Important Information
Cash Depot provides important information about responsible loan policies, responsible collection practices, missed payments and credit score considerations.
Responsible loan policy
All online demands are analyzed and go through a selection process to ensure that borrowers are in a position to pay back their loan.
- Verifying that your salary meets criteria.
- Ensuring that you do not have an excessive amount of insufficient fund charges in your bank account.
- Determining if previous financial obligations will interfere with your loan refunding capacities.
Responsible collection
Cash Depot uses responsible collection methods in compliance with Canadian legal requirements. If a problem occurs while repaying a personal loan, agents from the collections department may make payment arrangements while taking the current situation into consideration.
Missed payments accumulate interest on the unpaid balance. The borrower is responsible for legal fees generated from recovering a past due balance.
Missed payments and credit scores
A $40 fee is charged for any payment refused by a banking institution due to insufficient funds or any other reason, and the fee is deferred to the end of the contract.
This situation will not affect your credit score within the company, and your file will not be transferred to credit agencies. In an emergency, call at least 48 hours before payment is due to delay a payment.