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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 Matik

Finanso.Multilogin™

About the Company

Credit Matik is a registered enterprise in Quebec (1176718337) with an address in Saint-Hubert, Quebec. CreditMatik offers personal loans ranging from $250 to $1500. The website is registered under CA's top-level domain and belongs to AMAZON Inc., US.

Credit Matik is a completely safe, dependable, and trustworthy lender. With its rapid approval, you can borrow money online with its rapid approval and without worrying about your past credit history. Credit Matik 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 Credit Matik 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.

Features

You can submit an application for between $250 and $1,500 by filling out a short online application. After that, your funds would be sent directly to your bank account. Credit Matik, as previously stated, offers short-term loans ranging from $250 to $1,250. These loans do not have a predetermined repayment period, so you are not obligated to pay back your loan by a certain date, as is the case with many payday loans. All you have to do now is set up a payback schedule that you believe you can afford and stick to it.

When a lender, bank, or service provider has to investigate your financial history, they do a credit check. It gives them access to information about your current and previous credit, payment habits, and loan kinds so they can estimate your borrowing risk. One of the best things about a CreditMatik loan is that you won't have to worry about a credit check or putting up any type of collateral. These loans also offer low interest rates of roughly 22%, which are equivalent to credit card rates.

Advantages

Credit Matik loans come with a variety of advantages that you can start taking use of right away:

  • Simple Application: Credit Matik allows you to apply for a payday loan in a matter of minutes.

  • Quick Approval: You'll be approved for the loan right away, and your hard-earned money will be deposited the same day you start working.

  • Low-Interest Rates: Credit Matik loans feature low-interest rates. Compared to traditional payday advances, which have APRs as high as 300 percent, Credit Matik loans have APRs as low as 22 percent.

  • Terms flexibility: You will not be required to return your loan on a specified date in order for your repayments to fit into your budget.

  • No Collateral: There is no requirement to pay off all of your assets if you are unable to repay your loan on time (such as your car or home).

  • Negative credit is not a difference: you'll be able to receive that loan even if your have a bad credit score.

Credit checks will be performed by traditional financial organizations such as banks to determine your creditworthiness. TransUnion or Equifax, for example, may research your credit history and determine a score based on your capacity to repay a financial product. This will determine your credit score. Your capacity to borrow money online is harmed by a poor credit rating, and banks may refuse you a loan. A credit score of less than 560 is usually considered terrible. Credit Matik will provide you with a personal payday loan, whether you have good or terrible credit! Credit Matik understands how certain setbacks can affect your personal finances. Credit Matik helps you get back on your feet in cases of financial emergency by providing personal cash advances without criticizing your credit score. You will be accepted based on your ability to repay the loan, which will be determined by reasonable and doable criteria.

Campaigns and Special Offers

Credit Matik offers a variable rate loan. This means you can pay off your personal loan whenever you want, whether it's in a year or three. A variable rate loan is one in which the interest rate fluctuates in response to changes in market interest rates. Unlike a fixed-rate loan, where borrowers pay a fixed interest rate, a variable rate loan has variable monthly payments that fluctuate with market interest rates.

A variable rate loan is advantageous to the borrower because variable rate loans frequently have lower interest rates than fixed-rate loans. Typically, the interest rate is lower at the start of the loan, and it may adjust over the length of the loan term. A fixed-rate loan, on the other hand, is more appealing than a variable loan during periods of constantly fluctuating interest rates. In such circumstances, fixed-rate loans have an interest rate that remains constant throughout the loan's term. From the lender’s perspective, a variable rate loan is more valuable than a fixed-rate credit. Lenders can raise the interest rate to reflect market movements, however the interest payable on a fixed rate loan remains constant regardless of market fluctuations.

Loan Terms

CreditMatik provides a loan with flexible terms. This means you can pay off your personal loan whenever you want, whether it's in a year or three. Remember that you must make a minimum payment (which includes a $20 weekly subscription price) on each payday.

Payday Loan Terms

Payday loans from Credit Matik are available in amounts from $100 to $1,500. The terms for these loans are 1-62 days, and the interest rate is APR 15-27%. These loans are intended for short-term financial needs, and as such, should be repaid as soon as possible to avoid accruing additional interest charges. Borrowers who need longer terms or larger loan amounts may want to consider other options.

APR Details

Assuming you borrow $1,000 from CreditMatik with an APR of 15% to pay off in 2 months, your monthly payments would be $500. In total, you would end up paying $50 in interest. If you took out the same loan with an APR of 27%, your monthly payments would be $566 and you would pay $116 in interest.

