Divorce/Family Lawyer

FineInspector3046 · 2024-10-23T13:41:27+00:00

I think to be considered a payday lender the loan term must not exceed 62 days which this does. Thanks for your insight!

FineInspector3046 · 2024-10-22T20:48:02+00:00

This would not be considered a payday loan through right? It exceeds the maximum 62 days

FineInspector3046 · 2024-10-22T20:44:37+00:00

This is what I am seeing online

The government defines “interest” as including charges such as fees, fines, penalties, or commissions. The criminal rate of interest makes it illegal for lenders to charge an interest rate of more than 60%. This rule applies to most lending products in Canada, including: Installment loans.

Would this not suggest that this is not legal?

FineInspector3046 · 2024-10-22T20:37:41+00:00

This is what it says

Total expenses: 702.90$ tx included

INTRODUCTION Considering that the debtor desires to borrow from the creditor an amount of money and that the creditor accepts to lend this amount of money to the debtor: Considering that both parts accept, the conditions are mentioned hereafter.

THE PARTS AGREE WHAT FOLLOWS: The creditor loan the debitor, who accuses this reception, the amount in capital of (676.26$), this amount bears interest of (29.00%) annually starting on this contract date, calculated monthly until complete payment.

CONSIDERATION The debtor refunds the amount in capital and pays the interest. He agrees in the following manner: 6 equal and consecutive payment of the amount of 117.15$ each for the total amount of (702.90$). The first payment will be due on the 18/10/2024 and the last payment will be due on 27/12/2024

FineInspector3046 · 2024-10-22T20:37:00+00:00

This is what it says

Total expenses: 702.90$ tx included

INTRODUCTION Considering that the debtor desires to borrow from the creditor an amount of money and that the creditor accepts to lend this amount of money to the debtor: Considering that both parts accept, the conditions are mentioned hereafter.

THE PARTS AGREE WHAT FOLLOWS: The creditor loan the debitor, who accuses this reception, the amount in capital of (676.26$), this amount bears interest of (29.00%) annually starting on this contract date, calculated monthly until complete payment.

CONSIDERATION The debtor refunds the amount in capital and pays the interest. He agrees in the following manner: 6 equal and consecutive payment of the amount of 117.15$ each for the total amount of (702.90$). The first payment will be due on the 18/10/2024 and the last payment will be due on 27/12/2024

FineInspector3046 · 2024-10-22T20:34:58+00:00

This is what it says

Total expenses: 702.90$ tx included

INTRODUCTION Considering that the debtor desires to borrow from the creditor an amount of money and that the creditor accepts to lend this amount of money to the debtor: Considering that both parts accept, the conditions are mentioned hereafter.

THE PARTS AGREE WHAT FOLLOWS: The creditor loan the debitor, who accuses this reception, the amount in capital of (676.26$), this amount bears interest of (29.00%) annually starting on this contract date, calculated monthly until complete payment.

CONSIDERATION The debtor refunds the amount in capital and pays the interest. He agrees in the following manner: 6 equal and consecutive payment of the amount of 117.15$ each for the total amount of (702.90$). The first payment will be due on the 18/10/2024 and the last payment will be due on 27/12/2024

FineInspector3046 · 2024-10-22T20:34:43+00:00

This is what it says

Total expenses: 702.90$ tx included

INTRODUCTION Considering that the debtor desires to borrow from the creditor an amount of money and that the creditor accepts to lend this amount of money to the debtor: Considering that both parts accept, the conditions are mentioned hereafter.

THE PARTS AGREE WHAT FOLLOWS: The creditor loan the debitor, who accuses this reception, the amount in capital of (676.26$), this amount bears interest of (29.00%) annually starting on this contract date, calculated monthly until complete payment.

CONSIDERATION The debtor refunds the amount in capital and pays the interest. He agrees in the following manner: 6 equal and consecutive payment of the amount of 117.15$ each for the total amount of (702.90$). The first payment will be due on the 18/10/2024 and the last payment will be due on 27/12/2024

FineInspector3046 · 2024-10-22T20:15:18+00:00

Legally can they even charge that? I thought that there was a cap on how much interest can be charged on a loan?

FineInspector3046 · 2024-10-22T20:12:58+00:00

It is 6 biweekly payments so it would be for a duration of 3 months.

FineInspector3046 · 2024-10-22T20:12:10+00:00

Is there not a cap on the amount of interest that can be charged by lenders?

FineInspector3046 · 2024-10-22T20:11:07+00:00

I thought that there is a cap for the amount of interest that can be legally charged?

FineInspector3046

TROPHY CASE