EXAMPLE:Understanding the Cost of a Payday Loan Maximum charges permitted in British Columbia for a Payday Loan 15% of Principal
We charge $15 per $100 borrowed For a $300 loan for 14 days: Total cost of borrowing = $45 Annual Percentage Rate = 391.07%
This information meets the requirements of the Business Practices and Consumer Protection Act
Payday loans are High-Cost Loans
Credit Club is a licensed lender in Nova Scotia. Please review our sample borrowing costs and our Nova Scotia license below.
Maximum Allowable Cost per $100 borrowed
$17
Our cost per $100 borrowed
$17
Example:
Your $300 loan for 14 days
Principal Amount: $300.00
Total Cost of Borrowing: $51.00
Total to Repay: $300.00 + $51.00 = $351.00
Annual Percentage Rate (APR): 443.21%
