Windsor Payday Loan FAQ: Cost, Rules, Funding and Repayment

$14 for every $100 borrowed, so $300 costs $42 and is repaid as $342, and $1000 costs $140 and is repaid as $1140. The cap is federal and enforced under Ontario law, so a counter on Tecumseh Road East and a lender on your phone charge the same fee. The cost table on the homepage works every amount from $100 to $1500.

Ontario's Payday Loans Act, 2008, enforced by Consumer Protection Ontario, which licenses every lender and every location serving an Ontario address. The Act caps the fee, bans rollovers and concurrent loans, gives you two business days to cancel and requires an extended payment plan on a third loan within 63 days. The rules section on the homepage lists each protection.

Yes, within two business days of signing, at no cost, by returning the principal. Sign on a Thursday evening and the window runs to the close of business on Monday. The how it works page covers what happens after you sign.

Online, in about five minutes, from any phone: a short form, a read-only bank connection that shows your pay deposits instead of pay stubs, and an e-signature on an agreement that states the cost in dollars. The how it works page walks through all four steps and what to have ready.

Usually within an hour or two of signing on a weekday during business hours, by Interac e-transfer into the account your pay lands in. An application signed after an afternoon shift ends funds first thing the next business morning. The e-transfer loans Windsor page has the timing by hour of day.

No. The whole route runs on a phone, and the counters along Tecumseh Road East, Ouellette Avenue, Walker Road and Wyandotte Street are an option only when you want cash in hand the same hour, at the same $14 per $100. The online or storefront section covers when each makes sense.

No. A lender licensed in Ontario serves every Ontario address, and an e-transfer lands in Kingsville as fast as it lands in Walkerville. The areas we serve hub covers each neighbourhood and county town, including which have a counter and which do not.

A payday lender decides on the employment deposits it can see in your chequing account, not on your score, so a score in the 500s, old collections or a discharged bankruptcy do not by themselves stop a loan. All credit is considered and approval is never promised. The bad credit loans Windsor page covers what a lender reads on a file and the few real hard stops.

Usually between $100 and $500, because Ontario lenders size a loan to about 50% of the net pay on the cheque it comes out of, and a new lender starts small. A weekly plant cheque supports a smaller loan than a biweekly hospital cheque on the same wage. The who qualifies section has the sizing table.

Search its name in the Consumer Protection Ontario licence records, read its posted cost disclosure, and refuse any lender that asks for money before it funds you. A fee above $14 per $100 or a request for a gift card up front means the lender is not licensed. The licence check on the homepage lists what to look for.

On your next pay date, by pre-authorized debit from the same chequing account, never more than 62 days out. Set the debit for the day after the deposit lands, so late Thursday plant payroll is in the account before it runs. The repayment section on the homepage covers what to do if the date slips.

The debit bounces, your bank charges an NSF fee and the lender charges the returned payment fee stated in the agreement, but it cannot roll the loan over for a new fee or lend you a second one. Call before the due date and most lenders will move it once. The extended payment plan applies after a third loan within 63 days.

No, and a licensed Ontario lender cannot write one while the first is open, because the bank connection shows the open debit. If the same gap returns every cheque, one installment loan that clears the payday loan and ends in fixed monthly payments costs less. The installment loans Windsor page works the consolidation numbers.

A payday loan cannot cover it, since $1500 is the legal maximum and most first loans land well under it. A personal loan of $500 to $10000 at 18% to 35% APR over 3 to 60 months is built for a furnace, a transmission or a dental bill. The personal loans Windsor page compares the two on the same need.