Can I apply for a new loan if I haven't yet finished paying off my existing one?

Once you have repaid 65% of your loan*, you may submit a renewal application even if you are not yet done paying your current instalments. Once reached, the option will be available on your client portal.
Please note that your current balance will be deducted from the new deposit. Do not hesitate to contact your account managers if you have any questions.

* Certain conditions apply.

Do I have to go through the IBV process?

No. However, this system makes things much easier. You will never have to worry about finding a fax, scanning papers, or sending us a single document. However, please know that the traditional method of sending documents is still available.

If you prefer the traditional method send us your banking statement for the past 30 days, a recent pay stub, valid proof of Canadian identity, and a voided cheque. Processing times are longer using the traditional method; contact a member of our team for complete details.

How do I apply?

You can apply for a loan online using our application form. It's quick and easy and you'll receive a response within an hour.

How should I sign my contract?

You will receive an email with a link to sign your contract via your client portal. If you have chosen to receive and sign the contract by email, you may then follow the steps to electronically and legally sign the contract. 
You can also print out the loan contract and sign it by hand. You can then return it to us by email at documents@plcp.co or by fax at 1-844-257-7782.

What happens if I default on repaying my loan?

If you miss one (1) payment, your account manager will contact you to notify you of the situation. You will be charged a 55$ fee and the officer will make arrangements with you to complete the payment you missed. If you miss more than one payment on your loan or if the loan arrangements are not complied with, your file will be transferred to collection.

What is the interest rate and service charges?

The fixed annual interest rate is 19.99%. You must also expect the guarantees fees.

When will I receive my money?

Once you have completed your application and instant bank verification your file will be analyzed and if approved, you will receive your deposit the same day.

You can choose your deposit method from the following:
• Instant Deposit ($) - Funds available in 30 min.
• Interac E-Transfer Deposit ($) - Funds available in 1 hour.
• Regular Deposit - Funds available in less than 24h, the same evening or the next day.

Where can I find fax service?

Fax service can essentially be found in the following institutions:- Photocopy centres- Staples Canada- Pharmacies- Post offices- Libraries- Bookstores- Convenience stores- At your workplace

Can I pay by credit card?

No, this option is not available.

What happens to my account when I miss too many consecutive payments?

Your file will be suspended and transferred to a collection agency. Contact us quickly to set up an agreement.


Can I apply for a loan even if I'm not currently working?

Eligible Income (if not employed) :

Wage Loss Insurance
Pension and annuities

Non-eligible income :
Social assistance
Employment insurance (unemployment)
Parental Insurance
Family Allowances
Child tax
Loans and Grants

Contact us for more information on income eligibility for microloans. Our advisors will answer all your questions in a transparent manner.

Do you accept loan applications from self-employed workers?

Your application may be accepted even if you are self-employed. However, you will need to supply an official pay stub to qualify. This document will be examined during your application and the lending financial institution may also request confirmation of employment.

What are the eligibility criteria?

  • Be a Canadian resident and at least 18 years of age

  • Have an eligible stable income exceeding $1200/month

  • Have a street address

  • Have an active phone

What could cause my banking statement to be considered invalid?

To be valid, your banking statement must:

  • include the last 30 days, showing your latest 2 pay deposits and all the transactions between them;

  • be free of any modifications or tampering of any kind; and

  • be sufficiently legible for us to clearly view all relevant information.

  • Do not come from the mobile application.

What could cause my ID to be considered invalid?

To be valid, your ID must be Canadian, be valid, include a picture as well as signature and expiry date, and be sufficiently legible for us to clearly view all relevant information.

We accept the following 4 pieces of ID:

  • Driver's license

  • Health insurance card

  • Passport

  • Canadian citizenship card

Your ID must be free of any modifications or tampering of any kind.

What could cause my loan to be denied?

Thankfully, few reasons could result in your loan being denied. The most common reasons for a refusal are invalid, missing or falsified documents. Your application will be automatically denied if the information you provided is untruthful. Finally, if you do not meet the basic criteria, your application may be suspended until the criteria are met.

Bank account

Can I receive my loan in a different account than the one where my pay is deposited?

No; we must deposit the loan in and withdraw your payments from the same account where you receive your pay, to ensure simple and efficient transaction follow-ups.

Do you have access to my username and password for my bank account?

Never. It is impossible for us to connect directly to your bank account using IBV technology. It only sends us a secure version of your banking statement for the past 90 days.

I've changed bank accounts. What should I do?

You will need to send us a new voided cheque by email, and one of our representatives will change the banking information in your file.

Why was my payment deducted the day before my payroll deposit?

Some financial institutions deduct payment the day before your payroll deposit. It is therefore important to leave funds available in the account to avoid a missed payment. To ensure there are no errors, please contact us at 1-855-776-2114.

Is KOHO Bank accepted?

If your KOHO account has at least one month of bank statements and processes pre-authorized payments, it may be eligible. Please submit your application or contact us if you are unsure.

Do you accept a bank statement from a mobile application?

No, because the statement from the mobile app is not complete. It does not include the balance column and does not allow for an adequate analysis of your application.

The bank statement must be the detailed one from your financial institution.

  1. You can go to your institution's website and take screenshots of the last 30 days OR

  2. You can download the bank statement in PDF format from your financial institution.


Is IBV technology secure?

IBV is the most secure technology used in banking, and features the same level of security as in large Canadian banks. We never have access to your username or password for your bank account. We only have access to a read-only copy of the banking information available in your account.

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