Credit Instant determines alone and at its own discretion the fees and charges for each guarantee or financial product offered and these are independent of the interest claimed by the loaner. The guarantee fee claimed depends on the level of risk assumed and is determined based on our evaluation. We do not only offer bonding services. We can also offer you assistance regarding budgeting, debt consolidation and assessing your ability to repay. Don’t hesitate to talk to our advisors: they can help you! Obtaining a micro-loan may not be the best solution for you.
If you’re still looking for a loan, we encourage you to borrow responsibly. Maybe it’s the best way to help you through difficult times. We know that we are addressing a market of customers who are riskier in terms of credit, which is why you should expect to pay a higher interest rate than conventional institutions. However, we can guarantee that you will never pay a rate higher than the one allowed by the Consumer Protection Act. The fact remains that these types of loans should only be taken out when you have no other options in order to obtain financial assistance, and you should use them as rarely as possible. Be especially careful not to take out a large number of short-term loans at the same time: you could end up with serious financial problems and with an unsustainable debt load.
All applications submitted to us must go through an analysis process to ensure that the borrower has sufficient income to repay the loan. Anyone who claims to be able to offer you a loan without a credit investigation is acting against the requirements of the Consumer Protection Act. In order to remain in compliance with the Act, we need to verify your monthly incomes, your length of employment, your financial management, your other contractual obligations (lease or other credit agreements) and your credit history with our company or with other loaners. If you do not meet our criteria and we consider you to be too high a risk, your application may be refused. Rest assure that our primary goal is to help you, not to cause you more problems. If we agree to endorse you, a loaner will offer you a contract: read it carefully and know what you are committing to!
If you are having difficulty making your payments, we recommend that you call an agent of the Loaner. We only deal with loaners who will do everything in their power to help you. They may be able to offer you various forms of accommodation, such as deferring or reducing your payments. There may be a charge for changing the repayment schedule, reprogramming files, etc. As long as you respect the arrangements you make with them, they will never refuse to help you. If you should come to a case of default that is no longer possible to resolve, our loaners use responsible recovery practices. Their agents may then terminate your repayment plan and demand immediate repayment of the entire balance of the debt. In virtually all cases, the Borrower is responsible for all legal costs incurred in recovering his debt. Avoid finding yourself in such a situation, as we will then no longer be able to help you.
As in the case of loans granted by conventional institutions, our clients who have faithfully honoured all their obligations will be offered a discount on the renewal of our guarantee for their future needs. Establishing good repayment practices will ensure you to save money in the future and may even allow you to obtain other loans. However, this should not be construed as an improvement in your credit rating with credit agencies such as Equifax or TransUnion. But here’s an example: if we have guaranteed you a loan that you have reimbursed back over 3 to 6 months, that you have made all your payments regularly and that our risk is now reduced, we could then guarantee the next loan so you could get new cash flow immediately and only start paying back the new loan when you have finished with the previous one.