c4l

 

Best Business Practices

Code of Best Business Practices

Cash4Less will abide by the following Code of Best Business Practices that the Canadian Payday Loan Association (CPLA) has deemed pertinent. Cash4Less is not yet a member of CPLA.

 

No Rollovers

We will not grant a customer an extension of an outstanding payday loan for a fee or advance a new payday loan to pay out their existing payday loan.

 

Multiple Loans

We shall not grant multiple payday loans to a customer that in total exceed what we initially approved the customer to borrow.

 

Default and Post-Maturity Interest Charges

We shall not charge a penalty fee and/or NSF fee that exceeds an amount set from time to time by CPLA. Interest on each $100 of a payday loan in default will not exceed $0.90 per week for the first thirteen weeks and $0.50 per week thereafter.

 

Credit Counselling

We will advise customers who have defaulted twice within one year of credit counselling services, and offer to forgo accrual of interest if the customer obtains credit counselling.

 

Collateral

We may not take title to chattels or assets of a borrower as security for repayment of payday loans.

 

Collection Practices

We will collect past due accounts in a fair, lawful and professional manner. We are prohibited from taking an assignment of wages.

 

Loans to Certain Customers

We shall not grant payday loans to customers on the basis of social assistance payments received by that customer.

 

Amount Loaned

We shall not grant a payday loan that exceeds $1500.

 

Term of Loan

We shall not grant a payday loan with a term that exceeds 31 days.

 

Record Keeping

We will keep and maintain records of financial transactions with their customers in accordance with standards established by CPLA.

 

Right to Rescind

A customer shall have the right to rescind a payday loan at no cost on or before the close of the following business day.

 

Privacy Protection

We are prohibited from using personal and confidential information for marketing or other purposes unrelated to the payday loan without the consent of the customer and will comply with all privacy laws.

 

Selling Other Goods or Insurance

We are prohibited from requiring a customer to obtain insurance as a condition of taking out a payday loan.

 

Advertising Standards

We will follow the advertising standards as established by the CPLA and must also comply with all Provincial laws governing advertising.

 

Disclosure to Customer

We shall use plain language in their documentation, will disclose all the fees, costs and interest in a clear manner and will prominently indicate the high-cost nature of the payday loan on all loan documentation.

 

Responding to Consumer Complaints

We will respond diligently to all complaints of our customers.