Consumers searching for a payday loan service in Ontario have many factors to consider before submitting an application. The speed of the application is only one part of the decision. Checking the lender’s licence, understanding the cost, reviewing the agreement and knowing the repayment requirements are all important.
The first step is verifying that the payday lender is licensed to operate in Ontario. The province requires payday lenders and payday-loan brokers to be licensed. Consumers should not assume that a website is legitimate simply because it looks professional or advertises quick approval.
The next step is understanding the cost. Ontario currently limits the cost of borrowing for a payday loan to $14 per $100 borrowed. Before accepting an offer, consumers should calculate the dollar amount they will have to repay rather than looking only at the amount they will receive. (more…)

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