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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.

Credit 700

Finanso.Multilogin™

About lender

Credit 700 is a brokerage organization that offers payday loans in Canada. A customer can borrow from it an amount from $500 to $1,000 for a short period. Usually, it is 4-5 months. The loan application form may be filled out directly on the company’s website. The customer must be 18 years old or older and have a steady source of income. The company does not accept as the source of income unemployment insurance, social assistance benefits, or parental insurance. Also, the customer will have to provide some specific documents. Credit 700 guarantees the security of all personal data.

Credit 700 was founded in 2014 and is now located in Vancouver.

Features

Credit 700 provides payday loans. The possible amount varies between $500 and $1,000, which would be an option for people who need a relatively small amount immediately. The application form can be filled out directly on its website, but it requires registration via e-mail.

Credit 700 brokers offer interest rates from 28% to 32%. The interest rate depends on the credit score of the customer.

The loan approval doesn’t take much time, as borrowed money is transferred to the client’s bank account on the application day. However, as they don’t work on weekends, if a customer applies on Friday, they will receive the borrowed amount only on Monday. Also, according to the reviews, they take downside payment the next day after approval. Moreover, some say that they accept payments out the day before the clients’ payday, so it is easy to be charged NSF.

The company allows the customers to choose repayment frequency: weekly, bi-monthly and monthly.

If the customer doesn’t have enough money to cover the payment, the company can charge a $45 fee, which is lower than in many other microloan companies.

Pros and cons

You can evaluate the pros and cons of Credit 700 loans.

Pros

  • The application may be filled directly on the website;

  • The company guarantees 100% security of the clients’ data;

  • The company allows the customers to choose repayment frequency: weekly, bimonthly and monthly;

  • Borrowing from Credit 700 would be suitable for people who need a relatively small amount of money immediately;

  • The approval is quick, and borrowed money is transferred to the client’s bank account within 24 hours;

Cons:

  • Relatively high interest rates: 28% - 32%;

  • The range of amounts which can be borrowed is pretty narrow: only $500 - $1000;

  • The website of the company is poorly crafted and doesn’t contain enough information; for example, there is no FAQ page on it;

  • The company doesn’t work 24/7 and doesn’t work on the weekends, so if the customer applies for the loan on Friday, the borrowed money will be transferred only on Monday;

  • The company takes out the first downside payment on the next day after approval, according to some reviews on the Internet;

  • The company charges $45 NSF;

  • Late payments accumulate interest monthly at the rate of 2.66% per month, totaling 32% annually;

  • If the customer cannot repay the loan, their file will be transferred to the collection agency, affecting the customer’s credit score.

As we see, the company has some advantages. The approval is rapid, and the money can arrive in the client’s bank account on the same day. It is possible to choose a repayment frequency with relatively small fees.

On the other hand, there are a lot of disadvantages. For example, credit 700 works only on Monday-Friday, and deposits the money the day after approval; that may cause some inconveniences. Also, late payments can harm the client’s credit score.

Loan conditions

To borrow from Credit 700, a client must be 18 years old or older. Also, they must have a steady source of income. Unemployment insurance, social assistance benefits, or parental insurance are not accepted as the source of income.

Besides, the customer must provide documents such as the most recent pay stub, bank statements showing the last two paycheques, void cheque/pre-authorized debit form, and valid photo ID.

The first step is registration on the website. After that, the customer must fill out the application form and wait for the approval. The borrowed money will be transferred to the customer’s bank account within 24 hours when the loan is approved.

If the client had already borrowed money from Credit 700, they wouldn’t need to register on the website again.

Methods of loan funding

Once the customer has the loan approved, the borrowed money will be transferred directly to their bank account.

FAQ

What is Credit 700?

Credit 700 is a loan brokerage company located in Vancouver that provides payday loans. A customer can borrow from them the amount from $500 to $1,000 for a short period (4-5 months). The loan application form may be filled out directly on the company’s website, and once the customer has the loan approved, the borrowed money will be transferred to their bank account.

Who owns Credit 700?

According to the information from open sources, Credit 700 has merged with MoneyProvider.com in 2016

How do you qualify for Credit 700?

To borrow from Credit 700, a client must be 18 years old or older. Also, they must have a steady source of income. Unemployment insurance, social assistance benefits, or parental insurance are not accepted as the source of income.

Besides, the customer must provide documents such as the most recent pay stub, bank statements showing the last two paycheques, void cheque/pre-authorized debit form, and valid photo ID.

How much can you borrow from Credit 700?

The possible amount to borrow from Credit 700 varies between $500 and $1,000.

Is it a legitimate company?

Credit 700 is a legitimate company. However, they are not accredited by BBB.

Company documents

Rates

Our team of customer service professionals is available to offer support throughout the loan application process. What’s more, we’re constantly innovating in the field of microcredits to give you an unequaled experience in the market. We’ve secured personal information and worked efficiently at transferring funds quickly and discretely throughout our existence. Thank you for your interest in our company. Please, don’t hesitate in contacting us.

© Credit 700

Financial products

Credit 700
Payday loan
Rating by Finanso®
i

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.

Recommended FinScore™
0
300
650
1000
$500-$1,000
Rate
i

Effective interest rate on the product

up to 32%
Term
i

Loan term for the financial product

up to 120 days

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Calculate loan payments in Credit 700

Credit 700 calculator will allow you to calculate an approximate payment schedule for the loan

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What to pay attention to when applying for a loan from Credit 700

  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 Credit 700 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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All Credit 700’s reviews by August 2022
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