{"id":1015805,"date":"2023-05-25T18:08:59","date_gmt":"2023-05-25T22:08:59","guid":{"rendered":"https:\/\/www.finder.com\/ca\/?p=1015805"},"modified":"2026-01-20T11:58:30","modified_gmt":"2026-01-20T16:58:30","slug":"credito-review","status":"publish","type":"post","link":"https:\/\/www.finder.com\/ca\/personal-loans\/credito-review","title":{"rendered":"Credito review"},"content":{"rendered":"
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\nRelated: <\/span>Best cash loans in Canada<\/a>\n<\/div>\n<\/article>

What is Credito?<\/h3>

Credito is an online brokerage platform that offers short-term loans of $500\u2013$850. It works with lenders that offer loans with rates ranging from 22% to , and because there are no credit checks required, bad credit won\u2019t stop you getting a loan.<\/p>

You can apply for a loan through Credito online or over the phone. If you meet the eligibility requirements, the loan amount will be transferred to you within 24 hours, with same-day funding available in some cases. Loan terms range from 90 - 120 days.<\/p>

Is Credito legitimate?<\/h3>

Credito has received more than 1,000 reviews on Trustpilot, the majority of which are positive. It lists an office address in Vancouver, which a Google search reveals is indeed a business centre with office space and virtual addresses for rent.<\/p>

Credito includes its terms and conditions on its website but not its privacy policy.<\/p>

Credito loan features<\/h3>
Feature<\/th>Details<\/th><\/tr><\/thead>
Interest rate<\/td>Rates of 22% + broker fee<\/span><\/td><\/tr>
Loan amount<\/td>$500 \u2013 $850<\/td><\/tr>
Loan term<\/td>90 - 120 days<\/td><\/tr>
Fees<\/td>$225 brokerage fee (amount set at broker's discretion)<\/td><\/tr>
Repayments<\/td>Weekly, bi-weekly, monthly<\/td><\/tr>
Basic eligibility requirements<\/td>Must have held a steady job for at least 3 months and earn a monthly income of $1,200 or more<\/td><\/tr>
Serviced provinces<\/td>ON, PE, BC, AB, NB, NS, NL, NU, NT, YU<\/td><\/tr><\/tbody><\/table>

What we like about Credito<\/h3>
  • Easy application process.<\/strong> It\u2019s quick and easy to apply for a loan by filling out an online form in a matter of minutes.<\/li>
  • No credit checks.<\/strong> Credito offers no credit check loans, so a poor credit score won\u2019t stop you from qualifying for funding.<\/li>
  • Get your funds in 24 hours.<\/strong> Apply for a loan with Credito and you can get approved and funded within 24 hours. And if your loan request is approved before 1:30 p.m. EST on a business day, you\u2019ll get your loan funds the same day.<\/li>
  • No paper documents required.<\/strong> You can apply for a loan without submitting any paper documents, as Credito uses an instant verification service to speed up the process. If you\u2019d rather apply over the phone than online, you can.<\/li>
  • Longer repayment terms than payday loans.<\/strong> If you\u2019re looking for a payday loan alternative, loans taken out through Credito have repayment terms of 90 or 120 days.<\/li>
  • Flexible payment schedule.<\/strong> You can make weekly, bi-weekly or monthly payments towards your Credito loan.<\/li><\/ul>

    What to watch out for<\/h3>
    • High brokerage fees.<\/strong> Credito sets brokerage fees at its own discretion. The repayment example given on the Credito website refers to a $225 brokerage fee (amount set at broker's discretion) on a $500 loan.<\/li>
    • Other fees.<\/strong> If you miss a payment, a $40 late fee applies. If your pre-authorized payment is declined due to insufficient funds, Credito charges a $40 fee. You can avoid NSF fees by postponing a payment, but this attracts a $25 administrative fee.<\/li>
    • High interest rates.<\/strong> Credito says it works with lenders that offer rates of between 22% and .<\/li>
    • Small maximum loan amount.<\/strong> Credito offers loans of up to $850 only. And if it\u2019s your first loan with Credito, the maximum amount you can qualify for is $500.<\/li>
    • Make sure you can afford repayments.<\/strong> You have 90 days to pay off a loan of $600 or less, and 120 days to pay back larger loan amounts. You\u2019ll need to make sure you have enough room in your budget to afford repayments on a short-term loan. Payments are automatically debited from your bank account, so you\u2019ll be charged NSF fees by your bank if you don\u2019t have enough funds to cover your loan costs.<\/li><\/ul>

      Alternatives to Credito<\/h3>