QuadFi Personal Loan review: Fair rates for newcomers

What is QuadFi?

QuadFi is an online lender that’s dedicated to making it easier for people with little or no credit to apply for affordable personal loans. It’s targeted towards underserved credit groups such as immigrants and students, but anyone over 18 who is a Canadian citizen or permanent resident can apply. QuadFi has been in operation since 2018 and is accredited as a Certified B Corporation, which means it has successfully demonstrated that it is purpose driven and creates real benefits for society. It’s known for offering personal loans and newcomer loans.

QuadFi personal loan features

Feature	Details
Loan amount	$5,000 – $50,000
Loan term	36 - 60 months
Interest rate	From 5.99%
Fees	Late payment fee
Serviced provinces	Ontario, BC and Alberta
Basic eligibility criteria	Canadian citizen or permanent resident, over 18, min. credit score 680, min. income $3,750/month

Is QuadFi legitimate?

QuadFi is a legitimate business that has been featured in publications such as Newswire, BetaKit, FinTech Futures, BusinessWorld Online and more. It has a strong social media presence across platforms and is listed as a Certified B Corporation due to its inclusive and equitable approach to financing.

What we like about QuadFi loans

You can take advantage of the following benefits with QuadFi:

• Fast application. Apply online for a loan in under 5 minutes.
• Affordable rates. Qualify for rates as low as 5.99%.
• Flexible assessment criteria. Get approved with no or little Canadian credit if you have a high foreign credit score, high income or strong academic standing.
• No cosigner required. There’s no need to enlist a cosigner to bolster your application.
• No hidden fees. You won’t pay fees to set up, maintain or prepay your loan (but watch out – there are late payment fees).
• Quick turnaround. You’ll usually get funds deposited in your account within 48 hours.
• High amounts. Borrow between $5,000 and $50,000.

What to watch out for

Watch out for the following drawbacks before getting a loan with QuadFi:

• Limited provinces. You can only currently access QuadFi’s services in Ontario, BC and Alberta.
• Hard credit check required. You’ll need a soft credit check to prequalify and a hard credit check to finalize your application (which can damage your credit score).
• Initial approval is tentative. You may prequalify and then get rejected when you hand in additional documents to finalize your approval.
• Late fees. You’ll have to pay fees if you make late payments on your loan.
• No phone contact. There’s no customer service hotline number listed online.

Summary of QuadFi reviews

There are no customer reviews for QuadFi on popular review platforms such as Trustpilot, the Better Business Bureau or Google reviews. The only online reviews for QuadFi that exist are from employees, who give the company a 3.8 out of 5 stars on the review site Glassdoor. Reviews indicate that QuadFi is a good company to work for and treats everyone as equal.

Alternatives to QuadFi

Am I eligible for a QuadFi loan?

You may be eligible for a QuadFi loan if you meet the following criteria:

• You’re a Canadian citizen or permanent resident
• You’re the age of majority in your province
• You’re willing to undergo a credit check (for personal loans)
• You’re able to provide alternative or foreign credit and income data (for newcomer loans)

Required documents

QuadFi may ask you to provide the following documents:

• Pay stubs or employment record
• List of assets and liabilities
• Academic records

How to apply for a QuadFi personal loan

You can apply for a QuadFi loan by following these steps:

1. Click the green ‘Go to site’ button below to be securely redirected to the online application.
2. Enter your email address and a password to create an account. Verify your email in under 2 minutes through the link provided.
3. Access the customer portal to complete your application in less than 5 minutes.
4. Input information such as your name, email address and phone number. Enter employment and academic information as needed.
5. Submit your application and wait to see if you pre-qualify – you’ll typically get preapproval in a few minutes.
6. Provide supporting documents to enable full approval of your application. Time varies depending on what type of documentation you need.
7. Once approved, agree to your loan term, amount and interest rates.
8. Wait for funding to be deposited into your bank account (usually within 48 hours).

How can I contact QuadFi?

You can contact the company by email, via the chatbot on the website or by sending a message to any of its social media platforms – including Facebook, Twitter, Instagram and LinkedIn. There doesn’t seem to be a contact number listed online, so it may not be possible to call QuadFi to discuss your account.

How much will a QuadFi loan cost?

QuadFi loans cost different amounts based on your term, how much you borrow and what your interest rates are.

• Term and amount. You’ll pay more interest over time if you take out a larger amount over a longer term. You’ll pay less if you borrow the minimum amount on a shorter term.
• Interest rates. QuadFi’s rates start at 5.99%, but your rate will depend on personal factors assessed as part of your application. You may end up paying more than the advertised rate in many cases.
• Fees. The only time you’ll pay fees with QuadFi is if you make late payments. You won’t pay set-up, origination or early repayment fees.

Bottom line

• QuadFi offers personal and newcomer loans to young people and immigrants who have little or no credit history.
• Rates start at 5.99%, and you can borrow between $5,000 and $50,000. Enjoy a quick application and approval process, with no hidden fees and no need for a cosigner.
• Service is only available in Ontario, BC and Alberta.

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Frequently asked questions

• I don't have a credit score; do I need a cosigner?

  QuadFi aims to provide affordable rates to people who don’t have a traditional credit score in Canada, without the need for a cosigner. You can still ask someone to cosign for you and it can help your application, but it’s not required.

• Will applying for a loan affect my credit score?

  Yes and no. QuadFi only conducts a soft credit check to make a loan offer, which won’t affect your credit score. But if you accept the loan, then you’ll have to give permission for QuadFi to conduct a hard credit check, which can temporarily bring down your score. That said, you can easily rebuild your credit and then some by repaying your loan on time.

• How are newcomer loans different from personal loans with QuadFi?

  The only difference between the loans is that newcomer loans can accommodate alternative sources of credit data from outside Canada. Personal loans will rely more heavily on information such as your Canadian income and educational background.

• Will I have to pay fees to pay my loan off early?

  No. QuadFi won’t charge you fees to prepay your loan, which sets it apart from other providers. As part of your contract, you have to sign up for a 3- or 5-year term but then you can repay your loan at your own pace and clear it out early without penalty if you want.

• What kind of alternative data does QuadFi use to make a loan decision?

  QuadFi doesn’t rely on traditional credit scores to determine your loan eligibility. Instead, it uses information such as your foreign credit rating or out-of-country income (for newcomer loans) or your academic status and Canadian income (for personal loans).