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Lamina's pay off

Finanso.Multilogin™

Repayment of loan

The main goal of Brokers Lamina's short-term loans platform is to make the process of repayments for its borrowers as easy and comfortable as possible. Due to this point, Lamina platform has made all the withdrawals fully automated – the funds scheduled for being repaid are being directly withdrawn from the bank account of the client, where his income is normally deposited at. While the withdrawal is being proceeded, at first, it is the capital and the interests which are paid; only after this, the brokerage fees are paid.

The structure of the payment period is designated to make the payment process for the customer as convenient as possible and to meet all his current income specifics and can be based on weekly, bi-weekly, or monthly payments options – it is up to the customer – to choose which way to pay.

Conditions of loan extension

The minimum established period for borrowers' loan reimbursement is of 90 calendar days. The maximum period for loan reimbursement is of 210 calendar days. Normally all the customers' contracts contain a possibility to extend the above-mentioned timing for making payments for their loans. To find out exact details regarding the contract's extension procedure, the borrower should address the agents in the contact center of the Brokers Lamina platform. In these circumstances, should the borrower express the willingness to extеnd his credit, the minimum ARP will be 120%, and the maximum ARP will be 275%.

Early payoff

It is natural for every borrower to need having a possibility to optimize his current financial burden in one way or another. One of the most reasonable and adequate options for making the financial burden not to be very uneasy is an early payoff. In this case, the borrower can sufficiently cut down the final amount of funds, which will be designated for repayment.

Tips on how to pay more efficiently

To pay in a more efficient way, there are two options to be chosen – the borrower should come to the point that he or she is not extending his loan and not taking several loans at the same time. In this case, the borrower is not overpaying and feeling more comfortable in terms of his financial stability.

FAQ

How do I make a payment on Lamina?

To give the funds to the lender to a lender, the borrower has almost nothing to do as everything is completely automated in the system, and all the reimbursements are being directly withdrawn by Brokers Lamina platform from his banking account. All that is necessary for a correct and well-timed reimbursement to be made is just providing Lamina platform by the borrower with his accurate banking details.

What happens if you don't pay back Lamina?

In case there is a delay with the scheduled reimbursement performed by the client, Brokers Lamina is putting all the efforts possible to negotiate with the client and help him in this situation. Should all the negotiation options have failed, Lamina Brokers are forced to file with a court or pass the case over to money collectors.  

Can you pay Lamina early?

As for the possibility of paying Lamina lender early –  such an option is not mentioned in the conditions provided on Lamina's platform. The only factor in terms of early paying off that the borrower should consider is that the minimum amount of time for repayment of the borrowed money is assembled as 90 calendar days.

 Can Lamina sue you?

Brokers Lamina's short-term loans service is always considering its customers as partners who are actively and effectively assisting the company in its further growth. However, Brokers Lamina has their own obligations as well – to provide their customers with sufficient financial support any time the customer addresses Lamina. Under these settings – and only in case of a long-standing default on payments expressed by the borrower,  Brokers Lamina has no choice but to bring a case before the court or pass the case over to bill collectors. In any event, Brokers Lamina is making all efforts possible to carry out mediation procedures with all its customers, having difficulties with timely repayments in order to resolve all the issues before starting legal proceedings.

Lamina loans calculator

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

Lamina calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 03.10.2022
Loan amount
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Enter the desired loan amount

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CAD
USD
300 $
1500 $
Loan term
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Specify the loan term for the calculation

days
months
90
210
Province

What to pay attention to when applying for a loan from Lamina

  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 Lamina 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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