In January 2017, new payday loan regulations were implemented in Ontario. As of January 1, 2017, the maximum total cost of borrowing for a payday loan went from $21 to $18 per $100 borrowed. And as much as each province has different regulations when it comes to payday loan industry, it is changes like this to the payday loan system that we like to keep our customers up to date on to make sure you’re aware about what is happening within the industry. These new regulations are not just for GoDay specifically, but for all payday or short term loan money lenders across Ontario and as a customer of GoDay, we want to let you know how your borrowing is affected.
So when it comes to payday loans you must understand how they work. We help float you along until your next paycheck when times can be squeezed or you find yourself strapped for cash. You shouldn’t have to miss bill payments, special occasions or be worried in a financial emergency. That’s what GoDay is here for. To help you get the funds you need and ensure you can financially move forward.
So when you borrow money from GoDay, you are charged interest on your loan. And we make sure to let you know how much interest you are charged up front and before you apply or even while you’re looking at loans with us. Because no one likes surprises when it comes to their money and here at GoDay, we pride ourselves in transparency. This way you will know how much money you will be getting from us and how much it is going to cost you total, with no other fees added.
So what does this new regulation mean for you?
According to the Ministry of Government and Consumer Services, there are over 800 licensed payday lenders in Ontario. And because payday loans are a commonly used financial service, offered by a party other than a bank or credit union, this change is to ensure that you as a consumer is protected and able to benefit from lower costs for payday loans in Ontario. The Ministry of Government and Consumer Services is also introducing a new legislation that affects the payday loan and lending industry to help strengthen and protect consumers who use these services. If passed things like repeated GoDay customers will have an extended repayment period option and adding enforcement powers to address unlicensed lenders. For more information on the new legislation and regulations for payday loans, you can visit the Ministry of Government and Consumer Services website.
As a consumer, all of this is great news for you!
For more information on GoDay’s operation please feel free to check out our website or speak with any of our customer service representatives to answer any questions you may have.