How payday loans work in Windsor
Windsor sits across the river from Detroit, with an economy built on auto manufacturing and cross-border trade. Many residents work shifts, and some work in the United States.
Every payday loan in Windsor 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 Windsor
| 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 Windsor: what to know
If you work in Michigan and are paid in US dollars, your income needs to be deposited to a Canadian bank account for most lenders to verify it. Plant shutdowns and retooling periods can also change your pay, so borrow based on the paycheques you'll actually receive.
Getting your money in Windsor
You can apply from anywhere in Windsor, including LaSalle, Tecumseh, Amherstburg and Lakeshore. 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 Windsor can't show an Ontario licence or asks for money upfront, don't apply.
Free financial help in Windsor
Windsor residents can call 211 for local 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.