payday loans near me

Payday Loans Near Me

Payday loans are short-term loans to be used during difficult financial times. These loans are easily accessible to anyone living anywhere in Canada. Before you go out and try to find a ‘payday loans near me,’ it is wise to see where you live and what rules apply. This blog just gives a brief overview of rules and regulations in different Canadian regions so just skip to your region and check out that rules apply. The links also provide sources of legislation and registered businesses where you can find clear guidelines and licensed payday direct lenders.  

Payday Loans Near Me | Alberta

The payday loans Alberta regulations about payday regulations are available on the official Alberta government website where you can also see if a payday lender is registered or not. As per these enlisted rules: There are many lenders for Payday Loans Calgary Alberta.

  • Payday loans must be  $1,500 or less
  • For every $100 borrowed, the interest rate cannot exceed $15
  • All payday lenders must be registered

Check out the Alberta province that regulates payday loans under the Act to End Predatory Lending (92016) and The online Payday Loans Regulation to learn more about laws governing payday loans.

Payday Loans Near Me | BC “British Columbia “

Payday loans in British Colombia, The Consumer Protection Act of British Columbia stipulates rules on payday loans. As per these rules:

  • The interest rate of $100 is $17 and cannot exceed this amount.
  • The payday loan amount must be between $100 to $1500.
  • The repayment period is 62 days.

Payday Loans Near Me | Manitoba

Payday loans in Winnipeg Manitoba have multiple regulations for consumer protection and keep the payday loan sector exploitation-free. Some basic rules are:

  • The maximum interest rate is $17 per $100 borrowed
  • 62 days are the repayment period
  • No more than $1500 can be the lender in payday loans

Payday Loans Near Me | New Brunswick

The government has slightly different rules in New Brunswick than other provinces. These are stated below:

  • The payday loan amount must be under $1,500.
  • Or in some cases lenders only let you borrow the amount that constitutes 30% of your net pay as per your previous pay stub.
  • The interest rate of $100 is $15.

Here is a list of licensed payday loan providers in New Brunswick:

  • GoDay Inc. (doing business as Goday.ca)
  • Avery Holdings Ltd. DBA Money In Your Pocket Depot (doing business as Money In Your Pocket)
  • Finabanx Ltd. (doing business as iCash)
  • Loan Express (doing business as Loan Express)
  • Amaranth Financial Services Inc. ( doing business as SPEEDY CASH)

Payday Loans Near Me | Newfoundland and Labrador

In the Newfoundland and Labrador province, the legislation is in place to keep payday loans safe and secure for all the parties involved and there are multiple pieces of legislation that you can browse through here. Some basic rules are as follows:

  • An interest rate of $14 applies to $100 dollar borrowed in payday loans
  • Customers can cancel their request within two days free of charge

Payday Loans Near Me | Northwest Territories

In the Northwest territories the following policies are in place:

  • The interest rate is $60 on a $100 payday loan, and any single payday loan cannot exceed the limit of $1500.
  • One must be 19 years and above for the loan and should at least have three months of employment without breaks.
  • Address and active bank details are required.

Payday Loans Near Me | Nova Scotia

Nova Scotia too like other provinces has firm and clear rules about payday loans. Some general rules are as follows:

Payday Loans Near Me
  • For every $100 borrowed, $17 is the interest rate
  • A penalty applies in case of late repayment but it must not go above $40
  • Only registered businesses are allowed to grant payday loans in Nova Scotia

Payday Loans Near Me | Nunavut

Although, in Nunavut, the government has not enacted specific rules yet but general guidelines are there to protect people against exploitation. These guidelines inform the public to:

  • Check if the payday lender has a physical address, customer service, and contact information to ensure it is a legitimate business and not a scam.
  • There is no advance fee or any other charges that make no sense
  • Should be licensed and have a registration number that could be tracked on the Better Business Bureau’s list.

Payday Loans Near Me | Ontario

The Payday Loans Act, 2008 was put in place in to regulate Online Payday Loans Ontario business and protects both customers and payday lender. As per this all transactions must be transparent and adhere to the rules such as:

  • The interest rate is $15 for every $100
  • This loan can be canceled within 2 business days without any charges.
  • Rollovers are not allowed so the first loan must be paid before taking another loan from the same lender.
  • The lending amount should not be less than  50% of a customer’s pay

Payday Loans Near Me | Edward Island

The province of Prince Edward Island has put in place Consumer Rights and Responsibilities to make sure citizens make informed decisions about payday loans and know about all the factors involved in the process. Some general guidelines and rules that are applicable in Prince Edward Island are stated below:

  • As per the Payday Loans Act, all payday lenders must be licensed to operate in the region.
  • The Maximus amount of a single payday loan must not exceed $1500 and must be paid within 62 days.
  • Customers can cancel their payday loan within 2 business days without any fee.
  • A customer can only take another loan if and when the last one is fully paid.
  • Agreements must state interest rates and must be signed in advance.

Payday Loans Near Me | Quebec

Rules regarding payday loans in Quebec are slightly different than in other provinces, but some general rules are the same. Consumer Protection Act governs payday loans in Quebec. These rules are stated below:

  • The payday loan amount should, be less than $1500 and repaid within the 62-day time frame
  • The cooling-off period is 10 days meaning the customer can cancel a loan within these days without any fee
  • The interest rate on loans should be less than 35% Annual interest rate (AIR) which is lower than in other provinces
  • Only registered businesses can provide payday loans

Payday Loans Near Me | Saskatchewan

According to the Financial and Consumer Affairs Authority of the Saskatchewan region, one must know the rules and risks involved in payday loan transactions. Some specific payday rules in the Saskatchewan region are:

  • For a $100 loan, an interest of $17 is applied.
  • The loan amount should be less than $1500 and must be repaid within 62 days with an interest rate.
  • Only one loan is allowed at a time at lenders and the loan amount should be up to or less than 50% of the take-home salary of a customer.
  • Payday lenders must be licensed and clearly state all the fees, interest, and rules before any agreement.

Payday Loans Near Me | Yukon

In Yukon, no specific regulation governs the payday loan business but most rules are similar.

  • Only registered businesses can operate.
  • A loan amount is between a few hundred to $1500 and should be repaid in the time period of $62 days.
  • The interest rate is as high as $60 for every $100 loan.
  • Rollover is allowed i.e., one can take two loans consecutively and the second one can be used to pay the previous one.

No matter where you live, there are plenty of payday lenders to choose from. Do your research, compare interest rates and other policies, and only request a loan when you need it urgently and to survive. Know the rules and make an informed decision. Don’t worry there are plenty of payday loans near me.