Bad credit loans in Ontario

How a bad credit loan is priced and assessed in Ontario depends on the product and on the provincial rules that sit over it.

Bad credit loans are one of the Ontario product pages on this site, and the description below applies to a contract signed with a lender licensed in Ontario.

What this product does

Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.

A damaged credit file does not remove the product; it changes the price, the amount offered, and how often a lender asks for security or a co-signer.

The lender prices an unsecured personal loan on the file, because no asset is pledged.

A larger amount or a longer term usually raises the total interest even when the payment falls.

The provincial layer

Payday lending is licensed in Ontario; the federal Payday Lending Regulations (SOR/2024-114) publish a cap of $14 per $100 advanced, and notes that a province may set a lower figure.

The regulator for consumer credit in Ontario is the body listed by the federal Payday Lending Regulations (SOR/2024-114) provincial and territorial regulators.

One of the covered Ontario places is Ajax, counted at 126,666 residents in the 2021 Census.

The 2021 Census figures for the largest covered Ontario place, Toronto, give 2,794,356 residents; 527 places have pages on this site. The product terms for a bad credit loan sit on top of that position.

What the lender weighs

Employment or business records support the income figure used for a bad credit loan.

The term requested on a bad credit loan is weighed against the payment the file can carry.

Security changes the lender's position on a bad credit loan rather than removing the assessment.

Related pages

A bad credit loan is often compared with the products below, each licensed the same way.

• Debt consolidation loans: Replacing several expensive debts with one payment, and the arithmetic that decides whether it helps.
• Emergency loans: Money for an urgent expense, and the order in which a sensible borrower works through the options.
• Bad credit loans: Borrowing when the credit file is damaged, and what changes about price and security as a result.

Nothing on the Ontario bad credit loan page is estimated; the payday position comes from the federal Payday Lending Regulations (SOR/2024-114).

The Ontario pages place a bad credit loan alongside 527 covered communities, including Ajax at 126,666 residents.

Ajax, at 126,666 residents in the 2021 Census, is one of the 527 covered Ontario places where a bad credit loan could be arranged.

Ajax is one of the 527 Ontario places on the site, and a bad credit loan there follows the same provincial rules.

Where a figure for Ontario could not be verified, the page names the publisher rather than printing a number.

The record for a bad credit loan in Ontario carries the provincial position and the product description together.

For a bad credit loan in Ontario, the surrounding places range from Toronto at 2,794,356 residents to smaller communities across the province.

The provincial figures for Ontario apply to a bad credit loan wherever the borrower lives, from Toronto outward.

A bad credit loan in Ontario is described here with the same structure used for every other product page.

Anyone reading about a bad credit loan in Ontario can compare the same product page for every other province.

The 527 covered Ontario places are all inside the same provincial framework for a bad credit loan.

For Ontario, the payday position and the product terms for a bad credit loan come from separate published sources.

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.

The provincial position here comes from the federal Payday Lending Regulations (SOR/2024-114), and the product description comes from the product's own definition.