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Lender
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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.

DMO Credit

Finanso.Multilogin™

About lender

DMO Credit is a loan broker specializing in cash loans with private, trusted lenders in Canada. It provides small loans between $300 and $1,000 for a short period – from 3 to 4 months. The company was founded in 2011 in Quebec, and now they are one of the biggest micro-loan companies in Canada, with over 40,000 clients. Its mission is to simplify people’s lives by conceding micro-loans. It is possible to fill out the application form directly on their website. The whole process of the loan approval is online, so the customer has no need to go to their office, and usually, it takes less than 30 minutes. It means that the client will receive money on the same day. Also, the company promises 100% security of the loan application as they use IBV, which provides the complete privacy of personal information. However, they have a pretty high APR. The clients can pay the loans off weekly, bimonthly, monthly, or even daily.

DMO Credit provides micro-loans, payday, short-term, emergency, same-day, and express loans.

Features

The most significant feature of DMO Credit is that it is a broker that provides micro-loans ($300 - $1,000) for a short period - 90 days up to 16 weeks - from trusted Canadian lenders. They have a simple application form on their website, which can be filled out within 5 minutes and money transferred within 30 minutes.

However, they can charge NSF fees, and also, if the customer cannot repay the loan, their file will be transferred to a collection agency, affecting the customer's credit score.

Also, DMO Credit doesn’t provide loans to people with unstable work and self-employed.

The APR varies between 28% and 38%.

Pros and cons

Pros

The company provides various options of micro-loans, which would be suitable for people who need money immediately;

  • The loan conditions are not strict;

  • DMO Credit lets their customers choose the repayment period: weekly, bimonthly, monthly, or even day after day;

  • The whole process of applying for the loan is 100% online and takes less than 30 minutes;

  • A client applies for the loan and receives money on the same day;

  • The company promises total security of the personal information;

  • The website of DMO Credit is very well crafted and contains enough necessary information;

  • The client can repay the loan before the end of the repayment period;

  • The client can renew their loan, and the process of renewal is faster than applying for the first time;

  • It is possible to apply for a new loan before the end of an outstanding loan;

  • The client may be used if they are paid by direct deposit or by cheque;

  • DMO Credit operates all across Canada;

  • The possibility to apply with Instant Bank Verification;

  • DMO Credit works only with trusted lenders.

Cons

  • The APR is pretty high and varies from 28% to 38%;

  • If the customer is not able to repay the loan anymore, their file will be transferred to the collection agency, which will affect customers credit score;

  • The company may charge a fee due to the cancellation of the payment by the bank;

  • DMO Credit doesn’t provide loans to people with an unstable work and self-employed ones;

  • It wouldn’t be suitable for people who need a long-term loan;

  • The range of the possible amount is relatively small, only from $300 to $1,000;

As we see, the company has some advantages and disadvantages. The approval of the loan is rapid and can be done online. Also, the company provides various micro-loans, and conditions are not strict. In addition, the application form is wholly secured, and clients’ private data is 100% safe.

However, the lender’s APR is very high, and the range of possible loan amounts is minimal: only $300 to $1,000. Also, people with unstable and self-employed loans can not borrow from DMO Credit.

Loan conditions

Loan conditions at DMO Credit are pretty straightforward. First, the customer must fill out the application form, which would take about 5 minutes, and then wait for the company’s decision. Usually, the process takes about 30 minutes, and the customer receives money on the same day. The client must be 18 years old or older and have stable employment for at least two months. In addition, they must have an active bank account and be paid by the deposit directly to the Canadian bank or by cheque.

If the consumer applies with IBV, they do not need to provide documents. However, if the customer decides not to use IBV, they will have to give the most recent pay stub, the most recent bank statements showing the last two paycheques, the valid photo ID, and the void cheque.

The customer will not be accepted to get the loan if they are not able to provide the requested documents or if they provide false data. Also, self-employed people and those with unstable work will not be approved for the loan. People with too many financial commitments or NSF payments on the bank account also will be denied to receive the loan.

Methods of loan funding

After completing the application form and receiving approval, the borrowed money will be transferred to the customer's bank account.

FAQ

What is DMO Credit?

DMO Credit is a company that provides small loans between $300 and $1,000 for a short period – 90 days up to 16 weeks - from Canadian trusted lenders. The APR varies from 28% to 38%.

Who owns DMO Credit?

DMO Credit is a division of Prêt Direct Net.

How do you qualify for DMO Credit?

The client must be 18 years old or older and have stable employment for at least two months. In addition, they must have an active bank account and be paid by the deposit directly to the Canadian bank or by cheque.

How much can you borrow from DMO Credit?

A client can borrow from $300 to $1,000.

Is it a legitimate company?

DMO Credit is a business registered with the Government of Quebec. The business address is 103-1150 Rue Lévis, Terrebonne, Quebec J6W 5S6. The incorporation date is 2011-12-05. According to the clients' reviews on the Internet, most of them are satisfied with its services.

Company documents

Privacy Policy
Rates

DMO Credit is your solution for fast no credit check payday loans! Quick, secure and reliable! We’re the #1 payday loans company in Canada.

© DMO Credit

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What to pay attention to when applying for a loan from DMO Credit

  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 DMO Credit 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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