Waterloo has about 121,000 residents (2021 Census) and two universities, including one of the largest co-operative education programs in the world. Many students alternate four-month work and study terms, so their income starts and stops. Waterloo residents apply online with Ontario-licensed lenders, with funds sent by e-Transfer.
A Waterloo exampleEthan’s co-op term ends in August and classes start in September. His last paycheque lands on August 22. After that, there is no next payday to repay a loan from, so a lender won’t approve one, and it wouldn’t be safe if they did. He sets aside part of each co-op paycheque for the study term instead.
Waterloo borrowers are covered by Ontario’s payday loan rules: at most $14 per $100, half your net pay, and two business days to cancel.
Waterloo-specific things to know
- No next paycheque, no payday loan. A payday loan is repaid from your next pay. When a work term ends, there isn’t one.
- Budget by term. Plan the next four months from your co-op income. OSAP and your school’s emergency funds can help during a study term.
Free help in Waterloo before you borrow
Ontario Works
Delivered by the Region of Waterloo for Kitchener, Waterloo and Cambridge residents.
Electricity bills
Enova Power customers: ask about LEAP emergency help. The OESP credit is open to every Ontario household.
211
Food banks, rent help and other Waterloo Region services, by phone, text or 211ontario.ca.
Neighbourhoods we serve in Waterloo
- Uptown Waterloo
- Northdale
- Beechwood
- Lakeshore
- Laurelwood
- Columbia Forest
- Clair Hills
- Eastbridge
- Lincoln Village
- Westvale
- Colonial Acres
- Mary-Allen