Thelenders.ca FAQ

What is Thelenders.ca?

Thelenders.ca is an online lending platform in Canada that offers short-term loans up to $1500, advertising a quick application process with no credit checks or paperwork.

What are the main features of Thelenders.ca loans?

The main features include loans up to $1500, an online application process that takes approximately 15 minutes, no credit checks, no paperwork, and instant e-transfer upon approval.

What is the interest rate offered by Thelenders.ca?

Thelenders.ca states an approximate annual interest rate (APR) of 32%, which translates to 2.66% per month if unpaid.

Is Thelenders.ca an ethical choice from an Islamic perspective?

No, Thelenders.ca is not an ethical choice from an Islamic perspective because its business model is based on charging riba (interest), which is strictly forbidden in Islam.

How quickly can I receive money from Thelenders.ca?

The website states that once approved, you will receive your money instantly via e-transfer. Collection and Credit Score Implications

What is the minimum and maximum loan term at Thelenders.ca?

Loans offered by Thelenders.ca have a minimum term of 90 days and a maximum of 180 days.

Are there any fees associated with Thelenders.ca loans besides interest?

Yes, Thelenders.ca mentions a service charge applicable if your loan is accepted, and a $55 service charge for insufficient funds (NSF). They also state that brokerage fees are added to the borrowed capital.

How does Thelenders.ca handle non-payment?

In case of non-payment, Thelenders.ca’s collection department may establish a repayment agreement. If no agreement is possible, they may assign the file to a collection agency, which could affect your credit rating/score.

Will a loan from Thelenders.ca affect my credit score?

While Thelenders.ca offers “no credit check” for the initial application, defaulting on payments can lead to your file being assigned to a collection agency, which may affect your credit rating/score negatively.

Can I renew my loan with Thelenders.ca automatically?

No, the website states that renewing your loan does not happen automatically; you need to request it. Thelenders.ca Pricing

What are some ethical alternatives to Thelenders.ca for financial needs?

Ethical alternatives include Qard Hasan (interest-free loans), Islamic microfinance institutions, Zakat and Sadaqah funds, budgeting and financial planning tools, and building an emergency savings account.

What is Qard Hasan?

Qard Hasan is an interest-free loan given for the sake of Allah, with the expectation of repayment but no additional fees or interest. It promotes mutual aid and community support.

What are Islamic microfinance institutions?

These are financial organizations that provide small loans or financing based on Islamic principles, avoiding interest and focusing on profit-sharing or ethical trade to empower individuals and small businesses.

How do Zakat and Sadaqah funds work as an alternative?

Zakat and Sadaqah funds provide direct financial assistance from charitable donations to those in genuine need, including those burdened by debt, offering relief without any expectation of repayment beyond charity.

Is there a way to avoid needing high-interest loans?

Yes, consistent budgeting, effective financial planning, and building an emergency savings account are proactive steps that can significantly reduce or eliminate the need for high-interest loans. How to Cancel Thelenders.ca Subscription

What happens if I miss a payment with Thelenders.ca?

If you miss a payment, Thelenders.ca can demand full payment of any outstanding balance, including capital, interest, and costs. You will also incur a $55 service charge for insufficient funds.

How can I contact Thelenders.ca customer service?

You can contact Thelenders.ca by phone at 1-888-330-5580 or via email at [email protected] Their phone lines are open Monday-Friday: 8:00 AM – 6:00 PM.

Is Thelenders.ca compliant with Canadian laws?

The website states, “Our company is in compliance with Canadian laws, regulations and legal standards.” However, this does not negate the ethical concerns regarding interest.

What is the difference between APR and monthly interest rate?

APR (Annual Percentage Rate) represents the total annual cost of borrowing, including interest and other fees, expressed as a percentage. The monthly interest rate is simply the percentage of interest charged on the outstanding principal for one month. For Thelenders.ca, 32% APR is equivalent to 2.66% monthly.

How can I cancel a Thelenders.ca loan application before receiving funds?

To cancel a loan application before receiving funds, it is best to immediately call Thelenders.ca customer service at 1-888-330-5580 and follow up with an email to [email protected] to ensure your request is documented and confirmed. Thelenders.ca Alternatives