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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.

Think Financial's pay off

Finanso.Multilogin™

Repayment of loan

Payments are withdrawn from your bank account. You can pay monthly, accelerated bi-weekly, bi-weekly, semi-monthly, accelerated weekly, or weekly.

Making payments online, directly from your account, is quite convenient.

To make payments on a mortgage (either one-time or continuing), you must:

  1. Enter your credentials to access your MyTHINK account.

  2. On the self-service menu on the right side of the screen, select "Pay Down My Mortgage."

  3. You have the option to "Make a one-time lump sum payment" or "Make a regular lump sum payment." Neither option requires any more action from you.

  4. Select the day when payments will begin from the presented calendar.

  5. Enter the total amount of the payment.

  6. Select the option to Continue on the menu.

  7. Check the additional payment request for accuracy and make any necessary adjustments.

The most popular payment methods are also available to the client. When deciding on mortgage products, be sure to consider not only your mortgage rates but also your financial goals. Your financial goals may be much lower than the money you borrow from the lender. Keep in mind that the more money you borrow, the more you may end up paying in interest. Your top priority should be cost optimization. If you go to a bank or other lenders, try to choose better rates.

Conditions of loan extension

The primary condition for granting a loan is that a borrower has a good credit history and sufficient income to make payments. With THINK Financial, you can do Rate Conversion/Lock-In, Early Renewal, or Regular Renewal. The original Principal Amount and Payment Amount defaults to the new mortgage amounts at the effective date of the Conversion, Early Renewal or Regular Renewal.

Restructuring the repayment schedule allows the borrower to overcome difficulties in repaying the loan and avoid future penalties.

Early payoff

If you wish to pay off your mortgage earlier than the early repayment advantages permit, you can do so, but you will be subject to a penalty for doing so.

Many lenders charge penalties depending on when you break the term. THINK Financial does that as well: they charge you a 3-months interest penalty at your current mortgage rate, plus a pro-rated portion of your original rebate and penalty covered by us (if received).

FAQ

What happens if you don't pay THINK Financial?

Typically, in this case, one faces debt collection agency action.

Will THINK Financial sue you?

Yes, but only if you do not make contact with the creditor and there is no prospect of repayment. In most cases, the creditor tries to solve the problem with the borrower amicably, without taking the case to court.

Calculate loan payments in Think Financial

Think Financial calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
USD
50000 $
500000 $
Loan term
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Specify the loan term for the calculation

years
months
5
25

What to pay attention to when applying for a loan from Think Financial

  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 Think Financial 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 Think Financial’s reviews by October 2022
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