Frequently Asked Questions

Your lender deposits the funds once you sign its contract. Many lenders in our network deposit the same day, though it can take up to 24 hours to show in your account.

Apply online. It takes a few minutes, works on any phone, and doesn't commit you to a loan. You can also contact us with questions first.

Ask your lender. Each lender sets its own rules on renewals, so the lender that gave you your loan is the one to ask.

Installment loans from lenders in our network are typically repaid over 90 to 120 days, in payments that follow your pay schedule. These aren't payday loans, so you don't repay everything on your next pay.

Once you sign your lender's contract, many lenders deposit the funds the same day. It can take up to 24 hours to show in your account, depending on your bank.

Most lenders in our network offer $300 to $3,000. A lender may approve a lower amount than you asked for after reviewing your application, so the payments fit your budget.

Yes. You need an open account with a Canadian bank or credit union. Lenders verify it online with Instant Banking Verification (IBV) and deposit your funds there. In most cases there's no ID or paperwork to send, though a lender may ask for more documents, such as ID, proof of income or a recent bank statement.

The lenders in our network don't run credit checks. A lender may ask for more documents, such as ID, proof of income or a recent bank statement, and may verify your bank account online. Give accurate information on your application. If you have items in collections, several other short-term loans, or are in bankruptcy or a consumer proposal, lenders are less likely to accept your application.

Yes. Renters can apply. Lenders look for a current address and steady income that fits the payment schedule.

Each lender in our network decides which kinds of income it accepts. Ask the lender that contacts you.

No. Urgent Money is a loan-matching service run by Achilles Finance, in Montreal. It doesn't lend money or make lending decisions. We match your application with partner lenders in our network. If a lender accepts it, that lender contacts you directly, provides the loan, sets its own rates and fees, and handles your payments.

Most lenders in our network charge an APR of 22% to 32%, depending on the risk of the application. Membership fees may apply. Your lender shows you the full cost of borrowing before you sign. Example, for illustration only: a $300 loan at 32% APR over 98 days is repaid in 7 bi-weekly payments of about $44.99, for a total of $314.93, of which $14.93 is the cost of borrowing.

No. You only agree to a loan when you sign a lender's contract, after it has shown you the full cost.

One option is the Achilles Secured Mastercard®, offered by our network partner Achilles Finance and issued by Zūm Rails. You pay a security deposit of $200 to $5,000, and your credit limit equals the deposit. The card costs $12.99 a month plus tax, and no interest is charged on that monthly fee. Interest and fees on purchases are set out in the cardholder agreement you sign with Zūm Rails. Zūm Rails reports your payments to Equifax, so paying on time helps rebuild your credit history. Late or missed payments can be reported too. Check if you qualify and apply on the Achilles Finance site. If you would rather not use credit, Achilles Finance also offers the reloadable Achilles Prepaid Mastercard®, issued by Zūm Rails, for $9.99 a month plus tax. It does not build credit, since nothing is reported to the credit bureaus. Learn about the prepaid card.