:
- Scamming is a risk. The vast majority of people borrowing payday loans in Ontario have a financial emergency or don’t qualify with typical lenders in Ontario. Scam artists often use their desperation to sell them fake loans (mostly online) in an attempt to steal their personal and financial information. If you come across a “lender” that doesn’t have a solid reputation or legitimate credentials, stay away from them!
- Unfavourable interest rates apply. While payday loans typically come in small amounts ($1,500 or less), they do have higher interest rates than any other credit product available.
- Additional fees are added. Even if a payday loan lender in Ontario is legitimate, you can bet that they’ll find ways of charging you extra for everything they legally can. Additional fees can sometimes reach 15-35% of your loan amount.
- Payday loans can quickly lead to bad debt when not handled responsibly. If you’re not absolutely certain that you’ll be able to pay your full balance by your next paycheck, it might be best to hold off. If you don’t make your payments on time, you’ll be charged a penalty fee. Since payday loans are so easy to get, many borrowers in Ontario end up relying on them too much, ultimately sending them into a pattern of bad debt that can take months, even years to recover from.
Can I Get A Payday Loan Online In Ontario?
Some payday lenders offer loans online, which can be applied for via the lender’s website. Payday lenders typically try to make the application process as straightforward and fast as possible. Many online payday loan applications can be completed in just a few minutes.
Moreover, you’ll usually receive a response within 24 hours after submitting the application. If approved, you can collect the funds through direct deposit or e-Transfer.
Keep in mind that – like any payday loan – online loans adhere to the rules and regulations set out by the province. In some provinces like British Columbia and Québec, additional regulations may apply.
Are You Eligible For A Payday Loan In Ontario?
There are some requirements that need to be met in order to be eligible for a payday loan in Ontario. Specifically:
- Minimum age requirement of 18 or 19 years old (varies by province).
- Must have a regular source of income.
- Must have a chequing account that is active.
Can You Get A Payday Loan Online In Ontario Via e-Transfer?
E-transfers are a common form of funding for payday lenders. Following approval of your loan, your payday lender distributes the money via an e-Transfer. If you have an automatic deposit set-up, you can have your funds directly deposited into your bank account.
Can I Get A Cash Payday Loan In Ontario?
You can also get your payday loan in cash if your lender has a physical branch location. You’ll have to bring all the necessary documents and identification needed to apply for a payday loan to the in-person office. If approved, you should receive the money on the spot in cash. Similar to the e-Transfer option. Keep in mind that receiving cash may take longer in some instances due to factors like when a branch is open and its hours of operation.
Can I Get A Payday Loan In Ontario Loaded Onto A Prepaid Credit Card?
Some payday lenders offer the option of transferring your loan to a prepaid credit card. This is often a useful option if you don’t have a bank account. You can pick up a prepaid credit card at a physical branch or have it mailed to you. However, this option depends on your payday provider so be sure to ask first. Once the loaned funds are loaded into your card, you can use it anywhere Mastercard or Visa is accepted.
How To File A Complaint Against A Lender In Ontario
If you believe that you are being unfairly treated by a payday lender in Ontario, you can file a consumer complaint with Consumer Protection Ontario. You should receive a reply within 15 business days after submitting your complaint.
| Online | When submitting your complaint online, you’ll need to provide various documents to support your claim, |
| By Mail | To file a complaint on paper start by printing and filling out an official complaint form and sending it to: Ministry of Public and Business Service Delivery Consumer Services Operations Division PO Box 450 Toronto, ON M7A 2J6 |
| By email | Download and fill out an official complaint form and email it to: consumer@ontario.ca |
Alternatives To Payday Loans In Ontario
As mentioned, payday loans are extremely expensive and can be very difficult to repay on time. If you’re considering a payday loan because of financial struggles, there may be alternatives to consider that can help you:
Government Assistance Programs
There are financial assistance programs offered by both the federal and provincial governments to help low-income residents:
Additional Government Benefits Available In Ontario
Other Ways To Get Quick Cash
If you need quick access to cash, consider the following payday loan alternatives:
Credit Card Cash Advances
If you have a credit card, you may have the option to withdraw cash from your credit card account through a credit card cash advance. Basically, you’re borrowing money against your credit card limit.
Keep in mind that you’ll be charged interest on the withdrawn amount right away. This is also an expensive way to borrow money, though not necessarily as expensive as a payday loan.
Auto Title Loans
If you own a vehicle and have fully repaid your car loan, you may qualify for an auto title loan. With this type of financing, the loan is secured against the title of your car.
This may be a good option if you have bad credit and need fast funding. Loan terms are much longer than payday loans, and the funds can be repaid in installments.
Personal Loans
A personal loan can provide you with a lump sum of money and is repaid via installments over a certain amount of time, typically between 6 to 60 months. Loan amounts usually range from $500 to $50,000, and rates can be as high as 49.96% APR.
A personal loan is preferable over a payday loan. That’s because you’ll have a lot more time to pay back the money from a personal loan, and interest rates are typically much lower.
Debt Relief Program For Payday Loans In Ontario
If your debt is spiralling out of control, a debt relief program may be worth considering. The specific program you choose will depend on various factors, such as how much debt you’re carrying if you’re still able to pay your bills, and what you’re eligible for.
Here are the most common debt relief programs in Ontario:
- Credit Counselling. With the help of a credit counsellor, you will be educated on the financial skills needed to improve your debt situation and take steps to avoid financial issues in the future.
- Debt Consolidation. If you have several high-interest debts, you can consolidate them into one lower-interest payment. This can save you money and streamline debt management.
- Debt Settlement. A debt settlement company may help you negotiate with your creditors to reduce the amount of debt you have to repay or lower your interest rate to make your debt more affordable. If your creditor agrees, you’ll make a lump sum payment to the debt settlement company, who will then pay your creditors on your behalf.
- Consumer Proposal. A consumer proposal is a legal process that requires the help of a Licensed Insolvency Trustee (LIT). Through a consumer proposal, your LIT will propose an arrangement whereby you pay your creditors a percentage of your debt or request more time to pay your debt. If your creditors agree, you have up to 5 years to repay your debt.
- Bankruptcy. As a last resort, bankruptcy may help relieve you of your unsecured debt. Bankruptcy is a legal process in which you are discharged from most unsecured debts. Then, may stop making loan payments and any actions from your creditors to collect on your debts will cease.
Frequently Asked Questions
Can I get an extension on repaying my payday loan?
What is the legal limit for payday loan interest in Ontario?
I’m unemployed. Can I still get a payday loan in Ontario?
Loans Canada, Your Go-To Source of Payday Loan Relief
If you’re thinking about using a payday loan in Ontario to finance something important to you, or if you’ve found yourself trapped in a payday loan cycle, reach out to us today. We’ll put you in contact with better sources of better credit products. Simply apply below!
