LOANS WITH OR
LOANS WITH OR
WHO ARE WE?
GMF loans stand out from other lenders by our transparency, our commitment to educate consumers and our promise to help them understand their financial situation. We have no hidden fees, and we strive to present and explain information in clear, understandable language.
Loans range from $300 to $1,500 and have a repayment period of 12 to 20 weeks. We make repayments coincide with the client’s pay period.
The interest rates charged comply with the provisions of the Office de la protection du consommateur.
Our contracts provide for the possibility of postponing or reducing the amounts on reimbursements, subject to certain conditions being met.
QUESTIONS REGARDING AN EXISTING LOAN: 514-312-3084
AN EXISTING LOAN:
We are a microloan company that lends to individuals left aside by traditional financial institutions. In the vast majority of cases, these are people who generally have a bad credit history and to whom mainstream financial institutions deny all loan requests. Often, to dismiss them politely, these institutions will say to the client: “find a good endorser and come back to see us!”. We believe that this clientele deserves to be serviced. This reality has created a demand for endorsement services, which has given rise to the industry of companies specializing in loan guarantees.
The high risk associated with the clientele we serve requires that we take special precautions in terms of documenting the files. We are determined to respect the rules imposed by the Office de la protection du consommateur. Thus, we are offering loans to clients which financial obligations do not exceed 45% of their gross income, with the interest rate allowed by the OPC. We also issue loans to the clientele with a debt ratio above 45%, as long as they provide a suretyship certificate issued from a valid guarantor. We do not deny any client with such suretyship certificate, and we even offer loan at a better interest rate. The client can choose any guarantor, but we favour guarantors who are members of the Association des microprêteurs du Québec, because they comply to a thorough code of ethics.
Our interest rates are those permitted by law and are representative of the risk incurred. They are comparable to the rates charged by credit card issuers, mainly credit cards issued by major department stores.
LOAN ADMINISTRATION PHILOSOPHY
We understand that our market is particular, but we believe that all of our clients deserve respect and humanity. We are available for our clients, and we are committed to help them meet their financial commitments, while respecting their budget. This is why we are flexible, attentive and show empathy when our clients ask us for flexibility. We never refuse a reasonable request from a client who is determined to meet its financial responsibilities.
WE ARE DETERMINED TO RESPECT THE RULES IMPOSED BY THE OFFICE DE LA PROTECTION DU CONSOMMATEUR.
OUR GOLDEN RULE:
A WELL INFORMED CUSTOMER
IS A CONSUMER WHO IS NOT ABUSED!
Unfortunately, this rule is rarely followed by some of our industry actors. Gestion Multi-Finance (GMF) has made it his mission to be compliant and to stand out from the crowd and clean up the industry, one loan at a time!
BY THE RULES
The Quebec government, through its LOI SUR LA PROTECTION DU CONSOMMATEUR (LPC), strongly regulates microlending. According to this Act and its regulations, if your monthly obligations already represent more than 45% of your gross monthly income, taking out a new loan with interests exceeding approximately 24% would represent for you a “presumed excessive, abusive or exorbitant” obligation and you are invited to consult the Office de la Protection du Consommateur LAW (OPC).
Gestion Multi-Finance is committed to respecting the LPC, and undertakes to underwrite its loans with clear documentation and with interest rates that do not exceed the rates prescribed by law. We offer 2 approaches. The first, for people with existing financial obligations that do not exceed 45% of their income, automatically qualifies them for a loan with us. The second, for people with obligations of more than 45% of their income, requires an endorsement certificate but automatically qualifies you for a loan at an even better interest rate!
INFORMATION ABOUT OUR LOANS
GMF loans stand out from other lenders by our transparency, our commitment to educate consumers and our promise to help them understand their financial situation. We have no hidden fees, and we strive to present and explain information in clear, understandable language. Features of our loans:
- Loans ranging from $300 to $1,500 repayable over a period of 3 to 5 months;
- Interest rates are in accordance with the OPC standards and similar to those of a credit card;
- Fast loan disbursement, same day if documentation is complete and approved by 11:00 am;
- Loans with or without endorsement (see opposite);
- Human and flexible collection service for special conditions requiring the reduction or temporary postponement of payments.
OUR 2 APPROACHES TO LOANS
Depending on your debt situation, we offer 2 approaches to obtaining a loan. If your current financial obligations represent:
LESS THAN 45% of your income
You are AUTOMATICALLY pre-qualified!
And we will give you a loan under the terms and conditions described below but at the MAXIMUM rate allowed by law. One uniform rate: 30% compounded daily.
MORE THAN 45% of your income
We will require an endorser, BUT we will offer you a loan at a better rate. We guarantee that your repayment will be calculated at a MAXIMUM rate of the Bank of Canada’s base rate +22%.
To view the current Bank of Canada base rate, click here.
To calculate your debt ratio level, complete the financial information section of our loan application form.
LOAN ENDORSEMENT… WHAT IS IT ALL ABOUT?
When analyzing a loan application, we assess the client’s ability to repay. If it appears to be compromised by excessive existing obligations, we still want to help the consumer who needs credit. We will then request an endorsement by an acceptable guarantor. We do not impose any particular guarantor; if the client cannot find one within their circle, we recommend that they deal with a guarantor who is a member of the AMPQ.
WHO CAN BE YOUR ENDORSER?
Have you completed the loan application form and found that you do not meet the standards imposed by the OPC? All is not lost, you can still get a loan. You just need to find an endorser. GMF accepts any endorser of YOUR choice: relative, friend, co-worker, whether they do it for free or for a fee, it doesn’t matter! As long as they fill out the same form as you and don’t exceed the 45% ratio imposed by the OPC, we accept them!
Not comfortable asking someone you know to do you this favour? Don’t worry about it! You can easily find companies on the Web that offer this service and will issue you an endorsement certificate.
COME BACK TO US WITH SUCH A CERTIFICATE AND WE WILL ISSUE YOU A LOAN AT MUCH MORE ADVANTAGEOUS INTEREST RATE.
CAN’T FIND AN ENDORSER AND LOOKING FOR ONE?
We recommend guarantors who are members of the l’Association des microprêteurs du Québec because they adhere to a strict code of ethics, unlike some other active guarantors.
• Loans with or without endorsement
• Flexible and human loan administration
• Clear and compliant documentation