New Rules on Payday Loans in Ontario

Historical archive, first published 2007 — payday-lending laws and rates have changed since. Preserved for the record.

People looking to take out a Canadian payday cash loan now in Ontario have a clear picture of the true cost of their decision.

New rules covering the industry took effect this week. They include:

• Payday advance lenders must now disclose all charges, including interest rates, brokerage fees and, check-cashing fees for all loans over $100.

The new rules were brought in to protect consumers from sky-high interest rates charged by some payday loan lenders.