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Toll-Free: 1.877.947.7922
Mail To: Click n Cash • PO Box 168332 • Irving, TX  75061-8332
We are located at:   100 King Street West, Suite 5600 • Toronto, ON  M5X 1C9 • Canada
Office Hours: Monday to Friday 9:00 am to 8:00 pm EST, Saturday 9:00 am to 5:00 pm EST

Mission Statement:
We Work together. We respect the individual. We search for truth and provide insight. We are open and honest with our
clients and objectives. We are committed to our community and the individuals in it. Above all, we act with integrity.


Click n Cash quick loan approval with our screenshot utility

Tuesday February 16, 2010


Click n Cash has done it again! The leader in the Canadian payday loan industry now has the ability to verify your payroll deposits with the click of a button.

Click n Cash has created a Screenshot Utility that will capture an image of your bank statement and will send it directly to the approval center. Now there is no need to find a fax machine and pay someone to fax in your bank statement. Simply log onto www.clickncash.ca find the link and follow the easy to use instructions.

To apply for a secure, fast payday loan at Click n Cash, fill in an application and use the secure Screenshot Utility to send verification of your payroll and you will be instantly approved. No need to wait for a phone call, you will receive an email minutes after your application is complete. Once approved, you will receive a second email detailing your loan information and your payment terms. You will never have to wonder how much is coming out of your bank account again with the payment notification email.

Click n Cash is constantly trying to stay one step ahead of the Canadian payday loan market. Listening to what the consumer wants and trying to fulfill their needs is how Click n Cash stays at the top of the industry.



Click n Cash reacts to the new payday loan rate cap in Ontario

Press Release
Staff Writer

On March 13 2009, Ontario capped the interest that a payday loan lender can charge a consumer at $21.00 per $100 borrowed. This interest rate cap was based on the recommendations from the Maximum Total Cost of Borrowing Advisory Board. This board was set up to consult with payday loan companies and users after the new payday loan legislation was passed in June 2008.

Many news articles have been written about this topic and they are a bit misleading. There have been reports that this will take effect as soon as April 1 2009. This however is not the case. The Ontario government still needs to receive designation from the federal government under the Criminal Code of Canada. How long is this process going to take? We don't know, but you can be assured, when it does come into affect, Click n Cash will make all necessary changes to their software and websites to abide by this.

Click n Cash offers short term loans to their clients to help them get through unexpected emergencies that come up from time to time. Click n Cash is here to help clients who find themselves short on cash to make their car payment, mortgage payment or to pay a utility bill. Click n Cash welcomes these changes to the payday loan lending system.



Click n Cash stays in touch with the payday loan legislation

Press Release
Staff Writer

Click n Cash is a web based payday loan company in Canada. We keep informed of all ongoing changes to each province of Canada on the payday loan legislation when amendments have been approved.

Some provinces do not have payday loan legislation in place at this time however; Manitoba was the first province to put payday loan legislation in place. Other provinces have followed or will start to follow Manitoba with different rules and regulations for their own legislation.

Legislation starts when a proposed law is set out before the House of Representatives or Parliament. At that time, the proposal is not yet a law or even a bill. Once approved it is then called legislation, a fully enforceable law and all payday loan companies have to abide by the rules set forth in that province. This could include how much the payday loan industry is allowed to use for a percentage rate, if rollovers are allowed and how much one consumer is allowed to borrow at one time.

Here at Click n Cash we want to keep our clients informed of all the upcoming legislation for all the Canadian provinces on our website and current news about the payday loan industry.



Click n Cash Payday Loan Quick & Easy Approval

Press Release
Staff Writer

Click n Cash has done it again! The leader in the Canadian payday loan industry now has the ability to verify your payroll deposits with the click of a button.

Click n Cash has created a Screenshot Utility that will capture an image of your bank statement and will send it directly to the approval center. Now there is no need to find a fax machine and pay someone to fax in your bank statement. Simply log onto www.clickncash.ca click on the link that says "Screenshot Utility" and follow the easy to use instructions.

To apply for a secure, fast payday loan at Click n Cash, fill in an application and use the secure Screenshot Utility to send verification of your payroll and you could be approved in minutes. No need to wait for a phone call, you will receive and email minutes after your application is complete. Once approved, you will receive a second email detailing your loan information and your payment terms. You will never have to wonder how much is coming out of your bank account again with the payment notification email.

