COVID-19: Get updates on the law and legal services on Steps to Justice

Change font size:


  • Increase
  • Decrease
  • Normal

Current Zoom: 100%

Payday loans

Step 1: Choose language Step 2: Choose from available formats and options
Available formats and options

Who are payday lenders?

Payday lenders are businesses that give loans to people who cannot get a loan from a bank or credit union. They usually charge much higher interest and fees than banks and credit unions.

You can often find them in strip malls and other storefront offices. Some payday lenders offer their services online. They often have the words "cash" or "money" in their names.

Payday lenders may offer other services too, like buying gold or cashing cheques. However, they cannot force you to use these other services in order to get the loan. They cannot offer you other services while you are in the process of getting a loan from them.

Payday lenders must get a licence from the Ontario Ministry of Government and Consumer Services. The licence must be clearly displayed in the store, or on the website if they make loans over the internet.