Debt Consolidation Loan

In this comprehensive review, we explore Parachute Debt Consolidation Loan designed to meet diverse financial needs. Discover how Parachute® stands out with its competitive interest rates, flexible borrowing limits, and rewarding perks.
7000 - 25000 $
Loan Amount
30 - 60 months
Repayment Term
24.99 - 29.99 %
APR

Product Details

General Info
 Loan Amount Loan Amount
7000 - 25000 $
Required documents Required documents
Valid ID
Repayment Term Repayment Term
30 - 60 months
APR APR
24.99 - 29.99 %
Do I fit in?
Age Age
18 years
Credit Score Credit Score
550
Income required Income required
annual 20000 $

How to apply for a Parachute loan?

  1. Visit the Parachute Website. Open your web browser and navigate to the official website of Parachute loans.

  2. Click "Apply Now". Locate the "Apply Now" button on the website's homepage and click on it to initiate the application process.

  3. Enter Personal Information. Fill out the required fields with your name and email address. These details are essential for creating your account and communicating with you throughout the loan application process.

  4. Indicate Desired Debt Amount. Specify the amount of debt you wish to consolidate. This step helps Parachute determine the appropriate loan amount for your financial situation.

  5. Income Verification. Confirm whether your annual income exceeds $30,000. This information helps Parachute assess your financial capacity to repay the loan.

  6. Credit Score Check. Declare whether your credit score is 600 or above. Your credit score plays a significant role in determining your eligibility and the terms of your loan.

  7. Citizenship Status. Verify whether you are a Canadian citizen or a Permanent Resident of Canada. Parachute loans are typically available exclusively to Canadian residents.

  8. Bankruptcy History Inquiry. Disclose whether you have ever been bankrupt or filed a consumer proposal. This information is necessary for assessing your creditworthiness and eligibility for a loan.

  9. Navigate to the Next Step. Click on the "Next" button to proceed to the next stage of the application process.

  10. Provide Contact Information. Enter your phone number, ensuring that it is accurate and up-to-date. This step allows Parachute to contact you for further verification or communication regarding your application.

  11. Complete the Form. Follow the instructions and complete the application form by providing any additional required information or documentation. Be thorough and accurate to expedite the loan approval process.

Conditions

    • Loan Amount. Parachute offer loan amounts ranging from $5,000 to $25,000, providing flexibility to address various financial needs and debt consolidation requirements.
    • Loan Term. The specific loan term for Parachute loans is not disclosed, as it may vary depending on individual circumstances and loan agreements.
    • Interest Rate. The interest rate for Parachute loans is not specified upfront, and it may vary based on factors such as creditworthiness, loan amount, and repayment terms. Potential borrowers are encouraged to discuss the interest rate with Parachute team members during the application process.

    Requirements

    • Age Requirement. Applicants must be at least 19 years old to be eligible for a Parachute loan.
    • Citizenship or Residency. Applicants must be Canadian citizens or permanent residents residing in Ontario to qualify for a Parachute loan.
    • Employment and Income. Applicants must be employed and have a minimum annual income of $30,000 to meet the income requirement for a Parachute loan.
    • Active Bank Account. Applicants must have an active Canadian bank account to facilitate loan disbursement and repayments.
    • Credit Score. Applicants must have a credit score of at least 60 to be considered eligible for a Parachute loan. A higher credit score may increase the likelihood of approval and may result in more favorable loan terms.
    • Financial History. Applicants must not have any history of bankruptcy, consumer proposals, or judgments on their credit bureau report. A clean financial history demonstrates financial responsibility and may enhance eligibility for a Parachute loan.

    Additional resources

    Sources

    06.06.2024
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    Last update 06.06.2024