Frequently Asked Questions
If the following list of questions does not answer your questions or does not allow you to complete your bond application with confidence, please contact us.
- How long do I have to wait before I get my money?
All of the loans we guarantee are deposited by direct deposit. If your application is approved and you return the signed contract before 11:30 a.m., your money will be electronically deposited into your account between noon and midnight the same day.
If your application is approved and you return the signed contract after 11:30am, your money will be electronically deposited into your account the next day between noon and midnight.
You will also be offered to receive your deposit instantly by Interac transfer for a fee of $30.
- What are your eligibility requirements?
These are the criteria you must meet:
- Be 18 years of age or older
- Be a resident of Canada
- Have a stable job
- Receive your salary by direct deposit into a Canadian bank account
- Have a minimum net income of $1500 per month
- Not have made a consumer proposal, debt consolidation or bankruptcy within the last 30 days or be considering a consumer proposal, debt consolidation or bankruptcy within the next 6 months
- What sources of income are not accepted?
- Social solidarity (If net income is less than $1500 per month)
- Support payments
- Loans and grants
- What is a surety bond contract?
A surety agreement is a form of endorsement that allows you to obtain a loan despite the absence of a credit history or a debt ratio that is too high. The guarantor endorses the loan on your behalf in order to reduce the risk incurred by the lender.
- What should I expect if I am self-employed?
We will analyze your application in the same way as an employee!
- What are some of the reasons that my application may be declined?
- Missing Instant Bank Verification (IBV);
- Bank account too recent;
- Documents not complete for analysis;
- Non-compliance with eligibility criteria;
- Debt-to-income ratio too high;
- NSF and/or stop payment.
- Other reasons deemed appropriate.
- When would I be eligible for a renewal
You are eligible for a renewal if your balance is less than $150.
Customers with a balance of less than $150 who have not met the original terms of their contract may be denied. Other reasons for denial may also apply.
The renewal of your bond is never guaranteed.
- What are the interest rates and fees for a bond?
- Can I pay off my balance in full at any time?
You can pay off your balance in full at any time by contacting us at (877) 711-7738.
We will redirect you to the lender who will arrange for payment information to be sent to you in order to pay off the balance of your loan.
- What are my options if I am having trouble getting my money back?
First, you must contact us at (877) 711-7738 to identify the best solution for you. We are flexible and attentive to our clients’ needs.
It is therefore possible for you to modify your payment schedule for a fee of $12.50 or to postpone a payment for a fee of $25. A fee of $45 will be charged for an NSF withdrawal or stop payment. All fees listed above are at the discretion of the lender.
In the event of a prolonged default, the debt will be transferred to our collection agency.
- How do I properly complete my application?
All new bond applications must be submitted through our website under the New Application tab.
We do not accept applications over the phone. You must then complete the instant bank verification (IBV). This is sent to us by your financial institution and allows us to access your bank statement, in read-only copy. This system allows us to speed up the approval process and is 100% secure as it does not allow us to access your username and password.
If your application is accepted, you will receive an email requesting the missing documents to confirm your identity and finalize your application. If not, you will receive an email indicating the reason for your refusal.
