Loans and other financial services - what are my rights?

If you borrow money, the lender must give you a written loan agreement that shows all charges and terms of the loan.

Read the agreement carefully, and if there is anything you don’t understand, ask the lender to explain it to you before you sign. If the lender has committed to something verbally, such as an offer to decrease your interest rate in the future, make sure it is in the written loan agreement.

When reviewing the loan agreement, pay special attention to:

  • The total loan amount (including fees and charges)
  • The interest rate (the lower, the better)
  • Any extra fees (such as optional insurance)
  • The term of the loan and the repayment schedule
  • Any penalties (for example, for late payment)
  • The consequences if you do not repay the loan

Do not sign the agreement until you are comfortable with everything in it.

More information is available on the Things to think about page.

There are additional obligations for lenders providing payday loans