About lender
Iceberg Finance is a cutting-edge fintech business that provides alternative financing solutions for individuals seeking car loans. Unlike traditional lenders, Iceberg Finance caters to customers with less-than-perfect credit scores, filling a crucial gap in the market. Their innovative approach enables access to financial resources for those who may not meet the stringent credit criteria of conventional lenders. By partnering with auto dealerships, Iceberg Finance facilitates the process of securing loans, offering a lifeline to individuals who may otherwise struggle to obtain vehicle financing. With their unique business model, Iceberg Finance is breaking new ground in the world of finance, bringing much-needed accessibility and flexibility to the lending landscape.
Features
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Car Loans and Personal Loans. Iceberg Finance provides both car loans and personal loans, addressing the varied financial needs of its customers.
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Three Financing Programs. Gold-Silver-Bronze. To accommodate different credit profiles, Iceberg Finance offers three distinct financing programs. Gold, Silver, and Bronze. Each program is tailored to meet the specific needs and credit situations of borrowers, providing flexibility and choice.
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Quick and Easy Approval Process. Recognizing the urgency often associated with financial matters, Iceberg Finance boasts a streamlined approval process. Borrowers can expect quick decisions, allowing them to access funds promptly and efficiently.
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Catering to Bad Credit Borrowers. One of Iceberg Finance's standout features is its commitment to serving individuals with bad credit. Unlike traditional lenders who may reject applicants with less-than-ideal credit scores, Iceberg Finance specializes in providing financial solutions to this underserved demographic.
Pros and cons
Pros
Cons
Reliability
Based in Quebec and registered as a business since 2011, Iceberg Finance has established itself within the financial sector. This longevity suggests a level of stability and adherence to regulatory standards.
Additionally, the fact that Iceberg Finance has received more than 73 Google reviews suggests that it has interacted with a significant number of customers. These reviews can provide insights into the experiences of past clients, helping potential customers assess the company's reliability and service quality.
How to apply for an Iceberg Finance loan
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Visit a Participating Car Dealership. Iceberg Finance loans are available directly through car dealerships. When you're ready to purchase a vehicle, visit a dealership that works with Iceberg Finance to explore financing options.
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Provide Personal Information. You'll need to furnish some basic personal details, including your name, address, and contact information. This allows Iceberg Finance to process your loan application and communicate with you throughout the process.
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Present Identification. As part of the application process, you'll need to verify your identity. Typically, this involves providing a valid form of identification, such as a driver's license or passport. This helps ensure that you are who you claim to be and helps prevent identity theft.
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Verify Income. Iceberg Finance will also require proof of your income to assess your ability to repay the loan. This usually entails providing recent bank statements or pay stubs that demonstrate your earnings. By verifying your income, Iceberg Finance can determine the loan amount you qualify for and tailor the repayment terms accordingly.
Conditions
Car loans
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Interest Rate. Iceberg Finance offers car loans with interest rates ranging from 12.99% to 29.99%. The specific rate offered depends on factors such as the borrower's credit history and financial profile.
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Loan Amount. Borrowers can access car loans with amounts of up to $35,000. This provides flexibility to finance a wide range of vehicles, from economy cars to luxury models.
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Loan Term. Iceberg Finance offers loan terms ranging from 12 to 84 months. This allows borrowers to choose a repayment period that aligns with their budget and financial goals.
IF Xpress personal loans
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Loan Amount. IF Xpress personal loans are available in amounts ranging from $1,000 to $7,500. This enables borrowers to access financing for various personal expenses, such as home renovations, debt consolidation, or unexpected expenses.
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Interest Rates. The interest rates for IF Xpress personal loans range from 12.99% to 29.99%, depending on the borrower's credit risk. Individuals with stronger credit profiles may qualify for lower interest rates, while those with less-than-perfect credit may face higher rates.
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Financing Terms. Borrowers can choose financing terms between 24 and 60 months for IF Xpress personal loans. This allows for flexibility in repayment, with options to pay off the loan over a shorter or longer period, depending on individual financial circumstances.
