1. What is a Payday Loan?
2. Can anyone borrow this loan?
3. How much may I borrow for first time?
4. How much may I borrow after first time?
5. How do I know my application has been approved?
6. How about credit checks?
7. Do you always have to contact my employer to check my working information?
8. How long will it take before I get the money?
9. How do I receive my loan after approval?
10. What is the cost and APR?
11. How do I pay back money?
12. How long do I have to pay back money?
13. How about a loan renewal?
14. Payday loan is for what?
15. What are the implications of late payment?
16. What are the implications of non-payment?
17. Code of Practice/Policy on responsible lending

1) What is a Payday Loan?
Payday Loan is also called as payday advance, cash advance, payroll loan, or payroll advance. It is a small loan, up to $500.00 deposited directly into your bank account, until the next scheduled pay date.

2) Can anyone borrow this loan?
No. You must be 18 years old at least, employed, Canadian Citizen or Permanent Resident, locating in province indicated on our web Homepage, and must follow the application steps.

3) How much may I borrow for first time?
Minimum is $50.00, maximum $100.00, subject to approval, for first time borrower.

4) How much may I borrow after first time?
After first loan processing, you become one of our members. The maximum amount you are allowed to borrow for each following loan is $100.00 until sixth loan application. On or/and after sixth application you can ask for an increase, which is equal or less than $50.00 each time. And finally maximum is $500.00. That is applicable only when you have finished the repayment of last loan for each pay period.

5) How do I know my application has been approved?
We will send you the email as the notice. And we may inform you by phone if you can be reached.

6) How about credit checks?
No credit checks will be made.

7) Do you always have to contact my employer to check my working information?
We recommend you to let us use your on-line banking for loan processing, which is fast, secure, and accurate that we usually have no need to contact your employer. Otherwise, we may do it to verify your job. However, we respect your individual privacy and your loan application will not be revealed.

8) How long will it take before I get the money?
We try our best to make it as fast as possible. If you select on-line banking method in your application we may finish one case within half day (also depending on banking processing). Our working hours are weekdays (Mon. - Fri., 10:00 am - 5:00pm EST) excluding public holidays.

9) How do I receive my loan after approval?
The loan will be transferred or directly deposited into your own bank account.

10) What is the cost and APR?
It includes interest, accrued fees and other amount owned to the lender. The example is as following, i.e., rate for Ontario borrowers is $15 per $100 loan borrowed, you borrow $300.00 for 14 days, the cost is $45.00, APR = 500%.

11) How do I pay back money?
The fees of your borrowing, plus the loan principal, will be debited from your bank account on your next scheduled pay date.

12) How long do I have to pay back money?
Repayment date is on your next pay date, maximum term of the loan is no more than 31 days.

13) How about a loan renewal?
Any new or additional loan is no longer available until you resolve the outstanding loan and fees.

14) Payday loan is for what?
A Payday loan is an unsecured short term loan to meet unexpected cash needs for your own family or yourself for occasional use only. It is highly expensive cash advances that must be repaid in full on your next pay date. You can research your networks to find out other options instead. But our CashBoat services are always willing to be a helper for you.

15) What are the implications of late payment?
Late payment means we do not receive a payment from customer on or before the scheduled loan due date so we set up a new due date with you to delay payment taking. Please make sure you have sufficient funds in your bank account on loan due date so you can avoid late payment.

16) What are the implications of non-payment?
Non-payment is our PAD (pre-authorized debit) is returned for any reason, including but not limited to "account closed", "account frozen", "NSF", or / and customer has no intention for payment, it will be considered as a non-payment. Any new or additional loan is no longer available until you resolve the outstanding loan and fees. And we have agreements with 3rd party collections agencies and we deserve the right to collect in legal way such as authorizing them to collect on delinquent accounts.
In the event of non-payment an email notification will be sent to the Borrower in regard to the next debiting arrangement to pay off the loan.

17) Code of Practice/Policy on responsible lending

Full Disclosure.

We agree to disclose all of the loan costs as a dollar amount and as an annual percentage rate ("APR").

Responsible Lending.

We will promote only the responsible use of the payday loan service to our customers on all of our advertising and marketing materials including online advertisements. We will not falsely advertise the payday loan service or in any way mislead or deceive the public.

Right to Rescind.

All customers have the right to rescind a payday loan at no personal cost on or before the close of the following business day.

Responsible Collection Processes.

We must collect past due accounts in a professional, fair and lawful manner.

No Wage Assignments.

A Member may not take a wage assignment as security on a payday loan.

Loan Amount.

A Member shall not grant a payday loan that exceeds $1000.

Toll-Free Consumer Line.

All members will provide a toll free number for consumers, available in all areas they provide service to.

Comprehensive Website Security and Consumer Privacy.

We will maintain SSL security on the portion of our website where consumers enter information as well as a privacy statement on all web sites.