Installment Loan Terms

Installment loans from CreditMatik have terms of 6-12 months, but early repayment does not result in any penalty. The interest rate on an installment loan is 18-32% and is available in amounts from $1,000 to $15,000. You can use installment loans for a variety of purposes, including consolidating debt, paying for large purchases, or funding home improvement projects.

APR Details

Assuming you borrow $10,000 with an APR of 18% to pay off in a year, your monthly payments would be $900. In total, you would end up paying $1,200 in interest. If you took out the same loan with an APR of 32%, your monthly payments would be $1,100 and you would pay $2,400 in interest.

CreditMatik does not require you to provide your credit score or any other documentation. Thanks to their fast bank verification technology, they can verify and approve you for a loan in minutes. CreditMatik can help you receive the money you need immediately into your bank account, whether you need to cover an unexpected bill in times of financial emergency or make an abrupt purchase.

Methods of Loan Granting

CreditMatik can approve your loan within an hour if you meet the requirements. You can contact Credit Matik through an automated phone number that directs you to real people after a short time. Credit Matik has virtually no presence on social media. In most cases, you'll receive the funds you requested via direct deposit or e-Transfers the same day you apply. Simply follow the steps below if you believe you meet all of the eligibility conditions and are ready to start your loan application:

1. Fill out the online application with personal information such your name, current email address, proof of identification, and relevant papers.

2. Examine the application before submitting it.

3. If you match the eligibility requirements, you should be confirmed and the terms of your loan should be negotiated.

Requirements For an Applicant

Getting a loan with Credit Matik is easy and simple. Because they welcome people with all forms of credit history, there is no credit check. To qualify for Credit Matik, you merely need to meet the following criteria:

  • To qualify, you must be at least 18 years old.

  • You must be a resident of Quebec.

  • You must have worked for at least three months before applying for the loan.

  • Your earnings must be directly deposited into your account.

  • In Canada, you must have a bank account.

  • You cannot be in the midst of a bankruptcy proceeding at this time.

  • A minimum monthly salary of $1,200 is required.

  • A working contact details where you can be reached.

FAQ

Qualifying With Credit Matik

Credit Matik does not run credit check, which makes it rather easy to get a loan. You just need to meet the following criteria:

  • Be a Quebec resident:
  • Be at least 18 years old;
  • Have been employed for at least three months;
  • Have a bank account in Canada;
  • Earnings must be transferred to your own bank account;
  • Minimum monthly income of $1,200 is required;
  • You must not currently be in the bankruptcy process.
  • Have a working phone number so the lender can contact you.

In case you qualify, Credit Matik may approve a loan within one hour after applying.

What Are The Costs Involved In Getting a Loan with Credit Matik? 

It can be rather complicated to figure out the loan cost. If you are going to take a loan with Credit Matik, you should consider several costs.

NSF Fee: any pre-authorized payments or bounced cheques will cost you a $25 NSF fee. Your bank will charge an NSF fee too.
Payment Delay Fees: in case of requiring a payment deferral due to a financial emergency, you will be charged an administrative fee of $35.
Membership Fee: a $20 weekly membership fee is charged, and it is added to your loan instalments. The fee is equal to $80 a month.
Interest: the annual percentage rate (APR) for a loan with Credit Matik can be as high as 22%.
Cash Advance Fee: if you need a cash advance, a fee of $75 will be charged.

Credit Matik can levy administrative costs, re-borrowing fees, carry-forward fees, maintenance fees, or any other fees related to the loan. The exact figures are not available and are subject to change.

Who would benefit from choosing Credit Matik?

Loan amounts provided by Credit Matik are the same as of other lenders. But Credit Matik issues loans with a lower interest rate and for a longer period. One more feature is the absence of credit check.

How do I ask for a payment deferral? 

You must notify Credit Matik at least 72 working hours prior to the scheduled withdrawal date. If the deferral is approved, an administration fee of $10–35 will be charged.

What if I miss a payment? 

If you know that you will miss a payment, you need to contact with Credit Matik as soon as possible. The lender will assess your situation and prepare the new repayment schedule.

In case the agreement is not be reached, Credit Matik can claim for repaying the entire loan amount including interest and other fees immediately. The company also has the right to sell your account to a collection agency, which might be detrimental to the credit score. 

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© CreditMatik

Financial products

Credit Matik
Variable credit
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.

500$ - 1500$
Rate
i

Effective interest rate on the product

between 130% and 250%
Term
i

Loan term for the financial product

up to 6 month

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Credit Matik loans calculator

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

Credit Matik calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 07.07.2022
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What to pay attention to when applying for a loan from Credit Matik

  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 Matik 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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