The lender can charge a capped fee if your payment bounces and interest on the overdue amount, which in Ontario is at most 2.5% a month, not compounded. Your bank may add an NSF fee. Call the lender before the due date to ask about a payment plan.
What happens if I can’t repay on time?
The lender can charge a capped fee if your payment bounces and interest on the overdue amount, which in Ontario is at most 2.5% a month, not compounded. Your bank may add an NSF fee. Call the lender before the due date to ask about a payment plan.