Beginning April 1st, 2014, the Ministry of Consumer Services is making it mandatory for all payday loan companies in Ontario to have this poster visible to all customers, whether in store or online.
Please note that this will not change anything if you are lending from a provincially compliant lender (like us!). As we have always been dedicated to transparency and compliance, we are very happy to see that the Government of Ontario is taking these steps to keep the payday loan consumer educated.
Again, nothing changes in fee structure. The maximum any payday loan lender in Ontario can charge you for a loan is $21 per $100 borrowed. Keep in mind, however, that if you are late repaying a loan, you will incur interest on the loan, plus any applicable fees (late fees, NSF, etc). Always review your payday loan agreement before signing and ask if anything seems unclear.