Credit Club review: Online payday loans

Must read: Best payday loans in Canada

What is Credit Club?

Credit Club is a licensed payday lender in ON, BC and NS. It has offices in Quebec and Ottawa, and it offers online payday loans.

You can apply for a loan with Credit Club 24 hours a day, seven days a week. If you apply on a holiday or weekend, it has an automated system in place to process applications.

If you’re approved, funds can be sent to your account by email money transfer in as little as 30 minutes.

Is Credit Club legit?

Yes. Established in 2012, Credit Club is licensed to provide payday loans in Ontario, British Columbia and Nova Scotia:

• Its Ontario lender licence number is 4726568.
• Its British Columbia lender licence number is 64068.
• Its Nova Scotia permit number is 222985929.

You can view Credit Club’s licence certificates in all three provinces on its website.

Features of Credit Club payday loans

Feature	Details
Loan amount	Up to $1,500 ($100 for new customers)
Loan term	Up to 62 days
Where it’s available	ON, BC and NS
Interest rate	Ontario: $15 for every $100 borrowed BC: $15 for every $100 borrowed Nova Scotia: $15 for every $100 borrowed
Fees	If you default on your loan, you may be charged NSF fees and late fees
Basic eligibility requirements	Must be at least 18 years old Must have been employed for at least three months with the same employer

What we like about Credit Club loans

• Apply 24/7. You can apply for a Credit Club loan at any time, even outside of normal business hours. Learn more about e-Transfer payday loans 24/7.
• Get money in minutes. Credit Club says it funds loans in as little as 30 minutes, which is handy if you need urgent access to cash.
• Automated loan approvals. If you apply on a public holiday or weekend, your loan application may be processed by Credit Club’s automated approval system, which can provide a response within an hour.
• Mobile app available. The Credit Club smartphone app is available from Google Play and Apple’s App Store.
• No credit checks. Credit Club doesn’t conduct any credit checks when processing your application. Instead, it assesses your income and ability to pay back what you borrow.

Related: No credit check loans in Canada

What to watch out for

• $100 loan limit for new customers. While loans of up to $1,500 are available, the maximum amount new customers can borrow is $100.
• High cost of borrowing. Payday loans are extremely expensive with annual percentage rates (APRs) in the triple digits.
• Short loan terms. Credit Club says its loans are usually due to be repaid on your next payday or 14 days after the loan amount is deposited into your account. Short repayment terms can make it easy to get trapped in a cycle of debt, so consider your financial situation carefully before you apply.
• Not staffed on weekends and holidays. If you apply on a holiday or weekend and your application requires manual processing – for example, if you need to provide additional information, you’ll need to wait for your application to be processed on the next business day.

Alternatives to Credit Club

Summary of Credit Club reviews

Customer reviews of Credit Club are generally positive. Many reviewers praise the lender for its easy application process and fast turnaround time.

Feature	Details
BBB accredited	No
BBB rating	A+
BBB customer reviews	N/A
Trustpilot score	4.7 out of 5 from 2,980 reviews
Customer reviews verified as of	March 27, 2024

How much can I borrow with a Credit Club loan?

The maximum loan amount is $1,500, but this amount is only available to Credit Club members. If you’re a new customer, you can only borrow up to $100.

What are the Credit Club loan requirements?

You’ll need to satisfy the following criteria to qualify for Credit Club loans:

• Have an active chequing account in your name.
• Be at least 18 years of age.
• Be currently employed for at least three months with the same employer.
• Be a resident of ON, BC and NS.
• Have a valid email address and working phone number.

Required documents

Credit Club does not require any documents. However, it will use the information on your application to verify your identity, bank account details and income.

Can I get a Credit Club loan with bad credit?

Yes. Credit Club does not conduct a credit check when assessing your loan application. The lender will instead focus on your employment and income details to determine whether you have a steady source of income and can afford to repay your desired loan amount.

Dive deeper: Best bad credit loans

How do I apply for a Credit Club loan?

You can apply for a Credit Club loan by clicking the “Apply Online” link on the lender’s website. This will take you to an online application form where you’ll need to provide:

• Your requested loan amount.
• Your name, address, contact details, date of birth and SIN.
• Your employment and payroll information, including your employer’s name and contact details as well as how often and much you get paid.
• Your bank account details.

If you submit your application, within business hours, you can expect to receive a decision within an hour.

Bottom line

If you’re thinking of taking out a payday loan, Credit Club is well worth considering. However, keep in mind that a payday loan should only ever be a last resort – consider a range of payday loan alternatives first.