Tangerine Personal Loan (Fixed Interest Rate, Unsecured) Agreement effective September 22, 2023
These Terms and Conditions are applicable to and govern the loan of money (the “Loan”) made to you as borrower ("you" and "your") by us, Tangerine Bank, as lender ("Tangerine", "us", "we", and "our").
These Terms and Conditions together with the application for the Loan, the Information Box and Disclosure Statement form the agreement applicable to your Loan (the “Agreement”).
Part I: Loan Terms
1. Use and Certification
The Loan is for personal, family, and household use only. You must not use the Loan for any business, illegal, or fraudulent purposes.
You certify that all the information you provided or provide to us in your application for the Loan and all other documents related to the Loan are true, complete, and accurate.
2. Multiple Borrowers
If there is more than one borrower under this Agreement, all obligations under this Agreement will be joint and several.
must complete the application for the Loan, consent to a credit bureau check, and be approved for the Loan;
may give us instructions and make decisions regarding the Agreement without the consent of any other borrower, and any such instructions and decisions will be binding on all borrowers.
We may accept payments made against the Loan or any other amounts owing under this Agreement, and we may require joint instructions or a court order, if there is a dispute between borrowers.
3. Your Promise to Pay
Under this Agreement, you agree to repay to us all amounts required in Canadian dollars in full and without delay, including the principal amount of the Loan and accrued interest, according to the terms of this Agreement.
You agree that you won’t make any payments using funds borrowed from Tangerine [or drawn on any other credit account or product].
4. Advancing Loan Funds
The proceeds of the Loan will be advanced as you have directed in the Disclosure Statement under the heading “Direction to Pay Funds” on the date set out in the Disclosure Statement (“Date of Advance”).
If your financial circumstances or credit information change(s) prior to the Date of Advance, we may cancel your Loan without prior notice to you.
You must pay interest on the principal amount of the Loan at the fixed annual interest rate that is specified in the Disclosure Statement.
6. How We Charge Interest
Interest is calculated on a daily basis by multiplying the daily balance of your unpaid principal amount by your daily interest rate. The sum of the daily interest amounts since the date of last payment is the interest payable during the period. This amount is subtracted from your next Periodic Payment and the remaining portion is applied towards your principal. Therefore, you pay interest on a declining balance.
Your daily interest is calculated by dividing your annual interest rate by the number of days in the year (365 or 366 in a leap year). Interest is charged on a leap day in a leap year. Interest is charged both before and after the final payment date, maturity, default and judgement until the Loan has been paid off in full.
7. Credit Balance
We will not pay interest on any credit balance arising under this Agreement or related to this Loan.
8. Fees and Charges
You must pay us any fees, charges, or other amounts that you may owe us under this Agreement. All non-interest fees and charges must be paid by the first Payment Due Date after they are incurred.
You will pay us the Periodic Payment amount by the dates indicated in the Information Box. On the maturity date, the Loan term ends, and you must repay your Loan in full.
10. Method of Making Payments and Your Payment Account
You must designate a payment account from which you authorize us to debit the amounts owed to us under this Agreement (“Payment Account”). If you have authorized us to debit the Payment Account by means of pre-authorized debit (“PAD”) with the amounts you owe us under this Agreement, we will attempt to withdraw these amounts from your Payment Account on the date they are due. If there are insufficient funds in the Payment Account to pay the amount then due and only one payment is due, we will make a second attempt to withdraw those funds from the Payment Account seven (7) days after the first attempt. If on this second attempt there are insufficient funds in the Payment Account to pay the amount due, then you’ll be in Default. We won’t make further attempts to withdraw funds from your Payment Account to pay the amount due. However, even if we stop automatically withdrawing funds, you’re still liable to pay us all amounts owing under this Agreement.
In addition to payment by means of PAD, you may make payments
online or by Mobile Banking app,
through another financial institution, or
by any other way acceptable to us.
Depending on the method used, payments may take several days to reach us.
All cheques used to pay amounts owing under this Agreement are credited subject to final clearance.
If a cheque or other form of payment fails to clear for any reason, we’ll reverse the amount of the payment back to the transaction date of the cheque or payment, and charge any applicable fees.
It won’t change our rights if we accept late, partial or other payments not made in accordance with this Agreement, or if you mark a cheque or money order as being full payment when it isn’t.
