Borrowing in Oil Springs, Ontario

A loan taken out in Oil Springs is governed by Ontario's licensing rules, and the 2021 Census counted 647 people in the community.

The Ontario rules that apply

Consumer credit in Ontario is licensed by the provincial or territorial regulator, and the Financial Consumer Agency of Canada publishes the list of provincial and territorial regulators.

The federal Payday Lending Regulations (SOR/2024-114) list Ontario among the provinces that regulate payday lending, where the federal Payday Lending Regulations (SOR/2024-114) cap the cost of borrowing at $14 per $100 advanced.

At the small end of the census range, the community still borrows inside the province's licensing system.

How borrowing works locally

A consumer proposal or a bankruptcy is administered by a licensed insolvency trustee rather than by a lender.

Adding a co-signer puts a second file in front of the lender and adds a second person to the obligation. A lender is free to set its own price below the legal ceiling, and it does so according to the risk it reads in the file.

The census figures for Oil Springs

Population for Oil Springs stands at 647 in the 2021 Census. The census records a land area of 8.1 square kilometres for Oil Springs.

Population divided by land area produces a density of 79.5 people per square kilometre.

The community is the 403rd largest place in the province within this census set.

The place record for Oil Springs covers 8.1 square kilometres and 647 residents, a density of 79.5 people per square kilometre.

Products compared here

Each product below has its own page, and the Ontario position applies to all of them.

• Mortgage loans: Borrowing against residential property, including how a federally regulated lender tests the file.
• Debt relief programs: The formal and informal routes out of unmanageable debt in Canada, and who is licensed to run them.

Oil Springs appears in the census record with 647 residents, and the density of 79.5 people per square kilometre follows from it.

The land area recorded for Oil Springs is 8.1 square kilometres, and the population is 647 residents in the 2021 Census.

Readers comparing Oil Springs with another community can use the same four census fields.

For Oil Springs, the two census fields above are the only local statistics used anywhere on the page.

At 647 residents in the 2021 Census, Oil Springs is listed alongside the other covered places in Ontario.

The density figure for Oil Springs, 79.5 people per square kilometre, is calculated from the population and land area above.

The Oil Springs page follows the same structure as every other place page, with population, land area, density and rank.

Where a figure for Oil Springs could not be verified, the page names the publisher instead of printing a number.

Oil Springs sits at rank 403 within Ontario in this data set, and the provincial rules apply as they do elsewhere.

Oil Springs is one of 527 covered Ontario places, counted at 647 residents with a land area of 8.1 square kilometres.

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

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

The 2021 Census of Population published by Statistics Canada is the source for population and land area; the federal Payday Lending Regulations (SOR/2024-114) are the source for payday rules.

Nothing here is an offer, and no page on this site can tell anyone what a lender will decide.