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Lender
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.

Iceberg Finance's pay off

Finanso.Multilogin™

Repayment of loan

Paying off your loan involves the withdrawal of the amounts owed from your bank account on the due dates throughout the repayment period. So, having a bank account is a must.

To avoid unwanted delays in payments, ensure you have sufficient funds left in your account by the repayment date. As for repayment frequency, you can make payments either every month or every two weeks.

Conditions of loan extension

Iceberg Finance does not provide information about the possibility of a loan extension. You can contact their customer service to inquire about a loan extension:

  • E-mail — info@icebergfinance.ca

  • Phone — 1 855 694-0960

  • Fax — 418 694-3491

Early payoff

All loans offered by iceberg Finance are open loans. So, there are no barriers to early repayment. Make payments anytime, without additional charges or fees.

FAQ

How do I make a payment on Iceberg Finance?

To pay off your Iceberg Finance loan, you need to have a bank account. Your loan repayment assumes the withdrawal of the debt sums from your bank account on the payment dates. You make payments either every month or every two weeks.

What happens if you don't pay back Iceberg Finance?

Iceberg Finance does not describe the course of action when a borrower doesn’t repay the loan. However, in the FAQ section on their website, they mention reporting the auto and IF Xpress payments to Equifax every month. Therefore, making loan payments on time is in your best interest. Otherwise, you can ruin your credit history. 

Can you pay Iceberg Finance early?

Early repayment is not an issue with Iceberg Finance. As long as all their loans are open loans, you can make payments anytime you want. There will be no additional costs for paying off your loan early.

Can Iceberg Finance sue you?

Iceberg Finance doesn’t talk about going to court in case of non-payment of loans. Nevertheless, they say that they report all the payments on auto and personal loans to Equifax every month. Therefore, failure to meet your payment obligations can negatively affect your credit rating and provoke legal action, whose expenses are usually paid by a borrower.

Calculate loan payments in Iceberg Finance

Iceberg Finance calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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35000 $
Loan term
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months
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84

What to pay attention to when applying for a loan from Iceberg Finance

  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 Iceberg Finance 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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All Iceberg Finance’s reviews by September 2022
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