Frequently Asked Questions
Q: What are the eligibility requirements to apply for a loan from Lendful?
A: If you have reached the age of 19 in the provinces where we do business (or 18 in Quebec), 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 apply for a loan through your mortgage broker, or through one of our approved referral partners.
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 600 or higher (650 for AB and QC).
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 additional funds to my existing loan?
A: You may qualify for a loan top-up. Please contact our Customer Services Team at [email protected].
Q: What is the maximum loan amount?
A: The maximum amount is $35,000 per household.
Q: What is the minimum loan amount?
A: The minimum amount is $5,000.
Q: What are the payment frequency?
A: We offer weekly, bi-weekly or monthly re-payment options. 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: An insufficient funds fee of $50 will be charged, and a representative will be in contact with you to schedule a catch-up payment.
Q: How soon will I know if my loan has been approved?
A: You will know if your loan is approved in just 24 business hours – given that you have provided all the necessary information.
Q: How is the APR Calculated?
A: The Annual Percentage Rate (APR) is the ‘all-in’ yearly fee that our customers pay to borrow money from Lendful Financial Inc. It is there to help you work out what your total yearly out-of-pocket cost is. The APR includes our Origination Fee and the Interest Rate.
Q: What is the insufficient funds fee?
A: In the event we debit your account for your monthly principal and interest repayments and there are insufficient funds there, we will charge a $50 for NSF (Non-Sufficient Funds).
Do you have any other questions?
Do not hesitate to write to us at [email protected]