Pay day loan company licence : obtain a licence to supply loans that are payday borrowers in Alberta

Pay day loan company licence : obtain a licence to supply loans that are payday borrowers in Alberta

An online payday loan means:

  • any development of cash having a principal of $1,500 or less and a phrase of 62 days or less built in change for the cheque that is post-dated a pre-authorized debit or the next payment of an equivalent nature, yet not for just about any guarantee, suretyship, overdraft protection or safety on home rather than via a margin loan, pawnbrokering, a personal credit line or credit cards.

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

  • For one-year licences – a licensing cost of $1,000 for a licence therefore the location that is first $500 for every extra location specified from the application
  • For 2-year licences – a licensing fee signaturetitleloans.com sign in of $2,000 for the licence as well as the location that is first $1,000 for every extra location specified regarding the application

Simple tips to use

It is important to finish a software type, an addendum type, supply a safety, supply a copy regarding the company’ standard loan contract and spend a certification cost. To get going, follow these directions to truly save and start the program as well as other forms that are applicable.

Failure to present complete information will postpone processing of one’s application and may also cause a reimbursement of one’s costs and closing of one’s file.

Step One. fill in the program form

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