What if I cannot repay the loan?
If you cannot repay the loan on time, the lender can:
- charge you 2.5% interest for every month you do not pay
- send your file to a collection agency
- sue you in court
If the lender tries to withdraw money from your account or cash your cheque and you do not have enough money, they can charge you up to $25 extra. They can only charge this fee once, no matter how many times your cheques bounce.
If you do not pay on time the lender can contact you by phone or in person Monday to Saturday from 7 a.m. to 9 p.m. and on Sundays from 1 p.m. to 5 p.m. They cannot contact you on holidays. And except for regular mail, lenders cannot contact you more than 3 times a week.
Lenders are not allowed to threaten, bully or harass you.
Lenders cannot tell other people that you owe them money. For example, they cannot contact your friends or family, or post about your loan on social media.
If you have problems with a lender, you can report them.
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