What is a loan connection website?
A loan connection website connects your loan application with a lender. There are no fees associated with applying via a loan connection website. Your loan application will be evaluated via an automated process, and you will get connected with lenders across Canada. Crediteck does not check your credit score during the quick and easy online application process.
What interest rates should I expect?
The rates will depend on the lender. In general, APRs range from 29.99% to 46.96% and will depend on our partner’s assessment of your application.
How does a loan connection website work?
A loan connection website such as Crediteck quickly evaluates a particular loan application and connects it to a particular lender. If the application is approved, the lender will offer to fund the loan. You can get the money deposited directly into your bank account as soon as the next day!
How do I apply?
Applying for a personal loan has never been easier. Just submit a quick online application here.
What are the minimum requirements to apply?
Typically, the lenders require that the applicant meet the following criteria:
- 18 years of age or older.
- Canadian citizen or permanent resident.
- Permanent address.
- Proof of consistent income.
- A valid Canadian bank account that has been active for at least 90 days.
What happens after I apply?
After you apply, you will receive an immediate response. You will be redirected to a lender’s website to confirm your application details through Instant Bank Verification (IBV) or complete your application there. If approved, you can get money deposited as soon as the next day.
Will you check my credit score after I apply?
Here at Crediteck, we don’t check your credit score or credit report during our simple online application process.
If I have outstanding loans, can I still apply?
It is best to minimize your ongoing/active payday loans and short-term loans before applying to maximize your chances of approval.
Will applying affect my credit score?
Submitting a quick application via Crediteck will not affect your credit score.
How do I get my money?
Your money will be deposited directly into your bank account or by e-transfer.
If I don’t know my credit score, can I still apply?
Even if you don’t know your credit score, you are still fine to apply. In fact, we don’t check your credit score during our application process, so even a low credit score will not prevent you from connecting to trusted lenders.
If I have a low credit score, can I still apply?
We don’t check credit scores during our simple online application process, so you can still apply and potentially get approved, despite a low credit score.
I’m a recent immigrant. Can I still apply?
As long as you are either a Canadian citizen or a permanent resident, you can go ahead and apply. Immigrant status by itself does not affect your eligibility.
I’ve been rejected by a bank. What can I do?
If you’re unable to secure a loan with a more traditional financial institution, you can apply for a loan via a loan connection website such as Crediteck and get connected with online lenders. Online lenders tend to serve an underserved and underbanked customer base and meet unmet needs in the market.
What types of loans do the lenders offer?
Most of the lenders we work with offer personal loans, also known as installment loans, which may offer lower interest rates and longer repayment periods than payday loans.
Can I apply and not take the loan?
You may apply and not take the loan. It is entirely up to you.
I have a history of bankruptcy or consumer proposal. Can I still apply?
It may be harder to get approved, but it’s not an automatic disqualification.
Can I apply with the lenders directly?
Although you may apply to lenders directly if you wish, a loan connection website will connect you with the lenders most likely to be suited for your particular loan needs.
What documents do I need to apply for a loan via a loan connection website?
You do not need to upload any documents to apply for a loan via Crediteck. However, some lenders may ask for ID or paystubs.
Do lenders accept government-assisted customers?
As long as you can provide proof of a consistent income, you may apply via Crediteck. Many lenders may accept an applicant whose income comes from government benefits as long as they meet other criteria.
When can I apply for a loan again?
You can obtain another loan as soon as you repay the first loan that you’ve received.
Is my personal information secure?
Your personal information is always safe and secure with Crediteck. We use cutting-edge encryption technology to ensure that your information is secure at all times.
Do some of the lenders charge loan origination fees?
Some of the lenders may charge loan origination fees. That will depend on the lender.
What repayment terms should I expect?
The individual repayment terms will depend on the lender and their assessment of your application. Most of our partners offer installment loans, which means the repayment period is longer than a payday loan and may potentially offer a lower interest rate.
How do I make repayment on the loan?
Most lenders accept e-transfers and/or pre-authorized debit payments.
Can I use Interac e-Transfer® to make my payment?
You can pay back your loan by pre-authorized debit or e-transfer payments, dependent on the lender.
