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Rating by Finanso®

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Credit Club's pay off


Repayment of loan

The due date for payment usually comes with the next paycheck or 14 days after the money is deposited into the account. Three days before the due date, you will receive a friendly reminder from Credit Club about the upcoming repayment installment. During the repayment period, your bank account will be automatically debited for the appropriate amount each time the next installment is due.

If you make regular installment payments, the installment amount will be automatically debited when sufficient funds are available in the account. If you arrange for an early withdrawal, the transfer should be made by email.

Make sure that your account has a sufficient balance. Otherwise, you will be charged for a failed transfer and may incur additional fees according to your bank's rates. Pay attention to your personal budget and expenses to ensure a balance that will allow you to repay the loan in full without being charged penalty fees.

Conditions of loan extension

By signing the loan agreement, you agree to ensure the timely repayment of the loan and to comply with the established schedule. Failure to comply with the schedule may be considered grounds for charging an NSF (non-sufficient funds) fee, and your bank may also charge an overdraft fee.

Early payoff

Early repayment of your debt is possible under the company's procedures. If you choose this option, the financial burden on your budget will be reduced. If you repay your loan before the due date, there are no additional fees or penalties. To repay the loan, you should send an email transfer to using your SIN as the answer to the optional security question. To check your current balance, please visit your personal member login area.

Note: to avoid a double debit from your account, please make sure to send an early payment at least two business days before the scheduled payment date.


Can Credit Club sue you?

In accordance with Canadian law, the company may use any lawful collection methods to recover the unpaid principal and accrued interest and fees. This means that legal proceedings are not excluded from the option list. If the loan is not repaid as stipulated in the contract, the borrower is considered to have breached the signed contract and must face the legal consequences for doing so.

Calculate loan payments in Credit Club

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

Loan amount

Enter the desired loan amount

500 $
1500 $
Loan term

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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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