Cost and rules
What does a payday loan cost in Scarborough?
$14 for every $100 borrowed, so $300 costs $42 and is repaid as $342, and $500 costs $70 and is repaid as $570. The cap is federal and applied under Ontario law, so it is the same at a Kingston Road storefront and online. The cost guide works every amount from $100 to $1500.
Is the price different in one part of Scarborough than another?
No. The $14 per $100 cap is provincial, so Malvern, Agincourt and Birch Cliff pay the same. What changes by neighbourhood is the distance to a counter and the pay cycle the loan is timed to, which the areas we serve hub covers page by page.
Which law protects me and who enforces it?
The Payday Loans Act, 2008, enforced by Consumer Protection Ontario. It requires every lender and every storefront location to be licensed, caps the fee, bans rollovers and gives you a two business day cancellation right. The Ontario rules guide explains each protection.
Can I cancel after I sign?
Yes, within two business days, at no cost. Return the principal, give written notice and keep the receipt, whether the loan was signed online or at a counter. The cancellation guide has the exact steps.
Applying and funding
How do I apply from Scarborough?
Online, in about five minutes: the form, an IBV bank read that replaces pay stubs, and an e-signature. The money arrives by Interac e-transfer to the account your pay lands in. The how it works page walks through each step.
How fast does the money arrive?
Usually within the hour of signing on a weekday during business hours. An evening application funds the next business morning, and a weekend one usually lands Monday. No lender funds at 3 a.m. The e-transfer loans page gives the timeline hour by hour.
Do I have to visit a storefront?
No. The full process runs on a phone. Storefronts along Kingston Road, Lawrence Avenue East and Eglinton Avenue East are an option for cash in hand during shop hours, at the same $14 per $100. The main Scarborough page compares the two routes.
What does the lender check?
Employment deposits, an active chequing account, your identity, your age and your Ontario address. IBV shows the lender your deposit pattern, NSFs and other loans in about a minute. The what lenders verify guide lists exactly what it sees.
Bad credit and approval
Can I get a payday loan in Scarborough with bad credit?
Approval rests on employment income landing in an active chequing account, not on your score, so a low score, past collections or a discharged bankruptcy do not by themselves stop a payday loan. All credit is considered. The bad credit loans page covers what does and does not change.
How much can I borrow on a first loan?
Usually $100 to $500. Ontario limits the loan to 50% of your net pay for the period, and a new lender starts small. Weekly paid workers get smaller loans than biweekly ones because the cheque is smaller. The cash advance page shows the sizing by pay cycle.
What stops an application outright?
No employment income, no chequing account, an active bankruptcy, or an account too new for IBV to read. A name mismatch between the application and the bank account also holds things up. The bad credit loans page lists the real hard stops.
How do I know a lender is licensed?
Check the Consumer Protection Ontario registry, look for the licence on the agreement and the website, and walk away from any quote over $14 per $100 or any fee asked before funding. The licence check guide is step by step, and the scams guide covers the fakes.
Repaying and problems
When is the loan due?
On your next pay date, by pre-authorized debit for the amount in the agreement: 7 days out on weekly pay, up to 14 on biweekly, up to 16 on semi-monthly, and 62 days at most. If a shift change moves your pay date, call the lender before the due date. The cash advance page covers the pay cycle math.
What happens if I cannot repay on time?
The debit fails, your bank charges an NSF fee and the lender may charge a capped default fee, but it cannot roll the loan over for a new fee or open a second one. Call before the date and ask about a plan. The cannot repay guide covers every option.
What is the extended payment plan?
A mandatory offer under Ontario law when you take a third loan from the same lender within 63 days, spreading the balance over several pay periods at no extra fee. It is the rule that breaks a repeat cycle. The repeat borrowing guide shows how to use it.
What should I use instead if the gap keeps coming back?
An employer advance on hours already worked, a credit union small loan, a rent or utility arrangement, or one installment loan that replaces the repeat fees with a single monthly payment. The alternatives guide ranks them by cost, and the installment loans page covers $500 to $10000 over 3 to 60 months.
Check your loan optionsOur loan options in Scarborough
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