FAQs

• Who needs The Foundation?

  The Foundation is for Canadians who need to improve their credit situation and want access to personal loans at reasonable rates. If you meet any of the following criteria, then The Foundation is right for you:

  • Have a credit score lower than 670
  • Find it challenging to save money on your own
  • Not getting approved for the financing you need
  • Paying high interest rates
  • Stuck in a quick cash loan cycle of debt
  • Are new to Canada
  • Are new to building credit
  • A student
  • Have been through a bankruptcy, consumer proposal or credit counselling

  The Foundation will give you a chance to make positive payments, improve your credit and help prove to banks and lenders that you can handle mainstream credit.

• Why do I need good credit?

  Your credit situation impacts you in more ways than you may think. Many Canadians have the misconception that having bad credit only affects their ability to obtain financing; however, having bad credit can affect you in many ways. Here are some examples:

  Obtaining Financing: Your credit situation will help determine if you get approved for financing. If you do get approved, then your credit will help determine the interest rate and cost of borrowing. People with lower credit often face higher borrowing costs and may even need to resort to quick cash loans.

  Getting a Job: Many employers require a credit check before making an employment offer. If you have bad credit, then it may be a reason for an employer to think twice before extending an offer, especially in a competitive job market.

  Renting an apartment: A landlord may check the credit of a potential tenant. If you have bad credit, then it may be a reason for the landlord to decline you as a tenant.

  Getting a cell phone plan: Many cell phone providers may check your credit before issuing you a monthly phone plan. If you want to avoid having a pay-as-you-go plan which is often more costly, then having good credit will help.

• How does The Foundation build credit?

  The Foundation is setup as a tradeline on your credit file. A tradeline is an industry term to describe an account on your credit report. Each month we will report your payment history to the credit bureaus. Making all your payments on time will help you improve your credit.

• How is this going to help me when I need money right now?

  We know that there are many needs for cash up front; however, most of our customers cannot qualify for an unsecured personal loan, and if they do, it is often at very high interest rates. This leaves quick cash loans as the only option for many of our customers.

  While The Foundation cannot give you money up front, you are guaranteed to get our Evergreen Loan as soon as you’ve completed 12 months of The Foundation and saved $750.

• Can I cancel The Foundation?

  You can cancel anytime by calling into our Client Care team. You can cancel at any time with no fee. If you have any outstanding fees from any missed payments, then you will need to make this up at time of cancellation.