Terms and Conditions

Welcome to NovaLoan. By using our services, you agree to comply with and be bound by the following terms and conditions. Please read them carefully before using our website or applying for a loan.

1. Definitions

- "Lender": NovaLoan, the provider of loan services.
- "Borrower": Any person or entity that applies for a loan from NovaLoan.
- "Loan": The amount of money provided by NovaLoan to the Borrower, subject to repayment terms.
- "Agreement": The terms and conditions outlined here and in any loan agreement signed between the Lender and the Borrower.

2. Eligibility

- Borrowers must be Canadian residents, at least 18 years of age, and legally capable of entering into a binding contract.
- Borrowers must provide accurate and complete information during the loan application process.

3. Loan Terms

- The loan amount, interest rate, and repayment period will be specified in the individual loan agreement.
- Late payments may result in additional charges or interest, as outlined in the loan agreement.
- NovaLoan reserves the right to modify the terms of any loan, subject to written notification to the Borrower.

4. Responsibilities and Representations

- The Borrower agrees to use the loan funds solely for the purposes stated in the loan application.
- NovaLoan is not liable for any losses or damages resulting from the Borrower's use of the loan funds.
- The Borrower represents that all information provided to NovaLoan is accurate and acknowledges that providing false information may result in legal action.

5. Late Payments and Collection

- In case of late payments, NovaLoan may charge additional fees or interest as per the loan agreement.
- NovaLoan may employ third-party collection agencies to recover unpaid amounts.
- The Borrower agrees to reimburse NovaLoan for all reasonable costs incurred in the collection of unpaid debts, including legal fees.

6. Privacy and Data Protection

- NovaLoan is committed to protecting the privacy of Borrowers and complies with the Personal Information Protection and Electronic Documents Act (PIPEDA).
- Personal data collected will only be used for processing loan applications and will not be shared with third parties without the Borrower’s consent, except as required by law.

7. Modifications to Terms

- NovaLoan reserves the right to update or modify these terms and conditions at any time. Such changes will be posted on our website and will become effective immediately upon posting.
- It is the Borrower's responsibility to review the terms and conditions regularly.

8. Limitation of Liability

- NovaLoan is not responsible for any direct or indirect damages arising from the use of our services, including loss of income or financial damage.
- NovaLoan's liability in any circumstance will not exceed the total amount of fees paid by the Borrower for the services in question.

9. Governing Law

- These terms and conditions are governed by the laws of Canada, and any disputes will be resolved in the courts of the province where the Borrower resides.

10. Acceptance of Terms

- By applying for a loan or using our services, the Borrower agrees to all the terms outlined in this document.
- If the Borrower does not agree to these terms, they should discontinue use of NovaLoan's services immediately.