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 by clicking on Get a Quote and completing the loan calculator for a quick estimate of the interest rate range you could qualify for. If you are happy with the estimate and would like a formal loan offer, you can follow the prompts from the calculator to complete our fast and easy online application. Please note that the interest rate may change once your information is validated.
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 lower your qualifying credit rating, the higher the approved 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 is the payment frequency?
A: We offer weekly, bi-weekly or monthly payment options. You can fully prepay the loan at any time. You can also make lump sum payments at your discretion. There are no fees associated with a full loan prepayment or lump sum payments.
Q: How can I make my payments?
A: Payments are automatically debited from your bank account.
Q: What happens if a payment is missed?
A: If we automatically debit your account for your payment and there are not enough funds available, we will charge a $50 NSF fee (Non-Sufficient Funds), 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 has been approved in just 24 business hours – if 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.