max payday loan

Legislative Assembly of Ontario. Bill 193, Pay Day Loans Act

Legislative Assembly of Ontario. Bill 193, Pay Day Loans Act

Optimum level of loan

18. (1) No payday loan provider shall produce a cash advance to a individual in a quantity that is higher than 25 percent of,

(a) the net wages that anyone will get on their next regularly recurring pay time that falls following the time the mortgage is manufactured; or

(b) the net gain that the individual will get from another supply from the next regularly recurring day for getting that income that falls following the time the mortgage is created.Read More »Legislative Assembly of Ontario. Bill 193, Pay Day Loans Act