Fora Reviews, Ratings And Fees January 2023

Fora is an online lender that offers personal lines of credit to Canadians with various financial profiles. Fora’s personal line of credit gives borrowers the flexibility to access cash as the need arises. Fora’s line of credit is an open-end credit product that lets customers withdraw funds from their available credit, and repay and redraw as needed. 

Fora currently serves residents in Ontario and Alberta, with more provinces to be added in the near future. 

What Does Fora Offer? 

Fora currently offers personal lines of credit (open-ended) with credit limits anywhere from $1,000 to $10,000. However, the credit limit you’re approved for is subject to various criteria, including your financial profile. The interest rate on the product is 46.9%, which is only charged on the funds you withdraw, and not the full credit limit. No other fees apply, including origination fees, annual fees, withdrawal fees, or late fees. 

If you have an outstanding balance, you’ll need to make minimum payments by each due date, which includes interest and a contribution towards the principal. 

How To Open A Personal Line Of Credit With Fora?

To open a line of credit from Fora, follow these steps: 

Step 1. Apply 

Submit your application online on Fora’s website, which only takes minutes. You can apply for a credit limit anywhere from $1,000 to $10,000.

Step 2. Get Approved

Fora will review and verify the information in your application including your bank account and income details. 

Review the terms of the agreement to ensure you’re comfortable with the contract and understand your obligations. 

Step 3. Access Your Funds

If approved, you’ll have access to your line of credit. You can withdraw as much or as little as you like, up to your credit limit. 

How Do I Draw My Money?

To withdraw funds from your line of credit from Fora, log into your account online, click “Request a Draw,” and enter how much you’d like to withdraw. The funds will be deposited into your bank account as soon as the same business day. 

Requirements For A Line Of Credit From Fora

To be eligible for a line of credit from Fora, you’ll need to meet the following minimum criteria:

• Be a Canadian citizen or permanent resident
• Be the age of majority in the province or territory you live in 
• Have an open and active personal bank account
• Have a consistent source of income
• Receive income through direct deposit
• Have a valid email address and phone number 

Additional Information That May Be Required 

In some cases, Fora may require additional information to verify your identity or financial profile, such as the following:

• Documents supporting your bank account, such as a void cheque
• Proof of identity, such as a passport or driver’s license
• Proof of residence, such as a utility bill
• Recent pay stubs or bank statements no more than 30 days old

Cost Of A Line Of Credit From Fora

The annual interest rate of 46.9% is charged on a daily basis at a rate of 0.1285% (46.9% ÷  365 days) on the outstanding principal balance for each day of the billing cycle. Interest is not charged on the entire credit limit.

What Is The Minimum Payment Requirement?

When you withdraw funds from your line of credit from Fora, you’ll need to make minimum payments by each due date. 

Do I Have To Pay My Full Balance? 

No, you do not have to pay back the full amount withdrawn at once. The line of credit from Fora is open-ended, which means you only need to make minimum payments to keep your account in good standing. 

That said, you’re free to make more than the minimum payments if you choose to. 

Benefits Of Fora 

 Benefits of Fora include:

• Flexible access to funds. With a line of credit from Fora, you’ll have access to money as needed, from your available credit. 
• Safe. Fora is committed to using industry best practices to protect consumer data and privacy with the use of 256-bit advanced encryption.
• Access to customer support. If you have any questions or concerns about your line of credit, you can connect with a representative via telephone, text, or chat.
• All online. You can apply for a line of credit from Fora online from wherever you are and at any time of the day. 
• No additional fees. There are no annual fees, origination fees, withdrawal fees, or late fees to worry about. You only pay interest on the credit you use and not your entire credit limit.  

Final Thoughts

A line of credit can be a flexible financial product to have when it comes to borrowing funds for urgent expenses. The typical loan process often involves long processing wait times and visits to a storefront. If approved, loan amounts are received in a lump sum. But with a personal line of credit from Fora, you can complete the entire application process from the comfort of your home. If approved, you can log into your Fora account and request draws, repay and redraw as needed from your available credit.