Please note that...
Your credit rating will not be affected if you repay on time. If you cannot repay your variable line of credit on time, interest of 20% per year will apply, and the debt will be sent for collection. You can postpone a payment 72 business hours before the payment date. If your payment is returned NSF, an additional fee of $40 will be charged. Obtaining or renewing a variable line of credit entails membership or renewal fees. Beneficiaries of CNESST programs, disability insurance and pension plans are welcome.
Our offices are located at 7-2070 Harvey Ave. Unit #244, Kelowna, BC, V1Y 8P8. Please note that no services are offered at that address.
Privacy Policy
*Certain conditions may apply
Annual Interest Rate (APR)
We offer an annual percentage rate (APR) of 20%.
Repayment Terms
Repayment terms at Open Credit varies from three to six months.
Responsible Lending Policy
All online loan applications are evaluated to ensure and confirm that you, the borrower, have the ability to repay the line of credit. This means we will:
- Verify that your salary or sources of income meet our requirements.
- Check that you do not have an excessive number of NSF payments on your bank account.
- Determine the amount of your recurring housing expenses and other credit or lease contract payments that may interfere with your ability to repay your line of credit.
Following this analysis, if your file meets all our criteria, your application will be accepted.
Repayment Samples
Repaying a variable line of credit of $500 every 2 weeks in 6 installments of $127.27 per payment, for a total of $783.64. This example includes membership or renewal fees that are added to the interest charged. Membership fees or renewal fees for each file are independent of the interest claimed by the lender. You can pay off your variable line of credit at any time and save on fees
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Responsible Collection
Our company uses responsible and lawful Canadian collection practices. If you have a problem repaying your variable credit line, our collection agents will make an arrangement with you based on your ability to repay. Payments that are not made accrue interest on the outstanding balance. The borrower is responsible for all legal costs incurred in recovering the outstanding balance.
Borrow prudently and responsibly. Open Credit is an option if you have no other solution. Our interest rate is higher than that of traditional financial institutions, so this type of line of credit should only be taken when all other options have been exhausted. A variable line of credit taken out in full knowledge of all the considerations involved may be the right solution for you. If you take out several short-term lines of credit, your financial situation will deteriorate very quickly, and the debt will be difficult to repay.
Open Credit is a Canadian company offering online variable credit without a credit check. We guarantee a professional, discreet, fast and secure service. Our goal is to accommodate our clients regardless of the status of their credit reports.