A $1,000 online loan, with repayment in mind

Look at every payment, not just the first one

Before taking on a $1,000 loan, make room for repayment alongside the expenses you already have. A payment that looks manageable on its own may fall in the same week as rent, groceries or another loan payment.

Use the proposed schedule to look ahead to the final payment:

Kredit Canada's repayment frequencies include weekly, every two weeks and monthly. Check the frequency and exact dates in your agreement. The interval between payments does not tell you how long the loan lasts or how much it costs overall.

• Match payment dates to income you can count on. Check when money will be in your account, rather than relying on overtime or a bonus that is not confirmed.
• Keep essential bills in the plan. Include housing, utilities, food, transportation and existing debt payments throughout the repayment period.
• Leave some room for the unexpected. If a smaller paycheque or another repair would make a payment difficult, reconsider the amount before signing.

What will a $1,000 loan cost in total?

The amount you borrow is only part of the repayment decision. Your agreement discloses the final terms and cost of borrowing before you sign. Read these together, rather than choosing a loan by the payment amount alone:

A smaller payment is not, by itself, evidence of a lower total cost. Compare the full schedule and total amount, not just the next withdrawal. If anything in the agreement is unclear, ask Kredit Canada before signing.

• The amount borrowed and the amount you will receive.
• The interest rate and any applicable fees.
• The amount, number and frequency of payments, including the first and last payment dates.
• The total borrowing cost and the total amount to repay.
• What happens if a payment is late or cannot be processed.

Would a smaller loan do the job?

Start with the expense, not the amount available to borrow. For an auto repair, for example, confirm the estimate and what is due now. Then account for money you can use without leaving rent or other essentials unpaid.

If the remaining shortfall is $500, a $1,000 request would add borrowing beyond that need. Explore the $500 loan option instead. Compare its full terms too; a smaller request still needs a workable repayment plan and is still subject to review.

A $1,000 request may be worth considering when the remaining necessary expense calls for that amount and you can make room for the proposed repayments. Avoid adding extra money to the request simply because a larger amount is available.

Before borrowing, you can also ask the bill provider about a payment arrangement or compare a borrowing option available through your bank or credit union. Check the cost and timing of each. If repayment would require another loan, reconsider whether borrowing now would help.

Check eligibility before requesting $1,000

Kredit Canada's published application requirements are:

Provide accurate, current information and complete the application steps. Meeting these requirements does not guarantee approval for $1,000: the application and your ability to repay are reviewed.

• Canadian residency and an age of at least 18.
• Steady income of more than $1,500 per month, paid by direct deposit.
• At least six months at your current job.
• An active Canadian bank account.
• Valid identification and a recent pay stub.
• Fewer than five insufficient-funds (NSF) transactions in the last 30 days.

Apply online, then review your agreement

Read the privacy policy for information about how personal information is handled, and the terms of use before applying.

1. 1

   Complete your application. Enter the amount you want to request and provide the requested personal and financial information.

2. 2

   Complete bank verification. The process uses Instant Bank Verification (IBV) to review financial information. Completing verification is not a loan approval.

3. 3

   Read the offer before signing. If approved, check the total cost and repayment schedule against your budget, then sign the agreement online if you choose to proceed.

4. 4

   Receive the funds. After approval and signature, funds are sent by Interac e-Transfer, typically within about 60 minutes. The timing is an estimate, not a guaranteed arrival time.

Common questions about borrowing $1,000

Ready to request $1,000?

If $1,000 matches your need, start your application with Kredit Canada. Review the offer before accepting, and borrow only what you can repay while covering your other commitments.

Questions about the process or your agreement? Contact Kredit Canada or email info@kreditcanada.ca.