Responsible Lending Policy
Requests are subject to a process of analyzing your file to ensure that you are able to repay the granted line of credit. This process includes, among other things, confirming that your income meets our eligibility criteria, that your attendance at making your past payments is adequate and that your number of financial commitments is reasonable under the circumstances. If we find that you are not in one of these situations, we may refuse to obtain the requested line of credit.
Missed payments or none sufficient funds
Any payment refused by your banking institution for insufficient funds or equivalent default will result in a fee of $55
Credit Report
Your application will not affect your credit score with any credit agencies.
Reliable collection department
Our collection department uses recognized and reliable methods. If you fail to make a payment, our agents will contact you to work out a payment arrangement. There are several ways to reach an agreement, but the nature of the agreement remains at their discretion. When you miss a payment, interest on the balance continues to accrue. Any costs incurred legally for the recovery of the amount due must be borne by you. Any amount due will be collected until the end according to what the law provides for this purpose.
Annual Percentage Rate (APR)
The annual interest rate is 19.99%.
Line of Credit maximal amount
The line of credit maximal amount can go up to a maximum amount of $5,000.
Renewals
NO contract is renewable automatically. You must re-apply.
Refund term
The term for a line of is usually for 24 months or it expires when full payment has been made.
Refund example
For a line of credit of $2,500 with a monthly payment of $125.00, repayable in 24 installments, this will cost a total of $3000.00. This information is given as an example only and does not take into account the fees to be paid to the broker that the borrower adds to the borrowed capital. The broker alone determines his guarantee fees for each file he accepts and these are due separately from the capital and interest of the lender. The same is true for life and disability insurance.
Be responsible!
Used responsibly, a line of credit may be a good solution for you. However, a line of credit generates higher interest than a loan made at a local financial institution. It should therefore be used as infrequently as possible or in cases where there are no other alternatives available at a lower interest rate. Obtaining several credit facilities can lead you to an overload of debts and lead to financial problems.