Lender
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Credito Review

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About lender

Credito, an online credit brokerage based in Canada, provides a convenient platform for individuals in need of short-term loans. With Credito, customers can access quick and easy financial solutions, with loans available for amounts up to $850. The application process is streamlined and accessible, allowing users to apply online from the comfort of their own homes. Once the application is submitted, Credito works efficiently to process the request, often providing approval within a short timeframe. Upon approval, funds can be disbursed in as little as 24 hours, ensuring that customers receive the financial assistance they need without delay. This online platform offers a hassle-free way to access credit, making it a popular choice for those facing unexpected expenses or financial emergencies. With Credito, individuals can stay on top of their bills and payments, ensuring that their financial obligations are met in a timely manner.

Сredito

Features

  • No Credit Check. Credito offers loans without requiring a credit check, making it accessible to individuals with varying credit histories.
  • Quick Application Process. Users can complete the online application form in just 5 minutes, providing a fast and convenient experience.
  • Same-Day Funding. Approved applicants can receive their funds on the same day they apply, ensuring prompt access to financial assistance.
  • Flexible Repayment Terms. Credito allows borrowers to repay their loans over a period of 90 to 120 days, providing flexibility to meet their financial needs.

Pros and cons

Pros

No Credit Checks. Credito's policy of not conducting credit checks makes it accessible to individuals with varying credit histories, providing an opportunity for those who may not qualify for traditional loans.

Same-Day Funding Available. Approved applicants can receive their funds on the same day they apply, offering prompt access to financial assistance during emergencies or urgent situations.

Easy Online Application Process. Credito's streamlined online application process allows users to apply conveniently from their homes or on the go, saving time and effort.

Cons

High Brokerage Fees. Credito charges relatively high brokerage fees, which may increase the overall cost of borrowing for customers.

APR of 22%. The Annual Percentage Rate (APR) of 22% may be considered high compared to other lending options, potentially resulting in significant interest charges over the loan term.

Maximum Loan Amount of $850. While Credito offers loans of up to $850, this maximum amount may not meet the financial needs of all applicants, limiting its suitability for larger expenses or projects.

Reliability

Based on the information provided, Credito appears to be reliable. The fact that it has received more than 1,000 reviews on Trustpilot, with the majority being positive, suggests that many customers have had satisfactory experiences with the service. Additionally, the listing of an office address in Vancouver, which is confirmed to be a legitimate business center with office space and virtual addresses for rent according to a Google search, adds to the credibility of Credito. However, it's always a good idea for individuals to conduct their own research and due diligence before engaging with any financial service to ensure it meets their specific needs and standards of reliability.

How to apply for a Credito loan

  1. Go to the Website. Visit the Credito website using your preferred web browser.

  2. Click On "Loan Request". Look for the option to request a loan on the website's homepage or navigation menu.

  3. Enter Your Personal Info. Provide your personal information as requested, including your full name, date of birth, address, phone number, and email address.

  4. Enter Your Residential Info. Input details about your current residential address, including any apartment or unit number, city, province, and postal code.

  5. Enter Your Revenue Info. Provide information about your income, including your employment status, monthly income, and any additional sources of revenue you may have.

  6. Enter Your Safety Contact. Provide the contact information for a safety contact, such as a family member or close friend, who can be reached in case of emergency.

  7. Click "Claim Your Cash". Once you have entered all the required information, review it carefully to ensure accuracy. Then, click on the option to claim your cash or submit your loan application.

Conditions

  • Repayment Period. Borrowers are required to repay their loans within a period of 90 to 120 days, providing flexibility in managing their repayment schedule.
  • Loan Amount. Credito offers short-term loans ranging from $500 to $850, allowing borrowers to access varying amounts based on their financial needs.
  • Penalty Charge. At the end of the loan contract, a $40 penalty will be charged, which borrowers should be aware of when considering their repayment options.
  • Annual Percentage Rate (APR). Credito.ca collaborates with loan companies offering an APR of 22%, indicating the annual cost of borrowing including fees and interest rates.
  • Payment Arrangements. Borrowers have the option to make arrangements with Credito to delay any payment, subject to a $25 fee. This feature provides flexibility for individuals facing temporary financial challenges.

