Largest payday loan Toronto providers include MoneyMart Canada (78 locations in Toronto) and Cash Money, with 40 stores in the city.
Toronto is one of the most popular locations for the payday lending industry, with a number of national franchises being represented throughout the city.
Payday loans in Toronto are small-dollar amount, short-term loans, offered for a period until the borrowers next payday from regular employment.
These loans have, however, very high rates of interest (as measured by APRs), which means they are not intended to be used for long-term money problems.
Many customers use these debt products for emergencies and unexpected expenses, including car repairs and medical emergencies.
Industry research also suggests that some customers use the money to avoid paying late payment fees, overdraft charges, and expenses related to disconnected services.
As part of your research into the viability of using one of these cash advance loans in Toronto, you should read through the applicable payday loan laws in Ontario, as well as consider the alternative ways to lend small sums of money.
One of the best resources to learn about your rights as a payday loan consumer is to ready through the information available from Ontario Ministry of Consumer Services, including their "Payday Loans Bill of Rights".
One of the best ways to find a reliable payday loan lender
in Toronto and elsewhere in Ontario is to consult the member list for
the industry main trade association, the Canadian Payday Loan
Out of their membership list, there are several companies with storefronts in Ontario, such as MoneyMart and Cash Money, plus several online payday lenders that provide services in Toronto.
Of the firms with bricks-and-mortar stores in Toronto, the largest one is MoneyMart, with a total of 78 locations within 20 km of Toronto.
Another good choice and a CPLA member is the Cash Money franchise, which has opened 40 stores within 25 km of Toronto, according to their "Store Finder" tool, available from the company's official website.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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