Know Your Rights: Payday Loans | Connaissez vos droits : Prêts sur salaire


[TITLE: Know Your Rights: Payday Loans.] [Consumer Protection Ontario Logo.] [Ontario Logo.] [Host]: Payday loans offer quick cash when you need it, but you may end up paying more than you expect. Make sure you’re informed before taking out a loan. In Ontario, payday lenders can charge no more than $21 for ever $100 that a customer borrows. Consumers have a two-day cooling off period to cancel the loan with no reason, and no penalty. Your loan agreement has to fully disclose the amount you’re borrowing, the number of days your agreement is for, and the total cost of borrowing. You should also know that roll-over loans are not allowed – this means you must fully pay off one loan before taking out another one from the same lender. Payday loans are a very expensive form of credit. If you have other options for credit, use them first. Remember, when you use a payday loan service, be a smart consumer and reduce your risk by always dealing with a licensed payday lender. [TITLE: Consumer Protection Ontario Logo. URL: Ontario.ca/ConsumerProtection.] [TITLE: Ontario Logo.]

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