Payday Loan in Ontario Canada

Payday loan in Ontario Canada providers range from Xtra Cash and The Fast Cash Co. to the Cornwall Cash Advantage, MoneyMart, and Cash Money.

Payday loans have been very popular form of short-term financing in Ontario since the early 1990s, and today, most of the national franchises have stores here.

Cash advances are small dollar amount loans, typically taken for a loan period of a few weeks, until the borrower's next payday from regular employment.

These are NOT, however, intended as solutions for long-term financial problems, partly because of their very high costs of borrowing, as measured by APRs (Annual Percentage Rates of interest).

You should look into payday loan alternatives as a solution to your emergency cash needs even in the short-term, with some of the other options in Ontario being small consumer loans from credit unions, salary advances from your employer, and credit card cash advances.

As is the case in most other provinces in Canada, the payday loan industry is very tightly regulated in Ontario, and you should get to know these regulations to fully understand your rights as a consumer.

These regulations dictate, for example, the maximum total costs of borrowing that payday lenders can charge, what practices are prohibited, and how the lenders may advertise their services.

One of the best resources to learn about these regulations is the Ontario Ministry of Consumer Services' official website.

Payday Loan Lenders in Ontario

One of the best ways to find reputable payday lenders in the province is to use those associated with Canadian Payday Loan Association.

Out of their 18 members, several companies operate in Ontario with physical stores, including Xtra Cash, The Fast Cash Co., Cornwall Cash Advantage, MoneyMart, and Cash Money.

MoneyMart is, in fact, the nation's largest payday lender with a total of 454 outlets in the country, with Cash Money being the second largest (with 131 stores).

In Ontario, MoneyMart, which is a subsidiary of the U.S. based and publicly traded Dollar Financial Group, Inc. has locations in most of the more populous locations.

For example, they operate a total of 175 locations within 100 km of Toronto, according to the "Store Finder" tool, available from the company's official website.

› Payday Loan in Ontario Canada

Cash advances should be used for short-term financial needs only, not as a long-term financial solution.

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