What’s the optimum amount i will charge a debtor if their loan that is payday goes standard?

What’s the optimum amount i will charge a debtor if their loan that is payday goes standard?

For the intended purpose of subsection 153(1) for the Act, the penalty which may be charged, required or accepted pertaining to any standard with a debtor under a quick payday loan is really a penalty of 2.5% associated with quantity in standard, calculated month-to-month rather than become compounded. This penalty might be charged, required or accepted only one time in a period that is 30-day.

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