Frequently Asked Questions
Q: Can I apply for a loan from Lendful?
A: If you have reached the age of 19 in the provinces where we do business, are a Canadian resident, have three years of credit history and have proof of income, you may apply.
Q: How can I apply for a loan?
A: You can complete the form online, in the privacy of your own home or elsewhere, from your computer or mobile device.
Q: Do I need a credit history?
A: All applicants must have at least three years of credit history without bankruptcy, consumer proposal, and court order. They must also have a credit score of 640 or higher.
Q: How do you determine my interest rate?
A: The interest rate is set according to the risk associated with the file. The less your credit rating qualifies, the higher the interest rate.
Q: Can I add an additional loan to my loan?
A: It is not possible to add an additional amount to an existing loan. However, you can refinance your loan to a higher amount. In this case, the interest rate would be reassessed.
Q: How many loans can I have with Lendful?
A: Lendful can give you up to two loans. The maximum total value of these loans cannot exceed $ 35,000.
Q: What is the maximum loan amount?
A: The maximum amount is $ 35,000.
Q: What is the minimum loan amount?
A: The minimum amount is $ 5,000.
Q: How often are the payments made?
A: You can choose to make payments weekly, bi-weekly, monthly, or twice a month. You can fully repay the loan at any time. You can also make lump sum payments at your discretion. There are no fees associated with a full loan repayment or lump sum payments.
Q: How can I make my payments?
A: Payments are automatically debited from your bank account.
Q: What happens if I miss a payment?
A: If any of the pre-authorized debit payments are declined, you will be charged an insufficient funds fee of $ 50.
Q: In which provinces is Lendful established?
A: Lendful has offices in Vancouver, Calgary, Montreal and Toronto and lends in major Canadian provinces.
Q: Do I have to sign any documents?
A: Yes, you must sign a cost of borrowing statement and loan agreement.
Q: How soon will I know if my loan has been approved?
A: Since all of our activities are done online, you will know if your loan is approved in just 24 hours – provided you have provided all the necessary information.
Do you have any other questions?
Do not hesitate to write to us at [email protected]