1. Amount advanced
Confirm the amount you actually receive and make sure it matches what you requested.
2. Total cost of borrowing
Look for the fee in dollars, not only a percentage. Provincial payday-loan rules set maximum borrowing costs.
3. Total repayment and dates
Know the exact amount and the date or schedule for repayment before accepting.
4. Default and returned-payment terms
Check any permitted default interest, NSF or returned-payment fees and the lender’s collection process.
5. Cancellation and contact information
Keep the lender’s legal name, licence number and cancellation instructions with your copy of the agreement.
General information only. This article is educational and does not replace legal, credit or financial advice. Rules and product terms can change.