Loans London questions, payday and installment
The rules behind these answers come from the Ontario Payday Loans Act, 2008 and Consumer Protection Ontario.
How much can I borrow on a first loan in London?
Usually $100 to $500 on a first payday loan. Ontario caps a payday loan at 50% of your net pay for the period, so $1800 of biweekly take home pay allows up to $900. Installment loans run $500 to $10000.
When is a London payday loan due?
On your next pay date, in one debit, never more than 62 days out. Hospital, university and school board payrolls in London run biweekly, so most loans here run about two weeks.
How long do I have to cancel a payday loan in Ontario?
Two business days from signing. Give the lender written notice and return the money, and you owe nothing, with no reason required. A Friday signature gives you until the end of Tuesday.
I was laid off at the assembly plant in Ingersoll. Can I still borrow?
A payday lender sizes the loan to deposits it can see, so a stopped payroll usually means a decline until new pay starts landing. Once deposits from a new job show in the account, lenders read those. A loan is a bridge to a known paycheque, not a replacement for one.
Can a Western or Fanshawe student get a loan?
Yes, at 18 or older with a part time job paid by direct deposit and a chequing account in their own name. The loan stays small because the deposits are small, which is the honest shape of it.
I live in St. Thomas, Strathroy or Dorchester. Can I apply?
Yes. A lender licensed in Ontario serves any Ontario address, and the ring towns use the same form as the city. The address on your ID needs to match your bank statement.
What is the extended payment plan?
Ontario's rule for a third payday loan within 63 days: the lender must offer to spread repayment over several pay periods at no extra cost. Ask for it by name before the due date.
Does applying hurt my credit score?
Applying through Loans London does not, because the match runs on the details you type in. Payday lenders mostly read deposits, and an installment lender may record one inquiry once you accept its offer.
