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Rebuild your credit with a GIC Savings Loan

The GIC Savings Loan is the ideal Credit Rebuilding product:

  • If you have had credit problems in the past and want to rebuild your credit
  • If you are discharged (or even undischarged) from bankruptcy and need to rebuild your credit
  • If you have been declined for loans in the past due to bad credit
  • If you have no credit history and wish to establish a good repayment history

How the GIC Savings Loan Works

The GIC Savings Loan is a term loan available in three loan sizes: $2,300, $3,200, and $5,500. The GIC Savings Loan is designed to help you build your financial savings while also allowing you to rebuild credit.

When your loan funds, a GIC is set up for you with a financial institution. You will earn the interest in your GIC account during the term. The amount deposited into your GIC is the loan amount less a one-time administration fee of between $300 and $400 (depending on the loan size). You will be sent a copy of the GIC certificate setup with the Financial Institution for your records.

The funds in this GIC act as a security against the Lendit Loan, so you can only access the equity built up in the GIC (the GIC balance less your loan balance). The GIC is setup in a 30 day auto-renewing term, allowing you flexibility should you want access to the funds, or if you have paid out your loan early.

As you make the regular payments on the loan, this is reported on your credit bureau, helping you rebuild your credit repay your credit repayment history for your future financing needs.

At the end of the term, you have savings in the bank - the full GIC funds available to you (if you have not accessed any equity during the loan term), and you have rebuilt your credit history.

Start today by calling 780.462.1289