Credit agreement for a fixed interest loan for a fixed amount (Personal loan)
Credit Agreement for a Fixed Interest Loan for a Fixed Amount (Personal loan) – Information box referred to in section 38 of the Financial Consumer Protection Framework Regulations and subsections 6(2.1) and (2.2) and Schedule 1 of the Cost of Borrowing (Trust and Loan Companies) Regulations, the Cost of Borrowing (Canadian Insurance Companies) Regulations and the Cost of Borrowing (Foreign Insurance Companies) Regulations.
The following example applies to all Federally Regulated Financial Institutions (FRFIs).Footnote 1 The example also applies to information boxes presented in electronic format.
| Principal Amount | $10,000.00 |
|---|---|
Annual Interest Rate |
10.75% Fixed rate per year. This interest is compounded twice per year but charged monthly. |
| Annual Percentage Rate | 10.75% The interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable. |
| Term | 5 years The loan can be pre-paid in full or in part without paying a penalty. |
| Date of Advance | September 1st, 2024 This is the date your funds will be advanced. Interest will be calculated and charged from this date on. |
| Payments | $216.18 on the 1st of every month Your payment is payable monthly and includes payment toward both principal and interest. |
| Amortization Period | 5 years Based on the current terms and conditions, your loan will take five years to pay in full. |
| Prepayment Privilege | N/A |
| Prepayment Charges | N/A |
| Default Insurance | N/A |
| Other Fees | Returned or refused payment due to insufficient funds: $40.00 |
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