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?
Yes! Our loans are open. You have the ability to repay the loan at any time, without penalty. If you repay your loan before the end of the first month, we’ll give you up to $100 discount on related charges
9. I would like to renew my loan. Is the process faster?
Yes! Once your account is open with us, renewing your loans require less documentation and the processing time is 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 will happen if I can’t make the payments?
First, it is very important to contact us as soon as you foresee a payment difficulty or if payment has been declared NSF by your bank.
As stipulated in the contract, a $50 fee will be charged for all items returned NSF by the bank.
If more than one quarter of the payments are refused by the bank, the payment of your debt could be transferred to a collection agency. The methods used by our agencies must respect our commitment to the relationship we have with our customers. If a customer fails to repay the loan, the agency could end the payment plan. Interest will then be cumulated on the unpaid balance . The customer is responsible for legal fees related to the recovery of the sums due.
You have other questions? Contact our team today >