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Lender
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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.

Consumer Capital Canada's pay off

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Repayment of loan

The main goal of the ConsumerCapital Canada loans platform is to make repayments for its borrowers as easy and comfortable as possible. Due to this point, the company offers two ways to make payments: via direct transfer from the customer’s bank account or its platform every month or two weeks. In addition, the platform can make all the withdrawals fully automated – the funds scheduled for repayment can be directly withdrawn from the borrower's bank account, where his income is usually deposited at.

The structure of the payment period is designated to make the payment process for the customer as convenient as possible.

Conditions of loan extension

The customer can negotiate a loan extension – but no certain conditions are mentioned on the ConsumerCapital Canada website. Each specific situation requires a different approach, depending on the loan amount already taken by the customer and the repayment history for the loan.

The minimum established period for borrowers’ loan reimbursement is of 12 months. The maximum period for loan reimbursement is of 60 months.

Early payoff

It is natural for every borrower to need a possibility to optimize their current financial burden in one way or another. An early payoff is one of the most reasonable and adequate options for making the financial burden not so severe. In this case, the borrower can sufficiently cut down the final amount of money to be designated for repayment.

At ConsumerCapital Canada, a borrower has an opportunity to pay his loan off at any point in time, risk-free. In addition, extra payments will not be charged a penalty or any additional fees. Just call at 1-888-554-4192 to inquire about the final payout amount for the personal loan.

Tips on how to pay more efficiently

To be more efficient, try to pay off your loan on time and according to the schedule agreed upon because you could face multiple NSF fees. Also, remember that personal loans should not be a permanent way to resolve financial difficulties.

FAQ

How do I make a payment to ConsumerCapital Canada?

For making a payment to this lender, the borrower has almost nothing to do if he pays through the company’s platform. Everything is entirely automated, and the company is directly withdrawing all the reimbursements from his banking account.

If the borrower expresses the willingness to make payments on his own – the payments can be made via direct transfer from his account.

What happens if you don’t pay back ConsumerCapital Canada?

If there is a delay with the scheduled reimbursement performed by the client, the company is putting all the efforts possible to negotiate with the client and help him in this situation. However, should all the negotiation options have failed, the company is forced to file with a court or pass the case over to money collectors. The clients face multiple NSF fees as well.

Can you pay ConsumerCapital Canada early?

It is possible to pay early at ConsumerCapital Canada – the borrower can do it risk-free at any point in time. Extra payments will not be charged a penalty or any additional fees.

Can ConsumerCapital Canada sue you?

ConsumerCapital Canada loans service states that it is always considering its customers as partners who actively and effectively assist the company in further growth. However, ConsumerCapital Canada has its obligation to provide its customers with sufficient financial support whenever they address the company. Under these settings – and only in case of a long-standing default on payments expressed by the borrower,  the company could bring a case before the court or pass the case over to bill collectors.

Calculate loan payments in Consumer Capital Canada

Consumer Capital Canada 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
500 $
12500 $
Loan term
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Specify the loan term for the calculation

months
days
12
60

What to pay attention to when applying for a loan from Consumer Capital Canada

  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 Consumer Capital Canada 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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