Ontario regulates payday lending directly through the Payday Loans Act, 2008, while personal installment loans are governed by the federal criminal rate of interest. Here's a closer look at the legal landscape for borrowers in the province.
The Payday Loans Act, 2008
This provincial law requires payday lenders to be licensed, sets maximum cost-of-borrowing limits specific to payday loans, and mandates clear disclosure of the total cost before you sign an agreement.
Federal Criminal Rate of Interest
Personal installment loans, like those in our network, fall under the federal Criminal Code's interest rate cap of 35% APR, effective since January 2025 — separate from Ontario's payday-specific rules.
Borrower Protections
Ontario law requires lenders to disclose the full cost of borrowing in writing before you agree to a loan, and provides a cooling-off period for certain credit agreements — always review your agreement fully before signing.
Where to File a Complaint
Ontario's consumer protection ministry handles complaints related to licensed lenders operating in the province — keep records of your loan agreement and any communication in case you need to escalate an issue.