Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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.
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.
To open a line of credit from Fora, follow these steps:
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.
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.
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.
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.
To be eligible for a line of credit from Fora, you’ll need to meet the following minimum criteria:
In some cases, Fora may require additional information to verify your identity or financial profile, such as the following:
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.
When you withdraw funds from your line of credit from Fora, you’ll need to make minimum payments by each due date.
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 include:
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.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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