Responsible lending policy
All endorsement applications are reviewed to ensure that you are able to repay the amount borrowed. Your application will therefore be analyzed and a debt ratio will be calculated. This analysis includes, but is not limited to, the following:
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We check your bank account to make sure you haven’t made multiple bad payments;
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We check that your income and expenses meet our criteria.
After analysis, if your file meets all our requirements, your application will be ACCEPTED.
Missed payments and credit score
A fee of 40 $ will be charged to your account if a payment is refused for insufficient funds or otherwise. However, this will not affect your credit score with Credit24.ca. Note that we will not report your file to the credit bureaus. If you are unable to make your payment, notify us by phone 48 hours in advance. A fee of 25 $ will be charged to your account. Repay your loan assiduously and we assure you unparalleled service during your next bond application.
Annual percentage rate (APR)
The APR on the borrowed amount is 22 %.
Responsible collection
Our collection practices are responsible and comply with the legal provisions in force in Canada. If there is a problem with the repayment of your personal loan, the debt collectors will make sure to find an agreement according to your repayment capacity. Interest is added to the unpaid balance when you fail to make the required payments. You are responsible for your financing and all associated legal fees.
Renewals
Renewing your secured loan does not happen automatically. You must request it.
Repayment term
The terms of the loans vary between 3 and 5 months depending on the amounts guaranteed.
Example of reimbursement
A secured loan of 750 $, including principal, bond fees and interest, will amount to a repayment of approximately 805 $.