11. Application of Payments
Each Periodic Payment you make pays the interest costs for the Loan and repays part of the principal amount borrowed, subject to the payment amount being sufficient to pay the interest costs. Each payment will be applied first to any past due amount, then to any fee, penalty, or non-interest charges, then to interest, and then to principal.
If your Loan is in default, we’ll apply payments as set out in section 16.
12. Missed Payments
If we don’t receive a required Periodic Payment by the applicable due date for any reason, then we’ll charge you the missed payment fee set out in the Information Box.
As set out in section 18, we may charge any amount that you owe to us or apply the balance, if any, to any Accounts that you have with us or our affiliates or subsidiaries to satisfy any of your obligations under this Agreement.
You may prepay all or any part of the unpaid balance of the principal amount of your Loan at any time without charge or penalty.
If you make a partial prepayment of the unpaid balance of the principal amount of your Loan or make a payment greater than the Periodic Payment amount, your obligation to continue paying the Periodic Payment amount by the dates indicated in the Information Box will still remain in place until you have fully repaid the principal amount of your Loan.
You’ll be in default under this Agreement if any one or more of the following (each, an "Event of Default") occurs:
you don’t pay any amount when due, or don’t perform any other obligation, or don’t comply with any provisions under this Agreement;
you have, in connection with this Agreement, made a statement to us or have provided any information about your financial position that was not true when it was made or provided;
you become insolvent or any steps or proceedings are taken by or against you under any bankruptcy or insolvency legislation;
any receiver or custodian or similar person is appointed for you or any of your property.
If an Event of Default occurs, we may terminate this Agreement and require you to pay your total Debt immediately, without prior notice or demand (except as required by law).
If an Event of Default occurs, we may impose charges, in addition to interest, for the sole purpose of recovering costs reasonably incurred:
for legal services retained to collect or attempt to collect the payment; or
in processing a cheque or other payment instrument that was used to make a payment under the Loan but that was dishonoured.
15. Default: Application of Payments
If an Event of Default occurs, we may apply any funds we receive from you or from enforcing our rights under this Agreement including by way of set-off in any way we see fit.
16. Reporting Fraud
It’s your responsibility to protect the Loan against unauthorized use, theft, or loss. You must notify us immediately by telephone or in writing if you know about actual or suspected unauthorized use, theft or loss relating to the Loan or if you know or suspect that the Loan is being used without your authorization. If you don’t notify us, we’ll assume your authorization, and you’ll be responsible for any use of the Loan.
We’ll investigate any transaction that you’ve reported to us. You must cooperate fully with us in that investigation. You won’t be liable for unauthorized use provided you’ve cooperated with us in our investigation and taken reasonable care to safeguard the Loan against loss or theft including as described in this Agreement, or as we may otherwise advise you from time to time.
You aren’t responsible for losses that result from circumstances beyond your control, including technical problems or system malfunctions, errors on the part of Tangerine or situations where Tangerine is responsible for preventing unauthorized use.
17. Our Right of Set-Off and Right of Compensation
We may, without prior notice to you, deduct money from any other Account that you have with us, and use it to make a payment against your Loan (called a right of set-off) including if you’re in Default or if this Agreement is cancelled or ends for any reason.
If we owe any obligation to you, we may, without prior notice to you, set the obligation off against, or compensate the obligation from, any amount you owe us under this Agreement, no matter how long either amount has been owed (called a right of compensation).
If we receive notice of your bankruptcy, insolvency or similar arrangement, we may immediately exercise this right of set-off or right of compensation. These rights are in addition to any other rights we may have for set-off or compensation.
You waive any right of set-off or deduction you may have. You must make all payments owing under this Agreement without cancelling, reducing, offsetting, compensating, abating, counterclaiming or deducting, or holding back any amounts.
18. Changes to this Agreement
This Agreement can only be amended with our mutual agreement and any such amendment must be in writing.
19. Changes (Address, Information, Residency)
You must immediately notify us of any change to the information provided to us in relation to this Agreement and Loan, including any change to your
address and contact information,
personal financial situation,
payment account, and
country or province of residence.
