Responsible lending policy
Your loan application on our site will be subject to an analysis and selection process. This is to ensure the amount of your loan matches your ability to pay.
This includes among others:
- Ensuring your income meets our criteria;
- Checking with your financial institution that you don’t have too many unpaid bills
- Determining if you will be able to repay your loan amount.
If your request meets all of our criteria, it will be ACCEPTED.
Northstars Brokers uses responsible collection practises and complies with legal provisions in Canada. If for any reason you are having difficulty repaying your loan, our employees will negotiate an agreement with you that respects your ability to pay. If you don’t pay your instalments on time, your interest may increase. You are responsible for the legal costs due to the collection of your balance.
Missed payments and credit score
Payments that have been refused by your financial institution for lack of funds will be postponed to the end of the contract and will incur a fee of $40. Difficulty repaying your payments will not impact your credit rating. Your file will never be reported to the credit agencies. If you urgently need to defer one of your payments, call us within 48 hours.
The loans we offer are a short-term solution. They should only be used in emergencies where you need money quickly for basic expenses. They are by no means a long-term solution. So avoid accumulating short-term loans, as they could put you in an unstable financial situation.