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Credit agreement for a fixed interest loan for a fixed amount personal loan
Version of document from October 2009 to June 9, 2024.
CG-4 has been converted to a bulletin, as part of FCAC’s comprehensive review of guidance. Read the bulletin.
Credit Agreement for a Fixed Interest Loan for a Fixed Amount (personal loan) referred to in subsection 8(1) of the Cost of Borrowing Regulations
| 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 term of the loan is closed for the whole five years, which means that you cannot pay down more than your prepayment privilege without paying a penalty. |
| Date of Advance | September 1st, 2009 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 |