If you become a non-resident of Canada, then
we may end this Agreement without your permission or consent; and
even if we do not end this Agreement, you agree to immediately pay all amounts owing under this Agreement free and clear of all foreign taxes and holdbacks. You must pay any withholding taxes.
20. Providing Information
You must provide us with any additional information that we request or as required by law including additional information in relation to the Loan, this Agreement, or any change to the information you have provided to us in relation to this Agreement and the Loan.
We may assign the Loan, with or without the benefit of this Agreement, to any other entity or party, including another financial institution, without your consent. You may only assign this Loan with our written consent and the Loan can’t be assumed by any other person without our written consent.
22. Continuing Effectiveness of this Agreement
This Agreement is binding on us and our successors and assigns. It is also binding on you, your heirs, your estate and your personal and legal representatives, including your executors, administrators, and successors and any person to whom it is assigned with our written consent.
23. Enforcing Our Rights
We may waive a provision, breach of this Agreement, or any Event of Default, but any such waiver is only valid and enforceable if we make it in writing (“Waiver”).
Any Waiver by us is not a waiver of that or any other provision, breach, of Event of Default in the future.
We don’t waive an Event of Default by failing to notify you of it.
We may also delay enforcing our rights under this Agreement and may accept late payments or partial payments without losing any rights that we have under this Agreement or by law.
In the ordinary course, all communications relating to the terms of this Agreement will be provided to each borrower electronically to the borrower’s online Inbox. Additional notifications and alerts about missed payments and other updates may also be sent to the email address you provide to us.
By providing your express consent to this Agreement you agree to receive all communications electronically to your online Inbox.
“Communication” refers to any exchange of information between us before, during or after this Agreement is in effect, including the original or any updated Agreement, Information Box, Disclosure Statement, or annual statement.
We may notify you, however, of changes to the Loan and this Agreement by any method allowed by law. You’re responsible to keep your email address, mailing address, and contact information with us up-to-date. We’ll use your most recent contact information in our records to communicate with you.
Unless otherwise specified by law, Communications sent to you are considered received by you:
at the time of sending in the case of an electronic method, regardless of whether you view the communication at that or any other time;
five (5) business days after we mail the Communication;
or when delivered in the case of a Communication provided to you in person.
If mail service is disrupted, we’ll tell you where you may pick-up any Communication we would have sent by mail during the period of mail service disruption. Any such Communication will be considered delivered to you on the day it is available for you to pick up, whether or not you do so.
In order to communicate with us by electronic methods, you’ll be required to comply with certain security protocols established by us from time to time and to take all reasonable steps to prevent unauthorized access to any other documents exchanged between us electronically.
For legal purposes, Communications sent to you by an electronic method are considered for all purposes to be in writing and to have been signed or delivered by us. We may rely upon and treat as duly authorized and binding on you any electronically authenticated Communication that we receive from you, or which appears to have been sent by you.
25. Communications: Multiple Borrowers
Any borrower may request that we not communicate with them, except as we’re required to do so by law. If we agree to this request:
the borrower making the request agrees that we may rely on their instructions through all subsequent extensions, renewals and amendments related to this Agreement;
we’ll abide by the request until the borrower instructs us otherwise;
the borrower understands and agrees that we’ll continue to communicate with and provide Communications to the other borrower(s), and that by doing so, we’re communicating with and providing Communications to all borrowers; and
the borrower understands and agrees that all Communications will be effective and binding on them as if they had been provided to them.
26. Cancelling or Ending this Agreement
We may cancel or end this Agreement by telling you in writing (including electronically) for any reason including if:
you fail to make any payment when it’s due;
you die, become insolvent, or bankrupt; or
anything else happens that we believe endangers your ability to pay.
If we or you cancel or end this Agreement, the Agreement will only end when all of the following have occurred:
you pay off all Debt and any other amounts owing under the Agreement, even if those amounts aren’t due;
neither you nor we have any outstanding obligations to the other under this Agreement; and
we confirm to you that this Agreement is ended.
27. Limitation of Liability:
You understand and agree that, except as otherwise provided for in this Agreement, we’re liable to you only for direct damages resulting from our gross negligence, fraud or willful misconduct arising directly from this Agreement, even if we were advised of the possibility of damages or were negligent. We won’t be liable to you under any other circumstances for any direct damages.
