We are the only personal open credits company in Quebec that offers the Instant Bank Verification (IBV) technology. This means you can get your credits in a couple of minutes without sending any documents.
Through your client account you will be able to send us your bank statements for the last 90 days within a few seconds.
No need to go through the hassle of printing or scanning documents! With the Instant Bank Verification system (IBV), we will evaluate your application within minutes.
Please note that this process does not include a credit check. The IBV technology is used between large financial institutions for transmitting confidential information in a secure fashion. This is the safest method available! If you have any further questions regarding our Instant Banking Verification system, please visit our paperless solutions page.
You would rather use the traditional method and send us your documents? No problem! That option is always available.
There are 5 eligibility criteria that we consider in our approval process, but don’t worry, we accept the vast majority of requests. Now you are approved! There is one last step to complete.
Following the approval of your request, our agents will send a contract to your client account. Signing the contract is as simple as clicking the button on the bottom of the form, eliminating the need to print the contract, sign it, and fax it. Once the contract is signed, our agents will deposit the agreed upon amount directly into your bank account.
Thanks to our paperless system, you receive a service that is quick, easy, and secure. Get your credits today!*
* The scenario shown in the simulator hereabove also includes a brokerage fee charged by the broker with whom the borrower deals for the purpose of being granted an open loan by a third party lender. This brokerage fee is independently set by the broker for each file for which an open credit is obtained for the benefit of the borrower and is distinct from the credit fees and interests charged by the lender granting the open credits. The definitive terms and conditions relating to the brokerage fee, the amount of the open credits, the credit fees and interests, the frequency and amount of the installments to be paid may vary. The scenario presented in the simulator hereabove only serves as an example and does not constitute the definitive terms and conditions upon which an open credit may be obtained and/or granted.
What are the Annual Interest Rates?
We work with dependable financial institutions to offer a rate of 22% annual interest.
Do you have an example of an open credits and payments required?
Of course, if you need a withdrawal on your facility of $ 750. our team will ensure that the money is deposited directly into your account before the end of the day. When you receive your credits, you can repay it on 10 installments of $ 120.
This information is given for descriptive purposes only and considers that the withdrawal made is refunded in full according to the agreed repayment schedule, without any new withdrawal or re-borrowing being made before full repayment.
The example above assumes a weekly membership fee of $ 20, which must be paid by the client as long as there is a balance owing on the credit facility.
The amount of the membership fees may change at any time and Prêt Instant reserves the right to modify them, their allocation, computation and the terms and conditions relating to any new facility granted.
The above example does not include any administration fees, carry-forward fees, fees for withdrawals refused by your financial institution, re-borrowing costs, maintenance fees or any other fees that may be imposed in connection with the occurrence of a default or your management and use of your facility.
What Happens If I Default My Payment?
There are two possibilities:
The first would be if a pre-authorized payment bounces. In this case, you will have a $25 Non-sufficient fund (NSF) fee for the bounced payment. As well, your bank may also charge for a NSF. It is always in your best interest to ensure that you have the necessary funds in your account before the date of the automatic withdrawal.
The second would be if you asked to defer a payment to a later date. If you chose this option, there is an administration fee of $10.00 charged to the account. It is important to inform us at least 3 business days before your payment- is due so that your request will be approved.
Are there other conditions I should be aware of?
Terms of Cash Advance: Credits are not advanced automatically. Credits advances can only be made after the customer has submitted a request and it has been approved by our company.
Amortization schedule: Any initial withdrawal on your facility will be amortized according to an equal and consecutive payment schedule allowing full repayment of amounts due over periods ranging from three to six months. Thereafter, any re-borrowing on the availability of your credit facility will be added to the principal then remaining due on any previous withdrawal and a new amortization schedule will then be agreed to amortize the repayment on a predetermined number of equal payments and the same will be true of any subsequent re-borrowing.
What about Collections and Credit Scores?
Don’t worry, we understand that life is unpredictable. If an unexpected life situation arises and you are unable to make a payment on time, our team will make sure that we modify your repayment agreement to help accommodate your current situation. That being said, our company is in full legal compliance with Canadian lending regulations and standards. We are therefor obligated to demand full payment of any outstanding amounts, interests or fees if there is a default of payment under the modified repayment agreement. Also, if we incur any legal fees (judicial and extrajudicial) as a result of a default on your modified repayment agreement, we will claim these fees and you will be required to reimburse us. If for some reason we cannot come to an agreement about your credits repayments, we will have no choice but to assign your file to a collection agency, which can negatively impact your credit rating. It is in your best interest to pay your installments on time.