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APR:

We offer an approximate annual interest rate of 23%. If unpaid, the applicable interest rate is 1,74% per month.

Loan renewal(s):

Repeat clients can renew their loan after a certain period allowing them enough time to complete the previous loan, prior to payments on their new loan.

Accelerated repayment:

Reimbursement of your loan can be accelerated with larger payments and you will save on interest.

Repayment example:

Our loans have a repayment term of 3 to 5 months.

Deliquent payments & the effect on your credit score (or cs):

Missed payments will be deferred to the back end of the contract and are subject to a $48 fee, as stated in the contract, regardless of the reason the payment did not clear. If you wish to apply for a payment deferral, you must call or email us 48 hours before the actual payment date. If granted, it will be deferred to the back end of the contract. A fee of $28 (plus interest) applies. Please note that this service is not available if the BORROWER is a resident of the province of Manitoba.

Our policy in regards to fair collection:

We use fair collection practices. If you default on your payments, the collection officers could terminate the installment plan and use different methods of collection to receive the money that is due. Payment plans that are terminated shall accumulate interest on the unpaid balance of the loan. It is the borrower’s obligation to cover any legal fees incurred to obtain the owed balance. Uncollected amounts will be pursued to the maximum extent of the law.

Our policy for responsible lending:

Applications are submitted using our filtering process to make sure that the borrower has enough income in order to repay. Including, however not limited to: verifying that your monthly employment income is adequate to reimburse the loan and will qualify for this type of loan. That you don’t have a high level of NSF charges on your bank account statement. That you don’t have a high level of pre-authorized debits in your bank account that could interfere with the repayment of your loan. Should you not meet these criteria, your loan application will be rejected.

Always use caution:

We encourage you to borrow in a responsible manner. Although we offer a great way to help you during times of need, the interest rate is higher than that of local banks. Use them only when no other options are available. Use them as seldom as possible. Used in a responsible way, it can be the best option for you. Taking on too many short term loans simultaneously could result in serious financial problems and too much debt.

Repayment example:

A $500 loan payable every two weeks and refundable in 6 payments will be $125.08 by payment for a total amount of $750.45.
This information is given as an example and considers the surety fees to be added to the borrowed capital. The surety company sets their commission for each case at their own discretion regardless of interests due to us. If the loan amount is CAD $500 and the interest rate is 23% per annum with payback of 90 days, the loan payable is as follows : loan amount CAD $500 * ( 22% / 365 * 90 days) = CAD $527. This will result in a repayment of 175,66$ per month for 3 month.