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Lender
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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.

SNAP Home Finance's pay off

Finanso.Multilogin™

Repayment of loan

SNAP Home Finance offers automated loan repayment — in the form of pre-authorized payments taken from your bank account on the payment date. If your banking information changes during the repayment period, inform SNAP Home Finance at least ten days before your next payment due date.

If you wish, you can put your payments on your credit card. You need to negotiate your payment plan in advance to activate this feature.

Conditions of loan extension

SNAP Home Finance doesn’t provide details on loan extension conditions on their website. To get information on this question, reach out to their Customer Support.

Early payoff

With SNAP Home Finance, paying off your debt early is penalty-free. You can ease the financial burden by making a lump sum payment in any of the following ways:

  • Logging in to your SNAP Home Finance personal account and entering the “MY LOAN DETAILS” section

  • Making an online payment through your bank (have your contract number at hand to reference your SNAP account)

  • Sending a cheque to SNAP Home Finance’s Toronto office at 1 Toronto St Suite 1010, Toronto, Ontario M5C 2V6

  • Contacting SNAP Home Finance directly at 1-866-475-9184, option 4, to have them withdraw the funds from your account.

FAQ

How do I make a payment on SNAP Home Finance?

With SNAP Home Finance, you can make your loan payments automated. As a rule, these are pre-authorized payments taken from your bank account on the payment due date.

There is also an option to make loan payments from your credit card. Be sure to negotiate your payment plan with the lender in advance to activate this feature.

What happens if you don’t pay back SNAP Home Finance?

Failure to repay your loan from SNAP Home Finance may negatively impact your credit score. Unfortunately, the website doesn’t provide information on whether SNAP Home Finance reports borrowers’ payments to the credit bureau. Still, it’s better to make loan payments in full and on time for your peace of mind.

Can you pay SNAP Home Finance early?

Loans from SNAP Home Finance are open loans. In other words, paying off your loan early is penalty-free. Make lump sum payments through your SNAP Home Finance personal account by using online banking options, sending SNAP Home Finance a cheque, or contacting them directly.

Can SNAP Home Finance sue you?

The website doesn’t provide information on whether SNAP Home Finance can sue you if you fail to pay off your loan. Still, penalties for not making loan payments on time and in full amount might be penalties.

What to pay attention to when applying for a loan from SNAP Home Finance

  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 SNAP Home Finance 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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All SNAP Home Finance’s reviews by September 2022
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