Consumer Alert - Payday Loans

Are you thinking of getting a payday loan?

The Ministry of Consumer Services reminds consumers that payday loans are a very expensive form of credit.  If you have other options for credit, use them first. 

For those who require payday loan services, reduce your risk by making sure you always deal with a licensed payday lender. 

This applies whether you apply for a loan at a payday loan store or online.

If you are applying for a loan at a payday loan store, look for the lender’s licence. 

The license must be clearly visible when you enter the store.

If it isn’t, think twice about doing business at this store.

If you are applying for a loan over the internet, the lender must give you their licence information when you first contact them online.

Protect yourself and your money.  Do not apply for a payday loan from a lender who is not licensed to do business in Ontario.

Read Ontario’s payday loans Bill of Rights.  It has more helpful tips to keep in mind before you get a loan.