Loan Information

How much money can I borrow and how do the re-payments work ?

urLoan™ offers unsecured loans ranging from $1,000 – $15,000. The amount you can borrow will be based on your income, debt load and a variety of other factors. Payments will be automatically debited from your bank account on your pay periods (weekly, bi-weekly, semi-weekly, or monthly in some cases).

How long can I borrow money for?Our flexible payment terms range from 6-36 months. We strive to meet your budget, allowing you to borrow the amount you can afford to re-pay. 

What is APR and what does urLoan™ charge?The term APR stands for “annual percentage rate” which is the calculation of annual interest for your loan. urLoan™ typically charges between a 29-46.95% APR, which is determined after your personal and credit assessment. 

What is your loan protection
plan?
Our loan protection plan varies slightly depending on whether your loan if under or over $5,000; however, it is there to protect you in case of job loss, injury, illness and in the worst possible case if you pass away: 
- If you are laid off, your payments are covered up to 6 months. Some restrictions may apply. 
- If you are injured or ill, your payments are covered up to 6 months. Some restrictions may apply. 
- If you are critically ill, your payments are covered 100%. Only applies to loans under $5,000. 
- If you pass away, your payments are covered 100%. Some restrictions may apply. 

How long does it take to complete the online application?The application takes approximately 10-15 minutes to complete.
How long does it take to be approved and have funds in my account?Approval can be as quick as several hours, but is highly dependent on how fast you can provide urLoan™ with the necessary documentation. urLoan™ has engaged certain third party service providers to obtain quick access to certain personal records and move funds to and from your bank account. If you agree to allow urLoan™, through these service providers, to access your private personal information, your application can be approved within hours. These service providers may assist us with reading and analyzing your credit score among other things. 

On the other hand, if certain documents take time to arrive, your urLoan™ personal loan application can be delayed by days or potentially longer. Funds can be electronically wired into your account within 1-2 days of your loan getting approved. 

What qualifications and paperwork are required to be approved for a personal loan?This can be determined by various factors and will also depend on the purpose of your loan. However, typically the main documentation or support we would like to see include:
 
- Employment verification (status and length) 
- Proof of income (pay stubs) 
- Proof of Canadian residency 
- Minimum age of 18 (2 pieces of government issued ID) 
- Proof of Bank account 
- References 

Other factors that may or may not impact your qualification for a personal loan include: 
- Prior bankruptcy filing, Proposal Filing, or credit counseling filing 
- Earn over $1,500 net pay per month
What happens if I pay off my loan early?No penalty.  You are entitled to pay off your personal loan at any time, and if you do so, incur only those finance charges earned up to the time at which the loan is paid off.
Are there any hidden fees?We charge no additional fees for setting up your loan or getting you your money.