Pay day loan company licence : get yourself a licence to supply payday advances to borrowers in Alberta

Pay day loan company licence : get yourself a licence to supply payday advances to borrowers in Alberta

An online payday loan means:

  • any development of cash having a principal of $1,500 or less and a phrase of 62 times or less built in trade for a cheque that is post-dated a pre-authorized debit or the next re payment of the how do title loans work same nature, yet not for just about any guarantee, suretyship, overdraft security or safety on home rather than through a margin loan, pawnbrokering, a personal credit line or a charge card.

There clearly was a 1 or licensing that is 2-year, payable into the federal federal federal Government of Alberta.

  • For one-year licences – a licensing cost of $1,000 for the licence while the location that is first $500 for every single extra location specified in the application
  • For 2-year licences – a licensing cost of $2,000 for the licence together with first location plus $1,000 for every single extra location specified regarding the application

How exactly to use

You will have to complete a software kind, an addendum kind, offer a safety, give a copy regarding the company’ standard loan agreement and spend a certification cost. To begin with, follow these guidelines to truly save and start the program and other relevant kinds.

Failure to supply complete information will postpone processing of the application and may also end up in a reimbursement of the costs and closing of the file.

Step one. fill in the application form form

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