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Important Information
Co-borrower and other services
Because of their credit history, our customers are unable to obtain credit from traditional financial institutions. We work with lenders who may agree to grant you a loan, provided your file includes a qualified co-borrower. To take account of the risk associated with this service, the loan will be disbursed in two stages. In addition to our co-borrower service, we also offer assistance with budgeting, debt consolidation and assessing your ability to repay. Don't hesitate to talk to our representatives. They are here to help! Keep in mind that getting a micro-loan may not be the best solution for you.
Borrow Responsibly
If you are still looking for financing, we encourage you to borrow responsibly. We recognize that we serve a higher-credit-risk clientele, which is why you should expect to pay a higher interest rate than those offered by conventional institutions. Be especially careful not to take on multiple types of online micro-loans simultaneously, as your debt ratio could rise sharply and leave you unable to meet all your payments. We do, however, guarantee this: you will never pay an interest rate higher than the one permitted by the Quebec Consumer Protection Act. That said, this type of financing should only be taken on in case of emergency or when you have no other options to obtain immediate financial assistance.
Renewal of our guarantee
As is the case with loans granted by conventional institutions, all of our clients who have faithfully honoured their commitments will be offered the option to renew their guarantee. Establishing good repayment practices may also allow them to obtain a higher principal on a future application, or even to access other types of financial products. Important: this should not be interpreted as a way to improve your credit score with credit agencies such as Equifax or TransUnion. Our services are not taken into consideration in the calculation of your credit score. Here is a more concrete example: if we have guaranteed a loan that you have repaid over 2 to 6 months, that you have regularly made all your payments, and that our risk is now reduced, we could then guarantee your next application. You could obtain new funds immediately and only begin repaying after the last debit on your previous financing.
Responsible Recovery
If you are having difficulty making your payments, we recommend that you call one of our agents to advise you on reaching an arrangement with the lender. One of our main commitments to our clients is to respect customers in difficulty. We can negotiate various forms of accommodation such as deferrals or reduced payments, subject to certain fees required by the lender. If you become unable to honour your commitments, please note that responsible recovery techniques will be used to handle your file. In the majority of cases, the borrower is responsible for all legal costs incurred to recover the debt, and the debt may be demanded in full as soon as there is a breach of commitment. Once your file is transferred to collection, we will no longer be able to help you.
Responsible Lending Policy
Every application we receive is subject to an analysis process in order to evaluate the applicant's ability to repay. Anyone who claims to offer financing without analyzing your ability to repay is acting contrary to the requirements of the Consumer Protection Act. To remain compliant with the law, we must verify your monthly income, employment stability, how you manage your finances, your contractual obligations (lease, other credit agreements) and your credit history. If you do not meet some of our eligibility criteria and we consider you to be too high a risk, your application may be refused. Rest assured that our primary goal is to help you, not harm you. For any approved application, we recommend that you carefully read the contract sent by the lender to understand its terms.