Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Climb is a Canadian company that offers short term savings loans to help consumers rebuild their credit. Their goal is to help you regain financial control by getting rid of debt and rebuilding your credit. They offer many debt and credit solutions like debt management programs, personal loans, consolidated loans and more. They also have a very popular program called the Credit Builder, which is a program that allows you to build credit and save money. No matter what financial hardship you may be facing right now, Climb has solutions that will fit your lifestyle.
According to its website, Climb Credit offers a range of different financial services. Although they mainly advertise their credit building and savings loan programs, they can also provide you with personal loans, secured credit cards, and other useful tools.
It’s always a good idea to check out all the conditions and documents that may be required during the approval process, which will vary depending on which product or service you apply for.
For example, to be eligible for one of their savings loans, you will need to:
Documents you may have to provide include but aren’t necessarily limited to:
While Climb Credit Inc. has a head office in Mississauga, Ontario, the majority of their business is practiced online. In fact, all their products and services are outlined on their website.
However, applying and creating an account with Climb is relatively straightforward and should only take a few minutes. Nevertheless, it may take a few days to receive whatever funds you’re approved for or benefit from one of the other services they offer.
For more information about their programs, products, and approval requirements, simply email or call them during their designated business hours (Monday to Friday, 9 am – 5 pm EST).
As mentioned earlier, Climb’s primary product is their credit building program, wherein you take out a small loan that, make payments toward the loan, and your payments are saved in a secured savings account until you’ve paid off the whole loan.
The main goal is to make all your payments on time so that your credit score will improve and you’ll be able to gain access to more traditional financing down the line when you need to.
Here are a few other positive aspects of becoming a Climb member:
Prior to signing up for any product or service that Climb provides, it’s important to consider the potential costs that may be involved. Of course, these costs might differ based on the particular solution that you choose. This way, you can factor them into your budget and hopefully avoid any further debt-related issues down the line.
For example, if you apply for one of Climb’s savings loans, you may have to consider the following associated costs:
Once again, it’s essential to note that Climb’s other credit products and services could include additional costs that you won’t find with their main credit building programs. Be sure to speak with one of their customer representatives to learn exactly how their solutions could affect your personal finances.
Remember, one of the best things about Climb is that they can set you up with a number of different financial alternatives, including credit rebuilding programs, secured Visa credit cards, and other helpful items. But, as with any financial decision, it’s important that you ask the right questions first.
Although Climb’s business model revolves around credit repair, what they are actually doing is allowing you to take out a loan that can act as a credit rehabilitation tool when complete your payments as scheduled. This is not a free or fast-acting service. In fact, they say it can take several months to see any real change in your credit report.
Unfortunately, no legitimate lending institution can guarantee that your credit will be magically repaired. Beware of any “service provider” that offers you a free or 100% credit repair guarantee, it is likely a scam.
As you’ll see on their website, another product that you can access through Climb is a Home Trust Secured Visa Credit Card. Unlike a traditional card, a secured credit card requires you to put down a security deposit that’s equal to the amount of credit you desire. In this case, that amount can be anywhere from $500 to $10,000.
Similar to a credit building program, you would ideally use this card to finance your daily expenses and your monthly payments will elevate your credit score. This is a great option because you won’t be subject to any annual fees with this card and interest rates may be lower than other credit products. In addition, you can make minimum payments to avoid defaulting or multiple payments to build credit faster every month.
Since Climb offers so many products and services, it can be tough to know which one best suits your needs. After all, if you’re applying with this lending institution, it may be because you’ve been struggling financially and are currently in the market for a more effective debt management tool. That said, you should always weigh the benefits and drawbacks of any financial solution before you apply.
Benefits
Drawbacks
Loan Range | Rate & Terms | Product Details | Eligibility | Requirements & Documents | |
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Short Term Savings Loan | 1800 - 2900 |
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Their Accelerator program really helped me get back on track after I filled my consumer proposal. I hope others can find their service helpful as well... read more
Kind and patient customer service. They really helped me understand my credit.
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We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
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