Cost of Borrowing, APR and Loan Terms
Simple Financial offers short-term personal loans to residents of Ontario in amounts ranging from $100 to $1,500, with repayment terms from 1 to 62 days. The cost of borrowing is fourteen dollars ($14) for every one hundred dollars ($100) borrowed and includes all interest, fees, and charges payable by the borrower.
By way of representative example, a loan of five hundred dollars ($500) repaid over a sixty-two (62) day term has a cost of borrowing of seventy dollars ($70), a total repayment amount of five hundred and seventy dollars ($570), and a maximum Annual Percentage Rate (APR) of 82.42%. APR is calculated as the cost of borrowing divided by the principal, multiplied by three hundred and sixty-five (365) divided by the loan term in days.
Examples table:
$300 borrowed / 62 days / $42 cost / $342 total repayment / 82.42% APR
$500 borrowed / 62 days / $70 cost / $570 total repayment / 82.42% APR
$1,000 borrowed / 62 days / $140 cost / $1,140 total repayment / 82.42% APR
$1,500 borrowed / 62 days / $210 cost / $1,710 total repayment / 82.42% APR
Eligibility
To qualify for a loan you must be at least eighteen (18) years of age, a resident of Ontario, have a verifiable source of regular income, and hold an active Canadian bank account. All applications are subject to verification of your identity, income, and ability to repay, and approval is based on your current financial circumstances. Not all applicants will qualify, and the loan amount, term, and conditions offered may differ from the amount requested.
Implications of Non-Payment
If you do not repay your loan in accordance with the terms of your loan agreement, additional charges permitted by Ontario law may apply, including a fee of up to twenty dollars ($20) for a returned or dishonoured payment and interest on overdue principal at a rate of two and one-half percent (2.5%) per month, non-compounded. Your account may be referred to a collection agency and information about the default may be reported to credit reporting agencies, which can adversely affect your credit score and your ability to obtain credit in the future.
About the Lender
Loans are offered by Simple Financial, with a head office located at 1270 Central Parkway West, Unit 102, Mississauga, Ontario, L5C 4P4, Canada. Simple Financial is licensed by the Government of Ontario as a payday lender under licence number #4741528 and operates exclusively online. Customer support is available 24/7 by email at info@simplefinancial.ca.
