As an example comparing a traditional payday loan of $300 due in 14 days with a $21 per $100 fee VS our loans:
| Traditional payday loan |
House of CA$H | |
|---|---|---|
| Amount borrowed | $300 | $300 |
| Fees charged | $63 | $63 |
| Payment due | $363 due 14 days later | $363 over next 60 days |
| Total amount repaid | $363 | $363 |
| Annual percentage interest rate | 547% | 128% |
*Our loans have to be repaid within a maximum of 62 days as per the Payday Loans Act, 2008
Maximum Allowable Cost per $100 borrowed: $21.00
Our cost per $100 borrowed: $21.00
Example: Your $300 loan for 60 days
Amount advanced: $300
Total cost of borrowing: $63
You repay: $363
This poster is required under the Payday Loans Act, 2008.
SMAP Financial Solutions is a licensed lender in the province of Ontario.
License number: 4731247 Issued on: 2014-04-02; expires: 2015-04-02