Learn more about variable credit, renewal, repayment and other issues regarding Open Credit services.
No, no documents are necessary to apply for open credit. Simply log in to our system for instant bank verification—that's it!
Instant Bank Verification (IBV) is the simplest and most secure way to send your bank statements. This is mandatory to obtain a variable line of credit. This service was developed to simplify the online credit application process. Instant Bank Verification operates according to the highest security standards used by online financial institutions.
Cash advances are deposited directly into your bank account or by Interac e-transfer within 24 hours of approval. It's quick and efficient.
The cash advance is repayable by pre-authorized debit according to a schedule clearly identified on your online profile. Again, no surprises. It is simple and efficient.
Regardless of your credit history, to be eligible you must:
You are eligible as a beneficiary of workers' compensation programs, private insurance, maternity or parental benefits from employment insurance, or a provincial or federal pension plan. Your income must be paid by direct deposit. You are not eligible if you are subject to an undischarged bankruptcy, or plan to be.
*Certain special conditions may apply. Approval of your request is never guaranteed. Apply for variable credit HERE.
Our company offers variable credit contracts at an interest rate of 20% annually. Membership or renewal fees are applicable when obtaining a line of credit.
Yes, it is possible to repay your line of credit more quickly, if you wish. In addition, if you repay in less than 30 days, you receive a discount. Generally, you have between 3 and 6 months to repay your variable line of credit. Debits are usually synchronized with your pay period.
Yes. You can change the amount whenever you are eligible to renew your contract.
To make a first request, click HERE
By repaying on a weekly basis, you will be able to make a new request when there are two withdrawals remaining on your schedule (or one, if you have opted for bi-weekly withdrawals). On a monthly repayment, you can make your request when you have repaid the amount due in full.
Your banking institution can charge you up to $65, and our fee for a payment returned to us due to a lack of funds is $40.
It is best to contact us 72 business hours before the scheduled collection date if you know that your payment could be returned. It will cost you less to defer payment, and we will be happy to make an arrangement with you.
Your application will not be accepted if you are self-employed, a recipient of social assistance, or if your source of income is employment insurance, student loans and bursaries, or employment allowances. Applicants with an elevated short-term debt ratio will be refused.
A good credit report is maintained by adopting good habits.
It is always best to make as few changes to your timeline as possible. We understand that life is sometimes full of surprises, and we are here to help. It is important to notify us at least 72 hours in advance if you wish to postpone or modify a payment. Are you facing a difficult situation? Avoid accumulating penalties for insufficient funds or stopped payments. Contact us by email or telephone and we will discuss the best way to reduce your stress related to situations that are beyond your control. We are open, flexible, and attentive.