Loan Fee Disclosure
Our loans are interest free. We’re not a Payday loan lender.
We’re a private lender who provide financial support to struggling Black Canadians, Muslim Canadians, Newcomers and Immigrants families for education, professional certification/designation and bills that are not within their monthly budget regardless of their credit situation.
Fees could be waived for some families/individuals depending on the situation.
Cost of Borrowing: On a $500 loan of 90 days, the total cost of borrowing is $85, with a total payback amount of $585
Loan fee:$75, Admin fee $10.
Minimum Term: 90 days
Maximum Term: 180 days (conditions apply)
CLC is not regulated as a private lender but CLC could be forced to comply with certain provincial lending rules which that are beyond our control.
Alberta $15 per 100, British Columbia $15 per 100, Manitoba $17 per 100, New Brunswick $15 per 100, Nova Scotia $17 per 100, Ontario $15 per 100, PEI $15 per 100.
Renewals
CLC is willing to renew loans or extend loan terms depending on the situation.
CLC’s main goal is to support Canadians that are struggling to make ends meat.
CLC offers our services online and we accept customers at this location by appointment only.
Our Admin Office:9938 70 Ave NW, Edmonton AB, T6E 0V7.
Email us at any time at : support@citylending.ca
Implications of non payment
It is advisable that you go to the bank first in order to get a lower borrowing cost. If your loan is not paid on time, it will result in a negative report to the credit bureaus, which will impact your credit score. Failure to pay your loan on the payment due date(s) will mean that your loan is delinquent and will be subject to an NSF fee of up to $48. In addition, NFS fee and negative credit report, you will incur late payment fees up to $20 per month on every $100 owed. We will also take you to court and you will have to pay all the legal, court and administration fees.
Government information on Personal Loans: https://www.canada.ca/en/financial-consumer-agency/services/loans/personal-loans.html