Creditmatik loans review
Borrow up to $1,500 in quick cash when you apply for a loan with this reputable Quebec-based payday lender.
These loans come with no fixed term, which means you aren’t obligated to finish repaying your loan by a predetermined date like with most payday loans.
$500 - $1,500
Do you need a bit of extra cash to make ends meet this month? If so, you might benefit from taking out a loan with Creditmatik. This payday lender offers quick access to loans up to $1,500 for residents of Quebec. These loans come with an interest rate of 18.99%, which is much lower than what other payday lenders charge.
The main benefit of Creditmatik loans is that they’re quick and easy to apply for. You won’t need a credit check to get started, and you’ll typically get access to your money on the same day that you fill out your online application.
How does borrowing from Creditmatik work?
You’ll be able to apply for between $500 and $1,500 by filling out a simple online application. From there, your funds will be sent directly to your bank account.
What types of loans does Creditmatik provide?
Creditmatik offers loans between $500 and $1,500 These loans come with no fixed term, which means you aren’t obligated to finish repaying your loan by a predetermined date like with most payday loans. You’ll just need to set up a series of payments you think you can afford and stick to it.
One of the main benefits of a Creditmatik loans is that you won’t need to do a credit check or put down any kind of collateral to secure your loan. These loans also come with interest rates as low as 18.99%, which is similar to what you’ll pay with a credit card.
How much will I have to pay for a Creditmatik loans?
Creditmatik loans are very different from typical payday loans because they come with an interest rate of 18.99%. This is compared to many payday loans that come with APR rates above 300%. This makes these loans a much more affordable option than the payday loans you might find in other provinces.
With a Creditmatik loans, you’ll pay around the same amount of interest on your loan that you would with a credit card. You’ll have to pay a “subscription fee” of $22.75 for every week that you have a balance.
What are the benefits of a Creditmatik loans?
Creditmatik loans come with a number of benefits that you can take advantage of when you sign up:
- Easy application. You can apply for a loan with Creditmatik in a matter of minutes.
- Fast approval. You’ll get approved for your loan and have your money deposited on the same day as your application.
- Low interest rates. Creditmatik loans come with interest rates as low as 18.99% compared to other payday loans that have APRs as high as 300%.
- Flexible terms. You won’t have to pay your loan back by a specified date so your payments are guaranteed to fit your budget.
- No collateral required. There’s no need to hand over any of your assets (such as your car or home) if you can’t pay your loan back on time.
- Bad credit doesn’t matter. You’ll be able to qualify for a loan even if your credit score is low.
What should I watch out for?
There are also a number of disadvantages you’ll need to consider before you take out a Creditmatik loansn.
- Small amounts. You can only borrow up to $1,500 at a time, which might not be enough to cover your expenses.
- Slower deposits. Your deposit won’t always be processed on the same day you apply, especially if you submit your application after 11am EST.
- Additional fees. You’ll have to pay a “subscription fee” of $22.75 for every week that you have a balance.
- Only available in Quebec. You’ll only be able to use Creditmatik loans if you live in Quebec.
- Strict eligibility criteria. You’ll need to have a job and a steady form of income to qualify, along with no open bankruptcies.
What should I know before I apply?
To apply for a loan from Creditmatik, you need to meet the following criteria:
- Be 18 years of age or older
- Live in Quebec
- Have a stable job for at least three months
- Have a minimum monthly income of $1,200
- Have your paycheque deposited into your Canadian bank account
- Not have any open bankruptcies
Required documents and information
- Proof of ID. You’ll have to show proof of ID like your driver’s licence or passport to verify your identity.
- Proof of address. You might need to hand over a utility or cell phone bill to prove that you live at a stable address in Quebec.
- Void cheque. You’ll typically have to submit a void cheque or direct deposit form to facilitate withdrawals from your account.
- Income verification. You could be required to submit pay stubs, bank statements or other financial documents to prove your income.
How to apply
If you think you meet all the eligibility criteria and you’re ready to get started with your loan application, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your loan if you meet the eligibility requirements.
Creditmatik is a reputable lender that offers low-interest loans to residents of Quebec. You can borrow up to $1,500 at a time and you can pay these loans back over the course of many weeks or months, depending on your budget. You’ll have to pay a “subscription fee” of $22.75 for every week that you have a balance.
⚠️ Warning: Be cautious with payday loansPayday loans are expensive. If you're experiencing financial hardship call Credit Counselling Canada for free financial counselling (Monday-Friday 8:00am-5:00pm at +1 866-398-5999). Consider alternatives instead of a payday loan:
- Local resources. Government programs and nonprofits offer free financial services and help with food, utilities and rent.
- Debt relief companies. There are services to help you reduce your debt payments.
- Payment extensions. Talk with bill providers about longer payment plans or due-date extensions.
- Side jobs. Sell unwanted items online, sign up for food delivery and more.
Compare other payday loans
Check the websites of any lenders you’re interested in to confirm they operate in your province or territory of residence.
Maximum borrowing costs per provinceAlways refer to your contract for exact repayment amounts and costs as they may vary from our results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick & Ontario||$15 per $100 borrowed|
|Manitoba & Saskatchewan||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|