Click n Cash is constantly trying to stay one step ahead of the Canadian payday loan market. Listening to what the consumer wants and trying to fulfill their needs is how Click n Cash stays at the top of the industry.



A Personal Opinion about Payday Loans: Lawrence Meyers

Wednesday, May 21, 2008

The following excerpts are from an interview with Lawrence Meyers who is involved with the payday loan industry from a financial standpoint. He discusses the industry and the current challenges.

The current legislation being considered in Ohio, if passed, will implement laws that include a 28% APR, 30 day loan term and 4 loans per year. Based on these figures, Meyers does not believe any payday loan company will be able to survive.

Meyers states, "the average payday loan store lends out $75,000 every two weeks and earns $15 per hundred. However 7% of those loans default, or about $5300.

Revenue collected = $75,000 - $5,300 = $69,700 x .15 = $10,455 every two weeks, or about $21,000 per month.

Against that revenue, they lose that $5300 in defaults, and spend about $9000 on overhead, or $14,300 total. So their net profit for the month (before owner salary and taxes!) is $6,700.

A 28% APR rate cap means 28% divided by 26, or 1.07% every two weeks. That's $1.07 per hundred instead of $15 per hundred. That is a 93% revenue cut. Revenue collected drops to $750 every two week."

He further argues that if the payday loan industry were banned, the demand for immediate funds would still exist. "The only place people can go are to unregulated offshore internet lenders who charge $25 - 30 per hundred, or to bounce checks at a cost of $48 - 60 per check. Or people can elect not to pay a bill and suffer the consequences such as having utilities cut off."

Meyers includes his ideas about a public policy relating to loans.
  • Payday lenders permitted in every state.
  • The fee, or interest, is a minimum of $15 per hundred. That amount could be higher and should be left to the states to decide, and should be adjusted for inflation.
  • Borrowers are permitted two rollovers/renewals of a single loan or a maximum of 3 loans out at any time. (This will account for people who have longer term emergencies or can only pay off part of the loan come their next paycheck; it also keeps lenders from over-lending)
  • Loans cannot exceed 25 - 35% of a customer's net pay.
  • After the second renewal, the client may have a 30 - 60 day payment plan, but may only have that option once per year. (If they can pull the payment plan ripcord every time, then they will. That lengthens the loan maturity and cuts revenue. Plus, if they know they always have an out, they will not learn that every action requires responsibility).
  • Every state should have a mandatory class in personal finance offered in the senior year of high school.

There are still many individuals who oppose payday loans and applaud the governments for considering regulating the industry. Meyers argues those who are against payday loans are uneducated and have no supporting evidence to back of their claims. He suggests asking payday loan opponents the following questions, and also guarantees they will not have an answer.
  • Does a rate cap of 36% put payday lenders out of business?
  • If payday lenders were banned, where would people go for short-term loans?
  • If payday lenders were banned, would you loan money to people who provide you with a post-dated check? If so, at what interest rate? If not, then how can you fight to ban them yet not offer an alternative?

Source:
Barrett Simon. (2008). An Interview with Lawrence Meyers about Payday Loans in Interview, Society and Culture. http://www.bloggernews.net/115609



From the Ministry of Government and Consumer Services:

April 21, 2008

Key findings in the most recent survey conducted in Ontario in regards to those consumers who use payday loans, have found:
  • consumers are on average an age of 39 years of age
  • at least 68% are employed full time
  • over half have a post-secondary education in college, university and professional programs
  • 62% borrow less than $300 on average and would expect to pay about $23 in interest to borrow $100 for two weeks
  • payday loan consumers also have average household incomes
The proposed legislation is currently being reviewed in order to protect Ontario's consumers. Currently, an advisory board of expects, representatives from local businesses, and poverty advocates are examining payday loan costs and will recommend a cap on the fees for borrowing a loan.

The proposed act would also:
  • "Require lenders to include in the total cost of borrowing all charges the consumer is required to pay.
  • License all payday lenders.
  • Allow borrowers to cancel agreements during a cooling-off period.
  • Require operators to contribute annually to a public education fund on payday lending.
  • Create enforcement through inspections, charges and license suspensions."
"We want payday lenders in Ontario to be ethical and accountable, and the new Payday Loans Act is another important step in protecting Ontario consumers who use this service," said Ted McMeekin, Minister of Government and Consumer Services Minister.

