A payday loan is a type of short-term credit. This is a relatively small loan at a very high-interest rate. The maximum amount you can borrow is $ 1,500. The maximum amount you may be charged is $ 15 for each $ 100 loan installment. Generally, you have to pay off the payday loan on your next payday.
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If you are considering using Payday Loan, here is some information you need to know:
Top Ten Things You Need To Know About Payday Loans In Toronto
The maximum amount you may be charged is $ 15 per $ 100 loan tranche, including all charges, regardless of the circumstances.
- You can cancel a payday loan within 48 hours, without paying any fees.
- Obtaining insurance is optional. You have the right to tell the lender that you do not want to take out insurance.
- Payday loans are a costly form of credit. Before you take out a payday loan, you should consider using other borrowing options (e.g., borrowing from a family member, friend, bank, or a credit union, or pay with your credit card).
- Lenders should place signs showing the rates they charge.
- The loan agreement must indicate all the fees, terms and conditions of the loan.
- Lenders can not lend more than one credit at a time.
- Lenders can not renew your mortgage, that is, they cannot extend or renew a loan by charging you additional costs, or grant you a new loan to repay an existing mortgage.
- Lenders cannot give you an investment of more than 30% of your net pay.
- Do provide NOT a lender direct access to your bank account. Do not give your credit card PIN or password online.
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