Contract cancelation fee

A cancellation fee will be applied to your loan in either of the following situations:

10-Day Cooling-Off period - You have a 10-day window to change your mind if you purchased goods or services from a door-to-door salesperson. During this time, you can cancel your purchase simply by letting them know. For more details about Cooling-Off periods, please click  HERE.

Merchant refund - This applies if you purchased in-store or online and the merchant agrees, at your request, to cancel the contract before delivering the goods or services.

Either way, the merchant will let us know if a cancellation is occurring.

Once you notify the merchant of your intention to cancel your purchase, the merchant will inform us. We will cancel the contract and refund any payments made, less the cancellation fee specified in your contract. If your payments are less than the cancellation fee, we will attempt to deduct the outstanding balance before cancelling the contract.

You can see the cancellation fee we will charge in either the contract emailed to you when your loan was activated, or by checking the fees section HERE.

We understand that circumstances can change, or that you may change your mind and decide not to proceed with your purchase. However, once a loan application is submitted, we begin the assessment and approval process immediately. This includes processing and administrative work by our staff, verification of documentation, and third-party expenses such as credit checks and reporting fees. These costs are incurred on your behalf regardless of whether the loan ultimately proceeds.

For this reason, a cancellation fee is applied to help cover the processing time, administrative resources, and external expenses already invested in your application.

You are legally obliged to pay the cancellation fee, and your loan will only be canceled after this fee is paid. Ensure your account has sufficient funds to avoid additional dishonour fees from unsuccessful payment attempts.