Credence Financial Services provides products and services specifically designed to help you build wealth while reporting your payment history to the credit bureau.
Our Micro Loans are an important step in building wealth and the re-establishment of an individual's credit rating. This financial product is relatively new to Canada and one of the many valuable products offered through Credence Financial Services.
Micro Loans are small consumer loans that are used to purchase GIC's (Guaranteed Investment Certificates) held with a financial institution. Once the loan is approved the GIC is established in the borrowers name and loan payments are made up to 3 years. As the loan payments are made the payment history is reported on their credit bureau.
Successfully completing a Micro Loan allows the consumer to qualify for larger loans and demonstrates the commitment for the consumer to honour their debts. The lending criteria for Micro Loans are low enough that most consumers will qualify. The Micro Loans offered range from $1,500 to $2,500* depending on the credit worthiness at the time of the application.
The information in this article was current at 06 Dec 2011