Payday loans are a form of short-term borrowing designed to provide consumers with access to money before their next payday. In Ontario, these loans are available through licensed lenders operating online and through physical locations. They can provide quick access to funds, but they are also among the most expensive forms of consumer credit, making it important to understand the terms before borrowing.
A typical payday loan involves borrowing a relatively small amount of money and agreeing to repay the loan, plus the permitted borrowing cost, on a specified date. In many cases, that repayment date corresponds with the borrower’s next payday. Ontario law requires payday lenders to provide borrowers with a written agreement containing important information about the loan, including the amount borrowed, the cost of borrowing and other required details.…
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