Terms & Conditions
We wrote these terms to be read — not to be hidden. Each section includes a plain-language summary so you always know exactly what you're agreeing to.
Waves Financial (a division of [Parent Co.], hereinafter "Waves Financial," "we," "us," or "our") provides online installment loans to eligible Canadian residents through the website located at wavesfinancial.ca and associated platforms.
By accessing our website, submitting a loan application, or accepting any loan offered by Waves Financial, you ("the borrower," "you," or "the client") agree to be bound by these Terms and Conditions in their entirety, including our Privacy Policy, Loan Agreement, and any other documents referenced herein. If you do not agree, do not use our services.
These Terms and Conditions are subject to applicable federal and provincial laws in Canada, including but not limited to the Privacy Act, the Personal Information Protection and Electronic Documents Act (PIPEDA), and applicable provincial consumer protection and lending legislation in British Columbia, Ontario, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador.
Waves Financial reserves the right to update these Terms and Conditions at any time. The version in effect at the time of your loan application and signing of your Loan Agreement governs the terms of that specific loan. Material changes will be communicated to active borrowers via email.
Annual Percentage Rate (APR): All loans issued by Waves Financial carry an Annual Percentage Rate (APR) of 23.00%. The APR represents the annualized cost of borrowing, including all interest charges, expressed as a percentage of the principal.
Representative example: A loan of $750 repaid over 120 days has an estimated total repayment of approximately $1,030, inclusive of all interest and charges. The exact amounts are disclosed in your individual Loan Agreement prior to signing.
Loan amounts: Waves Financial offers personal installment loans ranging from $500 to $1,000 CAD. Approved amounts are determined by our income-based assessment model and may vary from the requested amount.
Repayment schedule: You may choose weekly, biweekly, or monthly repayment schedules, as described in your Loan Agreement. Payments are collected via Pre-Authorized Debit (PAD) on the dates specified in your agreement.
Prepayment: You may repay your outstanding balance in full or in part at any time, without penalty. Early repayment reduces the total interest owed, as interest is calculated on the outstanding principal on a daily basis.
Fees: There is no application fee, origination fee, or early repayment fee. A Non-Sufficient Funds (NSF) fee, as set out in your Loan Agreement, may apply if a scheduled PAD payment is returned due to insufficient funds in your account.
Rate disclosure: All costs of borrowing are disclosed clearly in the Loan Agreement prior to your signature. You are not obligated to accept the loan after receiving your offer.
To be eligible for a loan from Waves Financial, applicants must meet all of the following criteria at the time of application:
- Be at least 18 years of age (or the age of majority in your province, whichever is greater)
- Be a Canadian resident residing in British Columbia, Ontario, Nova Scotia, New Brunswick, Prince Edward Island, or Newfoundland and Labrador
- Have a net income of at least $800 per month from employment, self-employment, government benefits (CPP, EI, disability), or other regular income sources
- Hold an active Canadian chequing or savings account supporting Interac e-Transfer and Pre-Authorized Debit
- Not currently be subject to an active (undischarged) bankruptcy or consumer proposal under the Bankruptcy and Insolvency Act
- Provide accurate and complete information in your application
Waves Financial does not perform credit bureau inquiries of any kind — no hard inquiry, no soft inquiry. Approval is based solely on income verification via our secure banking verification partner. Meeting eligibility criteria does not guarantee loan approval. Waves Financial reserves the right to decline any application at its sole discretion.
| Province | Min. Age | Lending Status |
|---|---|---|
| 🏔️ British Columbia | 19 | ✓ Licensed & active |
| 🏙️ Ontario | 18 | ✓ Licensed & active |
| 🌊 Nova Scotia | 19 | ✓ Licensed & active |
| 🌲 New Brunswick | 19 | ✓ Licensed & active |
| 🏝️ Prince Edward Island | 18 | ✓ Licensed & active |
| ⚓ Newfoundland & Labrador | 19 | ✓ Licensed & active |
Waves Financial is subject to applicable federal and provincial privacy legislation, including the Personal Information Protection and Electronic Documents Act (PIPEDA) and provincial equivalents. We are committed to protecting your personal information.
