Payday Loans are High-Cost Loans
Example $300.00 loan for 14 days
Principal amount: $300.00
Total to repay: $300.00 PLUS $56.95 = $356.95
Annual Percentage rate – APR: 494.92%
Total Cost of Borrowing: $56.95
Attn: Valued Customers
Maximum fees and charges permitted in Newfoundland and Labrador for a payday loan: $21 per $100 lent.
We charge $21 per $100 lent in fees and charges.
For a $300 loan for 14 days, the total cost of borrowing is $63.00
This information meets the requirements of the Consumer Protection and Business Practices Act
Payday Lender’s License Number: 19-23-QU020-1