Smarter Loans > Parachute
Trusted by more than 2,000,000 Canadians since 2016
Apply Now Write Review

Parachute

Avg. Rating: 5.0 (2 reviews)

At Parachute they truly believe financial well- being should be accessible to all Canadians. Their three-step program empowers. educates, and rewards our customers. Parachute offers the only loan where someone can leave with more savings than when they started.

Get a loan that gives you cash back and helps you build healthy financial habits.

Quick, easy, and secure application that doesn’t impact your credit score.

Parachute loans have competitive rates and are designed to make you successful in paying off debt 

  • Parachute consolidates your debt into one easy monthly payment to help you make repayment more manageable. They don’t charge any extra fees and we even reward you with a rebate of up to 10% of your loan when you reach your milestones.   Many of their customers receive $200- $1000 in improved cash flow a month in credit relief.

 

Improve your credit score and develop healthy financial habits for the long run 

  • Parachute wants to help you get out of the debt cycle for the long run. So, they provide you with a personalized roadmap to get you there with tips, inspiration, and rewards

 

  • TIME IN BUSINESS: Since 2022
  • LOANS OFFERED: Debt Consolidation Loan
Visit Site and Apply

1-844-670-2403

contactus@myparachute.co 372 Bay Street, 2nd Floor, Toronto, ON M5H 2W9
Call Center: Mon-Fri 8am-8pm ET
Support Offered:
  • Phone Support
  • Email Support
  • Chat
  • FAQs
  • Social Media
Availability: Ontario, Alberta, British Columbia, Prince Edward Island, Nova Scotia, Saskatchewan and New Brunswick

Products Offered

Below are all the products offered by this company.

Conditions & Rates

Interest rate 24.99%-29.99%

Amount $3,000 to $25,000

Terms 36 – 60 Months

Eligibility Requirements

Who is eligible?

  • Up to $25,000 debt to be consolidated
  • Salaried income over $30,000
  • Credit score between 600 and 750
  • No bankruptcy, Consumer Proposal or judgements on the credit bureau
  • Canadian Citizen or
  • Permanent Resident of Canada
  • At least 18 years of age
  • In Ontario, Alberta, British Columbia or Prince Edward Island

What you need to provide?

  • Government ID
  • Proof of Income
  • Debt Statements

Repayment & Issuance

How fast can you get the money Within 24 hours

Funding method Pay out the creditors directly – no funds are provided to the customer directly.

 How does repayment work Bi-weekly or monthly payments from the bank account

 

 

Frequently Asked Questions About Parachute

What is 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.

What is the interest rate on a Parachute loan?

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

How much can I borrow from Parachute?

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

Why borrow through Parachute?

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!

How do I apply for a Parachute loan?

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.

What happens after I get approved for a loan?

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.

Who can borrow through Parachute?

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.

Can I get a quote without applying for a loan?

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.

What do I need to complete the application process?

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)

What's a benefit to using Parachute?

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.

What is Parachute all about?

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.

Parachute Reviews

Avg. Rating: 5.0 (2 reviews)
WRITE A REVIEW
Friendly service

I liked the Parachute team, they are very friendly and informative.

Kim
approved

I applied with high debt amounts and was approved within 1 day.

Carlos

Compare Parachute with another Company:

Write a Review