{"id":46131,"date":"2013-10-08T22:06:12","date_gmt":"2013-10-09T02:06:12","guid":{"rendered":""},"modified":"2025-01-07T16:09:22","modified_gmt":"2025-01-07T21:09:22","slug":"how-does-payday-loan-work","status":"publish","type":"publications-page","link":"https:\/\/www.cleo.on.ca\/en\/publications-page\/how-does-payday-loan-work","title":{"rendered":"How does a payday loan work?"},"content":{"rendered":"<p>Most payday loans must be repaid within <strong>14 to 28 days<\/strong>. If your loan is longer than <strong>62 days<\/strong> different rules apply. Those rules are not covered in this resource.<\/p>\n<p>When you apply for a loan, lenders can ask for:<\/p>\n<ul>\n<li>proof you have regular income from a job, a pension, OW, or ODSP<\/li>\n<li>proof of your address, for example, a utility bill<\/li>\n<li>your bank account details<\/li>\n<\/ul>\n<p>They <strong>cannot<\/strong> ask for:<\/p>\n<ul>\n<li>collateral, which is something valuable you give them that they keep if you cannot repay the loan<\/li>\n<li>a guarantor, who is a person who must repay the loan if you do not<\/li>\n<\/ul>\n<p>A lender can ask your employer to confirm details of your employment, but cannot contact anyone else.<\/p>\n<p>Lenders cannot give you another loan until you have paid off your first loan.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-46131","publications-page","type-publications-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How does a payday loan work? - CLEO (Community Legal Education Ontario \/ \u00c9ducation juridique communautaire Ontario)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cleo.on.ca\/en\/publications-page\/how-does-payday-loan-work\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How does a payday loan work? - CLEO (Community Legal Education Ontario \/ \u00c9ducation juridique communautaire Ontario)\" \/>\n<meta property=\"og:description\" content=\"Most payday loans must be repaid within 14 to 28 days. 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