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.

Focus Financial Review

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About lender

Focus Financial, a Canadian-owned and operated business based in Vancouver, British Columbia, has been providing convenient loan services to Canadians since 2008. With a focus on helping individuals in emergency situations, Focus Financial offers cash loans through a quick online application process. Their goal is to assist hardworking Canadians with financial assistance, offering services such as online payday loans and instant banking verification. Through their customer service today, which includes friendly customer service representatives, they strive to provide a personalized approach to meet the needs of their customers.

Focus Financial

Features

  • Online Payday Loans. Focus Financial specializes in offering online payday loans, allowing customers to access quick cash when needed.
  • Quick Approval. With a streamlined online payday loan application process, Focus Financial ensures extremely fast service, offering quick approval to help customers in emergency situations.
  • Many Types of Income Accepted. Understanding the diverse financial situations of their customers, Focus Financial accepts various types of income, including private pension workers compensation, private disability, child tax, and other sources of income, making it easier for individuals with different financial backgrounds to qualify for a loan.
  • Trusted Lender. With a track record of helping Canadians over the years, Focus Financial has become a trusted lender in the industry, providing friendly customer service and personalized assistance to their customers.

Pros and cons

Pros

Easy Online Application. Focus Financial offers a convenient loan service with an easy online application process. As an online-only lender, borrowers can apply from anywhere with an internet connection.

Fast Approval and Funding. After submitting an application, borrowers can receive a decision within 30 minutes during business hours. Upon approval, funds can be received within 30 minutes, providing quick access to cash when needed.

Accessibility for Bad Credit. Focus Financial payday loans are available to anyone, regardless of their credit history. There are no credit checks involved; instead, the emphasis is on the applicant's monthly income and ability to repay the loan. However, applicants must not have declared bankruptcy in the past year.

Cons

Steep Interest Rates. Focus Financial charges high interest rates, with borrowers in provinces like AB, BC, and ON paying up to $15 for every $100 borrowed. Payday loans generally come with high annual percentage rates (APRs), reaching as high as 400%, significantly increasing the true cost of short-term financing.

Short Repayment Terms. Payday loans offered by Focus Financial have short repayment terms, typically requiring repayment by the next payday. Terms are capped at 62 days, necessitating careful consideration to ensure borrowers can comfortably cover payments with their next paycheque before applying.

Limited Availability. Focus Financial's services are not available nationwide. The company is licensed as a payday lender only in AB, BC, and ON, limiting access for individuals residing in other provinces.

Reliability

Focus Financial is considered reliable for several reasons. Established in 2008, it operates as a publicly registered organization in AB, BC, and ON, providing a level of accountability and transparency to its customers. The company offers customer service six days a week and maintains an active presence on social media platforms like Facebook, Twitter, YouTube, and LinkedIn, enhancing accessibility and communication with its customers.

Furthermore, Focus Financial demonstrates its reliability by prominently displaying its payday licenses in each province where it operates, along with associated fees, APRs, and repayment terms. This commitment to transparency extends to the application process, where the full cost of the payday loan is disclosed upfront, ensuring customers are fully informed before proceeding. 

How to apply for a Focus Financial loan

  1. Navigate to the Website. Open your web browser and head to the Focus Financial website. Once there, locate and click on the "Apply Now" button prominently displayed on the homepage.

  2. Select Your Province. On the application page, you'll be prompted to select the province where you reside. Focus Financial will then display its payday license and relevant payday loan regulations specific to your province. Click "Continue" to proceed with your application.

  3. Provide Personal Information. Fill out the required fields with your full name, email address, home address, phone number, and date of birth. Additionally, specify the amount you'd like to borrow, up to a maximum of $1,500.

  4. Income Details. Indicate your income type, such as employment, CPP, EI, WCB, or private disability insurance.

  5. Residential Information. Specify whether you rent or own your home and provide the duration of your residency at the current address.

  6. Employment Information. Enter details about your employment, including the name of your employer, employment type, job title, duration of employment, frequency of pay, and method of payment (direct deposit or paper cheques). You'll also need to provide specific pay dates, which will be used to determine your loan repayment due dates.

  7. Electronic Signature. Electronically sign and date your application to certify its accuracy and completeness.

  8. Banking Details. Enter your banking information, including the name of your bank, branch number, and account number. This information is necessary for depositing the approved loan amount into your account.

  9. Review and Submit. Take a moment to review all the information you've provided for accuracy and completeness. Once satisfied, click on the "Submit" button to send your application to Focus Financial. The company states that if you apply during business hours, you should receive a response within 30 minutes.

