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Tag: Loan Agreements

Ontario Payday Loans Act, 2008 Enforcement Action

The Criminal Code of Canada was amended in 2006 that allow provinces to regulate the payday loan industry, since then three provinces; Ontario, British Columbia and Saskatchewan have legislations to deal with payday loan restrictions. Cost of payday loans capped, and any rate of interest charged above 60% per annum considered criminal. After more than two years of provincial effort Ontario payday loans Act was passed in 2008 to provide better consumer protection for users of payday loan services.

Enforcement Action Scenario

Consumer protection concerns about payday loans have been in the CBC News of Feb 5, 2013 in which Ontario government is attempting to revoke the license of one of the country’s biggest Edmonton-based cash advance stores, The Cash Store to operate in the province due to violations of the Act.

Ontario Canada enacted the Payday Loans Act, 2008 to limit the fees charged on loans in the province. Ontario Payday Loans Act, 2008 provides additional protection for users of payday loan services, as a borrower you have number of rights and protections under a payday loan agreement.

The Ontario Payday Loans Act, 2008:

  • Requires payday lenders and payday loan brokers to be licensed by the Ministry of Consumer Services and comply with the provisions of the Ontario Payday Loans Act, 2008.
  • Prohibits certain industry practices, including “rollover” loans
  • Gives payday loan brokers a two-day “cooling off” period to cancel a loan with no reason without incurring a penalty.
  • Maximum total cost of borrowing cap for payday loan agreements in Ontario is set on $21 per $100 borrowed.

Ontario Ministry of Consumer Services clearly indicates all the points that protect consumers taking payday loans in Ontario, before taking out a payday loan; you should know your consumer rights:

  • As a borrower, you cannot be charged more than $21 for each $100 you borrow. This is called the maximum cost of borrowing.
  • All fees charged when obtaining a payday loan are included in the maximum cost of borrowing. Fees cannot increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You are entitled to receive the full amount of your loan without deductions for any fees or other charges.
  • You are entitled to access the payday loan in cash immediately upon entering into a payday loan agreement. The payday loan lender may offer to provide your loan to you by cheque or debit card. However, they cannot charge you additional fees to do this if the fees increase your cost of borrowing to more than $21 for each $100 you borrow.
  • You have two business days to change your mind and cancel the payday agreement without a penalty.
  • You cannot get a second payday loan from the same payday lender until you pay off the first loan in full.
  • The lender cannot offer you other goods or services (on their own behalf or on behalf of another person), such as insurance, in connection with your payday loan agreement.

Demand of payday loan in Ontario Canada is higher in accordance with the other Canadian provinces and territories so do there are number of stores operating in Ontario are also high. Thats the reason enforcement of payday lending rules can make a big difference with such kind of news action. According to the Government officials it’s a “major consumer protection enforcement action” on what they will release more information. These kinds of news will not even bring good result in achieving best practice while controlling Ontario payday loan rates but it will help in other provinces and territories to discourage such predatory payday lending companies that are charging exorbitant interest rates or hidden fees when lending money to the moderate, limited and low income class of working individuals.


Cash Advance Payday Loans Canada and Bad Credit Unsecured Personal Loans Which One Is The Best Holiday Loan Options

Due to upcoming Christmas holiday shopping season in Canada, cash requirement will be at its highest level that many Canadians will be looking for the best holiday loan options to borrow money. There are two cash borrowing ways that have become very popular in these days and situations; bad credit unsecured personal loans and cash advance payday loans Canada with no credit check. These unsecured loans seem to be a fast and easy solution for getting money that you need but before going into loan application process, it is advisable, especially living from paycheck to paycheck kind of individuals to understand the nature of these kinds of emergency loans and to calculate the payback amount within specified time limit they may have to make ends meet successfully, because every borrower should always know about how much he or she can easily afford to pay in fees or interest added with the principle amount without going into unaffordable financial situation.

As it’s understood that cash advance payday loans Canada holds an upfront fees that is higher than other available loans, the maximum allowable cost of borrowing under payday loan agreements is $21 per each $100 cash advanced in province of Ontario, Alberta, British Columbia and others (the fee may vary among provinces and territories, please check prior to apply). Although you can also get a payday loans discount in Canada on your loan application fee due to its high competition between Canadian lenders but you have to remember that if you will not payback your loan in full within a specified time then your loan fees will be reset that may also include extra charges plus another fees for the new set loan duration. Most of the payday loan borrowers are suffering from bad credit situation but its equally good for consumers with good credit ratting because its main purpose is to cover emergency cash shortage.

Although a bad credit unsecured personal loans holds a high interest rates due to poor credit history of an applicant that is not quite higher than payday loans but its really hard to find it online due to lesser availability of bad credit unsecured personal loan lenders online in relation to payday loan lenders. Bad credit lenders often determine their interest rate according to borrowers credit score and credit history, lower credit score with poor credit history results in higher interest rate and an expensive credit even borrowing through your credit cards, car loans, personal loans, equity loans, home loans and else.

By having an excellent credit score and financial history customers will set themselves apart and will have the ability to borrow money according to their need, fast and on the cheapest rates which in turn will save them a lot over the course of their lifetime. Bad credit borrowers looking for the Bad Credit Unsecured Personal Loans can borrow money but it will always carry a high rate! The only way to get a loan that holds a low interest rate requires a best credit history that can only build and improve by fulfilling your obligations like paying off your bills on time and in full. If you are suffering from a bad credit history with poor credit score, it doesn’t mean you are alone because over the last few years of global economic recession has also made most of the Canadians here that have missed their financial obligations in paying off their bills and payments on time and even in full.

Recommendation! Holiday shopping especially for a Christmas Eve is not to be treated as an investment but it’s like preparing yourself for a celebration, shopping, decorating your home and dining with your friends and family. In relation to personal loan, Cash Advance Payday Loans Canada is the best option because you can get an instant financial help over the day you know and on the other hand it will also restrict you to get less money to control your extra spending but really good enough in relation to your income that you can borrow between 30-50% of your net pay, up to $1,500 instantly and it will also bound you to limited purchase that you can payoff with ease and without extra disturbing your budget that you are going to make on your upcoming salary or paycheck next month.


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