We won’t be liable for any other damages under this Agreement (including special, indirect, punitive, consequential damages, loss of profits or revenue, inconvenience or otherwise or any other foreseeable or unforeseeable loss resulting directly or indirectly from this Agreement) including resulting from:
any failure, error, malfunction; or
use of the Loan.
However, you aren’t responsible for losses that result from circumstances beyond your control, including technical problems or system malfunctions, errors on the part of Tangerine or situations where Tangerine is responsible for preventing unauthorized use.
These limitations apply to any act or omission of Tangerine and any of its agents, suppliers, third party service providers or any of our other representatives including those that provide benefits and features for the Loan, whether or not the act or omission would otherwise give rise to a cause of action in contract, tort, statute or any other doctrine of law.
28. You Remain Liable for the Debt
If this Agreement is cancelled or ends for any reason, your obligations under this Agreement will remain in effect. You’ll remain responsible to pay all amounts outstanding under this Agreement up to and including the date of termination or cancellation.
Part II: General Terms
29. Third Party Demands
We’ll comply with any lawful third party demands that we receive relating to this Agreement or the Loan without prior notice to you. We may be required by law, including by these third party demands, to restrict your access to the Loan or redirect your payments. We’ll consider any such redirected payment a missed payment.
The trustee or an authorized representative for the estate of any of you must advise us in writing immediately if any of you dies. When we receive this notice we’re authorized to:
take such steps or require such documentation (including evidence of the trustee or authorized representative’s authority, a certified copy of the death certificate, a letter of direction, or notarized copy of the letters probate or other court documentation); and
restrict any transactions or any use related to this Agreement as we determine advisable.
The deceased’s estate will remain liable, (including jointly and severally - in Quebec, solidarily - with any surviving borrower) for any amounts owing under or other liabilities in connection with this Agreement. On the request of the trustee or the authorized representative of the estate, we’ll provide that person with any documents and information relating to this Agreement that the deceased would have been entitled to while alive, up to and including the date of death.
Tangerine recognizes the importance of your personal information, and we never take for granted the trust that you - as a Client have placed in us to protect that information. The Tangerine Privacy Code forms part of these terms and conditions, and applies to your relationship with us. A full explanation about how, when and why we may collect, use and disclose your information, as well as your rights relating to that information can be found here.
Information we collect about you
Information that we collect about you will often come from you directly (for example, when you apply for a new product). We may tell you that certain information is mandatory. If you do not provide personal information that is required for a particular product or service, then we may not be able to provide it, or meet all our obligations to you. We may also collect information about you from other sources, including information from credit agencies (for example, where you apply for credit, or where we must identify you), people appointed to act on your behalf, our social media pages, or other banks or financial institutions (for example, where you have switched your accounts to us, or where we have received information to investigate incorrect payments).
How we use your information
We will process your information where you have provided us with consent to use it, where processing will allow us to take actions that are necessary to provide you with the product or service you want, to allow us to meet our legal obligations (for example, to identify you), to understand how Clients use our services or to manage our risks. We may also use your information to send you messages, either by post, telephone, text message, email or other digital methods, including through ABMs, apps, and online banking services. These messages may be to help you manage your Account, to meet our regulatory obligations, to inform you about product or service features or to tell you about products and services (including those of other companies) that may be of interest to you.
Who we will share your information with
We will keep your information confidential, but we may share it with third parties (who also have to keep it secure and confidential) in certain circumstances, including: the Scotiabank Group of Companies† (for example, for marketing purposes or internal reporting where those companies provide services to us), payment processing services (for example, credit card networks), our service providers and their agents (for example, collection agents, statement printers), fraud prevention agencies, and other banks or financial institutions. Some of these third parties may be located outside Quebec or Canada.
† The Scotiabank Group of Companies means The Bank of Nova Scotia and its affiliates who provide deposit, investment, loan, securities, trust, insurance and other products and services.
Keeping your information
We will keep your information for as long as you are our Client. Once our relationship has ended, we will only keep your information for so long as is appropriate for the type of information, and the purpose for which we’re retaining it. The period we keep your information for is generally linked to the amount of time available for you to bring a legal claim. We may keep the information longer than this, if there an existing claim or complaint that will require us to keep your information or for regulatory or technical reasons. If we do keep it for a longer period, we will continue to protect your information.
