This page has been archived on the Web
Information identified as archived is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived.
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 |
Page details
- Date modified: