Product Details
Loan Amount
Required documents
Repayment Term
APR
Age
Credit Score
Income required
How to apply for a Parachute loan?
-
Visit the Parachute Website. Open your web browser and navigate to the official website of Parachute loans.
-
Click "Apply Now". Locate the "Apply Now" button on the website's homepage and click on it to initiate the application process.
-
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.
-
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.
-
Income Verification. Confirm whether your annual income exceeds $30,000. This information helps Parachute assess your financial capacity to repay the loan.
-
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.
-
Citizenship Status. Verify whether you are a Canadian citizen or a Permanent Resident of Canada. Parachute loans are typically available exclusively to Canadian residents.
-
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.
-
Navigate to the Next Step. Click on the "Next" button to proceed to the next stage of the application process.
-
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.
-
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
- Parachute Personal Loans for June 2025
- Parachute Loans Calculator
- Parachute Customer Reviews