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Creditmatik loan review

Borrow up to $1,500 with Creditmatik. Apply within minutes and get your funds on the same day.

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.

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By

Chris Arnold

Updated

$500 - $1,500

Loan Amount

Please note: All information about Creditmatik Loans has been collected independently by Finder and this product is not available through this site.

30-second take

  • Consider Creditmatik if you’re looking for short-term financing and have a bad credit history. Creditmatik does not check credit scores during the application process.
  • Pick something else if you need a loan of more than $1,500, which is the maximum amount offered by Creditmatik.
  • Creditmatik is only available to customers in Quebec

Expert review

Creditmatik is an option for those in Quebec who need a relatively small amount of money in their account by the end of the day. Quick turnaround time and few barriers to entry make this an easy option for those in need of quick funds.

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.

What is a Creditmatik loan?

Creditmatik offers an open credit loan, which means there is no fixed term that you must finish repaying your loan by. Creditmatik says its loans are usually repaid within 3 to 6 months, but since you can repay the loan any time without penalty, try to repay it much sooner than that to reduce your fees.

You can borrow $500, $750, $1,000, $1,250 or $1,500.

What are the benefits of a Creditmatik loan?

If you are in need of a quick but small loan, Creditmatik has a few benefits that may make it a good option.

  • Quick access to funds. The money you apply for can be added to your bank account the same day you apply for it.
  • No credit check. Creditmatik does not check your credit score during the application process.
  • No fees for early repayment. You can pay off your loan partially or in full any time without penalty.
  • 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. Since Creditmatik doesn’t do credit checks, you could qualify for a loan even with a poor credit score.

What to watch out for

  • $22.75 weekly membership fee. Each week until your debt is paid off, Creditmatik requires you to pay a $22.75 weekly membership fee in addition to your regular payments.
  • High APR. The APR for Creditmatik is 130% - 250%.
  • Small loans only. The maximum amount you can borrow from Creditmatik is $1,500.
  • No fixed term. Without a fixed term, it can be tempting to hold off on repaying your loan in full. However, the longer you wait, the more you pay in fees.
⚠️ Warning: Be cautious with payday loans
High-cost payday loans are unsustainable for borrowing over a continued period of time and are expensive as a means of longer-term borrowing. 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). You may also want to consider payday loan alternatives.

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Maximum borrowing costs of payday loans per province
Always 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 & 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)

Is Creditmatik legitimate?

Creditmatik is a registered enterprise in Quebec (1176718337) with an address in Saint-Hubert, Quebec. You can contact Creditmatik through an automated phone number that directs you to real people after a short time. Creditmatik has virtually no presence on social media. It also does not appear in the Better Business Bureau database.

Am I eligible?

Eligibility for a Creditmatik loan is fairly straightforward as long as you live in Quebec. You only need to meet a few criteria.

  • Be a resident of Quebec
  • Be at least 18 years old
  • Be employed for at least 3 months prior to applying for the loan
  • Earn at least $1,200 per month
  • Not in bankruptcy

How do I apply for a Creditmatik loan?

Applying for a Creditmatik loan is a fairly simple process.

  • You can apply on the Creditmatik website or call a representative on the phone.
  • Fill in your personal information including name, birth date, contact information and address.
  • You will get an instant bank verification email, which will require you to sign in to your online banking website to complete the process.
  • An agent should then be able to verify your information and, when approved, deposit the funds into your account.

What documents do I need to apply?

Creditmatik is not clear about what documents you need to provide, but basic requirements usually include:

  • Government-issued ID
  • Proof of income, like pay stubs or bank statements

I got the Creditmatik loan, now what?

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.

Frequently asked questions

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