Q: What are your requirements?
A:
Q: How long can I have to pay it back?
A: All loans are due on your next pay date.
Q: I have a small pay cheque this time; can I skip my payment till my next pay?
A: A payment can not be skipped, but you can do a loan renewal and only pay the fees this pay, renewing the loan until your next payday.
Q: What is a loan renewal?
A: With a loan renewal, your bank account is debited only the interest and fees due on the loan, you keep the principal (loan). New fees are added, and the loan is due again on your next pay date. This is not a payment plan.
Q: How often can I do a loan renewal?
A: You can do a loan renewal as often as you need to. Each time you do a loan renewal, the previous loan is paid out and a new loan is generated, with applicable fees, until your next pay period. Keep in mind that a payday loan is intended to be a small short-term loan and is not intended as a solution for longer term financial needs. We recommend you see a credit counsellor if you are having financial problems.
Q: Can I change from a loan payout to a loan renewal?
A: We need a full 48 hours to reduce your payment to a loan renewal if it is recorded as a loan payout. Loans are automatically recorded as loan renewals unless you tell us otherwise. You can pay out your loan at any time, just call or email.
Q: I don't want my employer to know I'm applying for a loan. Do you have to verify my job?
A: We do need to call and speak with your Human Resources department. Our staff is very discreet when verifying your employment and do not disclose where we are calling from.
Q: Can I borrow more than once in a pay period?
A: All clients have a limit applied to their individual account. So long as you do not exceed your limit you can have as many loans as you wish.
Q: How much can an existing client borrow?
A: From $100 up to $500. (Subject to approval)
Q: Can you approve me today, even if I don't want the money right now?
A: You can be approved today but not want any cash until next week. Your approval is good for 45 days. When you do decide to get the loan, we will confirm that your information is still accurate and then open your file.
Q: If I don't qualify for the amount requested, can I get a different amount?
A: Our client’s loan limits are calculated on a point system, depending on that system we evaluate how much you qualify for and we will issue a loan up to that determined limit.
Q: When should I use a payday loan?
A: Due to the higher fees involved, a payday loan is intended to be a small short-term loan that is not intended as a solution for longer term financial needs. You borrow as much money as you can afford to fully repay when the payment is due. If you need to borrow money and feel it will take longer to repay, you should explore other lending options such as: asking a friend, asking an employer, asking a family member, obtaining a bank overdraft, a line of credit, cash advance on a credit card, or consolidating your debt at your bank or financial institution. We recommend you see a credit counsellor if you are having financial problems. Non-profit Credit Counselling services can be found in your local phone book, or visit the following website at: Credit Counselling We recommend that you make extra principal payments to pay down your loan faster.
Q: What are the administration fees for?
A: Administrative fees cover banking fees, transactional costs, staffing costs and other day to day operating costs. Due to the short term of the loan (maximum of 31 days) and the small size of the loan, these costs may be higher than other lending institutions.
Q: What provinces do you lend to?
A: At this time, we offer loans to residents of: Ontario.