How payday loans work in Markham
Markham, in York Region, is one of Canada's leading tech hubs, with many residents working in technology, professional services and small businesses.
Every payday loan in Markham follows Ontario's Payday Loans Act, 2008. You can borrow $100 to $1,500, but no more than 50% of your net pay for the pay period. The cost can't exceed $14 per $100, the loan is usually due in one payment on your next payday, and you have two business days to cancel with no penalty.
What a payday loan costs in Markham
| You borrow | $500 |
|---|---|
| Maximum cost ($14 per $100) | $70 |
| Total to repay | $570 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $1,000 per pay period |
| APR on a 14-day loan | 365% |
If you take out three payday loans from the same lender within 63 days, Ontario requires the lender to offer an extended payment plan, letting you repay in instalments over several pay periods with no extra fees.
Borrowing in Markham: what to know
If you're self-employed or run a small business, lenders need to see regular personal income deposited to a Canadian bank account. Irregular business income can make approval harder and can lower the amount you're offered.
Getting your money in Markham
You can apply from anywhere in Markham, including Unionville, Thornhill, Cornell and Stouffville. Once you e-sign your agreement, your lender sends the loan by Interac e-Transfer. Weekday morning applications are often funded within a few hours; evening and weekend applications usually fund the next business day.
Every lender we work with is licensed in Ontario. Lenders must show their licence number and the total cost of the loan before you sign. If a website offering loans in Markham can't show an Ontario licence or asks for money upfront, don't apply.
Free financial help in Markham
Markham residents can call 211 for York Region supports, and free non-profit credit counselling is available in person or by phone.
If you believe a payday lender broke Ontario's rules, you can file a complaint with Consumer Protection Ontario. For free legal information, your local community legal clinic can help.