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.
