FREQUENTLY ASKED QUESTIONS

STUDENT LOANS FAQs

Am I eligible to apply for a QUAD-FI student loan?

Qualifying consists of meeting a few criteria: You have to be a Canadian citizen or permanent resident of Canada who is living full-time in Ontario. You must be enrolled in an undergraduate, Master’s, Ph.D. or professional degree program at a Canadian university. You need to be in the last two years of your program to be eligible to apply.

What are the minimum and maximum amounts that I may borrow from you?

With the QUAD-FI student loan, the minimum amount you may borrow is $2,000 (CAD) and the maximum amount is $10,000 (CAD).

How will I receive my loan?

QUAD-FI sends the money directly to you. We put money into the hands of students. The school has no involvement in this.

Why should I apply for a QUAD-FI student loan?

A student loan is money you borrow for your personal use. Perhaps you need a new laptop or new school supplies. You choose how you would like to spend the extra money in your pocket. The student loan gives you the flexibility to make purchases, then pay it off at a pace that makes sense for you.

How do I get an interest discount on my student loan?

Our mission is to extend low cost student loans to current students based on their strong standing educational merit and payment history.

I want to apply for a student loan, but will it affect my Credit Score?

To check the rates and terms you qualify for, QUAD-FI conducts a soft credit check that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit check. We will ask for your permission prior to running the hard check.

What are the terms of this loan?

You choose your student loan terms – it’s all up to you. The minimum amount you may borrow is $2000 (CAD) and the maximum amount is of $10000 (CAD). You may choose a 3 year term or a 4 year term that starts after up to an 18 month interest only period. The interest rates start from as low as 3.5%. 

Does QUAD-FI offer favorable payment terms while I’m in school?

Yes. Under all QUAD-FI student loans, you do not have to make any principal payments up to the first 18 months of your loan. We want you to be able to perform your best and achieve your full potential while in school, rather than worrying about money. Of course, you are always welcome to make additional payments towards your loan at any time.

How do I choose between different student loans?

QUAD-FI offers different terms and rates. You get to choose the option that best suits your financial situation.

May I refinance with QUAD-FI after graduation? Will the refinancing include the loan I receive from you as well?

Yes. Once you have a student loan with us, you are a member of the QUAD-FI community and we will be here to help you during school and after graduation. By refinancing with QUAD-FI, you can remain connected with the QUAD-FI community and have the opportunity to save money by taking advantage of our competitive rates.

Do I need to be in a specific program or attending a specific university to be qualified?

No. We highly recommend all apply.

What are the fees involved?

At QUAD-FI, transparency is a big part of our culture and we believe that you have a right to know about the fees you will be charged under your loan. We do not charge origination fees, payment processing fees or prepayment penalties under any of our loans. There could be fees associated with missed payments.

I applied but was rejected. Can I apply again? What are my chances of approval next time?

We encourage you to apply again, especially considering the fact that your credit score does not change. But we only recommend doing it when there is a change in your application. For example you have a better GPA, or you want to apply with co-signer this time around.

Do I need a co-signer?

We do not require you to have any co-signers for this loan. But if you have one, your chances of securing the student loan will increase.

What type of information and documents do you require?

You can easily apply online in minutes. If you decide to move forward, there are just a few documents for you to upload in order to be approved. Once approved, we need to verify your information. So we need to see some of your relevant school documents. In addition, and if it applies to you, we will need your identification card to prove your identity. The list is very simple but essential as we need to ensure we provide you the best service we absolutely can.

I’ve heard that some loans have prepayment penalties associated with them. Does QUAD-FI charge me if I make prepayments against my loan?

No, we do NOT charge prepayment penalties under any of our loans. We encourage you to repay your loan earlier than the agreed upon date, if you have the financial means to do so. At QUAD-FI, we don’t believe in charging you for taking control of your finances.

How do you calculate my rate?

QUAD-FI uses an advanced model that incorporates several factors including financial status as well as educational metrics such as GPA, program and university ranking. It’s a tailored and unique rate for each applicant.

REFINANCING FAQs

How do I qualify for refinancing?

