The principle of responsible lending
When we receive your loan application, our brokers analyze it and make sure that you are capable of assuming the repayments. Among the factors that weigh in their decision are:
1. The amount of your pay
2. Whether or not you have many unpaid payments in your bank account
3. The amount that you want must be consistent with your repayment abilities.
Once all these criteria are validated, we issue a loan agreement.
The borrower agrees to repay the loan
We wish to clarify that we use collection practices that comply with Canadian laws and regulations.
In the event that you are unable to repay your loan, we will strive to reach an agreement on a new schedule, taking your repayment abilities into account. Don’t forget that late repayments result in the charging of interest that increases the outstanding balance. If the collection leads to legal fees, you are responsible for paying them.
In the event that you need to postpone a payment, you must phone us at least 48 hours in advance.
Each missed payment is accompanied by the charging of fees in the amount of $40, and the unpaid amount is deferred to the end of your loan agreement. Your credit score will not be affected by this incident, since we don’t report it to credit reporting agencies. Loans that are repaid according to the agreed-upon schedule offer better prospects for renewal in the future.
Short-term loans are part of the context of temporary financial difficulties and must be used when no other financing option is possible.
They give you a way to resolve a tense financial situation but remain temporary solutions. Don’t accumulate short-term loan applications, which could risk leading you into a disastrous financial situation or even immerse you in the spiral of over-indebtedness.