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.

CreditMatik

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About lender

CreditMatik is a registered enterprise in Quebec (1176718337) with an address in Saint-Hubert, Quebec. CreditMatik offers personal loans ranging from $500 to $1,500. CreditMatik is a completely safe, dependable, and trustworthy lender. With its rapid approval, you can borrow money online without worrying about your past credit history. CreditMatik provides quick approval and funds are promptly transferred to your account, hassle-free, and stress-free. Another feature that should not be overlooked is that CreditMatik loans have no fixed repayment period, so you are not bound to repay your debt by a certain date, as with many payday advances. All you have to do now is create a payback strategy based on your budget and stick to it.

CreditMatik

Features

  • Instant Approval. CreditMatik provides instant approval for small loans, allowing borrowers to access funds quickly during a financial emergency.
  • Flexible Payment Options. Borrowers can make payments using various methods such as Interac e-Transfers and other payment methods, making it convenient to manage repayments.
  • Transparent Costs. CreditMatik discloses all costs involved upfront, including borrowing fees, re-borrowing fees, maintenance fees, and other fees, ensuring borrowers are aware of the financial implications before taking out a loan.
  • No Credit Checks. Unlike traditional lenders, CreditMatik does not conduct credit checks or require a minimum credit score for approval, making it accessible to individuals with lower credit scores or limited credit history.

Pros and cons

Pros

Quick Access to Funds. The money you apply for can be added to your bank account the same day you apply for it, providing immediate financial relief during emergencies.

No Credit Check. CreditMatik does not check your credit score during the application process, making it accessible to individuals with poor credit history or limited credit.

No Collateral. There's no need to hand over any of your assets (such as your car or home) as collateral, reducing the risk of losing valuable possessions if you're unable to repay the loan on time.

Cons

Membership Fee. Each week until your debt is paid off, CreditMatik requires you to pay a $24.20 weekly membership fee in addition to your regular payments, which can add up to significant costs over time.

High Interest. The interest rate for CreditMatik loans is 18,99%, making it an expensive borrowing option compared to traditional lenders or credit unions.

Small Loans Only. The maximum amount you can borrow from CreditMatik is $1,500, limiting the available funds for larger financial needs or expenses.

Reliability

CreditMatik appears to be a registered enterprise in Quebec with a legitimate address in Saint-Hubert, Quebec (registered under the number 1176718337). Additionally, it offers a means of contact through an automated phone system that connects callers to real people after a short wait. However, it's worth noting that CreditMatik has virtually no presence on social media and does not appear in the Better Business Bureau database.

How to apply for a CreditMatik loan?

  1. Visit the CreditMatik Website. Navigate to the official website of CreditMatik using your preferred web browser.

  2. Click on "Apply for Your Credit". Locate the "Apply for Your Credit" button on the homepage or in the main menu and click on it to begin the application process.

  3. Review and Agree to Requirements. Take a moment to review the requirements for applying for a loan with CreditMatik. Ensure that you meet all eligibility criteria before proceeding. Once you've reviewed the requirements, click on the checkbox or button to indicate your agreement.

  4. Choose Your Desired Loan Amount. Select the amount you wish to borrow from the available options. CreditMatik typically offers short-term loans up to $1,500. Choose the amount that best suits your financial needs.

  5. Fill Out Personal Information. Complete the application form by providing your personal details accurately. This includes your name, phone number, email address, and postal address. Ensure that all details are accurate and up-to-date.

  6. Confirm Details and Proceed. Double-check all the information you've entered to ensure its accuracy. It's crucial to provide correct details to avoid any delays or issues with your application. Once you've verified everything, click on the "Next" button to proceed to the next step.

  7. Submit Your Application. After reviewing your information and ensuring its accuracy, submit your loan application by following the prompts on the screen. Depending on the platform, you may need to review the terms and conditions before finalizing your submission.

Conditions

  • NSF Fees. If any cheques or pre-authorized payments bounce, CreditMatik will charge an NSF fee of $25. Additionally, your bank may also impose an NSF fee.
  • Payment Deferral Fees. In the event of a financial emergency requiring a payment deferral, CreditMatik will charge an administrative fee of $35.
  • Membership Fees. CreditMatik imposes a $24.20 weekly membership fee, which is added to your loan payments.
  • Interest. The annual percentage rate (APR) for loans with CreditMatik can reach as high as 18,99%.
  • Cash Advance Fee. If you require a cash advance, CreditMatik will charge a cash advance fee of $75.
  • Loan Amounts. You can borrow $500, $750, $1,000, $1,250, or $1,500.
  • Terms. Loan terms range from 3 to 6 months.

Requirements

  • Age Requirement. You must be at least 18 years of age to qualify for a CreditMatik loan.
  • Residency. Applicants must be residents of Quebec to be eligible for CreditMatik loans.
  • Employment. You must have been employed for at least 3 months prior to applying for the loan.
  • Income Source. Your income must be directly deposited into your personal bank account.
  • Canadian Bank Account. Applicants must possess a Canadian bank account in their name.
  • Bankruptcy Status. You must not be currently serving a bankruptcy to be eligible for CreditMatik loans.
  • Minimum Income. Applicants must have a monthly income of at least $1,500 to qualify for CreditMatik loans.
  • Contact Information. You must provide a working telephone number that CreditMatik can use to contact you.

