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PAYDAY LOAN AGREEMENT & DISCLOSURE STATEMENT
PAYDAY LOAN AGREEMENT DATED : 2020-06-06
Date of First Advance: 2023-06-06
Contract#: XXXXXXX
Customer#: XXXXX
BETWEEN:
Lender:
AND:
Borrower: Mailing Address:
Details of Payday Loan Agreement
Principal Borrowed $300.00
Term of loan in Days 14
Amount Advanced to Borrower
Total Cost of Borrowing $45.00
Annual percentage rate 608.33%
Total Amount Due $345.00
Payments:
Amount and Due Date 2020-06-15 / $345
Borrower’s Signature
$300.00
To Receive Your Funds You Must Electronically Sign the Agreement in the Space Indicated Below.
Agreement
This Agreement contains important terms and conditions affecting your loan. Please take the time to read it carefully before signing.
Definitions.
Certain words used in this Agreement have defined meanings. The word “Agreement” means this Payday Loan Agreement and Disclosure Statement. The words “You”, “Your” or “Borrower” mean and refer to the person executing this Agreement. The words “Us” or “We” mean and refer to A.S. Shaikh Projects Ltd. The word “Loan” means the payday loan transaction governed by this Agreement. Each capitalized term set out above under the section entitled “Details of Payday Loan Agreement” is also a defined term for the purposes of this Agreement. The word “Account” means any bank account to which the Borrower’s name is attached. Other terms may be defined in the text of this Agreement.
Acknowledgements.
You acknowledge that you have reviewed the terms of this Agreement including without limitation (i) the Loan Amount of the Total Cost of Borrowing; and (ii) the date or dates upon which the Loan Payment is due. You also represent that You are applying for the Loan in and from the Province of British Columbia.
Electronic Execution.
In order to complete the Loan transaction with Us, You must electronically sign this Agreement by affixing Your signature in the provided space below and clicking at the indicated place on the screen to submit this Agreement to Us. You understand that the sole action of clicking “I agree” at the end of Your loan agreement will be considered as an acceptance of the entire Loan Agreement, including the terms on each page this Loan Agreement.
Approval Process.
We will review Your electronically executed application for the Loan Application process is complex and does not guarantee Approval. We may refuse Your application for any reason whatsoever in our sole and unfettered discretion after reviewing it. If the Loan is approved, this Agreement will become binding as of the date of deposit of the Principal Amount of the Loan into the bank account that You have provided Us with (“Your Account”) in the Pre-Authorized Debit Form (PAD), or as of the time that You have deposited the Principal Amount of the Loan You received by i-LEND, or at such time as the Principal Amount of the Loan is applied towards any outstanding indebtedness to Us (the “Effective Date”).
Employment information.
You assure us that the information provided in your loan application in regard to Your Employer are valid and accurate and You affirm that You are not in the process of being laid-off or You are not about to lose Your job.
Promise to Pay.
You promise to pay Us or our assignees the Total Amount Due on the Due Date or Dates set out above (collectively the “Payment Due Date(s)” You agree to maintain sufficient funds in Your bank account to cover each payment on Your payment due date(s) under this Loan Agreement. You authorize Us to initiate pre-authorized debit(s) from Your Account until such time as We have been paid in full (the “PAD Authorization”) and You waive the standard 10 days pre-notification period.
Pre-Authorized Debit. (PAD)
Pursuant to the PAD Authorization, You direct Us to initiate a PAD debit from Your Account for the Total Amount Due on the Payment Due Date(s) or thereafter. You promise that You will not close Your Account or place a stop payment on the PAD Authorization. You agree to maintain sufficient funds in Your bank account to cover each payment on Your payment due date(s) under this Loan Agreement. You understand that PADs are initiated 3 business days prior to the Payment Due Date(s) and that any modifications You wish to make to Your payment plan have to be done prior this period to be effective. You understand that once the PAD is initiated, We cannot cancel it.
Prepayment.
You may prepay the full outstanding balance of the Loan or make partial prepayments without charge or penalty at any time before the Payment Due Date(s), or were more than one, each Payment Due Date, by notifying Us at least of 3 business days prior to the Payment Due Date. Any partial payment You make will be applied first to The Total Cost of Borrowing and then to the Outstanding Principal Amount of the Loan. If you are planning to do an e-transfer prepayment, it is your responsibility to validate with us before sending any payment to avoid duplicate payment. If you send us a payment by e-transfer and the Pre- Authorized Debit is already initiated, You will need to wait 4 business days after the Payment Due Date to recover the overpaid balance.
Limitation.
You may only have one outstanding loan with Us at any point in time. We reserve the right to deny any loan application made while another loan is outstanding.
No Renewals. You may not renew this Loan. You may not pay the Loan with the proceeds of another payday loan from Us.
No Security Interest.
No security interest is given or taken in connection with this transaction except for any security in connection with the PAD Authorization which may arise at law. Default, Insufficient Funds, Late Fees. Your Loan will be considered in default immediately upon the first payment missed under this Agreement and the Total Amount Due, according to this Agreement, will be payable in full immediately. In the event of a payment default, You will be charged a non sufficient funds fee in the amount of $20.00 and You will be charged late interests fees at the rate of 30% per annum only on the Principal Loan Amount outstanding of the Loan total amount of interest until We have been fully repaid. Upon default, You authorize Us to withdraw Your Account for the Total Amount Due or portion thereof that You owe Us according to this Agreement. We may make this withdrawal by re-presenting Your PAD, not to exceed the amount owed to Us.
Cancellation Rights.