There are 3 very simple factors for you to qualify:

• Must be a Canadian Citizen who is a resident in Ontario
• Provide a record of graduation
Currently have a personal loan or credit card with QUAD-FI or another financial institution

What type of credit check do you do?

There are two types of credit checks: hard and soft. To check the rate and terms you qualify for, QUAD-FI initially conducts a soft credit check that will not affect your credit score. After the initial approval, we request a full credit report, which is considered a hard credit check. This only happens if you are approved for refinancing. We also ask for your permission prior to running a hard credit check. 

What type of loans do you refinance?

QuadFi refinances federal loans, bank loans, credit cards and private loans. In short, any variation of personal loans such as OSAP, bank loans and credit cards will be accepted by us.

Why should I refinance with QUAD-FI versus traditional lenders?

We use a unique risk-rating model, which incorporates several factors, including educational performance, and offers a tailored rate for each individual. We offer competitive interest rates and loan terms that are customization to meet your specific needs. Our goal is to help you with your financial obligations so you can focus on your career opportunities.

What fees are involved?

At QUAD-FI, transparency is a big part of our culture and we believe that you have a right to know about the fees you will be charged under your loan. We do not charge origination fees, payment processing fees or prepayment penalties under any of our loans. There could be fees associated with missed payments.

What is the difference between consolidating and refinancing?

Consolidation involves combining multiple loans into one single loan with no change in terms or interest rates. Refinancing is the process of replacing one or more existing loans with a new structure under completely different terms. The main difference between the two is that unlike consolidation, personal loan refinancing can allow you to obtain a lower interest rate and better payment terms than under your existing loans.

I have consolidated my loans in the past, can I still refinance with you?

Yes. Absolutely. We encourage you to apply for QUAD-FI refinancing.

Who should refinance?

Refinancing is a good solution for working graduates with a significant amount of personal loan debt or who are seeking to reduce their monthly payments. We offer competitive rates and flexible payment terms that could fit your needs. Apply online – it only takes a few minutes. The earlier you refinance at a better rate, the more money you can save.

I just finished school, is it a good time for refinancing or should I wait?

Refinancing can reduce the interest rate under your existing student loans. The earlier you refinance, the more you can save.

How do I know I am eligible for refinancing?

The simple answer is to try our application online. It’s fast, easy and it does not affect your credit score. We will be able to tell you in matter of minutes if you are eligible or not.

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.

What are the terms of the loan?

The terms are 3 and 4 years.

What is the maximum and minimum amount I can borrow to refinance with you?

You may borrow a minimum of $5,000(CAD) and maximum of $50,000(CAD) from us.

I applied but was rejected, I want to know why? Can I apply again? What are my chances of approval next time?

We encourage you to apply again, especially considering the fact that your credit score does not change. But we only recommend doing it when there is a change in your application. For example you have a better income or you want to apply with your partner this time around.

Do I need a co-signer?

No. You are not required to have any co-signers for this loan. But if you have one, your chances of refinancing will increase.

I hate filling forms online for hours on end, how long is your process going to take?

The initial part will take only few minutes to complete. At the end of it, we will be able to tell you if you qualify. Once you get your initial approval, you need to upload the necessary documents, sign it online and submit. It’s fast and simple.

What type of information and documents do you require?

Once approved, we need to verify your information. So if applicable, we need to see your employment letter and homeownership documents. If it applies to you - identification card along with graduation records. The list is simple but essential as we need to ensure we provide you the best service we absolutely can.

I’ve heard that some loans have prepayment penalties associated with them. Does QUAD-FI charge me if I make prepayments against my loan?

No, we do NOT charge prepayment penalties under any of our loans. We encourage you to repay your loan earlier than the agreed upon date if you have the financial means to do so. At QUAD-FI, we don’t believe in charging you for taking control of your finances.

What is the difference between your method and regular score rating companies?

At QUAD-FI use alternative sources of data. For example, we utilize your past academic standing at school to accurately create a tailored rate for you.

How do I choose between product options?

We offer different terms and rates; based on your financial situation and preferences. Call us if you need more info.

What are my Interest rate options?

The interest rates for our refinancing start from minimum of 3%. 

Contact
close slider