- NATIONAL PAYDAY PAYDAY LOAN AGREEMENT
# AGREEMENT DATE: DUE DATE:
LICENSEE BORROWER
FINANCE CHARGE(COST OF LOAN) AMOUNT FINANCED(YOU WILL RECEIVE) TOTAL PAYMENTS(YOU WILL REPAY)
CHEQUE # AMOUNT BANK#
ONE PAYMENT IN THE AMOUNT OF $ Due On
This agreement is between 1473479 ontario limited o/a national payday (licensee) and the above noted borrower. Dated as above. In
consideration of the mutual convenants and agreements set forth below the parties agree as follows.
AMOUNT FINANCED
AMOUNT PAID DIRECTLY TO YOU
1. National payday hereby lends funds to the borrower and the borrower promises to repay those funds to national payday in accordance with
the terms stated above with the interest of 46.44%apr from the date of maturity provided. However in the event of default the interest will be fixed at
26% apr thereafter until paid in full.
2. Upon execution of the agreement the borrower shall provide national payday with a post dated cheque in an amount the advance amount
plus the fees. The borrower has the right to repay the advance anytime prior to the maturity date. Upon payment in full the cheque will be returned
to the borrower if requested.
3. In the event the borrower does not repay prior to maturity date national payday may opt to deposit the cheque and in the event bank charges
apply to security funds these charges may be applied to borrowers debt.
4. The parties agree that “claim includes a claim or dispute or controvery arising out of or in anyway relating to the agreement or the
construction thereof whether in contract or tort ot for restitution of that kind, pursuant to the statute or regulation or otherwise.
5. In the event the borrowers cheque is dishonoured the borrower will pay national payday a $35.00 dishonoured cheque service charge.
6. Dispute resolution. The parties agree that if any party requests mediation to resolve any claim, then such mediation shall be the
precondition to any party commencing or continuing any court proceedings or whatever kind. The cliam will be referred to a private and
confidential mediation before a single mediator jointly appointed by the parties and paid for jointly. The parties may elect to prodeed in person or
in writing or electronically using the internet or online mediation service. In the event the parties are unable to mediate the claim may be referred
to a private and confidential arbitrator before a single arbitrator jointly appointed and paid for by both parties in person, in writing, or electronically
using internet or online arbitration service jointly appointed by the parties. Each party agrees not to commence or participate in any class action
either as a representative plaintiff or as a member of a plaintiff class.
7. All amounts set out herein are in canadian dollars
8. All payments will be applied firstly towards interest and secondly towards the principle amount of the loan.
9. This agreement shall be governed b the laws of the province of ontario and in the event the parties mutually agree to forego mediation and
arbitration or if for any reason either of the above mediation or arbitration provisions is invalid or unenforceable, the parties agree that the courts of
ontario will have exclusive jurisdiction over any action involving any claim.
10. IF THE BORROWER FAILS TO CONTACT NATIONAL PAYDAY REPRESENTATIVES THE BORROW GIVES NATIONAL PAYDAY THE
RIGHT TO CONTACT THEIR EMPLOYER AND ASK FOR REPAYMENT OF FUNDS.
- Details of Payday Credit Agreement
Amount Borrowed
Loan Term in Days
Total Cost of Borrowing
Annual Percentage Rate 46.44% FROM DATE OF MATURITY PROVIDED
Cost per $100 Borrowed $25
Total to be Repaid
Repayment Date
Borrower’s Signature SIGN HERE x
National payday will actively prosecute any individual that fraudently misrepresents themselves with miss leading information presented in the
evaluation of the individual to borrow, and or banking information that does not allow the cashing of the presented cheque due to and not limited
to closure of the said account. INITIAL HERE_____
THE BORROWER ACKNOWLEDGES THAT THE COST OF BORROWING HAS BEEN EXPLAINED IN FULL AND IT IS ADVISED THAT THIS FORM
OF BORROWING SHOULD BE USED FOR SHORT TERM FINANCIAL NEEDS ONLY. INITIAL HERE______
SIGNATURE OF NATIONAL PAYDAY REPRESENTATIVE
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