How payday loans work in Thunder Bay
Thunder Bay is the largest city in Northwestern Ontario and a regional hub for healthcare, education, forestry and transportation, serving many smaller and remote communities.
Every payday loan in Thunder Bay 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 Thunder Bay
| 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 Thunder Bay: what to know
Long distances mean travel costs can come up unexpectedly, especially for medical appointments. Before borrowing, check whether the Northern Health Travel Grant covers part of the cost of travel for specialist care.
Getting your money in Thunder Bay
You can apply from anywhere in Thunder Bay, including Oliver Paipoonge, Shuniah, Neebing and Kakabeka Falls. 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 Thunder Bay can't show an Ontario licence or asks for money upfront, don't apply.
Free financial help in Thunder Bay
Thunder Bay residents can call 211 for local supports, and free non-profit credit counselling is available by phone or online anywhere in Ontario.
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.