Payday loans can help with a one-time shortfall. They can also make things worse if they are used for ongoing expenses. This policy sets out how we try to make sure they are used the first way.
Our commitments
- Cost before commitment. We show the maximum dollar cost and APR before you apply.
- Licensed lenders only. We work only with lenders licensed in your province.
- Affordability checks. Lenders verify your income and, in Ontario, cannot lend more than 50% of your net pay.
- No rollovers. We do not support rolling one payday loan into another.
- Cancellation respected. You can cancel within your province’s cooling-off period, two business days in Ontario.
- Fair collections. Lenders must follow provincial rules on how and how often they contact you.
- No upfront fees. Neither we nor our lenders ask for money before a loan is funded.
Signs a payday loan may not be right for you
- You are borrowing to repay another payday loan.
- You have had three or more payday loans in the last two months.
- Repaying would leave you unable to pay rent, food or utilities.
- You are borrowing for something that can wait.
If any of these apply, please speak to a non-profit credit counsellor before borrowing. Help is free and confidential: Credit Counselling Canada.
If you are struggling to repay
- Contact your lender before the due date and explain your situation.
- In Ontario, ask about the extended payment plan if this is your third loan within 63 days.
- Do not take a new payday loan to cover this one.
- Contact a credit counsellor for a plan that covers all your debts.
Vulnerable borrowers
If you tell us you are in financial hardship, are being pressured to borrow by someone else, or have trouble understanding the terms, we will slow down, explain options and refer you to free help.
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We describe payday loans accurately. We do not promise guaranteed approval, and we show costs as both dollars and APR, as Ontario law requires.