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Frequently Asked Questions
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Question:
How was the interest rate on my loan calculated?
Answer:
For an explanation of how the interest rate on your loan was calculated, you should review your loan agreement, or contact the branch or head office of the financial institution where you received the loan.
If you obtained the loan from a federally regulated financial institution, the institution must disclose to you — when it gives you the loan — how the interest rate was calculated. If the institution did not provide you with proper disclosure, you should make use of your financial institution's complaint-handling process and contact FCAC. We can investigate to determine whether your financial institution has complied with its legal obligations.
Federal financial consumer protection legislation requires all federally regulated financial institutions to have a complaint-handling process in place to help resolve disputes between consumers and their financial institutions. This process includes a third-party dispute-resolution body.
FCAC publishes the complaint-handling process for all federally regulated financial institutions on its Web site. To find the complaint-handling process for your financial institution, click here . If you are having difficulty finding this information, call our Consumer Contact Centre at 1-866-461-3222 (toll-free).
Resource(s):
-
FCAC’s Consumer Service Centre: 1-866-461-3222 (toll-free)
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FCAC's Complaint-handling Process Search Tool
Classification of this FAQ:
| Category | Sub-category |
|---|---|
| Loans | Interest |
Related Question(s):
- What interest rate will apply on my credit card?
- How is the interest on my credit card calculated?
- What information must my financial institution give me when it grants me a loan?
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