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Borrow responsibly

Responsible Borrowing

Borrowing should be considered carefully, especially when a short-term product has a high cost.

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Before you borrow

  • Calculate whether you can repay on time.
  • Understand the total cost, not just the amount you receive.
  • Read the agreement and disclosure information.
  • Consider lower-cost alternatives.
  • Avoid repeatedly taking new loans to repay old loans.

Consider alternatives

Depending on your situation, alternatives may include asking a creditor for more time, using an existing line of credit, discussing payment arrangements, accessing community resources or seeking financial counselling.

Payday loans are expensive credit. Canada's Financial Consumer Agency of Canada advises consumers to check that they are dealing with a licensed payday lender and to understand provincial rules before borrowing.