Trust check
Is Credit Club legit?
Credit Club has over a decade of lending behind it, holds a licence in every province it serves and has a top BBB rating. However, it is not CLA certified and has no social media presence.
Credit Club: Overview
Credit Club is an online payday lender that lends up to $1,500 with no credit check. It serves Ontario, British Columbia and Nova Scotia, and approvals can come through in as little as 30 minutes.
The cost is simple to work out. Credit Club charges $14 per $100 you borrow, with nothing added on top. There is also a mobile app, so you can manage your loan from your phone.
Are You The Right Borrower For Credit Club?
A payday loan from Credit Club could be a good fit for you if:
- You Need Cash In A Hurry: Credit Club lends up to $1,500 and can approve you in as little as 30 minutes, which helps when a bill will not wait.
- You Want To Know The Cost Upfront: The price is $14 per $100 borrowed. On a $300 loan that is $42, so you repay $342.
- Your Credit Score Is Low: There is no credit check. Approval is based on your income, so your score will not stop you.
- You Can Repay On Your Next Payday: The loan is due on your next payday, or 14 days after approval.
- You Live In Ontario, BC Or Nova Scotia: Those are the three provinces Credit Club is licensed to lend in.
What They Offer
Credit Club offers one product, a payday loan, in three provinces.
Payday Loan
$14 per $100 borrowedA short term loan against your next paycheque. No credit check, a one page form, and funds usually the same business day.
Loan Features
- One Flat Price: You pay $14 for every $100 you borrow. There is no application fee and nothing added on top, so what you see is what you owe.
- A One Page Form: When you apply, the whole form fits on a single page and there is nothing to fax or upload.
- Fast Approval: You can have your application approved in as little as 30 minutes, and the money usually reaches you the same business day.
- A Mobile App: You can apply from your phone and manage the loan there afterwards, rather than logging into a website.
- See The Cost Before You Apply: Pick your amount and your province and you are shown exactly what you will owe, before you fill in a single personal detail.
Who Qualifies
| Requirement | What Credit Club asks for |
|---|---|
| Credit score | No credit check |
| Income | A regular source of income |
| Bank account | An active bank account for the deposit and the repayment |
| Loan size | Up to $1,500 |
| Availability | Ontario, British Columbia and Nova Scotia |
| How you apply | Online or through the app |
What A Credit Club Loan Costs
Credit Club charges $14 per $100 borrowed, which is the maximum allowed in all three provinces it lends in.
| You borrow | Cost of borrowing | You repay |
|---|---|---|
| $100 | $14 | $114 |
| $300 | $42 | $342 |
| $500 | $70 | $570 |
| $1,500 | $210 | $1,710 |
If A Payment Fails
If a pre-authorized withdrawal is returned for any reason, including insufficient funds or a frozen account, Credit Club treats it as a non-payment. You may be charged an NSF fee, your own bank may charge you an overdraft fee, and interest of 30% a year starts to build from the repayment date until the loan is cleared.
Credit Club vs Focus Financial vs My Canada Payday
Comparing Credit Club, Focus Financial Inc. and My Canada Payday on loan amount, interest rate, term, availability, funding time, funding method, repayment options, eligibility and required documents, as listed by each lender.
| Feature |  Credit Club Short Term Loan Learn more |  Focus Financial Inc. Payday Loan Learn more |  My Canada Payday Payday Loan Learn more |
|---|---|---|---|
| Loan amount | $100 – $1,500 | $100 – $1,500 | Up to $1,500 |
| Interest rate | $14 per $100 | $14 per $100 | $14 per $100 |
| Term | Up to 62 days | Next payday | Next payday, or the one after |
| Available in | BC, NS, ON | AB, BC, ON | AB, BC, MB, NS, ON, SK |
| Funding time | 1 business day | Within minutes of approval | As little as 15 minutes |
| Funding method | Direct deposit |
| Interac e-Transfer |
| Repayment | Automatic debit | Automatic debit | Automatic debit |
| Eligibility |
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| Requirements & documents | Not listed |
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Figures are as listed by each lender and can change. Check the lender's site before you apply.
Where Credit Club Is Licensed
Credit Club holds a payday lending licence in each of the three provinces it lends in.
Payday lending is licensed province by province, and the licence is specific to payday lending rather than to consumer lending generally.
Cheaper Ways To Cover The Same Bill
A payday loan is quick, but it is not cheap. If you have a day or two before you really need the money, these are worth trying first.
Check Whether Your Employer Will Advance Your Pay
A lot of workplaces will release part of a paycheque you have already earned, and most charge nothing for it. Ask your payroll contact or your manager what the policy is. You are asking for your own money a little early, which is a very different conversation from asking for a loan.
Negotiate With Whoever Sent The Bill
If this is about rent, hydro, a phone bill or a car payment, the company you owe is usually the cheapest place to start. Most have payment arrangements they never advertise, and moving a due date by two weeks costs you nothing. It also beats borrowing at $14 per $100 to pay them on time.
Ask Your Credit Union About A Small Loan
Credit unions often lend amounts banks will not bother with, and their approval criteria tend to be more flexible. Rates are capped at 35% APR under federal law, which is a fraction of what a payday loan costs. You will need a credit check, so this depends on where your credit sits.
Set Up Overdraft Protection Before You Need It
Overdraft usually runs around $5 a month plus roughly 21% interest on the amount you dip into. For a shortfall you can clear in a few days, it is far cheaper than a payday loan, and once it is set up it is there the next time money is tight.
Credit Club Pros
- Bad Credit Is Not A Problem: When you apply, no credit check is run at all. Approval comes down to your income, so a low score will not stop you.
- The Price Is Clear And Flat: You pay $14 for every $100 you borrow, with no application fee. Borrow $400 and you owe $456. There is nothing else to add.
- Fast Approval: When you apply, you can be approved in as little as 30 minutes and funded the same business day.
- A Short Application: One page, with nothing to fax or upload, so it takes minutes rather than an afternoon.
- You Can Use The App: Credit Club has a mobile app, so you can apply and keep track of your loan from your phone.
- Very Strong Customer Ratings: A 4.8 out of 5 on Trustpilot from more than 3,700 reviews, and an A+ with the Better Business Bureau.
- You Can Check The Licences Yourself: All three provincial licence numbers are easy to find, so you can look them up with the regulator before you borrow.
Credit Club Cons
- $14 Per $100 Borrowed: This is the most expensive way to borrow legally in Canada. Borrowing $500 for two weeks costs you $70.
- Only Three Provinces: Ontario, British Columbia and Nova Scotia. There is no service anywhere else in Canada.
- A Short Repayment Window: The loan is due on your next payday or 14 days after approval, and the longest term is 62 days.
- A Missed Payment Gets Expensive: A returned payment can bring an NSF fee from Credit Club, an overdraft fee from your bank, and 30% annual interest on the balance until it is cleared.
- Email Support Only: There is no phone number, so if something goes wrong with your loan you cannot call anyone about it.
