contact you more than 3 times a week (not including regular mail) or on holidays.If you have not met the terms of your loan agreement ( e.g. never ask for or accept payment by automatic deduction from your paycheck (assignment of wages).the number of days that your loan is for.include specific information on the first page of your contract.be licensed with the Government of Ontario and follow the rules set by the Payday Loans Act, 2008.This is because you can’t get another payday loan from the same lender before paying your first loan in full) “rollover” loans are not allowed (this means you can’t roll what you owe on a payday loan into a second payday loan.you have two business days to cancel a contract for a payday loan without any penalty ( e.g., without paying a fee) and without having to give a reason.you can’t be sold or offered any goods or services in connection with the payday loan.you can’t be charged more than $15 for every $100 that you borrow.The Payday Loans Act, 2008 helps protect people who take out payday loans. This means: If you borrow $300 for 2 weeks: The maximum cost of borrowing a payday loan is $15 for every $100 that you borrow. Before getting a payday loan, you should consider other ways to borrow money ( e.g., from family or friends, a bank or credit union or your credit card). Payday loans are an expensive form of credit. give proof of address ( e.g., they can ask to see a utility bill).prove 3 months of continuous employment.Most lenders do not do credit checks before issuing payday loans. an unsecured loan (you cannot put any property as collateral or guarantee for the loan, you need to provide the lender with a post-dated cheque or a pre-authorized debit).the most expensive form of consumer loan in Ontario.

usually a small value loan taken out for a short time, typically until your next payday.

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