Question 1

How much can I borrow with a payday loan in Ontario?

Accepted Answer

Ontario law caps a single payday loan at $1,500, and the amount you borrow cannot exceed 50% of your expected net pay for the term of the loan. Loans start at $100.

Question 2

What does a payday loan cost in Ontario?

Accepted Answer

The maximum cost of a payday loan in Ontario is $14 for every $100 borrowed, set by the Payday Loans Act, 2008. A $300 loan costs $42, for a total repayment of $342.

Question 3

How fast can I get a payday loan?

Accepted Answer

Most Ontario applicants receive a decision within 60 minutes, and approved funds are typically deposited within the hour during business hours.

Question 4

Can I get a payday loan with bad credit?

Accepted Answer

Yes. Payday lenders in Ontario consider your income and ability to repay rather than relying solely on a credit score.

Question 5

Are payday loans legal in Ontario?

Accepted Answer

Yes. Payday lending in Ontario is legal and licensed by the Ministry of Public and Business Service Delivery and Procurement under the Payday Loans Act, 2008.