About lender
The company specializes in the disbursement of payday loans to individuals. Credit Club is a direct lender officially licensed for this activity by the Ministry of Government and Consumer Protection under license number 4726568. The company also holds a payday loan license number 64068.
The company was incorporated under the laws of Canada in 2012 and has its official address at 15 Gamelin, Suite 401, Quebeck, Canada, J8Y 6N5.
Credit Club serves clients throughout Ontario and British Columbia.
The main idea of this company was to assist clients and to provide borrowers with fast, flexible, and affordable microloans for any purpose. New customers can apply for up to $500.00, while CreditClub members can receive up to $1500.00. The lender states that it takes special care to keep customer information secure.
Pros and cons
Sometimes customers need money urgently, but a loan from the bank is out of the question for them, for example, because they do not have sufficient collateral or the credit check prevents them from getting the loan.
A payday loan can be compared to urgent medical treatment. It provides financial relief, and once the urgent bills are paid, customers can find a long-term solution.
As a responsible lender, Credit Club emphasizes that payday loans are not for everyone, and applying for them should be a weighed decision. It is highly recommended to review the main advantages and disadvantages of Credit Club customers, which are listed below:
Pros
The application process is conducted entirely online;
The lender does not require collateral;
Transparent information about interest rate (90-390%);
No credit checks are performed;
Transparent fees and conditions for granting credit;
The company guarantees the security of its customers' personal data;
Quick decision making;
Repayment schedule is linked to your salary frequency;
Convenient and time-saving transfer of monthly installments: Repayment by direct debit;
Early repayment option is available;
24/7 customer support.
Payday loans are a convenient alternative to applying to the bank in the event of a financial emergency, but there are a few counterarguments. It is strongly recommended that you read them before applying:
Cons
Payday loans should be used to offset short-term cash flow problems;
Microloans are not a tool to supplement your budget and are therefore better not used for regular consumption purposes;
Failure to comply with the repayment schedule will result in the use of collection methods provided by the country law; in addition, your credit rating will be affected;
If financial problems are your regular problem, taking out a payday loan could only make your situation worse;
f you are late on your regular payments, you will be charged a fee for unsuccessful payments (from $20 to $50).
Putting all of the above information together, the main advantages of payday loans are the following: easy access to much-needed money and minimal time and effort, no credit checks. However, there is a downer: if your financial discipline is poor and cash flow issues are your regular problem, payday loans are not the best solution because if you violate the repayment schedule or fail to repay the loan, the company would use collection methods and your credit history would also be affected.
Loan conditions
Credit Club offers standard credit terms for all customers, but there is a difference in the amounts you can receive as a new customer. The amount of the first loan can be up to $500.
The money is transferred only after signing the loan agreement.
The amounts of the next loans for returning customers are up to $1500.
The fee for each $100 disbursed is $15. The annual Percentage Rate (APR) varies from 90% to 390%. You repay your loan upon your next payday.
Note: You can cancel the loan within two business days after disbursement without paying interest. In this case, only the principal amount must be remitted to the company. To return the loan under this procedure, the borrower must call Customer Service at 1-866-825-11-64 during business hours Monday through Friday from 8:30 am to 4:30 pm ET or send an email to info@creditclubloans.com.
Methods of a loan funding
Credit Club borrowers receive the money as a direct deposit or by email money transfer.
If the application is submitted Monday through Friday between 11 am and 1 pm EST, the money will be transferred the same day as a direct deposit. You can expect direct deposit between 3 pm and 10:30 pm 22:30, depending on when the loan agreement was signed.
If the application is submitted between 13:00 am and 11 pm or on weekends and holidays, the borrower will receive the loan by email transfer in the course of 5 minutes after signing the loan agreement.
Loan applications are submitted online, and after verification by the lender, the money is transferred directly to the borrower's bank account.
