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Lender
Rating by Finanso®
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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 Club

Finanso.Multilogin™

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.

FAQ

What is Credit Club?

Credit Club is a Canadian direct lender licensed for this type of activity by the BC Ministry of Government and Consumer Services and Consumer Protection BC. The company specializes in payday loans for individuals. The lender is considered a socially responsible company and encourages potential and returning customers to weigh their decision to borrow and work well with their personal budget. The company offers valuable financial tips on its website.

Who owns Credit Club?

The company is duly registered in Canada. More detailed information about the company's UBO is not currently available.

How do you qualify for Credit Club?

The criteria for granting a loan at Credit Club are not complicated. In order for the application to be approved, the client must:

  • have an active bank account;

  • be at least 18 years old;

  • be employed by the same employer for more than three months;

  • be a resident of Ontario or British Columbia.

How much can you borrow from Credit Club?

Credit Club offers payday loans in a range from $500 to $1500.

Is Credit Club a legitimate Company?

The company is duly registered and complies with applicable Canadian law. It holds current licenses to provide payday services to its customers.

Company documents

PRIVACY AGREEMENT

Become a member of Credit Club and discover all the benefits today!

© Credit Club

Financial products

Credit Club
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-$1,500
Rate
i

Effective interest rate on the product

up to 390%
Term
i

Loan term for the financial product

up to 14 days

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Calculate loan payments in Credit Club

Credit Club 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 Club

  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 Club 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 Club’s reviews by August 2022
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