Mr. Payday is a licensed lender in the province of Alberta.

Licence # 326997 Expiry date: 2011-09-30

Maximum charges permitted in Alberta for a payday loan:
$23.00 per $100.00 lent

We charge $23.00 per $100.00 lent

For a $300.00 loan for 14 days:
Total cost of borrowing = $69.00, Total to be repaid = $369.00

Annual Percentage Rate = 599.44%

13(1)  A borrower under a payday loan agreement may, without any reason, cancel the agreement at any time up to the end of

(a)    the 2nd day after the payday lender gives a copy of the agreement to the borrower, if the payday lender is open for business on that day, or

(b)    the next day that the payday lender is open for business following the 2nd day described in clause (a), if the payday lender is not open for business on that 2nd day.

(2)  A borrower who wishes to cancel a payday loan agreement must

(a)    give written notice within the time period set out in subsection (1) to the payday lender, and

(b)    return the full amount received by the borrower to the payday lender.

(3)  In giving notice of cancellation under subsection (2), a borrower may

(a)    use the copy of the cancellation notice provided by the payday lender under section 14(2), or

(b)    provide notice in writing, signed by the borrower, of the borrower’s intention to cancel the payday loan agreement.

(4)  On receiving notice of cancellation from a borrower under this section, the payday lender shall give the borrower a receipt in the form referred to in section 8 acknowledging receipt of the loan cancellation.

(5)  A payday lender shall not charge a fee for the cancellation of a payday loan.

If you wish to cancel your loan, please fill out the Loan Cancellation Notice below and fax it to 1-866-435-2271.

Download Loan Cancellation Notice