Credit Rating Division
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
What you ought to understand
For information regarding your pay day loan choose from your options below.
A loan that is payday a high expense, tiny, short-term loan provided without safety (no collateral) up to a debtor. The mortgage needs to be a maximum of $1,500 and now have a phrase of not as much as 62 times.
Know about the total annualized borrowing price (ABR) of that loan before you consent to use the mortgage. The ABR calculation ought to include all the lenderвЂ™s charges or fees attached to the loan вЂ“ interest costs and application, put up, management or other costs. A good rate that is high cardвЂ™s APR is going to be dramatically cheaper that the ABR calculated centered on a $17 cost to borrow $100 for a quick payday loan term. As an example, the ABR to borrow $100 at a $17 cost for example is 866% per annum, which is significantly higher than a typical 28% per annum credit card week.
Loans are payable on or after your following pay date that is regular. Loan agreements should be written down, dated and finalized by the debtor.
You really need to instantly get and keep a duplicate of most cash advance agreements and associated papers, including pre-authorized debit agreements.
Pay day loans are restricted to half (50%) of the take-home pay and just one loan is permitted at the same time.