How can I apply for a loan?
Are self-employed workers eligible for a loan?
No. To be eligible, your salary must be paid by direct deposit. Some exceptions may apply.
What are the rates and fees charged?
Lenders that we work with offer the following:
- An annual interest rate of 28 to 32% (APR).
- In case of payment default, the applicable interest rate is 2.66%/month, meaning 32% per year (APR).
- In the case of insufficient funds (NSF)/returned payment, the fee is $45.
- You can delay a payment by paying an administrative fee of up to $35.
- Loans defaulted on by customers who show no willingness to co-operate in trying to solve the issue shall be sent to collections for further processing and possible legal action.
- A brokerage fee is payable once you qualify for and accept a loan we find for you.
Can I pay off my loan early?
Yes. You can pay off your loan anytime before your due date without any extra fees or penalties.
Why would I want a short-term loan?
You might think of getting a short-term loan as a financial tool to use as an alternative to bouncing checks, making late payments and hurting your credit rating. It may also allow you to meet unexpected expenses or provide a short-term cash need between paychecks. Don't forget, it is not made to be a long-term solution for managing your finances. Exaggerated use of short-term loans may create financial hardships. Please borrow responsibly.
What are the criteria for getting a loan?
- You must be 18 years or older.
- You have an after tax (Net) salary of at least $1200.00 per month.
- You have been employed with the same employer for the last 2 months.
- You are a Canadian resident.
- You must have a Canadian bank account.
- You are paid by DIRECT DEPOSIT.
- You must not be in a bankruptcy or a consumer proposal.
- You must not be planning to declare bankruptcy or a consumer proposal.
What are the documents I require to apply for a loan?
- Detailed bank statement for the last 60 days.
- Last pay stub.
- A void check or a signed direct deposit authorization form from your bank.
- Proof of identity with photo (Driver's License, Medicare Card, Passport).
- Proof of home address: (Cell Phone bill, Cable bill, Hydro bill etc…).
- Liberation Letter (Only if you've recently come out of a Bankruptcy or a Consumer Proposal).
What if I have bad credit, can I still apply for a loan?
Yes. You can still qualify for a loan if you have bad credit. Most lenders we work with do not check your credit to qualify you for a loan.
How much can I borrow?
You may request a loan of between $300 and $1000. The lender ultimately will decide the amount they will lend you based upon your application. You will receive an "offer" detailing the loan amount and fees to be paid, at which point you can decide if you want to accept or reject the "offer".
How will I know if my application was received?
Once you have filled out and submitted the online application, you'll receive an email notification right away. This email will let you know that your application was received and will outline the necessary steps that follow.
Can I apply for a second loan while I have a current one?
No. The first loan must be paid back before you can apply for a second.
How do I make my payments?
Your payments are automatically debited from your bank account.
Do I need to send any money or pay any fees prior to obtaining my loan?
NO. Never pay in advance for the promise of a loan.
What are some of the reasons my application could be declined?
- If you are currently in a bankruptcy or consumer proposal.
- If you don't have a stable job or are unemployed.
- If the required documents are incomplete or the information you've sent us is incorrect.
- If you currently have several outstanding short term loans.
- If you have several returned payments (NSF) in your bank account.
- If after the approval process it's deemed that your salary will not be able to cover the loan expenses.
- If we cannot confirm your employment.