Credito review

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What is Credito?

Credito is an online brokerage platform that offers short-term loans of $500–$850. It works with lenders that offer loans with rates ranging from 23% to , and because there are no credit checks required, bad credit won’t stop you getting a loan.

You can apply for a loan through Credito online or over the phone. If you meet the eligibility requirements, the loan amount will be transferred to you within 24 hours, with same-day funding available in some cases. Loan terms range from 90 - 120 days.

Is Credito legitimate?

Credito has received more than 1,000 reviews on Trustpilot, the majority of which are positive. It lists an office address in Vancouver, which a Google search reveals is indeed a business centre with office space and virtual addresses for rent.

Credito includes its terms and conditions on its website but not its privacy policy.

Credito loan features

Feature	Details
Interest rate	Rates of 23% + broker fee
Loan amount	$500 – $850
Loan term	90 - 120 days
Fees	$225 brokerage fee (amount set at broker's discretion)
Repayments	Weekly, bi-weekly, monthly
Basic eligibility requirements	Must have held a steady job for at least 3 months and earn a monthly income of $1,200 or more
Serviced provinces	ON, PE, BC, AB, NB, NS, NL, NU, NT, YU

What we like about Credito

• Easy application process. It’s quick and easy to apply for a loan by filling out an online form in a matter of minutes.
• No credit checks. Credito offers no credit check loans, so a poor credit score won’t stop you from qualifying for funding.
• Get your funds in 24 hours. Apply for a loan with Credito and you can get approved and funded within 24 hours. And if your loan request is approved before 1:30 p.m. EST on a business day, you’ll get your loan funds the same day.
• No paper documents required. You can apply for a loan without submitting any paper documents, as Credito uses an instant verification service to speed up the process. If you’d rather apply over the phone than online, you can.
• Longer repayment terms than payday loans. If you’re looking for a payday loan alternative, loans taken out through Credito have repayment terms of 90 or 120 days.
• Flexible payment schedule. You can make weekly, bi-weekly or monthly payments towards your Credito loan.

Dive deeper: No credit check loans

What to watch out for

• High brokerage fees. Credito sets brokerage fees at its own discretion. The repayment example given on the Credito website refers to a $225 brokerage fee (amount set at broker's discretion) on a $500 loan.
• Other fees. If you miss a payment, a $40 late fee applies. If your pre-authorized payment is declined due to insufficient funds, Credito charges a $40 fee. You can avoid NSF fees by postponing a payment, but this attracts a $25 administrative fee.
• High interest rates. Credito says it works with lenders that offer rates of between 23% and .
• Small maximum loan amount. Credito offers loans of up to $850 only. And if it’s your first loan with Credito, the maximum amount you can qualify for is $500.
• Make sure you can afford repayments. You have 90 days to pay off a loan of $600 or less, and 120 days to pay back larger loan amounts. You’ll need to make sure you have enough room in your budget to afford repayments on a short-term loan. Payments are automatically debited from your bank account, so you’ll be charged NSF fees by your bank if you don’t have enough funds to cover your loan costs.

Summary of Credito reviews

As of March 2024, Credito has an average score of 4.5/5 based on over 1,065 customer reviews on Trustpilot, and a rating of 1.5/5 stars on Google based on 13 reviews.

Those who left positive reviews commonly mention the easy and efficient application process, fast loan funding and helpful customer service. Those who left negative reviews sometimes complained about high fees or having their loan application declined.

Related: Can I get loans with guaranteed approval for poor credit?

Alternatives to Credito

Am I eligible for a Credito loan?

You’ll need to meet the following criteria to qualify for a Credito loan:

• 18 years old or the age of majority in your province or territory
• Canadian citizen
• Have a valid Canadian bank account that is at least three months old
• Have held a steady job for at least three months
• Low short-term (minimal payday or other short-term loans) debt-to-income ratio
• Monthly income of $1,200 or more
• Any prior bankruptcies must have been discharged

It’s also worth remembering that if you’re applying for your first loan from Credito, the maximum amount you can qualify for is $500.

How to apply for Credito loans

If you’ve compared a range of short-term loan options and decided that you’d like to apply with Credito, here’s what you need to do.

1. Head to the Credito website and click the “Loan request” link.
2. Enter your name, date of birth, gender, contact details and Social Insurance Number (SIN).
3. Provide your residential address.
4. Provide information about your main source of income, how often you receive it and how it is paid into your account.
5. Specify your requested loan amount and whether you are thinking of filing for bankruptcy.
6. Provide your bank account details.
7. Enter the details of your emergency contact.
8. Submit your application. If approved, you’ll receive your loan within 24 hours.

How much will a Credito loan cost?

There are two main factors to consider when calculating how much a Credito loan will cost to repay. The first is the interest rate, and Credito says it works with lenders that offer APRs of between 23% and .

The second is the brokerage fee you’ll need to pay. This fee is calculated at the broker’s discretion, but we couldn’t find the exact details of how this fee is worked out on the Credito website. However, in the repayment example on the Credito website, a $500 loan comes with a $225 brokerage fee (amount set at broker's discretion) — that’s 45% of the amount you’re borrowing.