Frequently Asked Questions

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Personal Loans

Am I eligible for these loans?
If you are over 18, a Canadian citizen or permanent resident, and lack a traditional credit score, you are eligible. At present, we can serve customers in Ontario, British Columbia and Alberta – check this space regularly for expanded coverage.

I don’t have a credit score, do I need a co-signer?
No, we are the only lender that offers fair rates, without a co-signer. You can still use one, and it can help your application, but it’s not required.

I want to apply for a loan, but will it affect my credit score?

To make a loan offer, QuadFi conducts a soft credit check. This won’t affect your credit score. If you take our loan, we ask for a full credit report from our credit reporting partners. This is a hard credit check and can impact your credit score. On the other hand, paying off a loan is one of the best ways to build a strong credit score! In either case, we always get your permission before contacting third parties.

Newcomer Loans

Who can get a newcomer loan?
Our customers have been in Canada for less than 5 years or are newly arrived. If you are over 18, have Canadian citizenship or permanent resident status, and lack a traditional credit score, we can help you. At present, we can serve customers in Ontario, British Columbia and Alberta – check this space regularly for expanded coverage.

What can I use a newcomer loan for?
You can use your loan however you like — usually for a larger expense, such as a wedding, renovation, or special purchase, but it’s completely up to you. And as you pay back your loan, you are building a positive credit history in Canada!

I’m not a newcomer, can I get a personal loan instead?
Yes, anyone over 18 with Canadian citizenship or PR status can apply for a personal loan with QuadFi. The only difference between the two loans is that the newcomer loan can accommodate alternative data from outside Canada.

Rates & Terms

What kind of rates do you offer?
We offer a choice of terms and rates. Generally, the longer you take to pay off the loan, the more interest you will pay – although your monthly payments may be lower. Our interest rates start at 5.99%

How do you calculate my rate?
QuadFi uses a unique model that incorporates several factors including alternative financial data and academic performance. This produces a tailored and uniquely accurate rate for each applicant.

Why are your rates so low, what’s the catch?
Our clients are invisible to credit markets – that’s why they can’t access affordable options. We create that option by making you visible. We use alternative data sources, like academic information and your whole financial picture, to reveal your true worth. We work with responsible lending partners to pass on the savings to you.

What are the fees involved?
We do not charge origination fees, payment processing fees or prepayment penalties under any of our loans. The only fees are for missed payments (but we haven’t had many to date).

Many loans charge you if you pay them off early. Does QuadFi charge prepayment penalties?
No, we do not. We promote financial security for our customers and celebrate when you can repay your loan earlier. At QuadFi, we don’t punish you for success!

Application Process

I hate filling forms online – how long will this take?
Our application process is fast and simple – it takes only a few minutes to complete. You’ll know in minutes whether you qualify. Once you get your initial approval, just upload a few documents, sign the loan online and submit. We try to get you your funds within 48 hours.

I applied online and got the approval in seconds. Is this the final decision?
Congratulations on passing the first step! Please remember that the initial approval offer is tentative and subject to further processing. Once your documents are received and we have done our documentation check, you will receive the final answer. The final review very rarely leads to a withdrawn offer.

I applied but was rejected. Can I apply again? What are my chances of approval next time?
We encourage you to apply again, it won’t impact your credit score. Approvals are a function of the other applicants and of our available capital. Keep checking back, especially if conditions have changed.

What are the fees for applying or taking a loan?
The only fee QuadFi charges is for late monthly payments. There are no administrative fees, no hidden fees, and no fees to apply to finalize your loan. In addition, you can pay off your loan at any time, without fees.

What type of information do you require?
Once approved, we need to verify your information with a few documents. If relevant, we’ll ask for your employment, assets, and academic records. These can be submitted easily and will be reviewed by our model, without any human bias.