About lender
Simple Credit, based in Canada, focuses on assessing individuals' creditworthiness and providing endorsements tailored to their needs. With a commitment to offering flexible and rapid service, Simple Credit ensures that customers receive the support they require, regardless of their financial circumstances. Whether it's accessing cash, applying for loans, or managing accounts, Simple Credit strives to simplify the process while maintaining strict adherence to legal standards and safeguarding personal information. With a user-friendly platform, customers can easily create accounts, log in securely, and submit requests with confidence. Simple Credit is dedicated to assisting customers in saving time and effort throughout the credit approval process, ensuring that they receive timely approvals and access to funds.
Features
- Personal Loans. Simple Credit provides personal loans ranging from $300 to $1,500, ensuring that individuals have access to the funds they need, whether for emergencies, expenses, or other financial requirements.
- No Minimum Credit Level. Unlike traditional lenders that often have stringent credit score requirements, Simple Credit welcomes customers from all credit backgrounds. There is no minimum credit level required to apply for a loan, ensuring that individuals with varying credit scores can access the financial support they need.
- Flexible Payment Plans. Simple Credit understands that everyone's financial situation is unique. Therefore, it offers flexible payment plans that allow customers to repay their loans comfortably. Whether it's weekly, bi-weekly, or monthly payments, Simple Credit works with customers to design a repayment schedule that fits their budget and lifestyle.
- Paper-Free Process. In line with modern convenience and environmental sustainability, Simple Credit offers a paper-free application and approval process. Customers can complete the entire loan application process online, from submitting their personal information to signing documents electronically. This streamlined approach not only saves time but also reduces the need for paper documentation, making the process more efficient and eco-friendly.
Pros and cons
Pros
Cons
Reliability
Simple Credit appears to be reliable based on its Trustpilot rating of 4.6 out of 5. Trustpilot is a platform where customers can share their experiences and reviews about businesses, products, and services. A rating of 4.6 suggests that the majority of customers have had positive experiences with Simple Credit, indicating reliability and satisfaction with their services.
How to apply for Simple Credit services
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Go to the Simple Credit Website. Navigate to the official website of Simple Credit using your preferred web browser.
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Click "Start My Application". Look for the option or button labeled "Start My Application" on the homepage or designated landing page of the website, and click on it to begin the application process.
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Enter Your Personal Information. On the application form, you'll be prompted to enter your personal details, including your full name, phone number, province of residence, email address, and preferred language for communication. Fill in all the required fields accurately.
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Click "Continue". Once you've entered your personal information, click on the "Continue" button to proceed to the next step of the application process.
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Enter Your Address. In this step, you'll need to provide your current residential address. Input your complete address, including street name, city or town, province, and postal code, as requested on the application form.
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Enter Your Revenue Information. Simple Credit may require information about your income or revenue to assess your financial capacity for the loan. Provide accurate details regarding your income, such as your employment status, monthly income, and any additional sources of revenue if applicable.
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Click "Complete". After filling in all the required fields and providing the necessary information, review your application to ensure accuracy and completeness. Once you're satisfied that all details are correct, click on the "Complete" or "Submit" button to finalize your application.
Conditions
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Loan Amount. Simple Credit offers personal loans ranging from $300 to $1,500, providing customers with flexibility to borrow according to their needs.
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Interest Rate. The interest rate offered by one of Simple Credit's lenders can be as low as 8.95%. For example, for a 3-month term, the interest rate could be as low as 2.24%.
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Repayment Term. Simple Credit provides a repayment plan that allows customers to repay their loans over a period of 3 to 6 months. This flexible repayment option enables borrowers to manage their finances effectively and make payments comfortably over time.
Requirements
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Age. To qualify for a loan with Simple Credit, applicants must be at least 18 years old, ensuring that they are legally considered adults and able to enter into financial agreements.
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Income. Simple Credit requires applicants to have a steady source of income, which could include employment income, pension payments, or other forms of recurring earnings. This requirement helps assess the applicant's ability to repay the loan.
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Canadian Residency. Simple Credit extends its services exclusively to residents of Canada, ensuring that applicants are legally eligible to apply for loans within the country's regulatory framework.
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No Bankruptcy or Submitting a Consumer Proposal. Applicants must not be undergoing bankruptcy proceedings or in the process of submitting a consumer proposal. This requirement helps mitigate financial risks and ensures responsible lending practices.
Ways to receive the money
Upon signing your contract with the lender, you can receive the borrowed amount from Simple Credit through their Interac Express service, ensuring swift delivery of funds. With this service, you may obtain your personal loan in less than one hour, expediting access to the funds you need. However, for regular deposits, the process may take from 24 to 48 hours, depending on various factors. It's important to note that conditions for fund disbursement may vary depending on the specific product or service you've chosen.
Products
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Personal Loan. Providing individuals with access to funds ranging from $300 to $1,500, Simple Credit's personal loans offer flexibility and convenience for managing expenses or unforeseen financial obligations.
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Mortgage. Simple Credit assists customers in securing mortgage financing for purchasing or refinancing residential properties, helping individuals achieve their homeownership goals.
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Debt Consolidation. With Simple Credit's debt consolidation services, individuals can combine multiple debts into a single loan, simplifying repayment and potentially reducing overall interest costs.
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Credit Card. Simple Credit offers credit cards to eligible customers, providing a convenient payment method for everyday expenses and offering additional benefits such as rewards or cashback programs.
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Student Loan. Simple Credit provides student loans to support individuals pursuing higher education, covering tuition fees, living expenses, and other educational costs.
Reasons you may be denied Simple Credit services
- Bankruptcy or Consumer Proposal. If you're currently in the process of filing for bankruptcy or a consumer proposal, your application for a Simple Credit loan may be denied.
- Multiple NSF Payments. Accumulating several Non-Sufficient Funds (NSF) payments in recent months could lead to denial of your loan application.
- High Debt Load. A significant debt burden may affect your ability to repay a loan and could result in denial of your application.
- Incomplete, Erroneous, or Fraudulent Information. Providing incomplete, inaccurate, or fraudulent documents or information may lead to denial of your loan application as Simple Credit prioritizes accuracy and integrity in the application process.
Repayment
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Access Your Account. Sign in to your account on their website using your credentials and password.
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Navigate to the Payment Section. Once logged in, locate the payment section or option within your account dashboard.
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Select Payment Method. Choose your preferred payment method from the available options, which may include bank transfer, debit card, or automatic withdrawal.
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Enter Payment Details. Enter the necessary details for your payment, including the amount you wish to pay and the date you'd like the payment to be processed.
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Submit Payment. Review the payment details to ensure accuracy, then submit your payment. Once the payment is processed, you'll receive confirmation of the transaction, and your loan balance will be updated accordingly.
Editorial opinion
Important
How to Choose a Lender
- Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
- Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
- Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
- Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
- Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
- Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).
Methodology
At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional resources
- Simple Credit Customer Reviews
