Maximum total effective annual percentage rate (APR)
The interest rate on the credit limit is 10-19%. When the transaction fee of $0.50 is added, the total overall effective annual rate will not exceed 23%.
Example of refund
A variable credit with a $500 limit will have minimum weekly payments of $61.41. This information is given for example purposes only. Credika alone determines the fees of each financial product at its own discretion.
Our variable credit products give you the flexibility to withdraw funds according to your needs and without worry. An analysis of your debt ratio is necessary to increase your credit limit. Crédika reserves the right to send a credit increase offer to its customers at its discretion.
All applications are subject to a screening process to ensure that the borrower has sufficient income to repay his variable credit limit. This includes, but is not limited to: verifying that the monthly salary qualifies for our variable credit products; you don’t have an excessive amount of fees for insufficient funds in your bank account; that you don’t have an excessive amount of pre-authorized payments to your bank account that may interfere with your ability to pay your variable credit limit in due time. If you don’t meet any of these criteria, your application may be denied.
You can pay back faster by making higher payments. You’ll save on interest.
Our company uses responsible collection practices. If you fail to make your payments, our collection agents can terminate your payment plan and will use different methods to recover the money owed. Payments that are terminated will accrue interest on the outstanding balance. The borrower is responsible for all legal fees required to obtain the balance due. Uncollected debts are pursued with the full rigour of the law.
Our variable credit products have no repayment term, however by making minimum payments and not giving you any cash advances, your balance will be paid in 3 to 5 months. They are also refundable at any time.
Missed payments and credit score
Any missed payments will be deferred until the end of your contract, and will result in a $40 fee for insufficient funds, as stated in the contract. This will impact your credit score within our company. If you need to defer a payment, you must call us 48 hours in advance; this delay will incur a $25 fee, and will be deferred to the end of your contract.