How it Works

To qualify for a payday loan, minimum net pay requirements will apply and may vary by province. Other conditions may also apply.

Our installment loan amounts vary between $1,000 and $15,000 based upon income and other qualification requirements, including a credit check. Online installment loan repayment terms range from 6 to 60 months.

Ontario, British Columbia and New Brunswick Residents: The maximum charges permitted for a Payday Loan is 15% of the principal. We charge $15 per $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $45, with a total payback amount of $345 and an APR of 391.07%.

Nova Scotia Residents: The cost of borrowing is $19.00 per $100 on a $300 loan for 14 days (495.36% APR).

Saskatchewan Residents: The maximum allowable cost of borrowing under payday loan agreements in Saskatchewan is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21 %.

Manitoba Residents: The maximum allowable cost of borrowing under payday loan agreements in Manitoba is $17 per $100 borrowed. We charge $17 per each $100 borrowed. On a $300 loan for 14 days, the total cost of borrowing is $51, with a total payback amount of $351 and an APR of 443.21 %.

Alberta Residents: The maximum total cost of borrowing permitted in Alberta for a payday loan is $15 per $100 lent. We charge $15 per $100 lent.

PEI Residents: The maximum allowable cost of borrowing permitted in Prince Edward Island for a payday loan is $15 per $100 borrowed. We charge $15 per $100 borrowed. Non Payment Policy: To collect on a loan in default clcpaydayloan.com will utilize all collection practices available to the issuers of consumer credit in Canada.

For more details on payday loans please visit the Canadian Payday Loan Association at http://www.cpla-acps.ca/english/consumercode.php

DISCLAIMER:

Late Payment Fees and Interest: Payday loans are meant to be short term loans up to 14 days, the payday loan must be paid back in full on the set due date, if for any reason payments are late the lender will attempt to deduct the full amount from the bank account that you provided, if such funds cannot be collected from your bank account a nsf or bounced fee of up to $55 cdn will be assessed and added to the amount owing, furthermore interest will begin to accrue exactly one week after your due date at an annual APR of 60%.

Collection Practices: All lenders that provide payday loans to users of this site will pursue one or more collection actions in an attempt to collect on the loan. These collections practices will include in house contact via phone, email and mail. If inhouse collection actions are unsuccessful the account may be assigned to a third party collection agency for further collection actions.

Legal Consequences: In events where all collection attempts has failed the lender may choose to pursue a legal claim via the small claims court in their jurisdiction

Impact To Credit Score: Accounts that are not repayed will be listed as an item in collections on all major credit bureaus. Such action can have a significant negative effect to your credit score and your ability to get obtain credit in the future.

Renewal: Payday loans are short term loans and there is no option to renew.. In order to receive another loan your current loan must be paid in full, failure to pay your loan in full will result in the above mentoned collection actions.