AGREEMENT IS MADE BETWEEN: 2748838 ONTARIO INC. (O/A MOVES) AND THE CUSTOMER.
|Deposit Amount||$500 – $2,500 (Amount deposited in your bank account)|
$5 – $25, one-time fee deducted from the Principal Amount on the Date of Advance.
This covers the cost of processing our loans and operational expenses. The origination fee is covered in your weekly repayments, so no additional payments are required.
|Principal Amount||$505 – $2,525 (amount used for interest calculation)|
|Payment Terms||$21 – $105 weekly payments starting 7 days after the effective Loan Agreement date (the “Date of Repayment”) for a number of 25 payments (the “Payment Terms”).|
|Cost of Borrowing||$25 – $125, total payments made in connection with this loan are $525 – $2,625 depending on your specific loan amount.|
|Annual Interest Rate (AIR)1 &|
Annual Percentage Rate (APR)2
|Your AIR will be 15.65% and APR will be 19.57%.|
|Default Charges||$0 – No charges|
|Accelerated Repayment Option|
$43 – $215 weekly payments for 12 weeks starting 7 days after the effective Loan Agreement date. If this option is selected, the following terms will apply:
Your AIR will be 15.65% and APR will be 25.27%. The Origination fee will be deducted from the Principal Amount by Moves on the Date of Advance.
|Date of Advance||Upon approval by the customer (the “Date of Advance”) the loan amount will be advanced in one lump sum and will be deposited in the selected bank account you have designated with Moves. Interest will be calculated daily and charged from the Date of Advance.|
|Prepayment Rights and Refunds|
This is an open loan which means you are entitled to pay the full outstanding balance under this Loan Agreement at any time without any prepayment charge or penalty.You are entitled to make partial payments without penalty on any scheduled payment date or at least monthly.
If any such full prepayment is made, you may be entitled under applicable law to a refund of a portion of any non-interest finance charges and such refund, if any, will be calculated in accordance with the provisions of the consumer protection law in the province of your principal residence.
As noted above, if you prepay the Principal Amount and interest prior to the last scheduled repayment of your loan, the interest payments applicable to this Loan will be reduced and you will owe no further amount under this Loan Agreement.
If you would like to make a prepayment against the Principal Amount and outstanding fees plus applicable interest by way of Pre-Authorized Debit before the end of your loan term, please use the link below to make changes to your existing authorization under the PAD Agreement referred to in Section 1.5 of this Loan Agreement.
1 AIR: Fixed rate per year. This interest, prorated weekly, will be compounded and added to outstanding principal each week.
2 APR: This is the interest rate for a whole year (annualized) including applicable fees such as service charge, loan origination fees or administrative fees when applicable.
Subject to the terms and conditions herein Moves (“Moves”) has agreed to provide the individual named as customer above (“you”) with a short term loan product as outlined in the disclosure table above (the “Loan”).
It is a condition of granting you the Loan that you agree to the terms of this Loan Agreement. By clicking on the “I Agree” button, you acknowledge that you have electronically signed this Loan Agreement. Upon notification to you by Moves that you are approved for the Loan, the parties agree that this Loan Agreement will constitute a binding agreement between you and Moves.
You promise to repay Moves the amount set out in the disclosure table above on or before the corresponding due date in accordance with the terms hereof.
As a condition of entering into this Loan Agreement you shall enter into a Pre Authorized Debit Agreement in favour of Moves (a “PAD Agreement”) that will allow Moves to debit your designated bank account for all amounts hereunder. The terms of the PAD Agreement are hereby incorporated into this Loan Agreement detailed below.
A PAD is a convenient way to make automatic payments. Instead of manually sending a payment, you are giving Moves permission to withdraw a fixed amount from your bank account when payment is due.
The company 2748838 Ontario Inc. operating as Moves (“Moves”) with the official support located at www.movesfinancial.com.
The Customer (“I”) authorize 2748838 Ontario Inc. operating as Moves (“Moves”) and the designated financial institution (or any other financial institution I/We may authorize at any time) to debit from my designated bank account regular recurring payments as described in the Loan Agreement (via “PAD”) for payment of all charges arising from the Loan Agreement that I have entered into with Moves, starting from the effective Loan Agreement date issued by Moves for the total payments as shown in the Loan Agreement. If payment occurs on a weekend or a holiday, we will roll-over the payment to the next business day.
I acknowledge that this is a personal Pre-Authorized Debit (“PAD”) Agreement and not a business Pre-Authorized Debit (“PAD”) Agreement.
I agree to waive any written notice before a PAD is processed or when any change in the PAD amount is made because of an adjustment in the periodic payment amount.
You can change your PAD agreement at your bank by visiting www.payments.ca.
Moves is not responsible for anything you do with the Loan. If your bank account has insufficient funds at the time of repayment, your bank may charge you a non-sufficient fund fee, together with any other fees that might be applicable in any agreements between you and your bank.
Other than the amounts set out in the disclosure table above, there are not additional charges that may are payable under this Loan Agreement.
In requesting the Loan you hereby represent, warrant and confirm that (i) you are at least 18 years old; (ii) your principal place of residence is in the Province of Ontario, British Columbia or Alberta; and (iii) all personal information you have provided to Moves, including without limitation in applying for the Loan is accurate, true and complete, and you will immediately notify Moves in writing of any changes to such information until the Loan is repaid in full.
Subject to applicable law, you agree to receive all disclosures, notices, documents, and any other communication about the Loan or Moves, from Moves electronically (“Communications”).
You understand that, in order to view and/or retain copies of the electronic Communications, you may need a computer with an Internet connection (PCs should be running Windows 7 or higher and Internet Explorer 10 or higher, Chrome, or Firefox; Macs should be running OSX and Safari, Chrome, or Firefox); a mobile device (iOS 6.0 or higher devices running Safari or Chrome; Android 4.0 or higher devices running Android Browser or Chrome), a valid email address, sufficient storage space to save Communications or the capability to print the Communications from the device on which you view them.
You agree to accept and use electronic signatures in connection with the Loan Agreement.
You consent to disclosure statements being given to you by us providing you with access to a copy of the disclosure statements by electronic means, including through email or through your Moves account. You acknowledge that notice sent through email or your Moves account will constitute sufficient notice that a disclosure statement is available to you and that you will be deemed to have received each such disclosure statement on the 3rd day after access is provided.
You may not assign any of your rights or obligations under this Loan Agreement without Moves’s prior written consent. Moves’s may assign its rights and obligations under this Loan Agreement at any time without notice to you. This Loan Agreement will bind each party’s heirs, legal representatives, successors and permitted assigns.
All amounts expressed in this Loan Agreement are in Canadian dollars.
This Loan Agreement shall be governed by the laws of the province of your principal residence, and the parties agree that the Courts of the province of your principal residence will have exclusive jurisdiction over any action involving any claim hereunder.