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To qualify, you must be a resident of Quebec, be employed for at least 3 months, have an income of at least $1,200 per month and be at least 18 years old.
$500 - $1,500
However, this is a very expensive loan. Creditmatik states its annual interest rate is 18.99%, but the annual percentage rate (APR) is actually between 130% - 250%. APR is the combination of the interest rate and other fees expressed as the cost of borrowing in a year. It gives you a broader view of the cost of the loan. If you want to get a Creditmatik loan, the fee you must pay in addition to the 18.99% interest rate is its steep $22.75 weekly membership fee. You’re required to pay this fee until the loan is repaid in full.
Missing a payment could result in additional fees. Creditmatik could also deal with a collection agency, and this could be included in your credit report. Be careful with short-term financing. Only take out this loan as a last resort and only if you’re certain you can pay it in full within a short period of time.
You can borrow $500, $750, $1,000, $1,250 or $1,500.
If you are in need of a quick but small loan, Creditmatik has a few benefits that may make it a good option.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick, Ontario & Prince Edward Island||$15 per $100 borrowed|
|Manitoba, Saskatchewan & Nova Scotia||$17 per $100 borrowed|
|Newfoundland and Labrador||$14 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
Eligibility for a Creditmatik loan is fairly straightforward as long as you live in Quebec. You only need to meet a few criteria.
Applying for a Creditmatik loan is a fairly simple process.
One of the most important things to remember when applying for a Creditmatik loan, or any loan for that matter, is to make your payments on time. Creditmatik has the right to call a collection agency and sell them your account, which could put a significant dent in your credit score in addition to being an overall stressful experience.
If you know in advance that you are likely to miss a payment, call Creditmatik and explain why. It may be willing to address your problem and offer a solution in the form of a different payment schedule. It is also possible though that you will have to pay the remainder of the loan back after missing a payment, and failure to do so could bring a collection agency into the picture.
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