Ontario
Borrowing in Ontario
Ontario licenses most non-bank lenders and sets its own consumer protection rules, so the law that binds your lender is provincial — on top of the federal limits that apply everywhere in Canada. This site covers 271 Ontario communities.
What is specific to Ontario
Two layers of law, and only one of them is federal.
Federal law sets the outer boundary: the criminal rate of interest is 35% per year under Criminal Code s. 347, and where a province operates a licensed payday regime the federal regulations cap the cost of borrowing at $14 per $100 advanced.
Ontario then does the rest. The province licenses most non-bank lenders, sets consumer protection requirements, and may set a payday cap lower than the federal figure. Complaints about provincially licensed lenders go to the provincial regulator; complaints about federally regulated institutions go to the Financial Consumer Agency of Canada.
Confirm the current cap with the provincial regulator. We do not reproduce a provincial figure we have not verified against the regulator's own current publication.
loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.
Find out what you qualify for
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LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
Loan types in Ontario
| Product | What it is |
|---|---|
| Personal Loans in Ontario | Unsecured or secured lump-sum borrowing repaid on a fixed schedule. Most Canadian personal loans run from $1,000 to $50,000 over one to f… |
| Bad Credit Loans in Ontario | Loans for borrowers whose credit history falls short of prime lending. Lenders weigh income, stability and banking history alongside the … |
| No Credit Check Loans in Ontario | Advertised as borrowing without a hard credit pull. A credit decision still happens, and the price of that flexibility is usually higher. |
| Payday Loans in Ontario | Short-term, high-cost credit of up to $1,500 for 62 days or less. Federal law caps the cost of borrowing at $14 per $100 advanced. |
| Cash Advance Loans in Ontario | A cash advance against your next paycheque or credit line. Fast, but among the most expensive ways to borrow in Canada. |
| Emergency Loans in Ontario | Short-term financing for an unexpected bill. Urgency is exactly when borrowers pay the most, so compare before signing. |
| Car Loans in Ontario | Vehicle financing secured by the car itself. Rates move with the vehicle's age, the term, your down payment and your credit profile. |
| Auto Refinancing in Ontario | Replacing an existing vehicle loan with a new one, usually to lower the rate or the monthly payment. |
| Home Equity Loans in Ontario | Borrowing against the equity in your home. Secured debt prices lower than unsecured credit, and your property backs it. |
| Mortgage Refinancing in Ontario | Replacing your mortgage to change the rate, term or payment, or to pull equity out. Discharge, appraisal and legal fees apply. |
| Home Equity Lines of Credit in Ontario | A revolving facility secured by your home. Interest is charged only on what you draw, usually at a variable rate. |
| Business Loans in Ontario | Working capital and term financing for companies. Lenders underwrite time in business, revenue and cash flow. |
| Business Lines of Credit in Ontario | A revolving facility for operating cash flow, drawn and repaid as needed up to a limit. |
| Debt Consolidation Loans in Ontario | Combining multiple debts into one payment. It only saves money when the new total cost of borrowing is genuinely lower. |
| Debt Relief in Ontario | Debt management plans, consumer proposals and bankruptcy. Each carries a different cost and a different credit consequence. |
| Lines of Credit in Ontario | Revolving credit you draw on, repay and reuse. Cheaper than a credit card for many borrowers, and usually variable-rate. |
Cities in Ontario
The 271 largest communities, by 2021 Census population.
Read this before you apply
Related
Sources and further reading
- Provincial and territorial consumer regulators — Financial Consumer Agency of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette