Parachute Review 2026Apply Now Check if I Qualify ↓
Written and analysed by Smarter Loans Editorial Team · Reviewed by Vlad Sherbatov
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Four questions checked against Parachute's published criteria, per product. No application started.
2 reviews from borrowers who used Parachute. Reviews are moderated; lenders cannot remove them.
I liked the Parachute team, they are very friendly and informative.
I applied with high debt amounts and was approved within 1 day.
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.
The interest rate on a loan from Parachute ranges from 24.99% to 29.99%.
You can borrow anywhere from $3,000 to $25,000 from Parachute and have within 36 and 60 months to pay it back.
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!
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.
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.
