Parachute

Parachute was founded with the purpose of providing financial well-being for Canadians dealing with high-interest rate (predatory) debt. They are creating a world in which people have control over their finances, feel financially secure and empowered to make better choices.

You can borrow anywhere from $3,000 to $25,000 from Parachute and have within 36 and 60 months to pay it back.

Fill out Parachute's simple application form on their website to see if you’re eligible for their debt consolidation loan. They typically require a credit score of at least 600, and can provide loans up to $25,000.

Parachute borrowers are individuals living in Canada. To borrow with Parachute you need to be at least 19 years old, have a fair credit history and a regular income.

Here's what you'll need to apply for a loan from Parachute - 1. Proof of income (at least 2 most recent paystubs) 2. Most recent statements for debts to be consolidated 3. Bank account Information 4. 2 pieces of government issued ID (Driver's License or Provincial ID with photo plus one of Passport, SIN card, PR card, or Birth Certificate)

Parachute's three step approach combines a lower interest rate debt consolidation loan with no hidden fees that resets a consumer's finances; a data driven app that monitors, educates and guides better financial behaviour; and a rebate system that motivates that behaviour with cash-back rewards.

The interest rate on a loan from Parachute ranges from 24.99% to 29.99%.

Many Canadians choose to borrow through Parachute as their APR rates are often much cheaper, they have no early repayment fees and accounts are easily managed online, with you in charge. Canadians choose Parachute because they go beyond just the debt consolidation loan process with you. They help you to get financially fit by engaging with you throughout the loan process with recommendations and exciting ideas to help you improve your credit score – and then reward you for that hard work!

If you're approved for a loan by Parachute then they'll start by simplifying all your debt into one easy payment. This makes your debt easier to track and control. Then, they'll you give you a personalized roadmap to help you achieve improved financial well-being. And finally, they reward you for following their guide to healthy financial behaviour.

Parachute offers a calculator on their website for you to get a sense of what you might be approved for based on the information you enter. There is no obligation to proceed.

Parachute works with customers to put them on the right path and reward them for achieving monthly financial goals. The more you succeed, the more you're rewarded. Parachute's goal is financial well-being for everyone.