Automated Processing and Decision Making
The way we analyze your personal information may involve automated decisions. That is, we may process your personal information using software that can evaluate your personal circumstances and other factors to address risks or outcomes. We may use such methods to make decisions about you relating to credit checks, identity and address checks, monitoring your Account(s) for fraud or other financial crime or for other reasons that we’ll disclose to you.
Your rights and how to refuse or withdraw your consent
You have certain rights over the personal information we hold about you, including the right to ask for a copy of the information, to correct or rectify personal information that we hold about you or not to use your information for a particular purpose (i.e. withdraw consent). Note that your ability to exercise these rights will depend on a number of factors, and in some situations, we may not be able to agree to your request. You can refuse to consent to our collection, use or disclosure of your personal information, or you may withdraw your consent to our further collection, use or disclosure of your personal information at any time by giving us reasonable notice, subject to limited exceptions. This includes withdrawing your consent to use your Social Insurance Number to verify credit information or to confirm your identity. More information about withdrawing your consent and about any of the items described in this section is available here.
This Agreement should be read with all changes of number and gender that the context requires. When used in this Agreement, the term "including" means "including, but not limited to." Headings and sections are for convenience only and do not affect the interpretation of the rest of the Agreement
If any part of this Agreement is determined by any court to be illegal, unenforceable or invalid, that part will be severed from this Agreement and the remaining part of the Agreement will continue in full force and effect.
Any provision of this Agreement relating to your responsibilities and liabilities or our rights and liabilities will survive the termination of this Agreement.
You have expressly requested that this Agreement and any related documents, including notices, be drawn up in English only. Vous avez expressément exigé que cette Entente et tout document, y compris tout avis, qui s’y rattache, soient rédigés en anglais seulement.
36. Governing Law
This Agreement is governed by and interpreted in accordance with the laws of the province or territory where you reside and the federal laws of Canada. The place of this Agreement is your address that appears on the Disclosure Statement. You agree to submit to and be bound by those laws and the courts of that province or territory in the event of any dispute relating to this Agreement.
37. If You Have Concerns or Would Like to Contact Us:
You can raise any concerns about your Loan by contacting us at 1-888-826-4374. If you experience a problem that can’t be resolved by our Associates, please contact the Client Response Group, Tangerine, 3389 Steeles Avenue East, Toronto, ON M2H 0A1 (Toll-Free Fax: 1-877-505-3240; Local Fax: 416-758-5297; Email: firstname.lastname@example.org). If you aren’t satisfied with our Client Response Group’s decision, please contact the Office of the Ombudsman, Tangerine, 3389 Steeles Avenue East, Toronto, ON M2H 0A1 (by telephone: 1-866-677-0547 or 416-497-4833, or by email: email@example.com). If you aren’t satisfied with our Ombudsman’s decision, you may contact the ADR Chambers of Banking Ombudsman, P.O. Box 1006, 31 Adelaide St. E., Toronto, ON M5C 2K4 (by telephone: 1-800-941-3655, by fax: 1-877-803-5127 or by email: firstname.lastname@example.org).
At any time you can complain directly to the Financial Consumer Agency of Canada about a consumer protection matter, at 427 Laurier Avenue West, 6th Floor, Ottawa, ON, K1R 1B9 (Telephone: 1-866-461-3222 (English); 1-866-461-2232 (French); Teletypewriter (TTY): 1-866-914-6097 / 613-947-7771 or go to fcac-acfc.gc.ca.
Part III. Defined Terms
“Debt” means the total amount that you owe us under this Agreement including all principal, interest, fees, charges, and other amounts owing on your Loan under this Agreement, and all other amounts, fees, and charges owing under this Agreement.
“Disclosure Statement” means the Cost of Borrowing Disclosure Statement we provide to you, as amended from time to time.
“Inbox” means the online notification section that can be viewed when you’re logged in on the Tangerine website at tangerine.ca and on the Tangerine Mobile Banking app.
“Payment Due Date” means the date any required payment is due during the period that begins on the date the first Periodic Payment is due and ends on the date the last Periodic Payment is due under the original Loan or any renewal of the Loan.
“Periodic Payment” means each periodic payment specified as such under the Payments heading of the Information Box above.
“Term Start Date” means the date on which the term of your Loan begins.