How it works

The co-borrower, explained from A to Z

My Little Loan is a Canadian company offering a co-borrower service to people who wish to obtain financing from $400 to $2,000. We are not the lender: we back your application.

A woman checking her phone at her kitchen table

Everything happens online

The service

Three things to know before you apply

The loan co-borrower

Co-borrowing fees from $200 to $1,000 apply and vary with the chosen amount. No payment or advance is due when the contract is signed. An advisor can tell you the total applicable fees for the amount you have in mind.

The approval process

The review is based on the documents you provide, in order to assess your ability to repay. We use our own analysis techniques and expertise, so as not to impact your credit file.

Online micro-lending

A project, an unexpected expense or a bill to pay: the application is made online, simply, quickly and confidentially. The review looks at your ability to repay. Approval is never guaranteed.

The journey

From the form to the deposit, in four steps

Application form, bank verification and identity documents, lender contract, then funds deposit. Everything happens online.

01
Form
Complete the form
Answer every question on the online application form.
02
Verification
Bank verification and documents
Complete the instant bank verification requested in the portal, then provide the requested documents to confirm your identity.
03
Contract
Lender contract
If the file moves forward, the lender may send a contract for you to review before any signature.
04
Deposit
Funds deposit
After the signed contract is returned, the lender may deposit funds, usually by direct deposit.

Applications are online only. A repayment-capacity review is always required: approval is never guaranteed.

Examples

Representative product examples

Every amount offered, from $400 to $2,000. Exact terms can vary with review and the lender.

Illustrative amount

$400

$400$2,000

Select an amount to view the matching example.

Illustrative schedule

Illustrative term: 3 months
Debits every 2 weeks
6 illustrative payments

Your example

$400

Amount of each payment: $104.45
Interest: $16.60
Fee per transaction: $0.50
Final credit rate: 24.50%
Interac transfer (optional): $10.00

Send your request

Approval is never guaranteed.

Products shown are examples only. They are representative but may vary. If approved and you choose an instant Interac deposit when offered, an extra $10 fee applies.

Eligibility

Basic eligibility criteria

These points guide the review. Meeting them does not guarantee approval.

01
Be 18 or older
02
Reside in Canada
03
Hold stable employment
04
Receive salary by direct deposit to a Canadian bank account
05
Have net income of at least $1,500 per month
06
Not have made a consumer proposal, debt consolidation, or bankruptcy within the last 30 days, and not be considering one of those steps within the next 6 months

Income sources not accepted

Social assistance if net income is under $1,500 per month
Support payments
Student loans and bursaries

Possible reasons for refusal

Missing instant bank verification (IBV)
Bank account too recent
Incomplete documents for review
Eligibility criteria not met
Debt-to-income ratio too high
NSF or stop payment
Other reasons deemed appropriate

Send your request

We are not the lenderApproval is never guaranteed.

Already a client? Your loan is renewable

Honoured your commitments? You could renew your loan.

Criteria: balance of your current financing under $150, stable income still deposited to a bank account, net monthly income still above $1,500, no string of new loans since your first loan, no bankruptcy, consumer proposal or debt consolidation underway. Subject to review.

Up to $2,000

Renewal request

Ready to send your request?

The form is filled in online, at your own pace. A question along the way? An agent can help during business hours.

Send your request Contact us