What is SimplyBorrowed?
SimplyBorrowed is a financial services provider dedicated to serving individuals who may face challenges with traditional Canadian banks. They utilize a proprietary qualification system in conjunction with third-party vendors like Zumrails and Certn to deliver services.
How will I receive my loan funds?
Upon approval, the funds will be deposited directly into the bank account you have supplied. Applicants must have a bank account that is at least 6 months old.
Is my credit score affected by applying for a loan?
Your credit score remains unaffected by SimplyBorrowed loans, and it will only be impacted if you default on your payments.
How does applying for a loan work?
SimplyBorrowed offers a user-friendly online loan application process. After submitting your application, they quickly assess your eligibility and, if qualified, request basic documentation for verification. Once approved, you'll receive a loan offer detailing terms. If you accept, the approved funds are deposited directly into your bank account. Repayments are made according to the agreed schedule. This transparent and accessible process is designed to assist newcomers and other individuals in Canada seeking financial support.
What's the approval process like?
SimplyBorrowed's approval process is streamlined and efficient. After submitting an online loan application, their team promptly assesses your eligibility. If you meet the criteria, they may request basic documentation for verification purposes. Once your application is approved, you'll receive a clear loan offer outlining the terms and conditions. If you choose to accept the offer, the approved funds are then swiftly deposited into your designated bank account. This straightforward process is designed to provide quick and accessible financial support to those in need.
Who is eligible for a loan?
Eligibility for a loan with SimplyBorrowed typically depends on various factors, including your creditworthiness, income, and financial stability. While specific eligibility criteria may vary, generally, applicants who are permanent residents, international students, or Canadian citizens may qualify for their loan products. SimplyBorrowed assesses your ability to repay the loan, and eligibility is determined based on a Payment Capacity Assessment and their proprietary qualification system, which considers income, expenses, and other financial factors. It's advisable to directly contact SimplyBorrowed or visit their website for the most up-to-date and detailed eligibility requirements.
How much can I borrow?
The maximum loan amount you can borrow from SimplyBorrowed may vary depending on several factors, including your creditworthiness, financial situation, and the specific loan product you are applying for. To determine the loan amount you qualify for, SimplyBorrowed conducts a Payment Capacity Assessment, which assesses your ability to repay the loan based on factors such as your income, expenses, and financial stability. It's important to note that SimplyBorrowed aims to provide responsible lending, so the loan amount offered to you will align with your financial capacity. For specific information about the loan amounts available to you, it's best to directly contact SimplyBorrowed or visit their website.
What loans does SimplyBorrowed offer?
SimplyBorrowed offers a range of financial products designed to meet the diverse needs of their clients. These products are tailored to assist newcomers to Canada, international students, and residents in achieving their financial goals. While specific details about their product offerings can be found on their website, some of the main financial products provided by SimplyBorrowed include personal loans, auto loans, education loans, and other lending solutions. Each product is designed to be simple, transparent, and convenient, with a focus on responsible lending practices. For detailed information about the specific products they offer and their features, you can visit SimplyBorrowed's official website or contact them directly.
How much money can I borrow from SimplyBorrowed?
The specific amount you can borrow from SimplyBorrowed will depend on various factors, including your creditworthiness, income, and the type of loan product you are applying for. Lenders typically assess your financial situation to determine the maximum loan amount you qualify for. They lend anywhere from $1,500 to $10,000.
Is SimplyBorrowed safe?
SimplyBorrowed is a trusted choice for your financial needs, with a proven track record since 2017, having assisted hundreds of satisfied customers. They take pride in their commitment to safety and responsibility as proud members of the Canadian Lender Association.
Is it safe for me to use my personal information online?
SimplyBorrowed understands your concern. Their process and vendors are designed specifically to enhance your privacy and security. Usernames and passwords are never displayed, viewed, or stored by their vendors. This is the safest, fastest, and most convenient way for you to submit your information for loan approval.
What is the term length of a SimplyBorrowed loan?
The term length of a SimplyBorrowed loan can vary depending on the specific loan product and the terms you agree upon during the application process. It's essential to review the loan terms and conditions provided by SimplyBorrowed when applying for a loan to understand the exact term length associated with your loan. Overall, you'll have in-between 12 and 60 months to repay your loan.
