Missed payments and your credit score
It is important that you have enough funds in your bank account at your loan repayment time. If you don't, your bank will most likely charge you a penalty on top of ours.
Our $40 penalty will be charged at the end of your contract.
Still, no matter what, your credit score will never be affected by this.
Know that you can always make an arrangement with us to delay any payment for a $25 fee.
Collection method
Credito.ca uses a collection method that follows Canadian legal requirements. If you end up in delinquency, our collection agents will make payment arrangements with you. Our agents are always helpful and will take your situation into consideration.
Just know that missed payments will accumulate interest on the unpaid balance. You will be responsible for all legal fees generated by the recovering a past due balance.
Responsible loan policies
In Canada, we analyze all online requests to make sure that every borrower can repay their loan. This includes, but is not limited to:
- Verifying that your salary meets our criteria;
- Ensuring that you do not have lots of insufficient fund charges in your bank account;
- Determining if your financial obligations will interfere with your loan repaying capacities.
Following this, if your file meets our standards, we will send you your approval on the same day.
Annual percentage rate (APR)
Credito.ca works with loan companies offering an APR from 15% to 26%. The rate never exceeds 26%.
Renewal
Loan renewals are not automatic; you must request it. It does not happen automatically. To have your loan renewed, you must request it after your balance is lower than $150.
Repayment terms
You must repay your loan within 90 to 120 days.
Repayment example
A $500 loan is due every 2 weeks and repayable in 6 payments of $125.11 for a total amount of $750.66.
This example includes the $225 brokerage fees added to the borrowed capital. The broker sets his commission at his own discretion, disregarding the interest due to the lender agency.
None of that obnoxious finance jargon
No credit check
Super quick loans to help you cover any unexpected charges or emergency expenses
Flexible payment methods
No infuriating hidden charges
Certified and reliable agents to help you
Always paperless and fast
Rewards for being a good borrower
