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Borrowing FAQ

What is the Maximum Annual Percentage Rate (APR)?

The maximum annual percentage rate (APR) is 109.50%

What are the minimum and maximum repayment periods?

Minimum repayment period is 60 days. Maximum repayment period is 180 days.

Do you have an example of a loan cost?

Here is a representative example of the total cost of the loan, including all applicable fees:

For a $300 loan of 14 days, the total payback amount is $332.

What are the conditions to get a loan?

At Better Than The Bank, we want to be as flexible as possible, whoever, there are some guidelines that we must respect for you to get a loan:

  • You must be of legal age in your province;
  • You must earn at least 300.00$ a week, at the same job for the last three months;
  • You must have a valid telephone number;
  • You must have a valid email address;

Each case is however studied individually, for example, we do not lend to people with too many NSF.

Here is a representative example of the total cost of loan including applicable fees

For a $300 loan of 14 days, the total payback amount is $332. 

What is the minimum and maximum period for repayment?

The minimum period for repayment is 60 days, while the maximum period is 180 days. 

Why is there a delay with the deposit of my funds?

Sometimes, some elements are out of our control, here are some factors that can delay the deposit of your money:

  • Your file or bank account information is incomplete;
  • You have submitted your file out of office hours;
  • The bank is experiencing internal delays;
What is the interest rate?

The institutions we deal with charge a maximum interest rate of 32.00% but generally speaking, the interest will be lower than 30% based on the client’s file.

Will you do a credit check?

We do not process a file by doing a credit check. We use a technology called ”Instant Banking Verification” to base our underwriting decision before approving a file. You can always check your credit score though, by following this link. It’s a free service with no strings attached.

I cannot do an upcoming payment, what is the procedure?

If you cannot make an upcoming minimum payment, contact us at least 72 business hours before the date of this payment. Depending on certain conditions, we might be able to offer you a payment report for a $35 fee.

Does Better Than The Bank have the final decision for my approval?

Better Than The Bank does the underwriting process and insures the credit advances for the various lenders we deal with, the final decision for lending is, however, always taken by them. Once you wish to re-borrow money based on your contract with the lender, Better Than The Bank will happily assist.

I missed a payment completely, what happens now?

For your payment to the lender, a fee of $50 will apply for each pre-authorized NSF payment. These fees are added to any fees charged by your bank or credit union.If you cannot make an upcoming payment, our team will work with you to find a solution.

Note that we abide by Canadian lending rules and regulations. If there is a non-payment in a modified contract, the lender is obliged to demand full payment of all amounts, interest and other costs accrued. If we have any legal fees due to non-payment on your modified agreement, we will reclaim these fees and you will have to reimburse us. Also, we may ask a collection company to collect the money. This could affect your credit report.

Is Better Than The Bank my lender?

Better Than The Bank is an underwriting provider. We guarantee the money of the lender you will be dealing with in case of a default on the credit advance.

Do you automatically renew loans?

No, to renew a loan, you must contact us and we will assist you for the renewal with the lender. if you do not do so, we will consider your loan and subscription with Better Than The Bank closed once the final payment is done.

If I had to provide personal information for my application, what to do?

To help you with your credit application, you may need to share personal information with Better Than The Bank Platform or one of our agents. If to retrieve your bank statement you have provided your username and password, you must change them as soon as possible. By applying for a credit application with Better Than The Bank you implicitly agree that it is your sole responsibility to guarantee the confidentiality and protection of your banking information.