RENEW YOUR LOAN
RENEW YOU LOAN
A loan renewal in just a few minutes, without an appointment!
Renewing at the end of your previous loan
Renewing a loan with Finance Solution involves signing a new contract specifying the amount, interest rate, and loan terms, such as the amortization period and payment frequency. This allows you to borrow a different amount and repay it in a shorter or longer period than the previous loan, depending on your financial situation.
The advantages of renewing your loan online
WITHOUT CREDIT CHECK
AN EASY FORM
The renewal process is as quick as your first application. Click on the “Renew a Loan” button and say that you have borrowed with us before.
Then choose the new loan terms (amortization period, payment amount, etc.) and sign the renewal.
FLEXIBLE CONDITIONS
Choose the amortization period (repayment term) and payment amount to facilitate your repayment.
Our interest rates and loan terms are competitive, allowing us to help you in most situations. Contact our advisors for your renewal!
LESS THAN 90 MINUTES
For both initial and renewal applications, our advisors respond in less than 90 minutes.
Get your loan quickly, without providing any new documents, year-round, from Monday to Friday.
Renewable loans under conditions
You are eligible to borrow up to $1,250 once your first $300 loan has been half-paid. You can also renew your loan at or before its term, following the finalization of the first loan, which must have a balance of less than $150.
If necessary, our team of advisors can provide you with advice and answers by contacting them using the form.
Be over 18
Be a Canadian resident
Have a steady job for at least 6 months
Receive a paycheck by direct deposit in Canada
Have a net monthly income of at least 1200$
Renewal for new challenges: mortgage, rising costs…
A RISING MORTGAGE RATE?
Is your mortgage due date approaching? Due to several factors, current interest rates are much higher than they were a few years ago. It may be worth renegotiating your mortgage with your current lender at the time of renewal to limit the impact of your mortgage payments on your daily life and spending habits.
Depending on your short-term financial goals, one option may be to contact Finance Solution again to temporarily offset this increase. However, seek advice quickly to assess the best solution!
RISING COST OF LIVING
You need to repair your car and you hadn’t planned for this expense? Need to go to the dentist but your insurance doesn’t cover all the treatments? Or are groceries simply too expensive and making ends meet difficult? There are many examples…
With the rising cost of everything around us, consider renewing a loan with Finance Solution. Without an appointment, the entire process is done online with your current lender!
IMPORTANT INFORMATION
Annual interest rate (APR)
We work with the best financial institutions to offer you an annual interest rate of 29%. Additional costs may be claimed to cover fees for the preparation, assembly, follow-up of the request and management of the customer file.
Reimbursement terms
Our loans reimbursement terms are 3 to 6 months depending on amount borrowed.
Exemple of reimbursement
For an instant loan of $750, $65 will be withdrawn from your account, weekly, over a 4-month period.
This information is given for descriptive purposes only and considers a full repayment, respecting the established payment schedule. These amounts include the fees claimed by the official agent (broker). Membership fees are subject to change. Finance Solution reserves the right to make such changes at any time. Amounts excludes postponed, refused or returned for insufficient funds payment fees .
Refused payment for insufficient funds or others
A 60$ fee will apply for any payment refused or returned for insufficient funds. These fees will be added at the end of your contract.
Postponed payment
It is possible to modify your payment plan by postponing a payment to a further date than according to your payment schedule. We must receive notice three business days prior to the scheduled withdrawal date and an administration fee of 50$ will be charged at the end of your contract. Please note that the first two payment will not be postponed.
Collection
If you miss a payment, one of our agents will contact you to advise you and rectify the situation. The collection officer will establish with you a new date on which the missed payment will be debited from your account. You will be charged a 65$ fee that will be added to the end of your payment schedule. If several payments are missed or you fail to honor your agreement, your file will be transferred to a collection agency.
Compliance of loan agreement
It is important to comply with your agreement and respect your payments. This will allow you to easily obtain a renewal, in addition of being able to increase the amount of your new loan.
Available in every province, except Québec
Eligibility
Although we strive to satisfy all our customers with flexible eligibility conditions, we are obliged to comply with current financial regulations. In order to evaluate your application, you must meet the following criteria:
- Be 18 and over
- Be a Canadian citizen
- Have a steady job for at least 6 months
- Receive a paycheck by direct deposit in Canada
- Not be under bankruptcy protection, intend on filling for personal bankruptcy or a consumer proposal
Completion of your file
Your file will be completed when these three steps have been done
- Reception and approval of all required documents
- Employment validation
- Verification of your personal references
Loans are deposited Monday through Friday during business hours.
Warning: Short term loans can provide an effective solution to meet your needs, but they have to be used wisely. Despite the fact that short-term loans are efficient and fast, the prevailing rates are higher than those of local banks. Therefore, they should be used occasionally and in situations where lower interest options would not be available, for exemple for an emergency. In order to avoid the appearance of a difficult financial situation, it is recommended that you do not contact several loan services.
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