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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.

Wajax

Finanso.Multilogin™

About lender

Wajax appeared on the Canadian market back in 1858. Now it has about 100 branches across the country.

The company was established as a provider of full-cycle equipment for various industries and engineering problems. It can find technical solutions to customers' requests and supply the required equipment. In addition, the company takes responsibility for the quality of installed equipment, technical work, and maintenance.

The company aims to provide services throughout Canada and promote economic growth by offering quality technical solutions and work in all industries. These include construction, retail, transportation, utilities, public services, forestry, and oil and gas production.

This wide range of industries requires professional and reliable equipment, heavy equipment such as cranes, forestry equipment, and oil and mining equipment. In addition, the company recognizes that the life cycle of equipment sometimes requires additional spare parts to ensure its continued operation.

Features

Wajax Equipment has been operating in the market for over a century. Now it has about 100 branches and operates throughout Canada. It also offers the possibility of a loan if needed, as the equipment is a severe and expensive investment.

According to open sources, the company has over 2 thousand employees. It offers loans, but this organization reserves the sole right to approve or suspend the loan. It is also clearly stated that all loaned goods remain the property of the company until full repayment of the loan.

The company cooperates with well-known brands and can offer a good quality and cost ratio. Some of the brands in Wajax's range are Hitachi, Hyster, MTU, Allison Transmission, Eaton, and SKF.

Pros and Cons

A severe investment requires the same approach in the final decision to sign the contract. For this purpose, it is worth considering possible cooperation's positive and negative aspects and making the best choice.

Pros

  • A vast network of branches in Canada;

  • The company is result-oriented and seeks solutions for long-term efficient work and product safety;

  • Wajax is staffed with professionals who can find out what equipment meets your needs under specific conditions;

  • Various options for customer support;

  • Warranty service and spare parts;

  • Cooperation with renowned brands;

  • Experience in many industries;

  • Technical solutions from design to integration, manufacturing, and maintenance, including in-house and on-site repairs;

  • turnkey solutions;

  • 24/7 emergency repair services;

Cons

  • It is not entirely clear what criteria the company uses for granting loans;

  • customers wishing to take out a loan must give their consent for relevant information (personal, business, credit) to be disclosed to interested parties;

  • credit scoring methods are not disclosed in public sources;

  • the consumer's credit privileges with Wajax may be changed without notice, and it is the sole decision of Wajax;

  • additional conditions may be imposed on the consumer (personal guarantees, security agreements);

  • the customer agrees to reimburse Wajax for any collection costs.

  • The company's experience, expertise, and well-known connections with equipment brands are an advantage for cooperation. Still, as can be seen, the company follows a strict policy of paying properly for its goods and services and takes all legal steps to collect debts. Perhaps this is not a disadvantage, but something to consider in any case.

Conditions

There is very little information about the loans, and you have to contact the company to find out what the interest rate and terms are, whether collateral is required, whether it is an interest-only loan, or whether the cost of the equipment is paid only in installments.

However, it is known that for any amount that is 30 days overdue, late payment interest will be charged at the rate of 2.0% monthly and 26.8% annually.

If Wajak decides that the customer's creditworthiness is in jeopardy, the company may call all outstanding amounts due on the same day; take possession of the delivered goods and claim collateral against the customer; refuse, suspend, sell, etc.; require advance payment for future cooperation.

Methods of loan funding

This information is disclosed upon contacting the company. Typically, this point is mentioned in the loan agreement.

FAQ

What is Wajax?

It is a Canadian company that provides equipment, engineering, turnkey solutions, warranty service, and emergency repairs for installed equipment as an industry expert.

Who owns Wajax?

In the publicly available sources, there is information that the company has several shareholders, including Dimensional Fund Advisors LP, O'Shaughnessy Asset Management LLC, MD Financial Management Inc.,  Fidelity Management & Research Co. LLC, Robert P. Dexter, and others.

How do you qualify for Wajax?

The company has an internal method for analyzing the customer's creditworthiness. The decision is made on an individual basis. You must contact the company so that your case can be investigated. Except for the age of maturity, Wajax checks the ability to repay the loan and credit history.

How does Wajax work?

Wajax operates through its branches, providing consultations, in-house, and on-site repairs, including emergency service 24/7/365.

How trustworthy is Wajax?

It is an officially registered Canadian company that publicly discloses its financial statements, principal reports, management composition, and shareholders. It has legal and documentary bases for the provision of its services.

Does Wajax check income?

As publicly available sources indicate, the company conducts an in-depth review of income and creditworthiness before deciding on whether the customer can obtain a loan from the company. In addition, the company constantly monitors the development of creditworthiness, and if the customer's creditworthiness deteriorates, it can immediately decide to revoke the loan and make all payments due.

Can Wajax sue you?

Yes, the Company will take all legal steps to collect the debt from the customers. All agreements are subject to the laws of the Province of Ontario and applicable federal laws. Customers agree that the courts of Ontario shall have jurisdiction over all legal proceedings relating to the loan agreement with Wajax, while enforcement may take place in any jurisdiction.

How to contact Wajax?

There is a contact form with a dropdown field for the question type. One must select the query subject from the list and provide the contact information and the question itself. Also, one can call Wajax at 1 877 GO WAJAX.

The headquarters address is 2250 Argentia Rd. Mississauga, ON, L5N6A5.

Company documents

Privacy Policy
Terms of use
Terms and Conditions

We’re here to help you find the best solution.

© Wajax Limited

What to pay attention to when applying for a loan from Wajax

  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 Wajax 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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