The lowest rate on the micro-loan market!
Credit24 finds lending companies for you with interest rates on online micro-loans that are lower than that offered by the competition. We do not use companies offering rates of 32%, 36% or 39%, as is often found on the market.
A nominal rate no greater than 24% a year (see Note on Interest Rates below). This rate is lower than that offered by certain credit cards, including those from major recognized stores.
The possibility of postponing a payment (for a fee of $25)
Fees for non-sufficient funds, which will NEVER exceed $40
Guarantee fees are applicable on a micro-loan, and vary between $225 and $400 depending on the amount borrowed, the payback period and the level of risk for the loan. Ask your representative about the fees applicable to your loan.
Our collections department will contact you should you fail to make a payment, so that we can reach a payment agreement. Our representatives always use responsible practices that comply with the law under the QUEBEC CONSUMER PROTECTION ACT.
However, should the borrower not respect or cooperate with the arrangements made, the file shall be sent to a collections agency or a law firm. Fees equivalent to 50% of the initial loan will be added to the amount due, as well as all eligible legal fees incurred to recover the debt (notification by registered letter or bailiff, court fees, etc.).
Note on interest rates
Did you know that the nominal interest rate on a loan is different from the effective rate? For example, a nominal rate of 24% per year, compounded on a monthly basis, is equivalent to a rate of 26.82% per year. When compounded daily, as the lenders we use do, the rate is 27.11%.
Moreover, if a $0.50 transaction fee per withdrawal is collected, the effective annual rate is 30.61%. Please borrow responsibly.