Learn more about variable credit, renewal, repayment and other issues regarding Open Credit services.
Yes, when you apply online, you must connect to our instant bank verification system to provide your bank statements. In some cases, our team may also ask you to provide a pay stub or a benefit statement.
Instant Bank Verification (IBV) is the simplest and most secure way to send your bank statements. This is mandatory to obtain a variable line of credit. This service was developed to simplify the online credit application process. Instant Bank Verification operates according to the highest security standards used by online financial institutions.
Cash advances are deposited directly into your bank account or by Interac e-transfer within 24 hours of approval. It's quick and efficient.
A variable line of credit is paid by pre authorized debit.
Regardless of your credit history, to be eligible you must:
You are eligible as a beneficiary of workers' compensation programs, private insurance, maternity or parental benefits from employment insurance, or a provincial or federal pension plan. Your income must be paid by direct deposit. You are not eligible if you are subject to an undischarged bankruptcy, or plan to be.
*Certain special conditions may apply. Approval of your request is never guaranteed. Apply for variable credit HERE.
Our company offers variable credit contracts at an interest rate of 20% annually. A subscription to our website is required to obtain the line of credit.
You have between 3 to 6 months to pay back the line of credit. Payments will be made according to your pay schedule. However, It is possible to pay off your debt before the time limit established by the contract.
Yes. You can request a different amount when you are eligible to renew your line of credit. If you need a cash advance or would like to increase your credit limit, log in to your customer account or contact our customer service representatives. We’ll be happy to help you.
To make a first request, click HERE
You can request a cash advance or increase your variable credit limit when you see the 'cash advance' and 'increase my credit limit' buttons appear in your dashboard.
Our fee for a payment returned to us is $10.
It is best to contact us 72 business hours before the scheduled collection date if you know that your payment could be returned. It will cost you less to defer payment, and we will be happy to make an arrangement with you.
Your application will not be accepted if you are self-employed, a recipient of social assistance, or if your source of income is employment insurance, student loans and bursaries, or employment allowances. Applicants with an elevated short-term debt ratio will be refused.
A good credit report is maintained by adopting good habits.
It is always best to make as few changes to your timeline as possible. We understand that life is sometimes full of surprises, and we are here to help. It is important to notify us at least 72 hours in advance if you wish to postpone or modify a payment. Are you facing a difficult situation? Avoid accumulating penalties for insufficient funds or stopped payments. Contact us by email or telephone and we will discuss the best way to reduce your stress related to situations that are beyond your control. We are open, flexible, and attentive.