Loan Agreement

You acknowledge and agree that you are borrowing from us the amount specified.  You agree to repay this amount to us, together with the cost of borrowing described, in accordance with the specified payment schedule.  Repayment of your loan will be made by pre-authorized debit from your bank  and you authorize us to withdraw from your bank account all amounts that you owe to us under this agreement.  We may also accept other methods of payment in our discretion.  Your loan is due in full on due date; however, in the event that your bank account balance is not sufficient to pay the entire amount due to us, you authorize us to continue making partial withdrawals from your bank account until you have paid all amounts due to us in full.

You are entitled to pay the full or any part of the outstanding balance of your loan at any time in advance of the due date, without prepayment charge or penalty.

 

Default in Repayment

If you do not repay the amount that you owe to us in full by the due date, then interest will be charged to you at the default interest rate specified above on the total amount of your loan that remains outstanding (both the initial amount borrowed).  In addition, you must pay to us the following default charges: (i) reasonable charges in respect of legal costs that we incur in collecting or attempting to collect the amount you owe to us; and (ii) reasonable charges reflecting the costs that we incur as a result of your pre-authorized debit being dishonoured.

If you believe that you will not be able to repay the amount due to us by the due date, you must contact us as soon as possible.

 

Accuracy of Loan Application

You certify that all information that you provided to us in your loan application is true and accurate in all material respects.

 

Attention

This payday loan is intended to address short-term financial needs.  The cost of borrowing for this loan may be significantly higher than credit offered by other lenders.

 

Your Cancellation Rights Under the Payday Loans Act, 2008 (Ontario)

If you are provided with the loan and a copy of this agreement that complies with the Act when you enter into the agreement, you may cancel the agreement within two (2) business days of entering into it.  For remote payday loan agreements*, you may cancel the agreement within two (2) business days of entering into it if you are provided with the loan within one hour of entering into the agreement and you are provided with a copy of this agreement that complies with the Act when you enter into the agreement.  You do not have to give a reason for cancelling the agreement.

If you are not provided with the loan or with a copy of this agreement that complies with the Act when you enter into the agreement, you may cancel the agreement at any time.  For remote payday loan agreements, you may cancel the agreement at any time if you are not provided with the loan within one hour of entering into the agreement or if you are not provided with a copy of this agreement that complies with the Act when you enter into the agreement.  You do not have to give a reason for cancelling the agreement.

To cancel the agreement, you must provide your notice of cancellation, together with the amount you borrowed, to the business you dealt with to get your loan.  If you have made any payments under the loan, the lender must return those payments to you at the earliest reasonable opportunity.

* A remote payday loan agreement is one in which the borrower is not present with the lender or the loan broker when the payday loan agreement is made (e.g.  a loan made over the internet or by phone).

Notwithstanding any language in the payday loan agreement, you may make partial prepayments at any time and if you are in an extended payment plan the lender must adjust your future scheduled repayments so that your future repayments are spread equally over the remaining term of the extended payment plan, unless you request otherwise when making the prepayment.

You may terminate the extended payment plan at any time by paying the amount owing in full without any additional charge, fee or penalty.

 

Refunds Under the Payday Loans Act, 2008 (Ontario)

Under certain circumstances, you may demand a refund of a payment you made under a payday loan agreement within one year of having made that payment.  Either the licensee has received a payment to which it is not entitled or the licensee has engaged in prohibited conduct of such a serious nature that you are entitled to a refund of the cost of borrowing that you paid.  To obtain a refund you must give a notice demanding it to the business that you dealt with to get your payday loan.  Your notice must set out your demand for the refund and the reason for it, as well as your name and telephone number.  Note that the business has two (2) business days within which to provide the refund to you.  You may choose to collect your refund in person or have it mailed to you.

Please contact the Consumer Protection Branch of the Ministry of Government and Consumer Services for more information on when you may be entitled to a refund and how to make your demand for a refund.  You may contact the Consumer Protection Branch toll free at 1-800-889-9768.

 

Copy of Agreement

You are entitled to receive a copy of this agreement by requesting it from us at any time before the end of one year from the end of the term of this agreement.

 

Information About Payday Loans

Further information regarding payday loans may be obtained by contracting the Registrar at:

Consumer Protection Ontario

56 Wellesley Street West, 16th Floor

Toronto, Ontario

M7A 1C1

Tel:  416-326-8800 or 1-800-889-9768

Fax:  416-326-8665

Email:  [email protected]

Website:  https://www.ontario.ca/page/payday-loan-your-rights

 

No Waiver

If we do not exercise or if we delay in exercising any of our rights in connection with this agreement, this will not constitute a waiver of our rights.  Any indulgence or forbearance that we may grant to you on any one occasion will not operate as an indulgence or forbearance for any other or future occasion.

 

Successors and Assigns

This agreement will be binding on you and you heirs, executors, administrators, successors and assigns.  We may assign our rights under this agreement and this agreement will continue for the benefit of our successors and assigns.

 

Governing Law

This agreement will be governed by the laws of the Province of Ontario and the laws of Canada applicable in the Province of Ontario.

 

Acceptance

 

I acknowledge that I have read and I hereby accept the Loan Agreement, together with CoolCash Canada’s Terms and Conditions and Privacy Policy.

I acknowledge that my loan application is subject to approval by CoolCash Canada.  If my loan application is approved, then the terms of the Loan Agreement will apply.
I specifically authorize and consent to CoolCash Canada conducting a credit check on me and verifying the validity of my Social Insurance Number (SIN) and bank account number.