About lender
Credit2Go is a Canadian online lending company located in Quebec. They provide loans from $250, an excellent option for people who need a small amount of money immediately. Credit2Go includes cash for a short period. Usually, it is 3-4 months. The customers can apply for a loan on the company’s website. According to the company's information, approval usually takes about 24 hours. The amount which may be borrowed varies from $250 to $1,500, and the lender allows to choose the frequency of payments: weekly, bimonthly or monthly. Credit2Go has operated across Canada for several years. Loan conditions are pretty standard, and there are no specific requirements. Also, the company allows renewing the loan if necessary once the client has repaid 85% of the initial loan.
Besides loans, Credit2Go provides other financial services such as rebuilding solvency. The company checks all credit documents and additional information and helps to highlight the mistakes for the client to avoid fraud.
Features
The most significant feature of Credit2Go is that they provide small amounts of money for a short period. The most considerable amount available to be borrowed is $1,500. Also, their loan conditions are not strict and don’t have specific and non-standard requirements.
Also, the company helps its clients to rebuild solvency by doing an audit of clients’ credit reports. It aims to avoid fraud and increase and restore customers’ financial health.
Credit2Go pledges to work with the best financial institutions to offer a maximum annual rate of 29%.
Pros and cons
Cooperation with this company has its pros and cons.
Pros
The loan conditions of this company are not strict and would be suitable for the majority of potential customers;
Simple application form on the company’s website;
Quick approval. The customer knows the decision in several minutes;
Suitable for people who need a relatively small amount immediately;
Solvency rebuilding services;
Ability to choose the frequency of the payments;
The company operates around the whole country of Canada;
The customer is allowed to renew the loan;
The website contains a helpful payment calculator which shows how much the customer will have to pay;
The company doesn’t check any credit information of the customer;
The company works 24 hours a day.
Cons
Sometimes pretty high rates – up to an annual rate of 29%;
Not suitable for people who need a long-term loan;
The website doesn’t contain enough information about the company;
If the customer can’t pay on time, the company will charge a fee, and also it might harm the customer’s credit history;
As we see, the company has some advantages and disadvantages.
It would be beneficial for people who need some money in the nearest time, but it wouldn’t be for those who need a long-term loan. Also, the company can have high rates and may hurt the client’s credit score.
Loan conditions
The loan conditions of this lender are simple enough. The customer must be 18 years old or older, and also, they must be a resident of Canada. Also, they must have been employed at the same place for the last three months. Moreover, the client must have no bankruptcy or have no intention to file for bankruptcy in the next three months. Finally, the client must be paid by direct deposit in a Canadian bank and must have two references who don’t live at the same address as the client.
If a customer fits in these conditions, they must complete an online application form, and after the verification, the funds will be transferred.
Methods of loan funding
After the customer passes the verification and the company approves the loan, the amount will be transferred directly to the customer’s bank account by direct deposit.