Requirements

  • Age Requirement. Applicants must be at least 18 years old to qualify for a Credito loan.
  • Financial Status. Applicants should not be considering bankruptcy or entering into a consumer proposal at the time of application.
  • Canadian Bank Account. Applicants must have an active Canadian bank account that has been active for at least 3 months. This account should receive direct deposits from their employer.
  • Low Short-Term Debt Ratio. Applicants should have a minimal amount of other active short-term or payday loans to qualify for a Credito loan.
  • Stable Employment. Applicants must have a stable job that they have held for at least 3 months. Additionally, they should have a monthly income of at least $1,200 received by direct deposit from their employer.
  • Canadian Citizenship and Residency. Applicants must be Canadian citizens residing in one of the following provinces or territories: Ontario, Prince Edward Island, British Columbia, Alberta, New Brunswick, Nova Scotia, Newfoundland and Labrador, Nunavut, Northwest Territories, or Yukon.
  • Non-Sufficient Fund Transactions. Applicants should have few or no non-sufficient fund transactions in their bank account history.

Ways to receive the money

When your loan request is approved before 2:30 P.M. EST, Credito will deposit the funds into your account before the end of the day. This ensures that you can access the borrowed amount promptly and address your financial needs without delay. If your loan approval occurs after 2:30 P.M. EST, you will still receive your loan, but it may take up to 24 business hours for the funds to be deposited into your account. Despite the slight delay, Credito ensures that borrowers can access their funds in a timely manner to meet their financial obligations or address emergencies.

Products

Credito provides access to short-term loans with amounts ranging up to $850. These loans are designed to address immediate financial needs or unexpected expenses that individuals may encounter. By connecting borrowers with lenders through its platform, Credito offers a convenient and efficient way for individuals to access the financial assistance they need without undergoing extensive credit checks or lengthy application processes.

Reasons you may be denied a Credito loan

  • Identity Verification. If there are discrepancies or issues with verifying the applicant's identity, Credito may deny the loan application to prevent fraud or identity theft.
  • Eligibility Criteria. Not meeting the eligibility criteria set by Credito, such as age requirements, income thresholds, or residency status, can result in loan denial.
  • Insufficient Income. Applicants may be denied a loan if their income is deemed insufficient to repay the loan amount within the specified timeframe.
  • Existing Debt. Having a high level of existing debt or a poor debt-to-income ratio may indicate financial instability and lead to loan denial.
  • Employment Status. Unstable employment history or lack of steady income may raise concerns about the applicant's ability to repay the loan, resulting in denial.

How to repay a Credito loan

  1. Determine Repayment Period. Depending on the amount borrowed, you will have either 90 days (for loans of $500 or $600) or 120 days (for loans of $700 to $850) to repay the loan in full. It's important to be aware of your repayment period to avoid late fees or penalties.

  2. Make Regular Payments. Make regular payments according to the agreed-upon schedule to ensure that you repay the loan within the specified timeframe. These payments can be made either through pre-authorized payment from your bank account or by manually submitting payments through other methods.

  3. Contact Customer Service for Faster Repayment. If you wish to pay off your loan faster by increasing the size of your payments or making a single payment, you must contact Credito's customer service department. They will provide you with guidance on how to proceed with accelerating your repayment and may assist you in adjusting your repayment plan accordingly.

Editorial opinion

Credito offers a straightforward solution for individuals seeking short-term financial assistance, especially those with eligibility concerns due to their credit report. Its online platform streamlines the application process, providing an example of modern financial services at work. While it can serve as an answer to immediate monetary needs, customers must protect their accounts and ensure responsible borrowing. It's crucial to confirm all terms and conditions before signing up to avoid any worry later on. By redeeming its offer efficiently, Credito can cover a gap in the market for small, open, and accessible loans. However, like any financial service, individuals should consider their own situation carefully, ask questions, and make informed decisions about borrowing from Credito.

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

  • Credito Customer Reviews

Sources

FAQ

What is Credito?

Credito is a legitimate financial company offering short-term loans to eligible individuals.

How quickly the funds can be received?

Funds from Credito can be received quickly, often within the same day if approved before the cutoff time.

How do you qualify for Credito?

To qualify for Credito, individuals need to meet eligibility criteria, including having a stable income, being of legal age, and residing in supported regions.

How much can you borrow from Credito?

The amount that can be borrowed from Credito varies, but it typically ranges from a few hundred to several hundred dollars, depending on eligibility and other factors.

Is Credito a legitimate company?

Yes, Credito is a legitimate company providing financial services to eligible customers.

Company documents

Legal Notice

Getting a same day loan in Canada has never been easier.

© Credito.ca
Financial products
Credito
Personal 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 - $850
Rate
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Effective interest rate on the product

22% APR
Term
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Loan term for the financial product

90 to 120 days
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