Source:
http://ogov.newswire.ca/ontario/GPOE/2008/03/31/c8715.html?lmatch=&lang=_e.html
Financial Consumer Agency of Canada (2005)
http://www.cpla-acps.ca/english/reports/3631%20Ontario%20CPLA%20Report %20FINAL%20(Oct%2026).pdf



Payday Loans and Cash Advances

A payday loan is a fast way to have emergency funds deposited into your Canadian bank account. Ideally used to cover unexpected expenses such as NSF charges from your bank or to help in tight financial situations a payday loan is deposited right into your personal bank account. Payday loans are intended for a short period of time usually from one payday to the next. Due to the higher borrowing fees involved, it is highly recommended to pay more towards the principal balance owing.
Our payday loans are offered to persons currently employed in Canada in the provinces of British Columbia, Alberta and Ontario. Simply go online and fill out the quick and easy application and be pre-approved in minutes. Once approved, the cash is deposited directly into your personal chequing or savings account. At anytime you can contact the office to pay out your loan. Our friendly staff is there to assist you during our regular business hours.

A payday advance is a small unsecured loan. They are meant to be short term and usually come due on the borrowers next payday. You should only borrow as much as you can comfortably repay on your next payday. Payday loans are there to cover the shortfall between the amount you need and the minimum the major financial institutions will lend. Payday loans are for covering possible NSF cheques and other emergencies that come up between pays like late bill payment fees and large interest charges from credit card companies. We provide short-term cash advances that are electronically deposited into your bank account. Everything from application to payment is done electronically via our web site or by phone. When your loan is due, the amount is simply debited from your account.

We provide the best customer service in the Payday Loan business. You just fill in the online application and the money can be deposited in your bank account! Our website is completely secured with 128-bit thawte QuickSSL security as well our e-sign system which allows you to sign documents.

Payday loans are an alternative to pawning personal property or borrowing money from family and friends. People use payday loans to avoid paying NSF fees at their financial institution or to avoid their bank account being overdrawn, which can cost substantially more than the fees from a payday loan. If your account is over-drawn and you do not have overdraft protection, the bank can charge a minimum of $5.00 each time your account is over-drawn for as little as $1.00. Some companies charge a flat fee regardless of the length of the loan; we base the fee on the actual time you borrowed for, so you are not charged for time you did not use.

All data gathered by our systems is held in the strictest confidence. We have a privacy policy in place to safe guard all of the information you put into our system. No client has access to any other persons information except where required by law. A copy of the privacy policy and the terms and conditions is available on our website or we can mail them directly to your home upon request.

No available funds? Need a few dollars until your next payday due to an emergency, financing or personal cash flow problem? Our Canadian virtual website, an internet based company, offers short, fast cash advances with instant pre-approval. No credit check required; we are a no fuss, no hassle, online store based in Canada with comparable interest rates. For approved loans, the funds will be deposited into your financial institution's chequing or savings account. We will debit the money owed from your bank or credit union account on your next pay day. Pay cheque or direct deposit; NSF's & bad credit; apply today using our easy online application and get your finances in order quickly.





APR Disclosure

APR varies from 546.00 - 600.00% for a 14 day term and is based on province, loan term, loan funding date and other underwriting considerations. For further details on APR, please refer to the FAQs.

Implications of Non-Payment

What happens if I fail to make a timely payment on my loan?

Failure to make a timely payment on your loan can have several consequences, including the following:

  • Financial Implications - Currently, no past due interest is assessed on any loans you may obtain from us. However, you may be assessed a late fee if you fail to make your payment by a specified period following its due date and you may be assessed with a returned item charge if any check or electronic payment we submit on your behalf is returned unpaid (late fee and returned item fees vary by province - see your transaction agreements for additional details).
  • Collection Activity - We may attempt to collect any delinquent amount through our standard collection practices, which include contacting you by phone, mail, SMS or email. We may also exercise any of our rights under our loan agreements with you. If we are unable to collect any delinquent amount you may have with us through such actions, we may also sell our debt to a third party debt buye r or engage a collection agency, who may also institute collection activity with you.
  • Impact on Your Credit Score - We do not currently report loan activity to any of the three major credit bureaus (Equifax, Experian or TransUnion). However, we may use alternative credit reporting agencies. Failure to make timely payment on your loan may reduce your score with such agencies, and prevent you from receiving credit or other services from a provider that uses such agencies.
  • Renewal of your Loan - You are not permitted to renew or refinance your loan.

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