Conditions

  • APR. The Annual Percentage Rate (APR) for Focus Financial loans can be significant. Borrowers may expect to pay up to $15 for every $100 borrowed, which translates to a high APR.
  • Loan Amount. Focus Financial offers loans ranging from $100 to $1,500. The specific amount approved depends on factors such as the borrower's income and ability to repay the loan.
  • Loan Term. The repayment term for Focus Financial loans is up to 62 days. Borrowers are required to repay the loan by their next payday, with terms capped at 62 days.

Requirements

  • Employment or Income Source. Applicants must be currently employed or receiving income from sources such as CPP, Private Pension, EI, WCB, CTC, or Non-Government Disability benefits.
  • Active Chequing Account. Applicants must have an active chequing account that has been open for at least three months, with their income directly deposited into that account.
  • Age Requirement. Applicants must be at least 19 years old to qualify for a Focus Financial loan.
  • Minimum Net Income. The applicant's net income must be at least $1,200 per month to be eligible for a Focus Financial loan.
  • Contact Information. Applicants must provide a telephone number where they can be reached for further communication regarding their loan application.

Ways to Receive the Money

You will receive the borrowed amount from Focus Financial through email money transfer. After your loan application is approved, which typically takes around 30 minutes, the funds will be sent to you via email money transfer. This method ensures quick and convenient access to the approved loan amount, allowing you to address your financial needs promptly.

Products

The products offered by Focus Financial include payday loans up to $1,500. These loans are designed to provide individuals with quick access to cash to address their short-term financial needs.

Reasons you may be denied a Focus Financial loan

  • Bank Account. If you do not have an active bank account, which is a requirement for receiving funds through instant Interac e-transfers, your application may not be approved.
  • Other Lenders. If you have outstanding loans from other lenders or have recently applied for multiple loans, it may raise concerns about your ability to manage additional debt, leading to a denial.
  • Banking Issues. If there are issues with your bank account, such as incorrect or incomplete information provided, it may result in a denial of your loan application.
  • Insufficient Income. If your monthly income does not meet the minimum requirement set by Focus Financial, your application may be denied.
  • Previous Application Denial. If you have previously been denied a loan by Focus Financial, it may affect your chances of approval for subsequent applications.

How to repay a Focus Financial loan

  1. Determine Repayment Schedule. Plan to repay the loan on your next payday or in installments over the next 2 to 4 paydays, depending on your province of residence.

  2. Arrange Payment Method. Ensure you have the necessary funds available in your bank account on the scheduled repayment dates.

  3. Automatic Withdrawal. Opt for automatic withdrawal from your bank account to ensure timely repayment of the loan amount.

  4. Keep Track of Payments. Monitor your bank account to confirm that the loan repayment amount has been deducted as scheduled.

  5. Contact Customer Service. If you encounter any issues or have questions about the repayment process, reach out to Focus Financial's customer service team for assistance.

Editorial opinion

In today's dynamic financial landscape, companies like Focus Financial provide a valuable service by offering accessible and convenient loan options through their free mobile loan app. While their no credit check loans cater to individuals with varying credit backgrounds, transparency regarding hidden fees is crucial to fostering trust with customers. Focus Financial's commitment to a completely digitized process ensures efficiency and convenience for borrowers, though the necessity to run credit checks may be a deterrent for some. Overall, Focus Financial's presence in the finance sector presents a viable option for individuals seeking financial assistance, provided they carefully consider the terms and conditions of their loans before proceeding with a deal.

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 Focus Financial?

Focus Financial is a Canadian company that offers payday loans and other financial services to individuals in need of short-term cash assistance.

How quickly the funds can be received?

Funds from Focus Financial can typically be received within 30 minutes of loan approval, providing quick access to cash when needed.

How do you qualify for Focus Financial?

To qualify for a loan from Focus Financial, applicants typically need to have a steady source of income, an active bank account, and meet other eligibility criteria such as age requirements and residency.

How much can you borrow from Focus Financial?

The amount you can borrow from Focus Financial ranges from $100 to $1,500, depending on factors such as your income and creditworthiness.

Is Focus Financial a legitimate company?

Yes, Focus Financial is a legitimate company that operates within the regulations of the provinces it serves.

Company documents

Terms of use
Privacy Policy

We offer innovative and revolutionary loan approval process that is done completely online. We understand the sense of urgency our customers feel when applying for a payday loan. Focus Financial has streamlined the application & approval process by digitizing it and eliminating all the paperwork.

© Focus Financial Inc.
Financial products
Focus Financial
Payday 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-$1,500
Rate
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Effective interest rate on the product

up to 59%
Term
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Loan term for the financial product

up to 14 days
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$500-$15,000
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Effective interest rate on the product

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Rating by Finanso®
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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.

Recommended FinScore™
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