Simple Financial

Simple Financial: online payday loans for Ontario residents

Simple Financial is a payday lender authorized by the Government of Ontario under licence number 4741528. The entity operates exclusively online and offers short-term personal loans to residents of that Canadian province, with amounts ranging from $100 to $1,500 and repayment terms of 14 to 60 days. Its head office is located in Mississauga, Ontario.

Product and loan terms

The cost of borrowing is $14 for every $100 borrowed, a rate regulated by the province of Ontario that includes all interest, fees, and charges payable by the borrower. The company states that funding is provided via e-Transfer and can be completed in as little as 15 minutes, even on weekends and holidays. The website's catalogue shows repayment examples for 60-day loans: $300 borrowed with a $42 cost and a total repayment of $342; $500 with a $70 cost and $570 repayment; $1,000 with a $140 cost and $1,140 repayment; and $1,500 with a $210 cost and $1,710 repayment. In all these examples, the stated annual percentage rate (APR) is 85.17%. For a $500 loan over 14 days, the total cost is $70, the repayment amount is $570, and the APR is 365%.

Eligibility requirements

To apply for a loan, you must be at least 18 years old, reside in Ontario, have a verifiable source of regular income, and hold an active Canadian bank account. All applications are subject to verification of identity, income, and ability to repay, and approval depends on the applicant's financial circumstances. Not all applicants qualify, and the amount, term, and conditions offered may differ from those requested.

Application process and customer service

Applications are made online through a form the company describes as simple and secure. No credit check is required to submit an application. Customer support is available 24 hours a day, 7 days a week, by email. The company states it is connected with all Canadian banks to process transfers.

Consequences of non-payment

If the loan is not repaid according to the terms of the agreement, additional charges permitted by Ontario law may apply, including a fee of up to $20 for a returned or dishonoured payment and interest on overdue principal at a rate of 2.5% per month, non-compounded. The account may be referred to a collection agency and information about the default may be reported to credit reporting agencies, which can adversely affect your credit score and your ability to obtain future financing.

Entity profile

Simple Financial presents itself as a Canadian lender that operates exclusively online and does not use third parties to fund loans. Its head office is in Mississauga, Ontario, and its activity is limited to residents of that province. The company reports a 94% approval rate and states that 100% of surveyed applicants found its terms transparent.

Location and contact

1270 Central Parkway West, Unit 102, Mississauga, Ontario, L5C 4P4, Canada