Commonly, the repayment date of the payday loan is indicated in your contract. It may be 62 days or calculated based on the time of your next pay or government benefit. Make sure you understand the deadlines for repaying your loan before borrowing the money. guaranteed loan approval no credit check
Also, payday lenders in the provinces of Alberta, British Columbia, New Brunswick, Nova Scotia, Saskatchewan, and Ontario can not renew or extend the terms of your payday loan.
You have a payday loan that is not paid back. Can you have a second one to pay the first?
No. In provinces where payday loans are regulated (Alberta, British Columbia, Prince Edward Island, Manitoba, New Brunswick, Nova Scotia, Ontario, and Saskatchewan), you cannot get a new payday loan before paying the first.
In unregulated provinces and territories (Nunavut, Newfoundland and Labrador, Northwest Territories and Yukon), you must contact the lender for policy.
Can you cancel your payday loan if you change your mind?
Yes, but only in some provinces. In these provinces, consumer protection laws provide a “cooling off period” during which you can cancel the loan without having to pay interest. It varies from one to two working days depending on the province.
In other provinces and territories, you must ask the lender if you have a cooling off period.
Your payday loan is due, and you cannot repay it. What are the consequences?
You may have to pay the penalty ranging from $ 15 to $ 40, depending on the province where you made the loan.
The penalty is in addition to the amount you owe the lender and interest accrues until you repay the loan in full.
What are the recovery methods offered to payday lenders?
Payday lenders can use the services of a collection agency. The agency or lender can sue you in court to get the money you owe them. If a judgment is ordered against you, your salary or government benefits could be seized at the source.
What are your remedies against payday lenders?
Since payday loans are consumer contracts, the general principles of consumer protection apply to payday lenders. A lender cannot lie to you, take advantage of your vulnerability, make abusive claims or use unfair practices.
If you believe that your rights as a consumer have been violated or that the lender has breached its obligations as a payday lender (for example, if the interest rate it requires is higher than the prescribed standards in your province or territory or if the lender refuses a cooling-off period when you are entitled to it) you can lodge a complaint against the lender with the consumer protection agency of your province or territory or sue the lender.