The loan that is payday came into influence on August 1, 2018. Payday financing companies should have obtained a loan that is payday by October 1, 2018 to use in Toronto.
The sheer number of pay day loan establishment licences awarded by the populous City is restricted to 212. This represents the final number of licences that are legitimate underneath the payday advances work, 2008, and had been running in Toronto at the time of May 1, 2018.
The licensing that is current protects people by restricting the proliferation of pay day loan establishments, while enabling operators to meet up with customer need.