Terms of use
The terms that govern your use of this website, and a summary of the key terms of an Ontario payday loan.
By using this website you agree to these terms. If you do not agree with them, please do not use the site. This page is a summary for general information and is not the loan agreement itself.
Using this website
This website provides information about payday loans offered by Credit Day to residents of Ontario. You agree to use it only for lawful purposes and to provide accurate information when you apply.
Eligibility
To apply for a loan you must be at least 18 years old, a resident of Ontario, and able to enter into a binding contract. Applications from outside Ontario cannot be accepted, because payday lending rules are set province by province.
No guarantee of approval
Completing an application does not guarantee a loan. All applications are subject to assessment, verification of the information you provide, and approval. The amount offered may be less than the amount requested, and is capped at $1,500 or 50% of your expected net pay for the term, whichever is lower.
Cost of borrowing
The cost of borrowing is set by Ontario's Payday Loans Act, 2008 at a maximum of $14 for every $100 borrowed. The exact cost and the total amount you will repay are disclosed in your loan agreement before you sign. No other fees apply, and there is no penalty for repaying early.
Repayment
Repayment is due on the date stated in your loan agreement, and is collected by pre-authorized debit from the bank account you nominate. You are responsible for ensuring sufficient funds are available on the due date.
If you cannot repay on time
Ontario law prohibits rollovers and extensions that add cost. If you cannot repay on your due date, you are entitled to an extended payment plan at no additional cost. Contact us before the due date so we can arrange one.
Intellectual property
The content, branding, and design of this website belong to Credit Day and may not be copied or reused without permission.
Governing law
These terms are governed by the laws of the Province of Ontario and the federal laws of Canada applicable in Ontario.
Contact
For questions about these terms, reply to the email confirmation sent with your application. For information about the rules that apply to payday lenders in Ontario, see the Ministry of Public and Business Service Delivery and Procurement.
