FAQ

At Crystal Loans, all loans are subject to underwriting approval, and we are not affiliated with Payday Lending. We partner exclusively with financial service providers who comply fully with Canadian laws and regulations. Our loan amounts range from $250 to $2500, with repayment terms spanning from 90 to 120 days. The Annual Percentage Rates (APRs) for these loans vary between 3.99% and 28%, based on our partner’s credit profile assessment of the borrower. If the maximum APR is not provided, it typically includes the interest rate plus fees and other costs for a year, or a similar rate calculated in accordance with local laws.

For example, on a $500 loan repaid monthly over 9 months, the borrower would make payments of $81.15 each month, totaling $730.35 over the term. This amount includes the cost of our partner’s optional loan protection policy. If a payment is missed, a fee of around $45 may be charged, depending on the lender’s specific policies. In the event of a loan default, the payment plan will be terminated, and various collection methods will be employed to recover the outstanding balance, all within the legal framework and adhering to fair collection practices.

Please note that all our loan options have terms longer than 63 days and an APR of 28%. Consequently, Crystal Loans is not required to obtain a lending license to operate in Canada. Additionally, borrowers should be aware that brokerage and administrative fees may apply to their loan installments. We recommend that all potential borrowers thoroughly review their loan agreements to understand all applicable charges and conditions.