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Cash advance company licence : get yourself a licence to supply loans that are payday borrowers in Alberta

samedi, janvier 25th, 2020

Cash advance company licence : get yourself a licence to supply loans that are payday borrowers in Alberta

An online payday loan means:

  • any development of income with a principal of $1,500 or less and a term of 62 times or less manufactured in change for the cheque that is post-dated a pre-authorized debit or the next re payment of an equivalent nature, yet not for just about any guarantee, suretyship, overdraft protection or protection on property and never through a margin loan, pawnbrokering, a personal credit line or credit cards.

There clearly was a 1 or 2-year certification cost, payable into the Government of Alberta.

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

Simple tips to use

You will have to finish a software type, an addendum kind, give a safety, give a copy of this company’ standard loan contract and spend a certification charge. To begin with, follow these instructions to truly save and start the application form along with other relevant kinds.

Failure to supply complete information will wait processing of one’s application and could bring about a reimbursement of the costs and closing of the file. (suite…)