Micro Click Loans

Micro Click Loans: Canadian micro-lending with no credit check

Micro Click Loans is a Canadian company specialising in microcredit. It presents itself as a platform for people facing an urgent financial need, offering small loans without a credit check. The service is aimed at covering unexpected expenses, paying an urgent bill or financing a small project.

Loan amounts range from $250 to $1,250, selectable on the website. The application is made online, and the company states that it processes requests within 60 minutes. Once approved, funds are sent by Interac transfer within 30 minutes.

Application process and eligibility

The process is described in three steps: filling out the online form, processing the request and receiving the money. To be eligible, applicants must be employed and have a salary as their primary source of income, be a Canadian citizen or permanent resident, and be at least 18 years old. The FAQ adds that applicants must reside in Canada and have a regular source of income, whether from employment or another stable form.

Required documents are identification (driver's licence, health insurance card or passport), a bank statement for the last 30 days, the last salary statement and a specimen cheque.

Repayment terms and costs

The company states that repayment options are tailored to the borrower's financial capacity, with the possibility of repaying quickly or over a longer period. Loans are set for a period ranging from 90 to 180 days. The financial institutions it partners with offer an annual interest rate of 28%, although the official agent may charge additional fees. Other institutions it collaborates with offer an approximate interest rate of 28%.

The site provides an example: a $300 loan repayable in six bi-weekly payments of $86, resulting in a total of $516, which includes the initial amount plus $19 in interest and a $197 processing fee payable to the official agent and broker. It notes that each application is assessed individually and fees may vary.

Stated values and customer approach

The company lists support, confidentiality, transparency, a relationship of trust and professionalism as its values. It states that its team is available to answer questions and accompany the applicant throughout the process, that personal and financial data are treated securely and confidentially in accordance with data protection standards, and that information on conditions, fees and repayment terms is provided clearly. It also describes customers as partners and says it works with them to find the best loan solution.

Responsible use warning

The site includes a responsible borrowing notice: short-term loans have higher interest rates and fees than loans from locally chartered financial institutions, and should be used as infrequently as possible or only when no lower-interest alternative exists. It warns that taking out multiple loans of this nature can lead to debt and serious financial problems.