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.

Tekaloan

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About lender

Tekaloan, a loan service in Canada, offers installment loans providing a quick and easy solution to individuals facing financial challenges. With a streamlined application process, borrowers can obtain a new loan within 24 hours, allowing them to address urgent financial needs promptly. Tekaloan's commitment to accessibility is evident, as it welcomes applications from all Canadians, regardless of income level or credit history. This inclusive approach ensures that clients with diverse financial backgrounds can borrow money to manage their expenses effectively.

One of Tekaloan's key features is its emphasis on customer convenience and security. The platform facilitates email money transfers, offering borrowers a fast and convenient way to receive funds. Moreover, Tekaloan prioritizes the safety of its clients' personal information, employing bank-level encryption to safeguard sensitive data. By providing a safe and secure borrowing experience, Tekaloan aims to build trust with its clientele, fostering long-term relationships based on reliability and transparency.

Tekaloan

Features

  • Quick and Easy Application Process. Tekaloan simplifies the loan application process, allowing borrowers to fill out a quick request form efficiently.
  • Same-Day Deposit. Upon approval, borrowers can expect their funds to be deposited into their accounts the same day, providing immediate access to the money they need.
  • Flexible Repayment Options. Tekaloan offers repayment terms of 3, 6, or 12 months, allowing borrowers to choose a schedule that aligns with their pay frequency. Additionally, accelerated repayment options are available for those looking to save on interest by making larger payments.
  • Competitive Rates. With an approximate annual interest rate of 23%, Tekaloan provides borrowers with competitive rates compared to traditional banks, making it a cost-effective loan option.

Pros and cons

Pros

Secure Transactions. Tekaloan prioritizes the security of its clients' personal and financial information, employing bank-level encryption to ensure that data remains confidential and protected from unauthorized access.

Renewal Options. Clients who have successfully repaid their loans may renew their loan after a certain grace period, allowing them to access additional funds when needed.

Responsible Borrowing Guidelines. Tekaloan encourages responsible borrowing practices and provides clear guidelines to help borrowers make informed decisions about their financial needs.

Cons

Indirect Lender. Tekaloan acts as a loan matching service rather than a direct lender, meaning that borrowers do not receive funds directly from Tekaloan but from partnering lenders. This may result in less direct control over the lending process and potentially longer approval times.

Limited Loan Amounts. While Tekaloan offers installment loans ranging from $500 to $1000, some borrowers may require larger loan amounts to meet their financial needs, which may not be available through Tekaloan's platform.

Potential Additional Fees. Borrowers should be aware of potential additional fees associated with loan renewal, late payments, or NSF charges, which can increase the overall cost of borrowing.

Reliability

Tekaloan demonstrates a level of reliability through its operational transparency and positive customer feedback. While individual experiences may vary, the company holds an A- rating with the Better Business Bureau (BBB), indicating a satisfactory level of customer service and responsiveness to consumer concerns. Additionally, Tekaloan boasts a high rating of 4.8 stars on Trustpilot, based on customer reviews, suggesting a generally positive perception among its clientele. However, as with any financial service provider, potential borrowers should conduct thorough research and consider their individual needs and circumstances before engaging with Tekaloan or any other lending institution.

How to apply for a Tekaloan loan?

  1. Fill Out the Online Application Form. Start by visiting the Tekaloan website. Firstly, you can use a loan calculator provided, to ensure your future payments are within your budget. If you are satisfied with results, proceed to fill out the online loan request form. Give accurate and up-to-date information, including your personal details, contact information, employment status, and desired loan amount.

  2. Complete Instant Bank Verification. Once you've submitted your application, Tekaloan will initiate an instant bank verification process to verify your bank account information and ensure that you meet the eligibility criteria and consent to a credit check. This step helps expedite the loan approval process and allows Tekaloan to make a quick decision regarding your application.

