Reimbursement example
A withdrawal on your $750 facility with weekly withdrawals and amortization over 19 payments would cost you $61.80 per withdrawal. This information is provided as an example only and assumes that the withdrawal made is repaid in full according to the agreed amortization schedule, without any new withdrawals or new loans being made before the full repayment.

The above example includes a weekly membership fee of $22,75, which must be paid by the client as long as there is a balance owing on the credit facility granted.

The amount of the membership fee is subject to change at any time and does not constitute a brokerage transaction within the meaning of the Act. PRÊTC reserves the right to modify them; their charging, calculation and terms and conditions relating to any new facility granted. The above example does not include any deferral fees, fees for drawdowns refused by your financial institution, re-borrowing fees (renewal, microcredit refill), or other fees that may be imposed in connection with the occurrence of a default or deferral of payment of your facility.

*Deposit in your account
We will analyze your cash inflows and outflows to ensure your ability to repay. As soon as your request is verified and accepted, We will proceed to deposit the money directly into the bank account where we have previously performed an Instant Bank Verification within business hours, and if we can verify the information it contains before 11:00 am.

*Refund of a minimum amount
If no capital recharge is made and if no payment incident occurs (NSF, stop payment, default, deferred payment, etc.), you will be able to repay your loan within the number of days indicated by making the minimum required payments. Repayment includes the weekly membership fee and interest (Click here for more details).

Modification of the agreement and deferral of payment : In the event that the debtor wishes to request an amendment to the original agreement (authorized at our discretion), an administrative fee of $35 will be charged. For a deferral of payment $10 will be charged as well as the weekly subscription fee as set out in the variable credit agreement. The debtor must notify the company at least 72 business hours prior to the scheduled debit date.

Default of payment : In case of default of payment, your payment will first be refused due to lack of funds and a fee of $55 will be charged. Your financial institution may also charge you a fee.

Other services and conditions for credit refill : PRÊTC authorizes you to refill your microcredit when 50% of the amount initially granted will be reimbursed. The grant will not be automatic and a request for updated documents and an Instant Bank Verification (IBV) query will be required to facilitate this process. The fee for recharging credit or renewing credit facilities is $35.

Amortization schedule
Any initial withdrawal on your facility will be amortized according to a schedule of equal and consecutive payments allowing for the full repayment of the amounts due under your contract according to the repayment option chosen.

Any recharging on the availability of your credit facility will be added to the principal then remaining due on any previous withdrawal and a new amortization schedule will then be agreed upon in order to amortize the repayment over a predetermined number of equal payments and it will be the same for any subsequent recharging or re-borrowing.

*Principal repayment (interest payment option). Our company also provides financial facilities (microcredit) in the form of interest payments. Obviously, we will apply a small amount of capital to ensure repayment of the credit facility over time. A rigorous analysis of your file and an evaluation of your debt ratio will be carried out. A telephone contact will be made (if necessary) to discuss payment terms and principal repayment. If you choose to take out an interest-repayment microcredit, a weekly membership fee of $22,75 will be applied, as set out and agreed to in the said financing agreement.

Collection procedure and credit rating
Our company complies with Canadian legal standards. If a particular situation arises during your refund period, our collection department will establish a refund agreement with you taking into account your situation.

In the event that the debtor defaults on any of the payments provided for in this agreement, the creditor may demand full payment of any unpaid balance, principal, interest and fees. All judicial and extra-judicial costs reasonably incurred in the event of a default in payment under this Agreement will be claimed from the Debtor for any cheque or pre-authorized payment returned to the Creditor.

In the event that no payment agreement is possible between the Debtor and the Creditor, the Creditor may assign the file to a collection agency, which may then affect the Debtor’s credit rating.

For more details, we invite you to consult our Legal Notice, as well as ourConfidentiality Policies .