Effective Date February 15th, 2014
Terms
Late Payment Fees and Interest: Payday loans are meant to be short term loans up
to 14 days, the payday loan must be paid back in full on the set due date, if for
any reason payments are late the lender will attempt to deduct the full amount from
the bank account that you provided, if such funds cannot be collected from your
bank account a nsf or bounced fee of up to $55 cdn will be assessed and added to
the amount owing, furthermore interest will begin to accrue exactly one week after
your due date at an annual APR of 60%.
Collection Practices: All lenders that provide payday loans to users of this site
will pursue one or more collection actions in an attempt to collect on the loan.
These collections practices will include in house contact via phone, email and mail.
If inhouse collection actions are unsuccessful the account may be assigned to a
third party collection agency for further collection actions.
Legal Consequences: In events where all collection attempts has failed the lender
may choose to pursue a legal claim via the small claims court in their jurisdiction
Impact To Credit Score: Accounts that are not repayed will be listed as an item
in collections on all major credit bureaus. Such action can have a significant negative
effect to your credit score and your ability to get obtain credit in the future.
Renewal: Payday loans are short term loans and there is no option to renew.. In
order to receive another loan your current loan must be paid in full, failure to
pay your loan in full will result in the above mentoned collection actions.
To qualify for a payday loan, minimum net pay requirements will apply and may vary
by province. Other conditions may also apply. Ask the lender directly for details.
Online loans originated only to residents of Alberta, British Columbia, Nova Scotia,
Ontario and Saskatchewan. [Alberta residents: The APR on a $300 loan for 14 days
is up to 599.64% on a rate of $23 per $100 borrowed.] [British Columbia residents:
The APR on a $300 loan originated at a Money Mart branch for 14 days in BC is up
to 521.17% at The lender's cash repayment rate of up to $19.99 per $100 borrowed,
and up to 599.64% at the regular rate of up to $23 per $100 borrowed. The APR on
a $300 loan originated online for 14 days is 599.64% on a rate of $23 per $100 borrowed.
clcpaydayloan.com is a lead generator not a lender, applications completed on this
site will be forwarded to a lender that provide short term cash loan services. All
lenders that provide this service must be licensed by the respected province of
operation you should confirm with the lender if they are licensed to conduct payday
loan business in their province. [Manitoba residents: The APR on a $300 loan for
12 days is up to 517.08% on a rate of up to $17 per $100 borrowed. To learn
more about your rights as a payday loan borrower, contact the Consumer Protection
Office at 945-3800, 1-800-782-0067 or at www.manitoba.ca/cca/cpo.] [New Brunswick residents: The
APR on a $300 loan for 14 days is up to 547.50% on a rate of up to $21 per $100
borrowed.] [Saskatchewan residents: The APR on a $300 loan for 14 days is up to
599.64% on a rate of up to $23 per $100 borrowed.] [Ontario residents: The cost
of borrowing with pay day lenders is up to $21.00 per $100 per each $100 advanced.
On a $300 loan for 14 days, the cost of borrowing is up to $63.00, with a total
payback amount of up to $363.00. The maximum allowable cost of borrowing under payday
loan agreements is $21 per each $100 advanced.]
[In Nova Scotia the total cost of borrowing $100 for 14 days is up to $25.00.
Payday Loans are High Cost Loans.]
CLCPayDayLoan.com is not a lender, we provide services that connect payday loan
seekers to registered payday loan lenders who operate within their jurisdiction.