Borrowing in Machin, Ontario

Machin, Ontario, recorded a population of 1,012 in the 2021 Census; the rules that govern a loan signed there are provincial.

The Ontario rules that apply

Licensing for consumer credit in Ontario sits with the province or territory, and the Financial Consumer Agency of Canada maintains the public list of provincial and territorial regulators.

The federal Payday Lending Regulations (SOR/2024-114) list Ontario among the provinces that regulate payday lending, where the federal Payday Lending Regulations (SOR/2024-114) cap the cost of borrowing at $14 per $100 advanced.

The lowest band groups villages, rural municipalities and small towns, all read against the same provincial rulebook.

How borrowing works locally

A shorter term raises each payment and lowers the total interest, which is the trade every schedule makes.

Provincial licensing decides who may lend, and federal rules add a ceiling where a licensed payday regime exists. Joint applications combine two incomes and two sets of obligations in the same assessment.

The census figures for Machin

Machin recorded a population of 1,012 in Statistics Canada's 2021 Census of Population. The community covers 290.1 square kilometres of land.

On those two figures, density is 3.5 residents per square kilometre when rounded to one decimal place.

Its provincial population rank is 355 within this data set.

Within Ontario, Machin is place number 355 by population in this census set, at 1,012 residents.

Products compared here

Among the 20 products compared here, these two are commonly used for the purposes described.

• Home equity loans: Converting property equity into credit, and the difference between a lump sum and a revolving limit.
• Payday loans: Small, short-term advances against a pay date, the most tightly regulated product in Canadian consumer credit.

Where a figure for Machin could not be verified, the page names the publisher instead of printing a number.

The density figure for Machin, 3.5 people per square kilometre, is calculated from the population and land area above.

For Machin, the two census fields above are the only local statistics used anywhere on the page.

Machin is one of 527 covered Ontario places, counted at 1,012 residents with a land area of 290.1 square kilometres.

Machin sits at rank 355 within Ontario in this data set, and the provincial rules apply as they do elsewhere.

At 1,012 residents in the 2021 Census, Machin is listed alongside the other covered places in Ontario.

Machin appears in the census record with 1,012 residents, and the density of 3.5 people per square kilometre follows from it.

Machin ranks 355 by 2021 Census population among the covered places in Ontario.

The land area recorded for Machin is 290.1 square kilometres, and the population is 1,012 residents in the 2021 Census.

Readers comparing Machin with another community can use the same four census fields.

Nothing on the Machin page is estimated; the population and land area come from Statistics Canada's 2021 Census of Population.

The Machin page follows the same structure as every other place page, with population, land area, density and rank.

loanmoose.ca is not a lender and does not make credit decisions. The lowest rates are only available to the most qualified applicants.

Statistics Canada's 2021 Census of Population supplies the population and land-area figures, and the federal Payday Lending Regulations (SOR/2024-114) supply the payday position.

Where a figure could not be verified, the page names the publisher instead of printing a number.