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www.paydaywide.com
Frequency of Paydaywide Loans
 7-10% of Canadians rely on
paydaywide loans to make ends
meet
 52% are likely to use cheque-
cashing or payday loan companies
more than once a year
 12% use these services monthly
 10% do so more than once a
month
Frequent use of paydaywide loans, including paydaywide
loan rollovers, is a primary indicator of debt problems.
The True Cost of a Paydaywide Loan
 In Ontario, paydaywide loan costs
are limited by law to $21 for every
$100 borrowed.
 If you do not pay your loan on
time, extra interest can be charged
on top of the above fee.
 Interest rates on unpaid
paydaywide loans are often as high
as 60% per year.
Paydaywide loans are a very expensive
borrowing option.
PaydayWide Loan Regulations
 The Criminal Code of Canada limits
interest to 60% per year.
 Most provinces have created specific
regulation to limit paydaywide loans.
 In Ontario, paydaywide lenders are
licensed by the Ontario Ministry of
Consumer Services. You should never
borrow from an unlicensed
paydaywide lender.
 Regulations are governed by the
Ontario Paydaywide Loans Act.
Know Your Rights
 Ontario law limits the maximum cost for
borrowing at $21 for every $100 borrowed.
 “Rollovers” are prohibited in Ontario. You cannot
take out a payday loan with the same lender
until your first loan is paid in full.
 You have two days to cancel your payday loan
without penalty – considered a cooling off
period.
Alternatives to Paydaywide Loans
 Credit cards are a less expensive
borrowing option even at 36% and are
more flexible.
 Build an emergency fund so you can
reduce your reliance on paydaywide
loans.
 Overdraft protection is another cheaper
option with rates usually around 21%.
 Try other lending options like a small
loan, line of credit or family and friends.
Most importantly create and maintain a budget.
Get help today.

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Pay daywide instant cash loan

  • 2. Frequency of Paydaywide Loans  7-10% of Canadians rely on paydaywide loans to make ends meet  52% are likely to use cheque- cashing or payday loan companies more than once a year  12% use these services monthly  10% do so more than once a month Frequent use of paydaywide loans, including paydaywide loan rollovers, is a primary indicator of debt problems.
  • 3. The True Cost of a Paydaywide Loan  In Ontario, paydaywide loan costs are limited by law to $21 for every $100 borrowed.  If you do not pay your loan on time, extra interest can be charged on top of the above fee.  Interest rates on unpaid paydaywide loans are often as high as 60% per year. Paydaywide loans are a very expensive borrowing option.
  • 4. PaydayWide Loan Regulations  The Criminal Code of Canada limits interest to 60% per year.  Most provinces have created specific regulation to limit paydaywide loans.  In Ontario, paydaywide lenders are licensed by the Ontario Ministry of Consumer Services. You should never borrow from an unlicensed paydaywide lender.  Regulations are governed by the Ontario Paydaywide Loans Act.
  • 5. Know Your Rights  Ontario law limits the maximum cost for borrowing at $21 for every $100 borrowed.  “Rollovers” are prohibited in Ontario. You cannot take out a payday loan with the same lender until your first loan is paid in full.  You have two days to cancel your payday loan without penalty – considered a cooling off period.
  • 6. Alternatives to Paydaywide Loans  Credit cards are a less expensive borrowing option even at 36% and are more flexible.  Build an emergency fund so you can reduce your reliance on paydaywide loans.  Overdraft protection is another cheaper option with rates usually around 21%.  Try other lending options like a small loan, line of credit or family and friends. Most importantly create and maintain a budget.