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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.

Export Development Canada's pay off

Finanso.Multilogin™

Repayment of loan

Types of repayment, supported repayment forms, etc., should be inquired directly with EDC. If the guarantee is utilized, you will need to clarify these details with your immediate lender, who has used the EDC guarantee as an additional guarantee that the loan will be adequately serviced and repaid.

Conditions of loan extension

Loan and renewal terms must be obtained from EDC in all cases.

Note: All lenders support negotiations before the collection process, and there is a way to find a solution if the borrower is cooperative.

Early payoff

For more information on the repayment process, contact EDC. As a rule, lenders allow early repayment in accordance with general practice.

FAQ

How do I make payment to EDC?

The account information and repayment procedure must be specified in the loan agreement. In addition, this information can be provided by EDC staff before the documents are signed.

What happens if you don't pay back to EDC?

The loan obligation must be fulfilled; otherwise, the borrower will face legal consequences and collection.

Can you pay EDC early?

In accordance with standard lending practice, it is usually possible to make an early repayment. However, the exact procedure must be requested from EDC.

Can EDC sue you?

EDC may use legally permissible methods to collect debts from its borrowers.

What to pay attention to when applying for a loan from Export Development Canada

  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 Export Development Canada 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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