  3. Review Loan Terms and Conditions. After completing the verification process, carefully review the loan terms and conditions provided by Tekaloan, including repayment terms, interest rates, fees, and any additional requirements. It's essential to understand the terms of the loan before proceeding with the application. Knowing these details can help protect your interests if anything should go wrong while making payments on your installment loan.

  4. Receive Approval and Funds. If your loan application is approved, Tekaloan will notify you of the approval decision, typically within a few hours. Once approved, the funds will be deposited directly into your bank account the same day, providing you with immediate access to the money you need.

Conditions

  • Loan Amounts. Tekaloan offers installment loans ranging from $500 to $1000, allowing borrowers to choose the amount that best suits their financial needs.
  • Repayment Terms. Borrowers can select repayment terms of 3, 6, or 12 months, allowing them to spread out their payments over a period that aligns with their pay frequency and financial situation.
  • Interest Rates. Tekaloan provides loans with an approximate annual interest rate of 23%, which is competitive compared to traditional banks and other lending institutions.
  • Fees and Charges. Clients should be aware of additional charges, for example, NSF fees of $48 for missed payments and a $28 administrative fee for payment deferrals. The loan agreement outlines these fees clearly to ensure transparency and informed borrowing decisions.
  • Flexible Renewal Options. Clients who have successfully repaid their loans may renew their loan after a certain grace period, enabling them to access additional funds when needed.

Requirements

  • Canadian Citizenship. Borrowers must be Canadian citizens to qualify for a loan with Tekaloan.
  • Age Requirement. Applicants must be adults, aged 18 years or older, to be eligible for a loan.
  • Minimum Monthly Income. Borrowers must have a minimum monthly income of $1200, received by check or direct deposit from their employer.
  • Employment Stability. Applicants must have reliable employment, with a minimum of three months in their current job position.
  • Active Canadian Bank Account. Borrowers must own a Canadian bank account that has been active for at least three months and receives pay by direct deposit.
  • Financial Stability. Applicants should not be on the verge of bankruptcy or about to enter into a consumer proposal. They should also have a low incidence of insufficient funds transactions and a low short-term debt ratio.
  • Ineligible Income Sources. Self-employment, social assistance, student loans, CPP, child tax benefits, private pensions, disability payments, and other forms of insurance income are not accepted as sources of income for loan eligibility with Tekaloan.

Ways to receive the money

  • Direct Deposit. Borrowers can opt to have the approved loan amount directly deposited into their Canadian bank account, providing quick and convenient access to the funds.
  • Email Money Transfer (EMT). Tekaloan offers the option to receive funds via email money transfer, allowing borrowers to receive the loan amount directly in their email inbox. This method is secure and efficient, enabling borrowers to access the funds promptly.
  • Interac e-Transfer. Borrowers can choose to receive funds through Interac e-Transfer, a secure electronic transfer service widely used in Canada. Upon approval, borrowers receive an email notification with instructions to accept the transfer, providing a hassle-free way to access the loan amount.

Products

Installment Loans (from $500 to $1000). Borrowers can select repayment terms of 3, 6, or 12 months, allowing them to spread out their payments over a period that aligns with their pay frequency and financial situation. With an approximate annual interest rate of 23%, Tekaloan provides borrowers with competitive rates compared to traditional banks and other lending institutions.

Reasons you may be denied a Tekaloan loan

  • Insufficient Income. Tekaloan requires borrowers to have a minimum monthly income of $1200, received through employment. If your income does not meet this requirement, your loan application may be denied.
  • Unstable Employment. Applicants must have stable employment with at least three months in their current job position. If your employment history is inconsistent or lacks stability, Tekaloan may deny your loan application.
  • Bank Account Issues. Borrowers must have an active Canadian bank account that has been open for at least three months and receives pay by direct deposit. If your bank account is inactive or does not meet these criteria, your loan application may be rejected.
  • Ineligible Income Sources. Certain income sources, such as self-employment, social assistance, student loans, CPP, child tax benefits, private pensions, disability payments, and other forms of insurance income, are not accepted by Tekaloan for loan eligibility. If your income source falls into one of these categories, your loan application may be denied.