The Borrower shall have the right to cancel the Loan at any time before the end of the second day that the Lender is open for business following the date on which the Borrower receives the advance of the Principal Amount of the Loan, or at such time or times prescribed in Section 112.05 of the Business Practices and Consumer Protection Act and accompanying Regulations (the “Cancellation Period”). To cancel Your Loan, You must complete and deliver the notice of cancellation, available on Your member account at https://silver-krill-tlhd.squarespace.com to Us by email at support@i-lend.info before the end of the Cancellation Period. In the event that You cancel Your Loan Agreement and the funds have already been sent to You, You authorize us to immediately initiate a pre-authorized debit to Your bank account in order to retrieve the amount borrowed under this Agreement. If there are insufficient Funds in Your account at that moment to cover the payment due, You will be charged a non sufficient funds fee of $20.00, Your Loan will remain active, and the amount of Your initial Agreement will be due, including Your initial Cost of Borrowing. Upon cancellation and repayment of the Principal Amount of the Loan, We will provide You with a confirmation receipt via email.
(Borrower’s Initials)
Bankruptcy, Debt consolidation, Consumer proposal. You represent that You are not currently a debtor in any bankruptcy, debt consolidation, consumer proposal proceeding or pending proceeding, and that You are in no way bound under any form of agreement or arrangement by or to a legal trustee or representative with any claim against Your assets and You have no intention of filing for bankruptcy, debt consolidation, consumer proposal or for similar creditor protection under any applicable legislation at this moment, in the upcoming days and during the term of this transaction.
Personal Information.
You authorize Us to use the personal information You have provided to Us for the purposes of verifying Your identity, making a determination on granting credit to You, and collecting any amounts owing by You to Us. You authorize us to make enquiries and obtain information regarding Your credit history including conducting credit bureau searches and reviewing Your current and historical bank account information for the purpose of making a determination on granting credit to You or collecting any amounts owing by You to Us. You also consent to Us using Your personal information for the purposes outlined in our Privacy Policy in our website https://icash.ca. You authorize us to monitor and record telephone conversations with You for the purpose of security and training.
Cookies.
We use cookies to record information of visitors and provide them with information we think might be of interest to them regarding our products and services. You may configure Your computer or mobile device to reject the cookies.
Special Provisions.
If You enter into third or subsequent payday loan agreement with Us in a 62- day period and You are paid or You receive income on a bi-weekly, semi-monthly or more frequent basis, you are eligible to repay your loan in 3 payments. If You enter into third or subsequent payday loan agreement with Us in a 62-day period and You are paid monthly or receive income on a less frequent basis, you are eligible to repay your loan in 2 payments. You may not be eligible to have the same payment plan on each loan, as to be eligible You have to enter into your third loan in a 62 day period.
Remedies.
The Borrower has the rights and remedies under Section 112.10 of the Business Practices and Consumer Protection Act. If the Borrower pays an amount exceeding the maximum cost of borrowing set by regulations or any prohibited charge under Section 112.03 or 112.04 or if we grant You a rollover of a payday loan or if we deduct or withhold any portion of the total cost of credit and the first advance of a payday loan and the Borrower is not liable to pay us any amount that exceeds the amount advanced to the Borrower less any portion deducted or withheld. If the Borrower has paid an amount in excess of the advance less any portion deducted the Borrower is entitled to a refund of that amount.
Privacy Policy.
We respect the privacy of our customers and are committed to treating customer information responsibly. Our complete privacy policy statement is available on our website http://. Our privacy policy may be revised from time to time and will be effective from the date such changes are posted on our website.
Regulation.
Payday loans are regulated under the Business Practices and Consumer Protection Act. For information on the requirements relating to payday loans, please contact the Business Practices and Consumer Protection Authority. There are various remedies available to you that are set out under section 112.10 of the Business Practices and Consumer Protection Act. Governing Law. This Agreement shall be governed by the laws of the Province of British Columbia and the parties submit to the jurisdiction of the Courts of British Columbia.
NOTE – All A.S. Shaikh Projects Ltd. loans are “remote payday loan agreements” for the purposes of the Act and accompanying regulations.
ACKNOWLEDGEMENT OF BORROWER
Electronic Signature:
By electronically signing below, You understand and agree to all of the terms and conditions of this Agreement; and by submitting the online information application by Internet, You certify that the information provided by You is true and accurate and that the documents that You have submitted are authentic and have not been altered in any way. You authorize Us to verify the accuracy of the information you have provided by contacting any company or person listed on the application to verify such information. You authorize Us to obtain information on You from a credit reporting agency or other various means available. You understand that We reserve the right to decline an applicant at any time. In order to process this application, You understand that a verification of the information You have provided is necessary, including, but not limited to, employment and bank account verification. You accept personal responsibility for safeguarding any Login and Password information that might be assigned to You in respect of the Loan application.
By electronically signing this Agreement, and submitting this document electronically to Us, You acknowledge that You completed all information requested by Us prior to electronically signing below and submitting this form to Us; and that You have reviewed the entire document, as well as the Terms of Use and Privacy Policy contained on our website. You agree to be bound by the Terms of Use and Privacy Policy as part of this Agreement.
NOTICE TO CONSUMER. DO NOT DO NOT EXECUTE THIS AGREEMENT BEFORE READING IT.
PLEASE NOTE YOU SHOULD PRINT AND RETAIN A COPY OF THIS LOAN AGREEMENT FOR YOUR RECORDS.
For any comments or questions please contact us by email at support@i-lend.info
IP address : https://silver-krill-tlhd.squarespace.com/contact-us
Signed at Vancouver, B.C.
BORROWER NAME:
DATE:
A.S. Shaikh Projects operating as Insta-Lending/I-LEND.