In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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Fora line of credit review

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Fora Line of Credit
2.5
★★★★★
Finder score
APR Range
19.90% - 46.90%
Loan Amount
$1,000 - $10,000
Loan Term
Open

Our verdict

Borrow up to $10,000 as needed and get the funds as soon as the same business day.

The Fora line of credit is an unsecured line of credit for borrowers who may not be eligible for funding from traditional lenders. Fora Credit is an entirely online lender, so you can apply and get funded without leaving home, and it's possible to get your money the same day. There are also no fees to contend with, but keep in mind that a high interest rate applies and the line of credit is only available in selected provinces.

Best for: It's best for people who want fast access to flexible funding but may not qualify with a traditional lender.

Pros

  • Apply online
  • Same business day funding available
  • Only pay interest on the funds you use, not your entire credit limit
  • No additional fees

Cons

  • Only available in AB, BC, NB, NL, NS, ON and SK
  • High interest rates
  • New provider so limited customer reviews

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is Fora?

Fora Credit is a new online credit provider in the Canadian marketplace. Launched in November 2022, it offers a personal line of credit to customers in AB, BC, NB, NL, NS, ON and SK.

Fora is an online-only lender that aims to provide solutions for borrowers who struggle to access credit from traditional lenders. Its website lists a PO box address in Ontario, and the lender can be contacted via phone, email, and online chat.

Is Fora legitimate?

Fora Credit Inc. has the licences required in its operational provinces, as applicable. Fora Credit is a brand of Propel Holdings Inc., an online fintech company listed on the Toronto Stock Exchange.

Propel Holdings was founded in 2011 and is headquartered in Toronto. It operates two other brands that serve American consumers:

  • MoneyKey offers unsecured loans and lines of credit.
  • CreditFresh offers lines of credit ranging from $500 to $5,000.

Fora line of credit features

FeatureDetails
Interest rate19.90% - 46.90%
Loan amount$1,000–$10,000
Loan termOpen-ended
Fees$0
Serviced provincesAB, BC, NB, NL, NS, ON and SK

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What we like about Fora’s line of credit

  • Only pay interest on what you borrow. When you take out a Fora line of credit, you only pay interest on the money you withdraw, not the total credit limit.
  • Quick and easy application. You can apply for a line of credit online within minutes, and Fora uses online bank verification to speed up the application process.
  • Get funds the same business day. When you request a draw on your line of credit, your funds can be deposited into your bank account as soon as the same business day. Check Fora’s FAQ page for more details about funding times.
  • No extra fees. Fora does not charge any application, origination, late, annual or draw fees on its line of credit.
  • Customer support. Have a question about your line of credit? You can get in touch with Fora’s customer support team via phone, email and online chat.

What to watch out for

  • High interest rate. A maximum interest rate of 46.9% may apply to the Fora line of credit, so watch out for the high cost of borrowing. Make sure you compare a range of other options to find an affordable loan option that meets your needs.
  • Open-ended. The Fora line of credit doesn’t have a fixed term, so you don’t need to pay your balance off in full by a set date. Instead, you need to make a minimum payment each billing cycle. However, take note that if you only ever make the minimum payment, you’ll end up paying much more interest than if you repay what you borrow as quickly as possible.
  • Not available everywhere. At the time of writing, only residents of AB, BC, NB, NL, NS, ON and SK could access a Fora line of credit.

Summary of Fora reviews

Fora has mostly positive reviews online, with customers praising its fast, easy and efficient application process. Customers also spoke highly of Fora’s responsive customer service. On the other hand, some negative comments mentioned high interest rates and that it was hard to see what interest rate you qualified for.

FeatureDetails
BBB accreditedNo
BBB ratingN/A
Trustpilot score4.6 out of 5 stars, based on 75 Fora reviews
Google rating4.0 out of 5 stars, based on 1 Fora review
Customer reviews verified as ofSeptember 27, 2023

It’s also worth mentioning that there are plenty of reviews for the two US brands managed by Propel Holdings:

  • MoneyKey has an average score of 4.7 out of 5 from more than 3,700 reviews on Trustpilot.
  • CreditFresh has an average score of 4.5 out of 5 from more than 2,700 reviews on Trustpilot.

Alternatives similar to Fora line of credit

Loans Canada

Cash Money

Mogo

Loan amount$5,000–$35,000$500–$10,000$1,000–$3,500
Interest rate9.90% - 21.50%46.93%47.42%
FeesVariesEstablishment fees, missed payment fees and default penalty fees may apply.None
Serviced provinces and territoriesAll of CanadaAB, BC, MB, NB, NL, NS, ON & SKBC, AB, SK, MB, ON, NB, NS, NF, PEI, NU, NT
Basic eligibility requirementsSteady source of income, 300 min. credit scoreStable income, 600 min. credit scoreMin. income of $35,000 /year, 600 min. credit score

Am I eligible for a Fora line of credit?

You’ll need to satisfy the following criteria to qualify for a Fora line of credit:

  • Be a Canadian citizen or permanent resident.
  • Be a resident of and legal age of majority in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario or Saskatchewan.
  • Have an active personal bank account.
  • Have a steady source of income that you receive via direct deposit.
  • Provide your phone number and email address.

How to apply

It’s quick and easy to apply for a Fora line of credit online. Here’s what you need to do.

  1. Visit the Fora website and click on “Apply Now”.
  2. Select your province and enter your email address.
  3. Choose the amount of credit you want to apply for.
  4. Create a password for your account.
  5. Review and agree to Fora’s privacy policy, terms of use and electronic communications agreement.
  6. Provide your name, date of birth and mobile telephone number. You also have the option of providing your Social Insurance Number to help the lender verify your identity.
  7. Provide details of your income.
  8. Verify your bank account.
  9. Submit your application.

You’ll receive an email notification if your application is approved. The application process can be completed in minutes, and it’s possible to get your funds as soon as the same business day.

How much will a Fora line of credit cost?

There are no fees to access and use the Fora line of credit; however, like all loan products, there are costs associated with the use of the line of credit. In particular, borrowers need to understand how the interest rate is charged. As per industry standards, Fora’s interest is calculated daily on the balance owed. Based on Fora’s maximum 46.9% annual rate, this works out to an approximate daily interest rate of 0.1285% – the annual interest rate, divided by 365 days.

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