When faced with unexpected expenses that happen between paycheques, you might consider online payday loans in Ontario with no hard credit check. These loans are considered short term loans that must be paid off within a couple of weeks, usually on or before your next payday. Payday loans have grown in popularity all over the world, as well as in Ontario due to their accessibility. Online payday loans in Canada are available to most who qualify, even if they have a bad credit history.
You may be wondering if getting a payday loan is an option when you have a low credit score. Bad credit personal loans are designed for individuals who have a low credit score that limits their borrowing capacity. A bad credit loan, also called a personal loan with no hard credit verification, can help get you out of your sticky financial situation in spite of your poor credit rating.
Sudden bills happen, be it a major car repair, late rent or credit card payment or an unexpected medical bill. When you don’t have the required credit to obtain your requested loan, you may feel stuck between a rock and a hard place. You should know that a bank loan, or a loan from another financial institution is not your only means of getting quick cash. Help is available to all and bad credit loans might be the answer for you. You should know before you decide to apply that a bad credit loan is treated the same as any other personal loan. The borrowed sum must be paid back on time.
Ontario Payday Loans Law
Payday loan borrowers are protected under the Payday Loans Act of 2008. This law maintains that a borrower cannot be offered any goods or services related to the payday loan. A borrower always has the right to cancel their payday loan contract within 2 business days WITHOUT financial penalty and without providing a valid reason. Finally, this law also states that rollover payday loans are not permitted: one cannot obtain a payday loan from the same lender without having first paid off their initial loan in full.
Rules for Payday Lenders
When it comes to payday lending, the borrower must follow certain rules and regulations in order to comply with their loan terms. However, when it comes to the lender, they also have rules to respect. Payday lenders must be licensed with the Government of Ontario and respect the regulations fixed in the Payday Loans Act of 2008. Your lender must always include specific information on the first page of your loan contract that includes: the borrowed amount, the length of the loan (in number of days) and the amount to be charged in order to borrow the requested sum. Your lender does not have the right to request or accept loan repayment through automatic paycheque deduction, or assignment of wages. Your lender has a responsibility to keep you properly informed and must offer you a flyer as well as display a poster describing the costs over time of requesting a payday loan. Even if you haven’t respected the terms of loan repayment, you should know that your lender doesn’t have the right to contact you more than three times per week and may not contact you on holidays. They have no right to contact your spouse, relatives, friends or neighbours. They may not contact your employer(s) or acquaintances at any time, for any reason. This also means that your lender cannot use threatening or intimidating language when they contact you, nor can they use unreasonable measures of pressure to force you to pay. Your lender is not allowed to process your post-dated or pre-authorized cheque more than once, especially if this results in your financial institution charging you extra fees for insufficient funds or overdrafts. Keep in mind that if this does occur, you have every right to recover these financial amounts from your lender and this annuls the responsibility of paying the cost of borrowing the loan.
New Rules Coming Into Effect
Just recently, new rules have come into play that directly affect payday loans, borrowers and lenders. It is important to note that as of July 1, 2018, lenders can no longer lend you more than 50% of your net income per loan, allowing you to fulfill your other financial responsibilities when loan repayment rolls around. Lenders are obliged to display, in advertising or agreements, the cost of borrowing a loan in an annual percentage. Finally, “the maximum fee that cheque cashing services can charge for government-issued cheques is $2 plus 1% of the face value of the cheque, or $10— whichever is less”
Extended Payment Plan
The option for an extended payment plan also exists as of the July 1, 2018. If you request and receive three loans within a 63 day period, the lender must provide you with this option. Entering into an extended payment plan allows you to make prepayments any time you like, incurring an extra charge or penalty. It also gives you the right to end the extended payment plan at any time without being penalized. In almost all cases, a borrower has the right to repay their loan in equal instalments over multiple pay periods. The amount paid per period is determined by how frequently you receive your paycheque. Whether you are paid on a weekly, bi-weekly or monthly basis, your payment instalments must be scheduled over at least two paydays and the maximum amount of each payment is 50% of the combined total of the loan and the cost of borrowing.
More About The Province Of Ontario
Located in the east-central part of Canada, Ontario is one of 13 provinces and territories of the Country. Ontario holds Canada’s largest population, with a total of 38.3 percent of the country's inhabitants living there. Ontario is also the second largest province within Canada and the fourth largest in total land area after the Northwest Territories and Nunavut. Ottawa is the capital of Ontario and is home to the nation’s most populous city, Toronto.
Located in East/Central Canada, Ontario is Canada’s second largest province in total area. The terrain varies greatly, including the Mixedwood Plains in the Southeast to the boreal forests and tundra in the North. Ontario borders Manitoba to the West, Hudson Bay and James Bay to the North, Quebec to the East, and the Great Lakes and the United States to the South. The province, Ontario, an adaptation from the Iroquois word “Onitariio” meaning beautiful lake, is named after Great Lake Ontario. Did you know that there are over 250,000 lakes and over 100,000 kilometres of rivers in Ontario?
Ontario’s history stems back to when the Paleo-Indians arrived thousands of years ago. The lands of today have been inhabited for remarkable periods of time by groups of Aboriginal people, with French and British exploration and colonization commencing in the 17th century. Prior to the arrival of the Europeans, the region was inhabited both by Algonquin (Ojibwe, Cree and Algonquin) and Iroquoian (Iroquois, Petun and Huron) tribes.
Thanks to the many lakes and rivers located in Ontario, this area is rich in hydroelectric energy. In fact, in 2009, Ontario Power Generation generated approximately 70% of the province’s electricity, 51% of which is electric, 39% is hydroelectric with only 10% being fossil-fuel derived. Over the next five or six years, nuclear power is expected to supply a total of 42%, while fossil-fuel-derived generation is projected to decrease over the next 20 years.