Ways to receive the money

  • Quick Approval Process. CreditMatik aims to approve your loan within an hour if you meet the necessary requirements.
  • Contacting CreditMatik. You can easily reach CreditMatik through an automated phone number that efficiently directs you to real people after a short wait.
  • Direct Deposit or e-Transfers. In most cases, you'll receive the funds you requested via direct deposit or e-Transfers. This means that once your loan is approved, CreditMatik will transfer the borrowed amount directly to your bank account or provide it to you through e-Transfers.
  • Same-Day Availability. The process is designed to be fast and convenient. Therefore, you can expect to receive the funds the same day you apply in many cases. This allows you to quickly access the financial assistance you need without delays.

Products

CreditMatik offers a range of financial products tailored to meet the diverse needs of its customers. One of the primary products offered by CreditMatik is short-term loans. These loans typically range from $250 to $1,250, providing borrowers with flexibility in choosing an amount that suits their financial requirements.

Reasons you may be denied a CreditMatik loan

  • Insufficient Income. CreditMatik may deny a loan if the applicant's income is deemed insufficient to meet the repayment requirements, especially if the minimum monthly income threshold is not met.
  • Bounced Cheques. Applicants who have a history of bounced cheques or insufficient funds in their bank accounts may be denied a loan due to concerns about their ability to manage finances responsibly.
  • Incomplete Documentation. Failure to provide complete and accurate documentation, such as bank statements or transactional data, may result in the denial of a CreditMatik loan application.
  • High Debt-to-Income Ratio. CreditMatik may deny a loan if the applicant's debt-to-income ratio is too high, indicating that they may struggle to make timely payments on additional debt.
  • Recent Bankruptcy. Applicants who have recently filed for bankruptcy may be denied a CreditMatik loan due to the heightened risk associated with lending to individuals undergoing bankruptcy proceedings.

How to repay a CreditMatik loan

  1. Monitor Loan Details Online. Utilize CreditMatik's user-friendly website to access information about your payday loan, including the remaining balance, repayment method, and upcoming payment schedule. Regularly check your loan details to stay informed about your repayment obligations.

  2. Request Payment Delay. If you anticipate difficulty in making a repayment, you can request a payment delay from CreditMatik. Notify CreditMatik at least 72 hours before the scheduled repayment date to request a deferral. Keep in mind that if a deferral is granted, you may incur an administration fee ranging from $10 to $35.

  3. Communicate Early for Assistance. If you foresee missing a payment, contact CreditMatik as soon as possible. CreditMatik may evaluate your situation and offer a new repayment plan to accommodate your circumstances. Failure to communicate and adhere to repayment terms may result in the demand for immediate repayment of the entire loan amount, along with interest and fees. Additionally, non-compliance may lead to the transfer of your account to a collection agency, potentially impacting your credit score negatively.

  4. Take Advantage of Open Credit Loan. CreditMatik offers an open credit loan, allowing flexibility in repayment without a predefined timeframe. While CreditMatik suggests a repayment period of 3 to 6 months, there is no penalty for repaying the loan earlier. Aim to repay the loan sooner to minimize costs and effectively manage your finances.

Editorial opinion

CreditMatik, as an alternative lender, offers a range of financial services, including payday loans and personal loans, catering to individuals with varying credit profiles, including those with bad credit. While the convenience of services like Interac e-Transfers for transactions is noteworthy, potential borrowers should be aware of the associated costs, such as CreditMatik charges and carry forward fees. Additionally, the transparency regarding interest rates, annual percentage rate (APR), and minimum payment requirements should be carefully reviewed by customers. As with any financial decision, individuals considering CreditMatik loans should conduct thorough research, including reviewing credit reports and understanding the terms and conditions, to make informed choices aligning with their financial goals and circumstances.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

Sources

FAQ

What is CreditMatik?

CreditMatik is an alternative lender that offers personal loans, providing financial solutions to individuals in need of quick access to funds.

How quickly the funds can be received?

The funds from CreditMatik can typically be received swiftly, often on the same day of application, offering convenient and timely financial assistance.

How do you qualify for CreditMatik?

To qualify for CreditMatik, individuals must meet certain criteria, including having a valid credit report, being eligible for CreditMatik loans, and completing the application process, which may involve simply filling out forms and electronically signing agreements.

How much can you borrow from CreditMatik?

CreditMatik offers varying loan amounts, typically ranging from $500 to $1,500, depending on the specific needs and financial circumstances of the borrower.

Is CreditMatik a legitimate company?

Yes, CreditMatik is a legitimate company, providing transparent services and adhering to regulatory standards in the financial industry, ensuring trust and reliability for its customers.

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© CreditMatik
Financial products
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
500.00 – 1500.00 C$
Rate
i

Effective interest rate on the product

to 18.99 %
Term
i

Loan term for the financial product

3 months – 6 months
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