FAQ: Can I pay off my term loan at any time?
At urLoan your term loan is open and can be repaid at any time you like, without any pre-payment penalties being charged. If you do decide to pay off your loan early with us, all that you would be on the hook for is your remaining principal and any outstanding accrued interest or fees that may have been incurred during your loan with us, such as NSF fees. Did you know that it is illegal to charge pre-payment penalties on unsecured loans in Canada? The Canadian Government introduced legislation to protect consumers several years ago to protect them from these sorts of penalties.
If you are interested in paying off your loan early with us, you have several options to pay:
1. You may select “E-Mail Money Transfer”, under your Online Banking. Please email us with your request and we will provide you the details you need.
2. You may select “urLoan – Creditloans Canada Financing” under your Online Banking and utilize your 5 digit loan ID. Please email us with your request and we will provide you the details you require.
3. With 72 hours notice, you can phone 1-855-723-5626 ext. 1 and request us to debit your bank account for the additional funds and we can simply debit the funds from your bank account on file with us.