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Who is Credit Matik?
Credit Matik is an alternative lender in Quebec that provides loans between $250 and $1,250. These personal loans have short repayment periods and come with an annual interest rate of 22%. With Credit Matik you don’t have to provide your credit score or any documents. Their instant bank verification technology allows them to verify and approve you for a loan within minutes. Whether you have to cover an emergency expense or make a purchase, you can get the money you need quickly at Credit Matik.
What Is a Variable Credit Loan?
Credit Matik offers what they call a variable credit loan. According to Credit Matik, this means your personal loan has no fixed term and you can pay it off whenever you can, whether that is in one or three years. Just keep in mind that there is a minimum payment (this includes a $20 per week subscription fee) that must be paid on each of your paydays.
How To Apply With Credit Matik
Applying for a loan can be daunting when you have bad credit, but at Credit Matik, you can get the loan you need without having to do so. Simply fill out an online application form with the following details:
- Personal information – This includes your name, address, date of birth, and contact information.
- Employment Information – This includes the company name you work for, your employer’s number and the date you started working there.
After you’ve submitted the application form, you will receive an email which will prompt you to complete the instant bank verification.
- Instant bank verification – In general, a lender will use a third-party service like Plaid to verify your information. These services allow you to sign into your online banking account through a secure portal that will allow your lender to access your transactional data and bank statements. Of course, this system is created in a way that does not store your information and your bank credentials are encrypted for your protection.
Once you’ve completed this step you’ll get a confirmation email. A Credit Matik agent will then verify the information you sent and determine how much they can lend you. If approved, you’ll simply have to e-sign the contract to complete the transaction. In most cases, customers will receive the money they requested through direct deposit the same day they apply.
Qualifying With Credit Matik
It’s easy to qualify for a loan with Credit Matik. No credit check is involved as they accept individuals with different levels of credit. All that is required for you to qualify with Credit Matik is the following requirements:
- You must be at least 18 years of age
- You must be a resident of Quebec
- You must be employed for at least 3 months prior to applying for the loan
- Your income must be directly deposited into your personal bank account.
- You must have a Canadian bank account
- You must not be currently be serving a bankruptcy
- You must have a monthly income of at least $1,200
- You have a working telephone number they can contact you with.
If you qualify you can get your loan approved within an hour of applying with Credit Matik.
Pros and Cons Of Choosing Credit Matik
Like any other loan, getting a loan with Credit Matik has its benefits and drawbacks.
| Pros | Cons |
| Credit Matik accepts people with various credit scores as it does not require credit checks. | Credit Matik charges a $20/weekly subscription fee until your debt is repaid. |
| Their instant bank verification technology allows applicants to get a loan without having to provide any documents. | Credit Matik charges a number of different fees including NSF fees, cash advance fees, payment deferral fees, administration fees, carry-forward fees, re-borrowing fees, maintenance fees and more. |
| You can get your funds the same day you apply. | Credit Matik only provides small loans between $250 and $1,250. |
| They have a low-interest rate in comparison to a payday loan. | |
| You can skip a payment with Credit Matik’s payment deferral option. |
What Are The Costs Involved In Getting a Loan with Credit Matik?
Understanding the cost of a loan can be complicated. At Credit Matik there are a few costs you should keep in mind before taking out a loan.
- NSF Fees: Any bounced cheques or pre-authorized payments will cost you an NSF of $25. Your bank will also likely charge you an NSF fee as well.
- Payment Deferral Fees: If you require a payment deferral due to a financial emergency an administrative fee of $35 will be charged.
- Membership Fees: Credit Matik has a $20 weekly membership fee that is added to your loan payments. This is equivalent to $80 a month.
- Interest: The annual APR for a loan with Credit Matik can go as high as 22%.
- Cash Advance Fee: If you require a cash advance a fee of $75 will be charged.
Credit Matik also may charge administration fees, carry-forward fees, re-borrowing fees, maintenance fees or any other fees in relation to your loan. The amounts are unfortunately not available and are subject to change.
