FAQ

  1. Can I apply for a loan even if I'm not currently working?

    • Eligible Income (if not employed) :

      Wage Loss Insurance
      CNESST
      Pension and annuities
      SAAQ
      IVAC

      Non-eligible income :
      Social assistance
      Employment insurance (unemployment)
      Parental Insurance
      Family Allowances
      ODSP
      AISH
      Child tax
      Loans and Grants

      Contact us for more information on income eligibility for microloans. Our advisors will answer all your questions in a transparent manner.

  2. Can I apply for a new loan if I haven't yet finished paying off my existing one?

    • Once you have repaid 65% of your loan*, you may submit a renewal application even if you are not yet done paying your current instalments. Once reached, the option will be available on your client.
      Please note that your current balance will be deducted from the new deposit. Do not hesitate to contact your account managers. 

      * Certain conditions apply.

  3. Can I receive my loan in a different account than the one where my pay is deposited?

    • No; we must deposit the loan in and withdraw your payments from the same account where you receive your pay, to ensure simple and efficient transaction follow-ups.

  4. Do I have to go through the IBV process?

    • No. However, this system makes things much easier. You will never have to worry about finding a fax, scanning papers, or sending us a single document. However, please know that the traditional method of sending documents is still available.

      If you prefer the traditional method send us your banking statement for the past 30 days, a recent pay stub, valid proof of Canadian identity, and a voided cheque. Processing times are longer using the traditional method; contact a member of our team for complete details.

  5. Do you accept loan applications from self-employed workers?

    • Your application may be accepted even if you are self-employed. However, you will need to supply an official pay stub to qualify. This document will be examined during your application and the lending financial institution may also request confirmation of employment.

  6. Do you have access to my username and password for my bank account?

    • Never. It is impossible for us to connect directly to your bank account using IBV technology. It only sends us a secure version of your banking statement for the past 90 days.

  7. How do I apply?

    • You can apply for a loan online using our application form. It's quick and easy and you'll receive a response within an hour.

  8. How do I sign my contract?

    • You will receive an email with a link to sign your contract via your client portal. If you have chosen to receive and sign the contract by email, you may then follow the steps to electronically and legally sign the contract. 
      You can also print out the loan contract and sign it by hand. You can then return it to us by email at documents@plcp.co or by fax at 1-844-660-7087. 

  9. Is IBV technology secure?

    • IBV is the most secure technology used in banking, and features the same level of security as in large Canadian banks. We never have access to your username or password for your bank account. We only have access to a read-only copy of the banking information available in your account.

  10. I've changed bank accounts. What should I do?

    • You will need to send us a new voided cheque by fax or email, and one of our representatives will change the banking information in your file. We also have to wait to see 2 pay deposits in the new bank account.

  11. What are the eligibility criteria?

    •  

      • Be a Canadian resident and at least 18 years of age
      • Have an eligible stable income exceeding $1200/month
      • Have a street address
      • Have an active phone

  12. What could cause my banking statement to be considered invalid?

    • To be valid, your banking statement must:

      • include the last 30 days, showing your latest 2 pay deposits and all the transactions between them;
      • be free of any modifications or tampering of any kind; and
      • be sufficiently legible for us to clearly view all relevant information.
      • Do not come from the mobile application.

  13. What could cause my ID to be considered invalid?

    • To be valid, your ID must be Canadian, be valid, include a picture as well as signature and expiry date, and be sufficiently legible for us to clearly view all relevant information.

      We accept the following 4 pieces of ID:

      • Driver's license
      • Health insurance card
      • Passport
      • Canadian citizenship card

      Your ID must be free of any modifications or tampering of any kind.

  14. What could cause my loan to be denied?

    • Thankfully, few reasons could result in your loan being denied. The most common reasons for a refusal are invalid, missing or falsified documents. Your application will be automatically denied if the information you provided is untruthful. Finally, if you do not meet the basic criteria, your application may be suspended until the criteria are met.

  15. What could cause my pay stub to be considered invalid?

    • To be valid, your pay stub must:

      • Be fairly recent (no more than 4 to 6 weeks old);
      • Be complete (no parts missing); and
      • Be sufficiently legible for us to clearly view all relevant information.

  16. What could cause my preauthorized withdrawal form / voided cheque to be considered invalid?

    • To be valid, your voided cheque must:
      - be linked to the bank account where you receive your pay;
      - be free of any modifications of any kind; and
      - be sufficiently legible for us to clearly view all relevant information.
      In addition, the account number must contain the 5 figures of your transit (routing) number, the 3 figures of your institution number, and the 7 figures of your folio number.

  17. What happens if I default on repaying my loan?

    • If you miss one (1) payment, your account manager will contact you to notify you of the situation. You will be charged a 55$ fee and the officer will make arrangements with you to complete the payment you missed. If you miss more than one payment on your loan or if the loan arrangements are not complied with, your file will be transferred to collection.

  18. What is the interest rate and service charges?

    • The fixed annual interest rate is 19.99%. You must also expect the guarantees fees.

  19. When will my loan be deposited in my account?

    • If you have chosen to receive the deposit by Interac transfer, you will receive an email with the password to accept it, and then you will receive the e-transfer from Interac within the next hour. 

      If your loan application is approved before 10:30 a.m., Monday to Friday and you have chosen to receive the deposit by direct deposit, the amount will be deposited to your bank account between 6 p.m. and midnight the same day.  However, if your application is approved before 6 p.m., Monday to Thursday, the amount will be deposited between midnight and noon the next day.

      Only the Laurentian Bank of Canada and National Bank of Canada do not receive deposits in the morning. For these two financial institutions, amounts are deposited in the evening only, between 6 p.m. and midnight.

  20. Where can I find fax service?

    • Fax service can essentially be found in the following institutions:
      - Photocopy centres
      - Staples Canada
      - Pharmacies
      - Post offices
      - Libraries
      - Bookstores
      - Convenience stores
      - At your workplace