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Frequently Asked Questions
General Information

General Information

How do I apply for a loan?

Applying for a loan with Simple Financial is quick and easy. Just complete our short online application form.

To be eligible, you must:

  • Be a Canadian resident living in Ontario
  • Be at least 18 years old
  • Have an active bank account
  • Have a recurring source of income

How much can I borrow?

In Ontario, at Simple Financial you can borrow anywhere from $100 to $1,500, depending on your income and eligibility.

We assess your financial situation and repayment ability to determine the loan amount that’s right for you.

How much does a payday loan cost?

In Ontario, the maximum legal cost is $14 per $100 borrowed.

That means if you borrow $300, you’ll repay $342 on your next payday.
Simple Financial never charges hidden fees—our terms are clear, fair, and fully compliant.

How do I repay my loan?

Repayment is made automatically through a pre-authorized debit (PAD) from your bank account on your due date—usually your next payday.

You’ll always know your exact repayment date and amount in advance.

Absolutely. Simple Financial is a fully licensed payday lender in Ontario (License #4741528), and we comply with all provincial and federal lending laws, including:

  • The Payday Loans Act (Ontario)
  • PIPEDA (federal privacy protection)
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This help page and the information provided here are solely for informational and discussion purposes; they do not constitute recommendations or any other type of advice. These loans are intended for individuals who fully understand and are prepared to manage the associated financial responsibilities.