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640 3rd St SE, Medicine Hat, AB, T1A0H5, Canada

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info@fernovo.ca

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Fernovo is a lead referral company, not a direct lender, helping Canadians find various loan options, including personal, emergency, bad credit, and payday loans. Through Fernovo.ca, we make it easy for Canadians to connect with trusted lenders who will reach out for necessary banking information. Remember to borrow responsibly, ensuring you can repay the loan.

Example 1: $1,000 Payday Loan

Interest Rate and Fees: Payday loans often carry very high fees, which can translate into APRs of up to 400%. For a $1,000 payday loan, you might pay fees ranging from $150 to $300 for just two weeks. Repayment Term: Typically, the loan is due on your next payday, which is usually within two weeks.

Total Repayment Amount: With a fee of $200 for two weeks, you would owe $1,200 in total by your next payday.

Impact on Financial Health: If you are unable to repay the loan in full by the due date, you might need to roll over the loan (take out another loan with additional fees to pay off the first). This can lead to a cycle of debt that becomes difficult to escape.