Ontario consumer advisory
— ODSP series, no. 04
Ref: ON-ODSP-2026-04
Ontario residents on ODSP: read before signing any payday-loan agreement
•
Effective APR on a typical Ontario payday loan:
391%
.
•
Annual cost of $300 borrowed every two weeks:
~$1,800/yr
.
•
Same $250 advance through a CDIC-insured Canadian fintech:
$20/month flat
,
no credit check
.
Editorial · Personal Finance Canada
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