Creditmatik loan review: Rates, fees, pros and cons

What is a Creditmatik loan?

Creditmatik offers an open credit loan, which means there is no fixed term that you must finish repaying your loan by. Creditmatik says its loans are usually repaid within 3 to 6 months, but since you can repay the loan any time without penalty, try to repay it much sooner than that to reduce your fees.

You can borrow $500, $750, $1,000, $1,250 or $1,500.

What are the benefits of a Creditmatik loan?

If you are in need of a quick but small loan, Creditmatik has a few benefits that may make it a good option.

• Quick access to funds. The money you apply for can be added to your bank account the same day you apply for it.
• No credit check. Creditmatik does not check your credit score during the application process.
• No fees for early repayment. You can pay off your loan partially or in full any time without penalty.
• No collateral required. There’s no need to hand over any of your assets (such as your car or home) if you can’t pay your loan back on time.
• Bad credit doesn’t matter. Since Creditmatik doesn’t do credit checks, you could qualify for a loan even with a poor credit score.

What to watch out for

• $22.75 weekly membership fee. Each week until your debt is paid off, Creditmatik requires you to pay a $22.75 weekly membership fee in addition to your regular payments.
• High APR. The APR for Creditmatik is 130% - 250%.
• Small loans only. The maximum amount you can borrow from Creditmatik is $1,500.
• No fixed term. Without a fixed term, it can be tempting to hold off on repaying your loan in full. However, the longer you wait, the more you pay in fees.

Alternatives to Creditmatik

Is Creditmatik legitimate?

Creditmatik is a registered enterprise in Quebec (1176718337) with an address in Saint-Hubert, Quebec. You can contact Creditmatik through an automated phone number that directs you to real people after a short time. Creditmatik has virtually no presence on social media. It also does not appear in the Better Business Bureau database.

Am I eligible?

Eligibility for a Creditmatik loan is fairly straightforward as long as you live in Quebec. You only need to meet a few criteria.

• Be a resident of Quebec
• Be at least 18 years old
• Be employed for at least 3 months prior to applying for the loan
• Earn at least $1,200 per month
• Not in bankruptcy

How do I apply for a Creditmatik loan?

Applying for a Creditmatik loan is a fairly simple process.

• You can apply on the Creditmatik website or call a representative on the phone.
• Fill in your personal information including name, birth date, contact information and address.
• You will get an instant bank verification email, which will require you to sign in to your online banking website to complete the process.
• An agent should then be able to verify your information and, when approved, deposit the funds into your account.

What documents do I need to apply?

Creditmatik is not clear about what documents you need to provide, but basic requirements usually include:

• Government-issued ID
• Proof of income, like pay stubs or bank statements

I got the Creditmatik loan, now what?

One of the most important things to remember when applying for a Creditmatik loan, or any loan for that matter, is to make your payments on time. Creditmatik has the right to call a collection agency and sell them your account, which could put a significant dent in your credit score in addition to being an overall stressful experience.

If you know in advance that you are likely to miss a payment, call Creditmatik and explain why. It may be willing to address your problem and offer a solution in the form of a different payment schedule. It is also possible though that you will have to pay the remainder of the loan back after missing a payment, and failure to do so could bring a collection agency into the picture.

Frequently asked questions

• How much can I apply for with Creditmatik?

  Loans between $500 and $1,500 are available through Creditmatik.

• How long will it take to get my money?

  If you applied on a business day before 2:30pm, you should see the money in your account before midnight that same day.

• Will Creditmatik need to confirm my employment status?

  Only in certain cases. Creditmatik uses your bank information to see that you have a source of income, but will rarely go beyond that. If it does, it is subtle and your employer will not be aware that you are asking for a loan.