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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.

MDG's pay off

Finanso.Multilogin™

Repayment of loan

Once you have been approved to acquire a particular loan amount to purchase an item via MDG Canada online shopping platform, two possible plans will be put in place:

  1. Advertised biweekly payments. A certain approval amount will be paid to MDG Canada each week. You're first estimated biweekly payment required will be considered your down payment of the product then the rest will be paid weekly until the end of the entire amount.

  2. Suppose your initial credit assessment information is less favorable to the company's usual standard of the final approval. In that case, you will be requested to pay three to six times the approval amount equal to the advertised biweekly payment as your down payment before you finally begin your estimated biweekly payment required. Interest will only start to be charged on your product once confirmed that you have already cleared your down payment, and the product shipped to its destination.

FAQ

How to find out the remaining balance?

There are two ways of finding out about the credit. The first one is by creating a personal account that will help you track your balances and shipment.

You can also call the finance department via 1-800-906-0976 x 340, fax: 1-855-802-8129, email: finance@mdg.ca. However, you are reminded not to provide any personal information via emails.

Early repayment

Communicate to the finance department about search services. Phone line: 1-800-906-0976 x 340, fax: 1-855-802-8129, email: finance@mdg.ca.

Is it possible to arrange a loan restructuring?

The finance department is positioned to advise you on this matter. Communicate to them via phone line: 1-800-906-0976 x 340, fax: 1-855-802-8129, email: finance@mdg.ca.

What to do if the payment has failed?

Get in contact with the organization and explain the circumstances that led to your failed payment agreement. Go to the company's website and acquire the contact details to communicate. After that, ensure to clear your arrear before other measures and related charges are considered.

Debt collection methods

Failure to pay advertised biweekly payment as per the agreement or various late payments without any probable cause or explanation will lead to MDG lending company reporting your personal credit assessment information to credit bureaus, and your negative credit reputation will end up reflecting on the credit report. And this will end up hurting your future chances of ever obtaining anything on credit or ever acquiring a loan.

Calculate loan payments in MDG

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

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
200 $
3200 $
Loan term
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Specify the loan term for the calculation

months
days
12
36

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

  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 MDG 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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