ᐅ Frequently asked questions (FAQ) • Moni365 🥇

Questions and answers

What is Moni365?

Moni365 is a search engine for unsecured loans up to $50k. Our goal is to provide Canadian's with the best possible loan options, based on personal needs and credit circumstances. Whether you have excellent, good, or poor credit we've got lenders for you. At Moni365 you have options.

Can I Apply with The Lending Agencies Directly?

We wouldn't recommend this. Making another application on the lender's site will duplicate things and take up more time. At any point you can login to your profile at Moni365 and see if new loans have become available or if your rates have changed.

What Rates Should I Expect?

Our lenders offer rates starting from 6.99% to 46.96% APR. Rates go up from 6.99% APR based on needs, personal financial information, and credit history.

Can I Apply and Not Take the Loan?

Yes. You are not bound to a loan by applying for one.

I Have a Past Bankruptcy or Consumer Proposal. Can I Still Apply?

Yes. We have lenders who lend to those with a past bankruptcy or consumer proposal. A perk to applying with us is that those lenders compete for your business, ensuring that you get a good rate.

What Are the Minimum Requirements to Apply?

Our lenders offer loans to those with excellent, good, poor or no credit. Hence, we serve virtually anyone looking for an unsecured loan under $50,000. In order to apply you must be age of majority in your province of residence and be a Canadian Citizen or Permanent Resident.

If I Currently Have an Outstanding Loan, Can I Still Apply?

As long as your debt payments don't total over 60% of your income, you are fine to apply. In fact, by having an outstanding loan you have established a credit history, so it might actually improve your chances of being approved.

Will Applying Affect My Credit Score?

Your credit score is not effected by searching our website for lenders. After you find a loan, you are sent to the lender, that lender generally does a soft credit check that does not affect your score. If the lender requires a full credit check you will be notified and will have a choice not to proceed if you are concerned about your score being affected.

How Do I Get My Money?

Complete the simple application on our website, we provide you with loan options, select the loan for which you would like to formally apply, then formally submit the application on your chosen lenders website. If approved, the lender will deposit the money in your account in as little as 12 hours.

If I Don't Know My Credit Score Can I Still Apply?

You don't need to know your credit score in order to apply. In the application, we have provided a link to a tool that can help you better estimate your score. If you are typically on time with debt payments, have a steady income, and haven't gone through a bankruptcy or consumer proposal, your score will generally be good or better.

What Type of Loans Do Moni365 Lenders Offer?

We have unsecured lenders who lend to virtually every market. However, our loans typically max out at $50,000.

Is My Personal Information Secure?

We take data security very seriously. Hence, we use the latest security to encrypt and protect your personal information. Firstly, your personal information is only shared with lenders that match your profile. All information sent out from our website is through an encrypted channel that is only accessible by that lender, at that particular time.

Do Some Lenders Charge Loan Origination Fees?

A loan origination fee is an amount charged by a lender to issue a loan. If the lender you choose charges an origination fee that amount will already be built into the monthly payment amount given to you in our search results. When formally applying for the loan on the lender's website they will disclose this amount before issuing the loan. In most cases if a lender charges an origination fee the amount tends to be around $100.

What payment terms should I expect?

Payment terms vary per lender. In most cases payment terms are between 12 months and 60 months. Information regarding payment terms of the loan will be included in search results enabling you to choose which terms best suit your needs.