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City Lending Centers (CLC): Overview

City Lending Centers was founded by Ben and Margaret Adekunle to help guide families through their financial struggles and ensure that everyone has equal access to financial stability, no matter their status. 

Ben’s 12 years in IT Project Management and Margaret’s 20 years in the banking industry have combined to create effective online custom credit-building solutions, all to help Canadians take control of their personal finances and credit health. 

It can be tough to maintain financial stability and a good credit score given the challenging economic climate in Canada these days. At City Lending Centers (CLC), it’s their mission to ensure that all consumers have access to financial stability. More specifically, the company is aimed at guiding and educating those who are struggling financially.

Let’s take a closer look at CLC and see what types of products they offer and how you can benefit from them. 

What Does CLC Offer?

CLC offers several programs and products to help you get a solid grasp on your personal finances and credit health.

Rent Payments To Build Credit 

If you currently rent, you can use your timely rent payments to help build good credit. Unlike homeowners who pay a mortgage, renters don’t typically have the opportunity to work towards building a good credit score through rent payments. But with CLC’s rent reporting, you can use your on-time rent payments to establish a healthy credit history.

The program costs $15 per month or $30 per month, depending on the plan you choose. Landlords must be willing to participate in the program, as they are the ones who will be verifying rent payments.

How it Works 

  • Enroll in Rent Reporting including your full name, phone number, address, government ID, and monthly rent amount 
  • CLC will verify your rent payments by contacting your landlord and uploading your information to the credit bureaus.
  • Your rent payments will be recorded on your credit report

Features 

  • Build good credit by making on-time rent payments
  • Have your past rent payments reported to boost your credit history
  • Renting from family can also qualify
  • 100% program refund guarantee
  • Discounted cost when you include your spouse or roommate for historical reporting 
  • You can also choose to add up to 24 months of historical rent reporting for a one-time payment of $120. 

Credit-Builder Loan

A credit-builder loan lets you hold a small debt amount to show that you’re a responsible borrower. Every timely payment you make toward repaying your credit-builder loan will be reported to the credit bureaus. In turn, this will help you establish a healthy credit history and a good credit score. 

You can also use a CLC credit-builder loan to build savings by choosing the option with slightly higher regular installment payments. 

How it Works

  • Open an account with no credit check
  • Choose either the Build, Build and Save, or Magnum plan
  • Make timely installment payments 
  • Get access to your funds once you pay off or close your account 

Features

  • Choose from $1,000 to $10,000 in installment credit to be reported to the credit bureaus (depending on the plan)
  • Save up to $2,000 in two years with the Build and Save plan
  • Positively affect factors that determine 90% of your credit score
  • Cancel or close your account at any time with no prepayment penalty fee
  • Personal Financial Management tool available to help with budgeting and debt management

Secured Visa

A secured credit card can help you build a credit history every time you pay your bill on time. It’s easier to get approved for since it’s backed by a cash deposit that you make. 

This deposit serves as collateral on your account, which reduces the credit card provider’s risk in case you can’t make payments. Your deposit is also your credit limit. 

CLC offers a secured Visa that is designed to help customers establish new credit or repair bad credit. CLC will report all card payments to the credit bureaus, which is why it’s important to ensure that all payments are made on time. 

How it Works

  • Apply for a CLC secured credit card and make a deposit
  • Use your card like any other credit card, including to make online purchases or to pay bills
  • Make timely payments, which are reported to the credit bureaus
  • Over time, your credit score may increase
  • Pay an interest rate of 16.99% only on balances carried over

Features

  • Build good credit or repair damaged credit
  • Set your own credit limit between $300 to $25,000
  • Accepted worldwide
  • Insures eligible items against damage or theft for 90 days from the date of purchase

Credit Monitoring

Keeping tabs on your credit score regularly is essential so you know where you stand at all times. This is even more important when you apply for loans and credit products. Knowing what your credit score is at the time of application will give you a good idea of what your chances of getting approved will be. 

CLC’s MyCredit gives you one year’s access to the CreditView services. This service allows you to monitor your credit, get educated in the world of credit, and access the credit simulator to help you understand how different behaviours impact your credit.

How it Works

  • Enroll in CLC MyCredit Monitoring
  • Log into your dashboard to view all your credit information on one screen, including your current credit score and historical data

Features

  • Credit score overview 
  • Credit simulator 
  • National credit score comparison 
  • Monthly score trending
  • Tips on maintaining good credit health and protecting your identity  
  • Monthly alerts on changes to your personal information

CLC is also committed to the financial health of all Canadians through its not-for-profit organization, Immigrant Inclusive Credit (IIC). This organization provides free credit counselling services to newcomers to Canada, Black Canadians, and other racialized communities to help them improve their financial well-being.

Final Thoughts

CLC is a great service for Canadians looking to gain more financial education and build good credit. If you’re struggling to handle your personal finances or want to establish or repair your credit score, CLC has tools and services that can help.

CLC FAQs

How are rent payments verified through the rent reporting program?

When you sign up for the rent reporting program, you’ll need to provide CLC with information about your landlord. CLC will then reach out to your landlord to verify your rent payments. This information can help to build a healthy credit history

How much does the rent reporting cost?

The rent reporting service costs $5 per month or a one-time annual fee of $60. There’s also a $20 set-up fee. If you want to add up to two years of historical rent reporting, that will cost you a one-time payment of $120. 

Can a credit-builder loan negatively affect my credit?

Taking out a loan can cause your credit score to dip slightly, but only temporarily. Your score should be able to bounce back relatively quickly afterward.  Keep in mind, however, that you’ll need to make timely payments toward repaying your loan. Otherwise, late or missed payments could pull your credit score down.

Services & Products

City Lending Centers (CLC) Offered Services

Micro Loan

Loan Range
  • $150 - $1,600
Interest Rate
  • 10 - 35%
Terms (Months)
  • 3 - 6
Funding Time
  • 1-3 business days
Funding Method
  • EFT
  • eTransfer
Repayment Options
  • Biweekly
  • Monthly
Eligibility
n/a
Requirements & Documents
  • Full time employment

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