Borrowing in Factory Island 1, Ontario

A loan taken out in Factory Island 1 is governed by Ontario's licensing rules, and the 2021 Census counted 1,376 people in the community.

The Ontario rules that apply

Consumer lending in Ontario is licensed provincially or territorially, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position appears.

A payday advance in Ontario falls under a provincial licensing regime, and the cost of borrowing is capped at $14 per $100 advanced according to the federal Payday Lending Regulations (SOR/2024-114).

This is a small community by population, inside the lowest band used on this site, and the provincial framework applies without variation.

The census figures for Factory Island 1

The 2021 Census counted 1,376 residents in Factory Island 1. The community covers 3.2 square kilometres of land.

Dividing population by land area gives 423.4 residents per square kilometre, rounded to one decimal place.

The community is the 333rd largest place in the province within this census set.

Compared with the other 527 covered Ontario places, Factory Island 1 ranks 333 by population.

Products compared here

These are two of the 20 products described on the site, and each has a national page as well as the provincial rules.

• Secured loans: Borrowing against an asset, which lowers the price but puts the asset at risk if you default.
• Business lines of credit: A revolving operating limit for a business, and why it behaves differently from a term loan.

How borrowing works locally

A prepayment privilege allows a borrower to pay more than the scheduled amount, sometimes with a charge attached.

Adding a co-signer puts a second file in front of the lender and adds a second person to the obligation. A broker arranges credit but does not lend, and the lender remains the party that makes the decision.

The land area recorded for Factory Island 1 is 3.2 square kilometres, and the population is 1,376 residents in the 2021 Census.

For Factory Island 1, the two census fields above are the only local statistics used anywhere on the page.

Factory Island 1 ranks 333 by 2021 Census population among the covered places in Ontario.

At 1,376 residents in the 2021 Census, Factory Island 1 is listed alongside the other covered places in Ontario.

Factory Island 1 appears in the census record with 1,376 residents, and the density of 423.4 people per square kilometre follows from it.

The Factory Island 1 page follows the same structure as every other place page, with population, land area, density and rank.

Readers comparing Factory Island 1 with another community can use the same four census fields.

Where a figure for Factory Island 1 could not be verified, the page names the publisher instead of printing a number.

Factory Island 1 sits at rank 333 within Ontario in this data set, and the provincial rules apply as they do elsewhere.

Nothing on the Factory Island 1 page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

The density figure for Factory Island 1, 423.4 people per square kilometre, is calculated from the population and land area above.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Census figures are from Statistics Canada's 2021 Census of Population, and the payday position is taken from the federal Payday Lending Regulations (SOR/2024-114).

Lending rules change, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators where the current position is confirmed.