We offer credit building secured savings loans combined with our exclusive credit education programs. We know that credit education is a crucial first step for entering the economic mainstream. Therefore, we provide our clients with credit education programs as an additional tool for establishing a strong credit history. Our programs are specifically built for immigrants, consumers who have bad credit, or are currently bankrupt, in a consumer proposal, or in credit counselling.
Q: Will we be approved? I have bad credit, and my wife has no credit?
A: Yes! Our Credit Building Secured Savings Loans are designed to help you. Even if you have bad credit or no credit, you are still eligible for our Secured Savings Loan Program.
Q: I am not discharged from my bankruptcy will I still be able to qualify?
A: Yes! Regardless of the fact you are still bankrupt. Our Credit Builder Secured Savings Loan programs are an excellent way to start rebuilding vital credit history. There is no need to wait until your bankruptcy or consumer proposal is over.
Q: What happens when I apply for my Secured Savings loan?
A: After you submit your loan application, We will get busy right away working on your file. If you are approved, you will be contacted and asked to submit your supporting documents. To speed up the process, we ask that you provide the necessary documents as soon as possible.
Q: How will I know I am approved for a Savings Secured Credit Building Loan?
A: You will receive an email, text or telephone call to inform you that your application is approved and to advise you of the next steps.
Q: Do you check my credit when I apply?
A: No. You must provide written consent for Excelus to obtain your credit file and score. Once you are approved, Excelus will formally request permission to pull your credit bureau file. Your approval is a requirement as part of your Credit Building loan application.
Q: What is the Annual Percentage Rate (APR)?
A: The Annual Percentage Rate(APR) allows you to compare the total cost of credit for our different loan products. Secured Savings Loans have fixed interest rates for the term of the loan, so your monthly payment will never go up.
Q: If I am self-employed can I still apply for a loan?
A: Yes! If you are looking to build credit or rebuild your credit, we encourage you to apply.
Q: I am a recent immigrant to Canada. Can I apply for a Secured Savings Credit Building loan?
A: Yes. Absolutely! Excelus Secured Savings Loans are designed specifically for people just like you who have no credit history and for those who have a poor credit history.
Q: Do I have to enroll in the Excelerator Education Program?
A: Yes. Credit Building Products and Credit Education are the keys to your financial future. Credit Building is Asset Building! We recognize Credit Education as the crucial first step for entering the economic mainstream and as an additional tool for building or establishing a positive credit history. Therefore, we automatically enroll our Clients as Members of our exclusive Excelerator Education Program.
Q: What if I decide I do not want to continue with the Secured Savings Loan, can I cancel it?
A: Yes. You can. Call our office at 1.877.913.2008 and speak to a Client Service Member for the details.
Q: Can I make an extra payment to pay my Secured Savings Credit Building loan off sooner?
A: Yes, you can. Although, you may want to speak with a Client Service Member first to be sure you understand the effects this may have on your Credit Rating and Credit Score.
Q: Can I have more than one Loan at a time?
A: Yes. You can. However, you may wish to consider getting a Secured Credit Card as an additional Credit Building tool rather than a second Secured Savings Loan. Call our office at 1.877.913.2008 and speak to a Client Service Member for the details.