Consent: By submitting a loan application and accepting a loan, you provide your express consent to Waves Financial to collect, use, and disclose your personal information as described in these Terms and in our Privacy Policy, for the purposes outlined below.
Definition of personal information: Personal information means any information about an identifiable individual, including but not limited to name, date of birth, address, contact details, financial data, and government identification numbers, as provided voluntarily during your application or obtained from authorized third parties.
Your consent remains valid throughout the life of your loan and for a reasonable period thereafter as required to fulfill legal, regulatory, and operational obligations. You may withdraw consent at any time, subject to legal and contractual limitations described in Section 9.
Waves Financial collects personal information through your loan application, account interactions, and automated means. The information collected includes:
- Full legal name, date of birth, and residential address
- Phone number and email address
- Government-issued identification (for identity verification purposes)
- Employment or income information — employer name, income type, and net monthly income
- Banking information — account details and 90-day transaction history via our secure banking verification partner (Flinks), using read-only access only
- Loan application details — requested amount, preferred repayment schedule, and loan purpose
- Communications history — records of your interactions with our support team
Technical data: We may automatically collect technical information including your IP address, browser type, operating system, and pages visited on our website. This data is used for security, fraud prevention, and to improve our services. It does not identify you personally.
Cookies: Our website uses cookies to maintain session security, remember your preferences, and analyse website traffic. You may configure your browser to decline cookies, though this may affect the functionality of our website.
Banking verification: We use Flinks, a secure third-party bank verification service, to access a read-only view of your recent banking activity for the purpose of verifying your income and account standing. Your banking login credentials are never stored by Waves Financial. Flinks operates under its own privacy policy, available at flinks.com.
Your personal information is used by Waves Financial for the following purposes:
- Loan evaluation: To assess your eligibility and determine your approved loan amount based on your income and account activity
- Identity verification: To confirm your identity and the accuracy of the information you have provided
- Account administration: To create and manage your borrower account, process payments, and provide customer support
- Communications: To send you loan-related notifications — approval decisions, payment reminders, account updates, and receipts
- Legal and regulatory compliance: To meet our obligations under applicable Canadian federal and provincial law
- Fraud prevention and security: To detect and prevent fraudulent applications and unauthorized account access
- Service improvement: To analyze aggregated, anonymized usage data to improve our platform and products
Marketing communications: By accepting these terms, you consent to receiving relevant promotional communications from Waves Financial. You may opt out at any time by clicking the "Unsubscribe" link in any email, or by contacting us at support@wavesfinancial.ca.
No sale of data: Waves Financial does not sell, rent, or license your personal information to third-party advertisers or data brokers under any circumstances.
Disclosure to third parties: We may disclose your information to service providers who assist in our operations (payment processors, banking verification, cloud infrastructure), to law enforcement or government authorities as required by law, and to debt collection agencies only in the event of a default on your Loan Agreement, as outlined in Section 7.
Pre-Authorized Debit (PAD): By signing your Loan Agreement, you authorize Waves Financial to collect scheduled loan payments via Pre-Authorized Debit from the bank account you have designated. Payments will be collected on the dates specified in your repayment schedule.
NSF and returned payments: If a scheduled PAD is returned due to insufficient funds, an NSF fee (as specified in your Loan Agreement) may be applied to your account. Waves Financial strongly encourages borrowers to ensure adequate funds are available on each scheduled payment date.
Missed payments: If you anticipate difficulty making a scheduled payment, please contact us as soon as possible at 1-800-123-4567 or support@wavesfinancial.ca. We will work with you to find a solution, which may include a payment deferral or modified schedule, subject to eligibility.