How to repay a Tekaloan loan

  1. Review Loan Agreement. Start by reviewing the loan agreement provided by Tekaloan, which outlines the repayment terms, including the loan amount, interest rate, repayment schedule, and any applicable fees.

  2. Choose Repayment Method. Tekaloan offers various repayment methods to accommodate borrowers' preferences. Set up automatic withdrawals from your bank account to ensure timely loan payments. Tekaloan will deduct the agreed-upon amount from your account on the scheduled payment dates. Alternatively, you can access your online bank account and initiate a payment to Tekaloan using the provided payment details. You can make payments manually according to your repayment schedule.

  3. Make Timely Payments. It's crucial to make timely payments according to the agreed-upon repayment schedule to avoid late fees and penalties. Ensure that you have sufficient funds in your bank account on the scheduled payment dates to cover the loan payments.

  4. Accelerated Repayment. To save on interest and pay off your loan faster, consider making larger payments or paying more frequently than required. Tekaloan allows borrowers to accelerate their repayment schedule, enabling them to pay off the loan ahead of time.

Editorial opinion

Tekaloan offers a convenient and accessible option for individuals in Canada seeking short-term financial assistance. With its streamlined application process and quick approval times, Tekaloan provides borrowers with prompt access to funds to address unexpected expenses or emergencies. However, borrowers should carefully review the terms and conditions, including interest rates and fees, to ensure they understand the total cost of borrowing. While Tekaloan aims to serve a diverse clientele, potential applicants should also consider alternative financing options and compare rates and terms before making a borrowing decision.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. 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.
  2. 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).
  3. 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.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. 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.
  6. 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

  • Tekaloan Customer Reviews

Sources

FAQ

What is Tekaloan?

Tekaloan is a lending service in Canada that specializes in providing installment loan options. As a loan matching platform, Tekaloan connects borrowers with potential lenders, facilitating the borrowing process through its streamlined application system. While Tekaloan is not a direct lender, it serves as a bridge between borrowers and lending institutions, offering a convenient and accessible option for individuals facing financial challenges.

How quickly the funds can be received?

Upon approval, funds from a Tekaloan loan can typically be received on the same day. Thanks to its quick approval process and efficient funding mechanisms, borrowers can access the money they need promptly, providing immediate relief for unexpected expenses or emergencies. For borrowers who submit their applications early in the day, funds can often be deposited into their bank accounts within hours, ensuring fast and convenient access to financial assistance.

How do you qualify for Tekaloan?

To qualify for a Tekaloan loan, applicants must meet certain eligibility criteria. This includes being a Canadian citizen, being at least 18 years old, having a minimum monthly income of $1200 received through employment, and maintaining stable employment for at least three months. Additionally, applicants must have an active Canadian bank account with direct deposit capabilities, ensuring smooth processing of loan funds. While Tekaloan strives to be inclusive, applicants should review the full eligibility requirements and ensure they meet the necessary criteria before applying for a loan.

How much can you borrow from Tekaloan?

Tekaloan offers installment loans ranging from $500 to $1000 to individuals in Canada. These loans provide borrowers with a flexible option to address immediate financial needs, with repayment terms spanning 3, 6, or 12 months. By offering a range of loan amounts, Tekaloan aims to accommodate various financial situations and borrowing needs, providing accessible funding options to its clientele.

Is Tekaloan a legitimate company?

Regarding legitimacy, Tekaloan operates as a legitimate lending service in Canada. The company facilitates the borrowing process by connecting borrowers with potential lenders through its online platform. Tekaloan's legitimacy is supported by its A- rating with the Better Business Bureau (BBB) and its high rating of 4.8 stars on Trustpilot, which reflects positive customer experiences and satisfaction with its services. While individual experiences may vary, Tekaloan adheres to industry regulations and strives to provide transparent and reliable solutions for financial problems to its customers.

Every Canadian is welcome to apply for one of our loans, even those with a lower income and those who have been rejected by traditional banks.

© Tekaloan
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