How payday loans work in Mississauga
Mississauga is Canada's seventh-largest city, with a large logistics, warehousing and corporate workforce clustered around Pearson Airport and the Highway 401 corridor.
Every payday loan in Mississauga 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 Mississauga
| You borrow | $400 |
|---|---|
| Maximum cost ($14 per $100) | $56 |
| Total to repay | $456 |
| Due | One payment on your next payday |
| Take-home pay needed (50% rule) | At least $800 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 Mississauga: what to know
Shift and warehouse work can mean pay that changes from week to week. Lenders base the 50% limit on your net pay for the pay period, so a lighter pay period means a smaller maximum loan. Borrow based on your usual pay, not your best week.
Getting your money in Mississauga
You can apply from anywhere in Mississauga, including Port Credit, Streetsville, Meadowvale and Malton. 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 Mississauga can't show an Ontario licence or asks for money upfront, don't apply.
Free financial help in Mississauga
Mississauga residents can call 211 for local emergency supports, and free non-profit credit counselling is available in person across the GTA 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.