{"id":7355,"date":"2022-07-10T09:00:00","date_gmt":"2022-07-10T13:00:00","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=7355"},"modified":"2022-07-04T12:42:32","modified_gmt":"2022-07-04T16:42:32","slug":"cash-advance-paydayloans-ontario-find-one-now","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/cash-advance-paydayloans-ontario-find-one-now\/","title":{"rendered":"Cash Advance Payday Loans in Ontario: Find One Now"},"content":{"rendered":"
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Cash advance payday loans in Ontario are a great way to access money quickly. They are especially beneficial for those who don\u2019t have a credit card or line of credit. They may also help you if you don\u2019t have friends or family that can lend you money (or you don\u2019t want to ask them).<\/p>\n\n\n\n

However, cash advance payday loans can vary. As well, some lenders are good while others are less desirable. Consequently, it is important to know how to pinpoint good cash advance payday loans in Ontario and good lenders.<\/p>\n\n\n\n

Licensed vs. Unlicensed Lenders<\/h2>\n\n\n\n

Legally, every lender that issues cash advance payday loans in Ontario should have a license. Unfortunately, some lenders ignore the rules and operate unlicensed. This generally occurs online, but could potentially happen in-person too.<\/p>\n\n\n\n

Potential Issues with Unlicensed Lenders<\/h3>\n\n\n\n

Both the Ontario and federal governments warn against using unlicensed lenders for many reasons. Firstly, you could find yourself caught up in a scam. In this case, the lender is more interested in your personal data than issuing you a loan. Once they\u2019ve obtained your sensitive information, they could steal your identity.<\/p>\n\n\n\n

Identity theft, scams, and fraud are a very real threat and they can all severely damage your credit score. Almost $380 million was lost to scams and fraud in 2021, up 130% from the previous year.<\/p>\n\n\n\n

Secondly, even if an unlicensed lender does issue you a loan, they aren\u2019t governed by federal and provincial consumer protection laws. Consequently, they could handle your loan improperly and use illegal collection methods.<\/p>\n\n\n\n

Finally, unlicensed lenders can basically charge whatever fees, penalties, and interest rates they want. Some fees may be open-ended too, which could increase your indebtedness considerably if you don\u2019t meet your loan obligations.<\/p>\n\n\n\n

Licensed Lenders are Regulated<\/h3>\n\n\n\n

Licensed lenders are regulated and have government oversight. They must adhere to the Payday Loans Act<\/a>, which describes your rights and lender responsibilities. They are held accountable for their actions and can be fined or even lose their license if they do not behave ethically. You can check whether a lender has an Ontario payday loan license here<\/a>.<\/p>\n\n\n\n

One important stipulation for licensed lenders is that they must demonstrate transparency. Consequently, licensed lenders reveal your cost to borrow before<\/strong> you provide your personal information. The only information they need from you is your province of residence, as fees vary by region. If a lender starts asking for your SIN number or banking details straightaway, they probably aren\u2019t licensed.<\/p>\n\n\n\n

Additionally, licensed lenders have restrictions on your interest rate, fees, and penalties. In Ontario, a licensed lender cannot charge more than $15 per $100 borrowed.<\/p>\n\n\n\n

If you do not have the money in your account when it\u2019s time to repay, they can charge a $15 NSF fee. They can also charge you 2.5% per month in late interest. Borrowers also have 2 days to cancel their loan, if they wish. Unlicensed lenders have none of these restrictions or safeguards.<\/p>\n\n\n\n

As mentioned, data security is an important consideration. Licensed lenders are legally-obliged to protect your data well. This includes utilizing the latest security protocols and industry-level encryption software. They must also publish a Privacy Statement which specifically describes how they can use your data and retain it.<\/p>\n\n\n\n

You may want to check out this post<\/a> if you\u2019re concerned about using an online lender. Applying through the internet offers additional benefits, when you choose a reputable, licensed lender.<\/p>\n\n\n\n

Only Use Cash Advance Payday Loans in Ontario When You Must<\/h2>\n\n\n\n

Cash advance payday loans in Ontario are relatively easy for most people to access. However, just because they are available it doesn\u2019t mean you should use them often or for any reason. They are meant for urgent needs.<\/p>\n\n\n\n

Don\u2019t use cash advance payday loans in Ontario for binge shopping. You shouldn\u2019t use them to regularly meet your ongoing expenses either. This indicates you have problems with your money management skills. You will spend more, as they are a costly form of credit.<\/p>\n\n\n\n

Nonetheless, these loans can provide quick cash when you must have money to manage an immediate, urgent need. Here are just a few valid reasons people might choose cash advance payday loans in Ontario:<\/p>\n\n\n\n