If your contract provides for one payment per month, you will usually have to make the 1st payment one month after signature. If your contract provides for one payment per week, you will in many cases have to make the 1st payment one week after signature.
Period with no credit charges
Is the date of your 1st payment set at more than 35 days after signature? The credit charges do not accrue between the date on which you signed the contract and the start of the period in which the 1st payment is due.
You are entering into a contract on July 20 for which the 1st payment is due on November 20 of the same year. If the contract provides for one payment per month, the credit charges will begin to accrue on October 20.
Frequency of payments
After the 1st payment, at least one payment must be made every 35 days. The payments must be equal amounts. Only the final payment may be smaller.
Reimbursement before maturity
At any time, you may reimburse your loan before maturity. Doing so will save you credit charges and no penalties may be imposed.
Last update : October 23, 2020
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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.