Frequently asked Questions
What is urLoan™ and where are you located?
Creditloans Canada Financing Inc. introduced urLoan™, in the summer of 2013, as Canada’s newest service to obtain an unsecured personal loan ranging from $500 to $2,500. We’re a fast and convenient way to get a reasonable loan when the banks won’t listen to you and the only lender in Canada providing unsecured term loans up to $2,500. Our headquarters are in Vancouver, BC; however, loans are available across Canada in every Province, with the exception of Quebec and Nova Scotia.
We approve when banks won’t and we’re way cheaper than a Payday loan. We’re a fast, convenient alternative for getting you the money you need. A simple 10-minute application can put up to up to $2,500 in your pocket in as little as 24 hours.
What is the difference between urLoan™ and a loan from a bank or payday lender?
urLoan™ provides you greater flexibility and control over your finances when we approve you for a personal loan. Unlike the banks, we approve customers with poor credit ratings and scores, and we don’t care if you own your home! We are one of the only alternative lenders in Canada offering personal unsecured loans up to $2,500. While Payday lenders can typically charge an APR interest rate in excess of hundreds of percent, urLoan™ interest rates are between 29-46.95%, which is a competitive rate to other unsecured term loan companies. We also offer longer re-payment terms up to 36 months, so that your re-payments are manageable and something that can fit your budget.
Can I improve my credit score using urLoan?
In general, when using a loan for the purpose of paying off delinquent debt, it may improve your credit score/rating in a positive way. Also, a term loan is reported to the credit bureau agencies, which does allow for building credit and show you’re making your agreed re-payments. If you take out a consolidation loan with our Company to repay prior delinquent accounts or debts reporting on your credit bureau, we encourage you to obtain release letters from your prior creditors immediately so you can notify the bureaus so they can reflect your updated positive history as soon as possible.
How We Help
What can I borrow money for?
When borrowing from urLoan™, we want your loan to be a financially beneficial one for you. Borrowing at 29 to 46.95% APR can be expensive and therefore you should borrow responsibly and within your means. If you can afford to take on the loan from us, then we are less concerned with the purpose of the money; however, the majority of our customers seek a loan for debt consolidation purposes rather than personal funds.
How can you help me with consolidating my debts?
If you have existing credit card debt that is becoming unmanageable or you have collection agencies chasing you, contact 1-855-723-LOAN (5626)
and ask to speak to a loan specialist. We will work with you to determine your budget and how much of a loan you can afford and pay the collection agency directly on your behalf, if you are approved. urLoan™ will assist you with financing out your collection matter and providing you an avenue to obtain a loan even though you have bruised credit. You can pay back the loan over a reasonable time frame that doesn’t put you or your family under undue pressure.
Collection agencies are chasing me, how can urLoan™ help?
Let’s say that a Toronto-based collection agency is chasing you because you owe their client $3,000 and let’s also say that you could pay that $3,000 off right now, but it would be terribly inconvenient for you and could put you and your family in financial distress. urLoan™ is here to help in these situations. Let us assume the collection agencies position, but we won’t chase you for your loan. Instead, we will settle your collection matter directly and put you on a payment plan to pay us back over time, which matches how you are paid by your employer. This way you will pay urLoan™ on your pay-day every two weeks, for example, until your loan is paid off with interest and you can hold on to your cash now and put food on the table or pay the rent.
What if I get a loan from you and lose my job?
The urLoan™ service was designed to be provided to individuals who are employed, because we get paid back on your pay-day at the same time as you. If you lose your job, we allow you a 90-day payment holiday and work with you, to the extent you require, to help get you back on your feet and find new employment.
We also offer Loan Protection Insurance that protects you from involuntary job loss and covers your loan payments for six months (some conditions apply).
What if I have been Bankrupt, filed a Proposal, or been in credit counselling?
Unfortunately, we are not currently offering loans to individuals who have filed a prior Bankruptcy, filed a Proposal under the Bankruptcy & Insolvency Act, or taken part in formal credit counselling unless these matters have completely dropped off your credit bureau. This can typically take up to 7-10 years after discharge, in the case of a prior bankruptcy.
How much money can I borrow and how do the re-payments work?
urLoan™ offers unsecured loans ranging from $500 – $2,500. The amount you can borrow will be based on your income, debt load and a variety of other factors. Payments will be automatically debited from your bank account on your pay periods (weekly, bi-weekly, semi-weekly, or monthly in some cases).
How long can I borrow money for?
Our flexible payment terms range from 6-36 months. We strive to meet your budget, allowing you to borrow the amount you can afford to re-pay.
What is APR and what does urLoan™ charge?
The term APR stands for “annual percentage rate” which is the calculation of annual interest for your loan. urLoan™ typically charges between a 29-46.95% APR, which is determined after your personal and credit assessment.
What is your loan protection plan?
Our loan protection plan varies slightly depending on whether your loan if under or over $5,000; however, it is there to protect you in case of job loss, injury, illness and in the worst possible case if you pass away:
– If you are laid off, your payments are covered up to 6 months. Some restrictions may apply.
– If you are injured or ill, your payments are covered up to 6 months. Some restrictions may apply.
– If you are critically ill, your payments are covered 100%. Only applies to loans under $5,000.
– If you pass away, your payments are covered 100%. Some restrictions may apply.
What qualifications and paperwork are required to be approved for a personal loan?
This can be determined by various factors and will also depend on the purpose of your loan. However, typically the main documentation or support we would like to see include:
– Employment verification (status and length) – minimum six months at your employer
– Proof of income (pay stubs)
– Proof of Canadian residency
– Minimum age of 18 (2 pieces of government issued ID)
– Proof of Bank account
– Other factors that may or may not impact your qualification for a personal loan include:
– Prior bankruptcy filing, Proposal Filing, or credit counseling filing
– Extent of Payday loan usage
– Earn over $1,500 net pay per month
How long does it take to complete the online application?
The application takes approximately 10-15 minutes to complete.
How long does it take to be approved and have funds in my account?
Approval can be as quick as several hours, but is highly dependent on how fast you can provide urLoan™ with the necessary documentation. urLoan™ has engaged certain third party service providers to obtain quick access to certain personal records and move funds to and from your bank account. If you agree to allow urLoan™, through these service providers, to access your private personal information, your application can be approved within hours. These service providers may assist us with reading and analyzing your credit score among other things.
On the other hand, if certain documents take time to arrive, your urLoan™ personal loan application can be delayed by days or potentially longer. Funds can be electronically wired into your account within 1-2 days of your loan getting approved.
What happens if I pay off my loan early?
No penalty. You are entitled to pay off your personal loan at any time, and if you do so, incur only those finance charges earned up to the time at which the loan is paid off.
Are there any hidden fees?
We charge no additional fees for setting up your loan or getting you your money.