Payday loans in Ontario

A payday loan in Ontario is a contract between a borrower and a licensed lender, read against the province's consumer credit rules and the federal ceiling where one applies.

The Ontario version of the payday loan page exists because provincial rules apply to the contract wherever the lender is based.

What this product does

Payday loans: Small, short-term advances against a pay date, the most tightly regulated product in Canadian consumer credit.

A payday loan is a small, short-term advance against a pay date, and it is the most tightly regulated product in Canadian consumer credit.

A payday advance is small and short-term, repaid on a pay date, and priced as a flat charge rather than interest.

Rolling over a payday advance is restricted in most provinces, and a new charge cannot simply be added.

The Ontario position

The federal payday lending regulations, SOR/2024-114, cap the cost of borrowing at $14 per $100 advanced in Ontario, which the federal Payday Lending Regulations (SOR/2024-114) list as a province that regulates the product.

Licensing for consumer credit in Ontario sits with the province or territory, and the Financial Consumer Agency of Canada maintains the public list of provincial and territorial regulators.

The census figures for Gravenhurst, one of the 527 covered Ontario places, give 13,157 residents.

Toronto, at 2,794,356 residents in the 2021 Census, is the largest of the 527 Ontario places covered here. The product terms for a payday loan sit on top of that position.

The assessment

An asset pledged against a payday loan is valued before the amount is confirmed.

Where the credit file is thin, a lender considering a payday loan may look at banking conduct as well.

Repayment history on other debts is visible to the lender reading a payday loan application.

Other borrowing

These related products carry their own Ontario pages.

• Mortgage loans: Borrowing against residential property, including how a federally regulated lender tests the file.
• Business loans: Commercial borrowing, what lenders read in a business file, and how the assessment differs from personal credit.
• Payday loans: Small, short-term advances against a pay date, the most tightly regulated product in Canadian consumer credit.

Gravenhurst is one of the 527 Ontario places on the site, and a payday loan there follows the same provincial rules.

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

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

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

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

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

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

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

Gravenhurst, at 13,157 residents in the 2021 Census, is one of the 527 covered Ontario places where a payday loan could be arranged.

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

The Ontario pages place a payday loan alongside 527 covered communities, including Gravenhurst at 13,157 residents.

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

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

Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.

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.