Cash advance company licence : Get a licence to supply pay day loans to borrowers in Alberta

Cash advance company licence : Get a licence to supply pay day loans to borrowers in Alberta

A quick payday loan means:

  • any development of cash with a principal of $1,500 or less and a phrase of 62 times or less manufactured in change for the post-dated cheque, a pre-authorized debit or the next re re payment of an identical nature, yet not for almost any guarantee, suretyship, overdraft security or protection on home and never by way of a margin loan, pawnbrokering, a credit line or a charge card.

There clearly was a 1 or licensing that is 2-year, payable to your Government of Alberta.

  • For one-year licences – a licensing cost of $1,000 for the licence as well as the very first location plus $500 for every single extra location specified regarding the application
  • For 2-year licences – a licensing cost of cheapesttitleloans.com credit $2,000 for the licence while the very first location plus $1,000 for every additional location specified in the application

How exactly to use

You will have to finish a software kind, an addendum type, give a safety, give a copy associated with the company’ standard loan contract and spend a certification charge. Continue reading Cash advance company licence : Get a licence to supply pay day loans to borrowers in Alberta