Default: You are considered in default if you fail to make two or more consecutive scheduled payments without an approved arrangement. In the event of default, the remaining balance of your loan, including accrued interest, becomes due immediately.
Collections: In the event of default, Waves Financial may refer your account to a third-party collection agency or take legal action to recover the outstanding balance. All collection activities are conducted in accordance with applicable provincial collection agency legislation and the cost of collection may be added to the outstanding balance as permitted by law.
Early repayment: You may repay your loan in full at any time without penalty. To make an early repayment, send an Interac e-Transfer to paiement@wavesfinancial.ca and complete the confirmation form at wavesfinancial.ca/online-payment.
Waves Financial takes the security of your personal and financial information seriously. We implement and maintain appropriate physical, electronic, and administrative safeguards to protect your data against unauthorized access, disclosure, alteration, or destruction.
Encryption: All data transmitted between your browser and our platform is protected by 256-bit SSL/TLS encryption. Data stored on our systems is encrypted at rest using industry-standard protocols.
Access controls: Access to personal information within Waves Financial is limited to authorized personnel who require it to perform their duties. All employees with access to personal data are subject to confidentiality obligations.
Data retention: We retain your personal information for the duration of your loan and for a period thereafter as required to comply with legal, regulatory, tax, and business requirements. When data is no longer required, it is securely destroyed or anonymized.
Data storage: Your data is stored on secure servers located in Canada. Waves Financial does not transfer personal information outside of Canada without your express consent, except as required by applicable law.
Security reviews: Our security systems are regularly tested and updated to address evolving threats. We conduct periodic security audits and vulnerability assessments in accordance with industry best practices.
Breach notification: In the event of a data breach that poses a real risk of significant harm, Waves Financial will notify affected individuals and the applicable privacy commissioner as required under PIPEDA and applicable provincial legislation.
Request a copy of the personal information we hold about you at any time.
Request that inaccurate or incomplete information be corrected or updated.
Request deletion of your personal information, subject to legal retention requirements.
Withdraw consent to marketing communications at any time, with no effect on your loan.
Request your data in a structured, machine-readable format where technically feasible.
File a complaint with the Office of the Privacy Commissioner of Canada or your provincial commissioner.
Withdrawal of consent: You may withdraw your consent to the collection, use, or disclosure of your personal information at any time by contacting us in writing. Please note that withdrawal of consent may result in our inability to continue providing services to you, and does not affect the validity of consent given for services already under way or obligations already incurred.
To exercise your rights: Submit a written request to privacy@wavesfinancial.ca or by mail to our registered address. We will respond within 30 days. We may require you to verify your identity before processing the request.
Provincial borrower protections: You are also entitled to all protections afforded by consumer protection and lending legislation in your province. These rights exist independently of and in addition to these Terms and Conditions. Contact your provincial consumer protection authority for more information.
Privacy Commissioner: If you are unsatisfied with our response to a privacy concern, you may contact the Office of the Privacy Commissioner of Canada at priv.gc.ca or 1-800-282-1376.
Governing law: These Terms and Conditions and any Loan Agreement entered into with Waves Financial are governed by and construed in accordance with the laws of Canada and the province in which you reside, without regard to conflict of law principles.
Dispute resolution: In the event of a dispute, we encourage you to contact us directly first. Most concerns can be resolved quickly by our support team. If a resolution cannot be reached, disputes may be referred to the applicable provincial consumer protection authority, an accredited ombudsman, or a court of competent jurisdiction.
Severability: If any provision of these Terms and Conditions is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.
Entire agreement: These Terms and Conditions, together with the Loan Agreement and Privacy Policy, constitute the entire agreement between you and Waves Financial with respect to your loan and supersede all prior discussions and representations.
Amendments: Waves Financial reserves the right to amend these Terms and Conditions. Amendments will be posted on our website and, for material changes, communicated to active borrowers via email with at least 30 days' notice before taking effect.