Requirements
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Age. Be 18 years old or the age of majority in your province or territory. This ensures that borrowers have legal capacity to enter into a loan agreement.
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Employment. Have been employed for at least three months (or at least six months if self-employed). Stable employment demonstrates the borrower's ability to generate income and repay the loan.
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Bank Account. Have a Canadian bank account. A Canadian bank account is necessary for loan disbursement and repayment purposes.
Ways to receive the money
You will receive the borrowed amount from Iceberg Finance through a dealer where you purchase a vehicle. While there is no official information on the specific method of receiving the borrowed amount, it is common practice for the loan funds to be disbursed directly to the dealership. Once your loan application is approved, Iceberg Finance will coordinate with the dealership to transfer the funds, allowing you to complete the purchase of your vehicle. This streamlined process ensures that the borrowed amount is seamlessly integrated into the vehicle financing transaction, providing convenience for borrowers.
Products
- Car Loans. Iceberg Finance provides financing options for individuals looking to purchase vehicles. Whether you're in the market for a new car or a used one, Iceberg Finance offers car loans with competitive rates and flexible terms to help you secure the vehicle you need.
- IF Xpress Personal Loans. In addition to car loans, Iceberg Finance offers IF Xpress Personal Loans. These loans are designed to provide financial assistance for various personal expenses, such as home renovations, debt consolidation, or unexpected emergencies. With loan amounts ranging from $1,000 to $7,500 and flexible financing terms, IF Xpress Personal Loans offer borrowers the flexibility to address their financial needs.
- Financing of Insurance Products and Extended Warranties. Iceberg Finance also provides financing options for insurance products and extended warranties. Whether you're looking to protect your vehicle with comprehensive insurance coverage or extend the warranty on your purchase, Iceberg Finance offers financing solutions to help you manage the associated costs.
Reasons you may be denied an Iceberg Finance loan
- Insufficient Income. Iceberg Finance may deny a loan application if the borrower's income is deemed inadequate to support the requested loan amount. Lenders typically assess an applicant's income to ensure they have the financial capacity to repay the loan.
- High Debt-to-Income Ratio. If your existing debt obligations consume a large portion of your income, Iceberg Finance may deny your loan application. A high debt-to-income ratio indicates that you may struggle to afford additional debt payments, increasing the risk of default.
- Lack of Employment Stability. Iceberg Finance may require borrowers to have a stable employment history to qualify for a loan. Applicants who have recently changed jobs or have a history of frequent job changes may be seen as less reliable and therefore may be denied a loan.
- Incomplete Documentation. Failure to provide all required documentation or inaccurate information on the loan application can lead to a denial. Iceberg Finance relies on accurate and complete information to assess borrowers' creditworthiness and make lending decisions.
How to repay an Iceberg Finance loan
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Determine Payment Frequency. Iceberg Finance offers flexibility in payment frequency, allowing borrowers to choose between monthly or bi-weekly payments. Choose the payment frequency that aligns best with your budget and financial preferences.
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Set Up Automatic Payments. To ensure timely and consistent loan repayments, consider setting up automatic payments through your bank account. This way, payments will be deducted automatically from your account on the designated due dates, reducing the risk of missed or late payments.
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Make Payments on Time. Regardless of the payment frequency you choose, it's crucial to make payments on time to avoid late fees and negative consequences on your credit score. Keep track of your payment due dates and ensure that sufficient funds are available in your bank account to cover the payment amount.
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Monitor Your Loan Balance. Keep an eye on your loan balance and remaining repayment term to track your progress in paying off the loan. This can help you stay motivated and make informed decisions about your finances.
Editorial opinion
Important
How to Choose a Lender
- 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.
- 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).
- 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.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- 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.
- 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
- Iceberg Finance Online Banking
- How to Apply for Iceberg Finance Loan
- How to PayOff Iceberg Finance Debt
- Iceberg Finance Personal Loans for January 2025
- Iceberg Finance Customer Reviews
