Loan terms and borrowng example

What are the Interest Rates Every Year (Annual Interest Rates)?


We work with dependable financial institutions that offer 22% to 32% annual interest rates. Depending on the risk of your application.


Example of a Loan


A $700 loan with 8 bi-weekly payments of $153.41.

This information is given for descriptive purposes only and considers that the withdrawal made is refunded in full according to the agreed repayment schedule, without any new withdrawal or re-borrowing being made before full repayment.

The example above assumes a weekly membership fee, which must be paid by the client as long as there is a balance owing on the loan.

The amount of the membership fees may change at any time, and 514Loans reserves the right to modify them, their allocation, computation and the terms and conditions relating to any new loan granted.

The above example does not include any administration fees, carry-forward fees, fees for withdrawals refused by your financial institution, re-borrowing costs, maintenance fees or any other fees that may be imposed in connection with the occurrence of a default or your management and use of your loan.


In Case of Default


NSF: A fee of forty dollars ($30.00) will be charged for bounced cheques and also charged in the case of bounced pre-authorized payments. Your financial institution will also charge you an NSF fee for any bounced payments. 

Deferral of Payment: If the debtor would like to defer a payment to later than the date agreed upon in the original agreement, an administration fee of $40.00 will be charged. In order to defer a payment, the debtor must inform the lender at least 72 business hours before the date of collection.


Other Services and Conditions


Renewal: Loans are not renewed automatically. Loan renewals can only be made after the customer has submitted a request, and it has been approved by our company.

 Amortization schedule: Any initial withdrawal on your loan will be amortized according to an equal and consecutive payment schedule allowing full repayment of amounts due over periods ranging from three to six months.


Collection and Credit Score


Our company is in compliance with Canadian laws, regulations and legal standards. If a particular situation arises during your repayment period, our collection department will establish a repayment agreement with you based on your situation. Should the debtor default on one of any repayments under this contract, the creditor can demand full payment of any outstanding balance, capital, interest and costs. All judicial and extrajudicial costs that could be reasonably incurred by the creditor as a result of defects in a contract by the debtor will be claimed and returned to the creditor from the debtor.

In the event that no payment agreement is possible between the debtor and the creditor, the creditor may assign the file to a collection agency, which may affect the debtor’s credit rating/score.

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