1. What are the criteria to obtain a loan?
You must be 18 years or older and have a stable job for at least two months and your pay must be deposited directly into a Canadian bank account. We also accept customers who are paid by cheques. Cheques must be deposited on the same day for 2 consecutive months and you must provide a bank statement with 2 months history of your deposits.
2. Which documents are required?
- A recent and valid pay stub;
- The most recent bank statement showing at least two pay deposits;
- A valid Canadian ID with photo and signature;
- A void cheque or pre-authorized debit form.
All documents can be sent by fax or by email.
- Fax : you can find fax machines in post offices, drug store, convenience stores or copy centers
- Email : You can send us your digital documents in .PDF format or take pictures of your documents and send them in the following formats: .JPEG or .PNG.
3. Why would I not be accepted for a loan?
- If you are unable to provide the requested documents, or if you provide us false informations;
- Self-employed or unstable work;
- Too many financial commitments or NSF payments in your account.
4. Do we accept CNSST, disability insurance, retirement payments, CARRA or other employment programs?
Your application will be reviewed by one of our credit analysts and you could be approved.
5. What are the terms and the repayment period?
- Our loans can be repaid on a 90 days period.
- The installments are directly taken from your bank account using pre-authorized bank account withdraw.
- The installments are processed according to your pay frequency ; every week, every two weeks or monthly.
6. What is the annual interest rate on our quick loans (APR)?
The annual APR is between 28% and 38%. For a $500 loan, the amount of interest paid over a period of 90 days is between $35 and $40 if the repayment is made according to the dates of the contract.
7. What is the total cost of credit?
The total cost of credit represents the actual cost of the loan for a 90-days term . It integrates all associated costs : interest, administration fees, brokerage fees, commissions, and other related costs.
This table shows you exactly what you will repay and the total cost of credit :
8. Can I repay my loan before the end of the repayment period?
9. I would like to renew my loan. Is the process faster?
10. How often can I borrow money at DMO Credit?
- You can apply for a new loan before the end of an outstanding loan, the day after the 5th payment of 6 (if your salary is deposited twice a month) or the day after the 10th payment of 12 (if your salary is deposited weekly).
- Unsecured short-term loans, such as those we offer, are a fast and efficient way to fill an urgent and unexpected need for money. However, it is not recommended to use them on a long-term period or as a source of permanent liquidity.
- These loans are quick, simple and easy to obtain. It is very important to understand that the interest rate is generally higher than the interest rate of a loan from a financial institution. You must keep in mind that it is crucial to prioritize first your payment to the creditors with the highest interest rate to minimize your borrowing costs.
11. Who lends the money? Is it safe?
- DMO Credit is a Canadian Loan Brokerage Firm located in Quebec that only trade with certified lending companies that hold a valid permit from the Quebec Government Consumer Protection Agency. The process is 100% confidential.
- Our company is committed to be responsible and ethical. It is important for us to offer you full transparency in our operations. To get more information about our Company, check the About us section on our website
12. What if you can’t make a payment or miss one?
- First, it is very important to get in touch with us as soon as you foresee a payment difficulty or if a payment has been returned NSF by your bank.
- As mentioned on the contract, a $50 fee will be charged for any payment returned NSF by the bank.
- If your financial situation no longer allows you to reimburse your loan, or for any other possible reason, you can’t make the due payments within the time frame determined by our company, simply call and ask to talk to one of our specialists in our collection department.. We will try our best to take measures to accommodate you and lower your payments before your file ends up transferred to a collection agency.
- If more than one quarter of the payments is returned by the bank, and no steps have been taken on your end to make an arrangement, the file would likely be transferred to a collection agency. Please, take note that once your file is being transferred to such agencies, your credit score will highly be affected in consumer credit reporting agencies such as Equifax and TransUnion Canada. It would be more advantageous for you to call and try to make an arrangement with our collection department.