Summary: Official Canadian consumer guidance emphasizes that payday loans are short-term, high-cost borrowing and advises checking that a lender is licensed.
Source
Financial Consumer Agency of Canada
Open the primary source
Practical meaning
Borrowers should verify provider identity and licensing, compare full cost, understand repayment consequences and avoid acting under pressure.
Limitations
This summary does not reproduce every legal rule and may not apply outside the source jurisdiction. Use the original source and local regulator for current requirements.