Payday Loans in L'Amoreaux and Steeles, Scarborough

One or two counters in the Finch plazas, then nothing until Sheppard

L'Amoreaux has few storefront lenders this far north: the Finch and Warden plazas around Bridlewood Mall carry one or two, and after that the nearest are down on Sheppard or further south on Eglinton. For the highrise rentals along Finch and Steeles and the townhouse complexes between, a counter is a bus ride, not a walk.

The buses are the 39 Finch East, the 53 Steeles East and the 68 Warden, and the rail links are far: Don Mills station by bus for the Sheppard line, or Finch station on Line 1 by a long ride west. Nobody here rides to Line 1 for a loan. The online application takes about five minutes, reads income through IBV and pays by e-transfer into the same account the cheque lands in. The e-transfer loans page has the timing for a weekday, a weeknight and a weekend.

The Finch counters charge the same $14 per $100 as any website. What the north end lacks is convenience, not a different price.

Office and warehouse jobs on both sides of Steeles

L'Amoreaux and Steeles residents work in the Steeles and Victoria Park industrial parks and across the border in Markham, in office jobs paid biweekly or semi-monthly and warehouse jobs paid weekly or biweekly, and the side of Steeles the employer sits on changes nothing about the loan. The lender sizes to half the net deposit and sets the debit for the next pay date; the Markham employer's cheque is employment income like any other.

Office pay is the steady kind IBV reads cleanly, giving a term of up to 14 or 16 days. Weekly warehouse pay gives 7 days and a smaller ceiling, and an agency placement that switches sites can shift the pay date, which needs a call to the lender before the debit. The cash advance page lays out the term for each cycle.

The community is largely Chinese and South Asian, in highrise rentals along Finch and Steeles and townhouse complexes between, and a newcomer's thin credit file does not decide a payday application. The bad credit loans page covers what a short file changes, which is little, and what a brand new bank account changes, which is the waiting time.

What payday loans L'Amoreaux lenders charge

A payday loan in L'Amoreaux or Steeles costs $14 per $100 borrowed, so $300 is repaid as $342 and $500 as $570, and the cap is provincial, which means a Finch plaza counter, a website and a Kingston Road storefront all charge the same, and a lender across Steeles in Markham charges it too.

A semi-monthly office worker gets up to 16 days for the fee a weekly worker pays for 7. The cost guide works every amount in $100 steps and explains the 365% APR figure on a 14 day loan.

When a payday loan fits in L'Amoreaux and when it does not

A payday loan fits an office or warehouse worker here with a one time gap under half a cheque: a short week, a transit pass and a phone bill landing before rent, a small repair on the car that gets to the Markham job. It does not fit a bill over $1500, a month between contracts, or a gap that returns every cycle.

Over $1500 belongs on the installment loans page, $500 to $10000 repaid monthly at 18% to 35% APR. A gap between contracts is income, not timing, and the alternatives guide is honest that a fee every two weeks makes that worse.

South, Tam O'Shanter and Sullivan has the Sheppard plazas and the Birchmount hospital; east, Milliken has the GO station and the Steeles warehouses; southeast, Agincourt has the restaurant strips.

The rules that protect a L'Amoreaux borrower

Any lender serving a L'Amoreaux or Steeles address, including one across the border in Markham, must be licensed under the Payday Loans Act, 2008, which gives you two business days to cancel at no cost, bans rollovers and a second loan while one is open, and requires an extended payment plan on a third loan within 63 days. Complaints go to Consumer Protection Ontario. The Ontario rules guide explains each protection.

Payday Loans Scarborough is a free loan connection service, not a lender. The main Scarborough page covers the application; the areas we serve hub covers the neighbourhoods south of Finch that have the counters.

Payday Loans L'Amoreaux and Steeles FAQ