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Lender
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

BDC's pay off

Finanso.Multilogin™

Repayment of loan

With most types of financing offered by BDO, you can postpone principal payments at the start of the loan. The principal payment postponement term can be between 6 and 36 months, depending on the type of financing you are looking for.

Reach out to BRC for detailed information on loan extension conditions.

If you are their client already, you can contact your BDC representative directly for information on this matter. If you haven’t applied for a BDC loan yet, you can fill in the contact form on the BDC website or call BDC at 1-877-232-2269, weekdays from 8 a.m. to 6 p.m. (Eastern time).

Early payoff

With BDC, you can make lump-sum payments or repay your loan in full early, penalty-free.

FAQ

How do I make a payment on BDC?

BDC doesn’t specify how clients make their loan payments on their website. Instead, the loan funding goes directly to a borrower’s account. So, most likely, loan payments represent automatic withdrawals from the bank account on the payment dates specified in the loan agreement. 

For additional information on this matter, fill in the contact form on the BDC website or call them at 1-877-232-2269, weekdays from 8 a.m. to 6 p.m. (Eastern time).

What happens if you don’t pay back BDC?

BDC doesn’t provide any information on missed loan payments. However, if you feel there might be difficulties with making loan payments on time, contact BDC asap to discuss the possible options. 

You can contact your BDC representative directly for more information on this matter as a BDC client. However, if you are just looking for financing and want to know this information beforehand, fill in the contact form on the BDC website or call them at 1-877-232-2269, weekdays from 8 a.m. to 6 p.m. (Eastern time).

Can you pay BDC early?

BDC doesn’t charge clients for early loan repayment. So, you can make lump-sum payments at your convenience or pay your BDC loan back in full early with no prepayment penalties.

Can BDC sue you?

There is no information on the BDC website that they can sue you if you don’t repay your loan. However, if you are their client already, contact your BDC representative directly for more information on this matter. If not, you can either fill in the contact form on the BDC website or call them at 1-877-232-2269, weekdays from 8 a.m. to 6 p.m. (Eastern time).

Calculate loan payments in BDC

BDC calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
10000 $
500000 $
Loan term
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Specify the loan term for the calculation

months
days
6
60

What to pay attention to when applying for a loan from BDC

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes BDC from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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