4.2.11 What to know before you sign a loan agreement

From: Financial Consumer Agency of Canada

  • The annual interest rate
  • How the interest is calculated
  • The grace period, if any
  • The date on or after which interest starts being charged
  • How often you will receive your statements
  • Your minimum monthly payment or how this payment is calculated
  • Any optional services available, such as credit balance insurance; the charges for each optional service; and the conditions for cancellation
  • Any other charges or fees that apply
  • Whether the loan can be prepaid at any time and if there are charges to do so.
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