Payday Loans: Do You Know What You Signed Up For?

A Payday loan is:

  • usually a small value loan taken out for a short time, typically until your next payday
  • loaned at a retail store or online
  • the most expensive consumer loan in Ontario
  • an unsecured loan (you cannot put any property as collateral or guarantee for the loan, you need to provide the lender with a post-dated cheque or a pre-authorized debit)

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