All the answers to your questions on variable credit

This page answers frequently asked questions on variable lines of credit, renewals, repayment and other questions.

Do I need to send documents?

Yes, when you apply online, you will need to provide your most recent pay stub or a benefit statement If your main source of revenue comes from an Insurance, pension, etc. Moreover, you must connect to our instant bank verification system to provide your bank statements.

What is IBV?

This is the most secure and fastest way to provide your bank statements without having to bother you with more paperwork. The instant bank verification (IBV) system has been specifically designed to streamline the online credit application process. It works according to the highest security standards used by online financial institutions. Note that IBV is mandatory and allows for faster service of your application.

How it's paid back?

A variable line of credit is paid by pre authorized debit.

What are the eligibility requirements?

  • Fill out our easy online application
  • Be a Canadian citizen
  • Be 18 years of age or older
  • Be employed with the same employer for at least 3 months
  • Receive an income by direct deposit

What are the rates and service fees?

Our company offers variable credit contract with an annual interest rate of 20%. Administration or renewal fees are applicable upon the obtention of a line of credit.

Can I pay off in advance?

You have between 3 to 6 months to pay back the line of credit. Payments will be made according to your pay schedule. However, It is possible to pay off your debt before the time limit established by the contract. In fact, borrowers who pay back in advance are entitled to a discount.

Can I increase my line of credit when I renew?

Yes. You can ask for a different amount of money when you apply for a renewal.

When can I renew and increase my variable line of credit?

If you are reimbursing on a weekly basis, you can apply for a renewal when there are 2 installments left. If you are paying every two weeks, you can renew when there is 1 installment left. Finally, you must have reimbursed the totality of the amount if you are paying on a monthly basis.

What are the penalties if I miss a payment?

When a payment is returned to us, your banking institution charges you a fee of up to $65 and we charge $40 as well.

Please contact us 72 business hours before the due date if you are having difficulty making a payment and we will be happy to make an arrangement. A minimum fee will be charged for a deferred payment.

Am I eligible?

To be eligible, your salary must be paid by direct deposit. We accept beneficiaries from CNESST, private insurance, parental, RQAP or regime des rentes. Applicants must not be under an undischarged bankruptcy or plan to do so.

In which case could an application be refused?

Are refused: self-employed workers, recipient of social assistance, candidates whom source of revenue comes from: employment insurance, employment allocation, student loans and bursary program. Applicants who have too many payments with insufficient funds or whom short term financial resources are insufficient.

How can I keep a good credit score?

A good credit report is maintained by developing good habits

It’s important to let us know at least 72 hours in advance if you want to delay or change a payment. Remember that it’s best to make as few changes to your payment schedule as possible.

Are you facing a difficult situation? Avoid accumulating penalties from your financial institution or our organization by contacting us by e-mail or by phone. We will discuss the best way to reduce your stress related to a situation beyond your control. We are flexible and attentive to our clientele.