Personal loans in Ontario: costs, eligibility and borrower rights

GoodLoan availability in Ontario

Eligible Ontario residents may request a GoodLoan personal loan generally ranging from $100 to $20,000, subject to verification, affordability, underwriting and product availability. Approval, rates and funding are not guaranteed.

Ontario cost-of-borrowing disclosures

Ontario law contains disclosure rules for credit agreements. For fixed credit, the applicable initial disclosure statement should identify prescribed information such as the principal, interest rate, APR where applicable, payment schedule, term, cost of borrowing and other charges.

The agreement and disclosure supplied to the borrower control. Website examples and calculator results are estimates only.

Prepayment rights

Ontario cost-of-borrowing rules provide rights relating to prepayment of outstanding balances without a prepayment charge or penalty for covered credit agreements. GoodLoan’s current product design also permits early repayment without a prepayment penalty.

Ask GoodLoan for an up-to-date payout amount and written confirmation when the balance has been paid.

Cancellation rights

Ontario does not provide one universal cooling-off period for every type of personal-loan agreement. Any statutory cancellation right depends on the agreement and circumstances. GoodLoan intends to provide a contractual 48-hour cancellation right where it is included in the approved agreement; borrowers must follow the stated method and deadline.

What Ontario borrowers should compare

• Principal and net amount received
• Annual interest rate and APR
• Payment frequency, number and amount
• Every fee or permitted charge
• Total cost of borrowing and total repayment
• Early repayment and cancellation terms
• Returned-payment and default treatment

Complaints and external help

First submit the complaint to GoodLoan and keep copies of the agreement, disclosures and correspondence. Ontario consumers may contact Consumer Protection Ontario at 1-800-889-9768 or 416-326-8800 and use Ontario’s consumer complaint process.

Privacy complaints may fall within the jurisdiction of the Office of the Privacy Commissioner of Canada after the concern is first raised with GoodLoan.

Ontario personal-loan questions