If you’re comparing payday loans in Windsor with instalment offers, look for the first and last withdrawal dates on each quote. Those dates tell you which paycheques will cover the debt. You can read the online application before deciding whether the proposed schedule works.

What does the first payment tell you?

A small first payment can make an offer look affordable. Check the rest of the schedule before you decide: are all the payments the same, and is there a larger amount at the end? Add them up and subtract the money you would receive to see the cost of borrowing in dollars.

Weekly or every two weeks?

If the agreement says “biweekly,” ask for the actual dates. Every two weeks and twice a month follow different calendars. Mark each withdrawal beside your payroll dates, particularly if you’re paid on fixed dates such as the fifteenth and the last business day.

Online application overview

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Online Loan Information for
Windsor, Ontario

A Windsor worker paid every other Friday might have one paycheque covering two weekly loan payments. Set aside both withdrawals when that deposit arrives. This gives you a more realistic grocery and commuting budget for the second week.

When two payments fall on one paycheque

Look beyond the first month of the quote. If a withdrawal falls just before payday, the previous deposit has to cover it. Check the balance after rent, insurance and any other automatic payments have cleared.

How to compare different loan terms

Ask each lender for a quote on the same amount. For a longer term, write down how many extra payments you would make and their combined cost. You can then decide whether the smaller payment is worth the additional time and expense.

Checking the final withdrawal

Keep the agreement until the last payment clears. Match the final debit with the amount and date on the schedule. If there is a difference, the lender’s name, agreement number and bank entry give you the details to ask about it.