FAQ
Frequently Asked Questions
1. Am I qualified for a loan?
- To qualify for a quick loan, you need to:
- 1. Be 18 years old or older
- 2. Reside and work in Quebec
- 3. Be employed for at least three months and/or receive an eligible income*
- 4. Not be bankrupt
- 5. Earn at least $1500 per month
- *Eligible types of income include: – Employment Insurance
- – Quebec Parental Insurance Plan (QPIP)
- – Commission de la santé et sécurité au travail (CSST)– Société d’assurance automobile du Québec (SAAQ)
- – Specific Solidarity Allowance (ASS) Salary**
- – Pensions
- *We no longer accept self-employed workers.
- **We do not accept last-resort assistance, social assistance, solidarity benefits
2. I don't have a good credit score, can I still apply for a loan?
- Yes! Unlike banks, our loans do not require a credit check. We use IBV to assess your ability to repay your loan.
3. What is an IBV?
- IBV stands for 'Instant Bank Verification.' It's a platform designed by banking institutions to provide a snapshot of your transactions for the past 90 days. It's a faster and simpler way to evaluate your repayment capacity without conducting a credit check.
4. What's the difference between a personal loan and a traditional bank loan?
- The main difference between our loans and those from banks is the qualifications. Banks rely solely on your credit score and may reject applications with low scores. Our loans are based on your IBV (as described above) rather than your credit score. This additional risk-taking results in higher fees, so we encourage you to use this type of loan as a last resort.
5. Do I need to send documents?
- The only document required is a scan or photo of your identification. The rest of the loan processing is done online. Even the signature is electronic.
- What types of identification are acceptable?
- - Driver's License
- - Passport
- - Health Insurance Card
6. How long will I wait for the loan money?
- Once you've signed and approved the contracts, your loan will be deposited into your account via Interac. Use the email address associated with your bank account during your loan application as the deposit will be made to that address.
7. Can I make changes to my profile? (payment schedule, bank account, etc.)
- Yes, you can adjust* the amount of your payments or change the dates if necessary. However, these changes must be made with our agents by phone, email, or text message at least 72 business hours before the scheduled date. You can also change the bank account from which the transfers are made.
- *Any modification incurs a $35 management fee, which will be added at the end of your payment schedule.
8. I have a payment due tomorrow, but I won't have the amount available. Can I postpone the payment?
- No, a modification must be made at least 72 hours in advance as transactions are already scheduled beyond that point. If you're uncertain about your ability to make your next payment, don't hesitate to contact us so we can adjust your schedule.
9. Can I replace a scheduled withdrawal with an Interac transfer?
- No. Interac transfers can only be used to reduce your balance (or settle it in full) between withdrawals; automatic withdrawals cannot be replaced by a transfer.
10. I missed a payment, what are my options?
- If you missed a payment*, contact us and we will make a modification to your schedule using the following two options:
- 1. Payment deferral. The missed payment will be added to the end of your schedule.
- 2. Payment distribution: we will divide the missed payment and add the amount to your upcoming payments.
- *A missed payment will incur a mandatory $50 NSF fee.
11. What are the different ways to contact you to make changes to my schedule?
- Our agents can be reached by phone, email, or SMS.
12. What happens when I miss too many payments in a row?
- The limit is three consecutive missed payments, after which your file will be suspended and transferred to a collection agency. Be aware that transferring your file to a collection agency may have a significant impact on your credit score. Don't hesitate to let us know if you're having difficulties with repayment.
13. When can I renew my loan?
- You can renew your loan once you've repaid 75% of the original amount and associated fees. You can find out if you're eligible for renewal by contacting us via phone, email, or text message.
Don't have good credit? No problem
When you apply to us for a money loan, there is no credit check, as we feel the amount is not large enough to require one. We are able to assess your ability to repay your loan simply by analyzing your completed application form when you apply.
Yes it is possible to apply for a small loan without a credit check! We will only validate that you have been employed for more than 3 months.
As for the rest of our evaluation for your loan application, we perform an instant bank check (IBV). This process allows us to view your bank statement for the past 90 days. This allows us to see the amount and frequency of your payments and ensures your ability to pay. It is this verification that allows us to make money loans without a credit check
Criteria for evaluating to get a loan
Yes it is possible to get a mini money loan even if you have had bad credit in the past. We do not rely on a credit check to analyze your loan application, because we know that no one is immune to unforeseen circumstances:
- - A divorce or separation;
- - Your ex-spouse does not pay the alimony;
- - An illness;
- - An unexpected but necessary expense;
All of these situations can cause financial worries and affect your credit rating which can lead you to believe that you are no longer eligible for a loan, no matter how small. But this is not true! Your bad credit is not taken into account when we analyze your money loan application
When we evaluate your ability to repay your money loan application, we only look at the last 90 days of your bank statement. Since there is no credit check, you don't build up your credit.
WHY CHOOSE LOAN FORMULA?
For the speed of loan approval
Our process is quick because unlike banks, we don't conduct credit checks. You just need to fill out the online application form, which takes only a few minutes. Once your application is completed and your profile is created, you can use your access to sign the loan contract or directly upload any missing documents. Our approval agents can then process your request. Accepting the loan offer can be done with a single electronic click.
If we receive all the necessary information for analysis when your profile is created, including IBV, approval typically takes less than an hour.
FLEXIBLE REPAYMENT
You can choose the repayment mode that suits you best when applying for a loan. Please note that, apart from management fees, an amount related to account maintenance will be payable. You can also decide to increase or decrease the repayment amount.
This way, you pay at your own pace. When used responsibly, your loan can be a good alternative for you. Additionally, you can choose to repay more quickly and save on fees.
SECURE
You can rest assured that you're getting a fast and secure loan! Our team of professionals will never ask for access to your bank accounts, and your personal information will never be disclosed beyond our due diligence.
- - A website secured by an authenticated and approved SSL security certificate ensures that you can sign up online with peace of mind.
- - With instant bank verification, you have a level of security similar to major Canadian banks. Moreover, IBV only provides us with basic information from your statement so that our agents can verify your salary, any outstanding payments, and more generally, your capacity to repay the requested loan.
- - Once your loan is approved, the amount will be transferred to your bank account via Interac. Since we use the same email address as on your loan application, there's no risk of error.
- - A website secured by an authenticated and approved SSL security certificate ensures that you can sign up online with peace of mind.
Testimonials
A loan commits you!
A loan commits you and must be contracted responsibly. This type of loan incurs higher fees than a traditional bank loan and should only be used in case of necessity and when no other options are available to you.
NEED HELP?
Feel free to contact us! Our agents are available to assist you.
support@pretformula.com