What types of loans are available?
NCR Financial Services offers the following types of loans and financial products:
How can I apply for a loan?
What if I have bad credit or no credit?
NCR Financial Services can help get you a loan regardless of credit status. Many of our clients have bad credit and/or cannot work with the banks directly. NCR Financial Services will look at your banking history and verify employment. We believe you should be able to afford a loan with us, and we will evaluate your ability to pay the money back. If everything checks out, we are happy to work with you!
What are the criteria for getting a loan?
NCR Financial Services offers several different loan products, but here are some minimum requirements across most products:
- You must be 18 years or older.
- You have an after tax (Net) salary of at least $1200.00 per month.
- You have been employed with the same employer for the last 2 months.
- You are a Canadian resident.
- You must have a Canadian bank account.
- You must not be in a bankruptcy or a consumer proposal.
- You must not be planning to declare bankruptcy or a consumer proposal.
- You must receive your job income via Direct Deposit
What documents are required to apply for a loan?
NCR Financial Services offers several different loan products, but here are some minimum requirements across all products:
- Detailed bank statement for the last 60 days.
- Last pay stub.
- A void check or a signed direct deposit authorization form from your bank.
- Proof of identity with photo (Driver's License, Medicare Card, Passport).
- Proof of home address: (Cell Phone bill, Cable bill, Hydro bill etc…).
- Liberation Letter (Only if you've recently come out of a Bankruptcy or a Consumer Proposal).
Are self-employed workers eligible for a loan?
We encourage self-employed workers to fill out an application
. For most loan products, we require full time employment with salary paid via direct deposit. However, some exceptions may apply, and NCR may be able to help.
What are the rates and fees charged?
- Rates and Fees for Installment Loans can be found here.
- For all other loan products, one of our loan specialists will provide specific information after receiving your application.
Can I pay off my loan early?
Yes. You can pay off your loan at any time before your due date without any extra fees or penalties.
Why would I want a short-term loan?
From time to time, people from all walks of life find it necessary to take out a short-term loan. The most common reason for taking out a short term loan is to cover an immediate cash shortage before the next paycheck. People find it is more beneficial to borrow a small amount of money than to bounce a check, make late payments, or get sent to collections. Others need an infusion of cash in order improve their financial position. Some reasons include taking out a loan to cover moving expenses for a new job or consolidating debt into one manageable payment. For some applicants, debt consolidation is a good way to reduce balances on maxed out credit cards and improving their credit score.
Short term loans are not long-term solutions for managing finances. Applicants are urged to borrow responsibly and only after consulting a trusted financial advisor.
How much can I borrow?
Most short term loans are between $500 and $1000, but there are exceptions based on review and verification of the information within the application. Other loans like Mortgage Loans and Lines of Credit are higher value loans and are dependent on the application.
Can I apply for a second loan while I have a current one?
In almost all cases no. Loans must be paid in full before a second application will be considered.
How do I make my payments?
Loan payments will be automatically debited from your bank account according to the schedule of the loan terms and conditions.
Do I need to send any money or pay any fees prior to obtaining my loan?
No! NCR Financial Services does not charge an application fee or an advance fee for the promise of a loan. ALL fees will be clearly disclosed in the loan agreement, and no fees are due before the loan is approved and originated.
What are some of the reasons my application could be declined?
- If you are currently in bankruptcy or a consumer proposal.
- If you are currently unemployed or don’t have a steady work history.
- If we cannot confirm employment or determine income is not sufficient to pay back the loan.
- If the information on your application turns out to be incorrect or cannot be confirmed.
- if you cannot provide the documents required to process the application.
- If you have too many outstanding loans with other institutions.
- If you have too many (NSF) charges on your recent bank statements.
What happens after I fill out the application?
If you have filled out your application during business hours, you will get an email or a phone call shortly after your application has been received. NCR agents will review the application and will follow up to confirm your identity and the information within the application. If you have any questions about the instructions within the email, feel free to call us toll free at 1-833-932-4507.
Our business hours are Monday - Friday, 9 am - 6 pm (ET)- excluding holidays.